Tag: South Korea

South Korean authorities have tightened their fists to do everything possible for finding the real culprit behind the massive LUNA collapse.

A man in his 30s from South Korea was recently given a sentence of four years in prison for generating and storing sexually exploitative content involving minors he attracted on the metaverse. According to the reports by the local media, the man, whose identity has not been made public, had coerced victims under the age […]

On September 3, a group of hackers took control of the South Korean government’s official YouTube account. They then used it to promote a crypto scam scheme featuring the likeness of Tesla CEO Elon Musk, who is also a Dogecoin supporter. According to the regional report by Yonhap News, the hackers modified the official channel’s […]

The use of cryptocurrencies to perpetrate financial scams, especially across foreign territories has been on the rise in South Korea lately.  Results from conducted research and available data have shown that over 75% of financial crimes and violations of South Korea’s Foreign Exchange Transactions Act this year involve the use of digital assets. These violations […]

Yong-beom Kim, who served as the First Vice Minister of South Korea Ministry of Economy and Finance from 2019 to 2021, has accepted to take on the role of Chief Executive Officer at the blockchain and digital technology research institute Hashed Open Research. The purpose of this entity is to facilitate communication between local crypto […]

Several domestic securities companies in South Korea have reportedly come forward to launch a virtual asset exchange in the first half of 2023. As per a report by NewPim, seven major domestic securities companies under the Financial Investment Association have decided to work together for the new crypto exchange. Moreover, they are reportedly seeking licensing […]

The Financial Services Commission (FSC), South Korea’s financial sector regulator, intends to prohibit domestic access to foreign crypto exchanges that are not recognized by the nation.  By September 24, these trading platforms must have the appropriate licenses, as their websites will be immediately blocked if they don’t comply. Additionally, users who continue to do business […]

According to a local media report, South Korea is trying to speed up the review process of pending bills in its national assembly relating to digital assets. There are 13 such bills awaiting legislation according to the reports. The impact of the Terra crash rippled massively across the entire crypto industry. This has necessitated intensified […]

On Monday, early in the Asian trading day, renowned crypto exchange platform Crypto.com announced that it had acquired the virtual asset service provider OK-BIT Co., Ltd. and the payment service provider PnLink Co., Ltd. This allowed the cryptocurrency platform to register as a virtual asset service provider under the Electronic Financial Transaction Act in South […]

The crypto exchange giant FTX has reportedly planned to buy South Korea’s second-largest crypto exchange Bithumb. As per a recent report by Bloomberg, FTX and Bithumb are in currently in “advance talks” to sign the acquisition deal. A person close to the matter said that two exchange platforms have been working on the agreement for months. According […]

On Thursday, the South Korean government introduced a crypto tax reform and proposed to postpone the recommended 20% tax imposition on digital assets profits for two more years. This implies that the earnings will be taxed from 2025 if the proposal gets accepted. As TheCoinRise keeps reporting the regulatory situation in the country, the government […]

South Korea has recently raided its seven local crypto exchange platforms while investigating a fraud case linked to the downfall of Terraform Labs. The Seoul Southern District Prosecutors Office is reportedly trying to determine whether the Terra ecosystem collapse was an internal mode by the founder and CEO Do Kwon.  According to a local media, […]

Animoca Brands’ metaverse The Sandbox has teamed up with KEB Hana Bank, a South Korean commercial bank that offers the largest range of foreign exchange products. With the new partnership, the two entities aim to “expand global metaverse business in the banking industry.” According to an announcement made by the metaverse, KEB Hana Bank is planning to […]

The United States and South Korean regulators have decided to collaborate in the compilation of data for handling Terra cases. The Yonhap News Agency, a South Korean newswire reported the meeting which took place between Han Dong Hoon, Andrea M. Griswold, and Scott Hartman. Han Dong Hoon is the Minister of Justice of South Korea, […]

As per recent reports, the South Korean digital asset investment company Uprise has lost around 99% of its assets, worth $20 million. The reason behind this major loss was it getting liquidated, shorting the LUNA token. The trading desk of the company, Heybit, uses an AI trading system that aims to reduce the risks associated […]

Major Korean crypto exchanges have agreed to form a new emergency system that would take action within 24 hours if an incident like Luna happens again. Notably, LUNA/UST model by Do Kwon failed last month, leading to the residents losing tens of billions of their funds.  Domestic exchanges have taken the most of the criticism for allowing […]

Solana Ventures in collaboration with the Solana Foundation have launched a $100 million fund to invest in a Web3.0 startup emerging out of South Korea. Speaking to TechCrunch, Solana Labs General Manager, Johnny Lee said the fund is designed for firms developing GameFi, NFT, and Decentralized Finance (DeFi) solutions respectively.  The fund, like many preceding […]

The digital currency ecosystem was witness to the collapse of the Terra protocol and its associated cryptocurrencies including LUNA and algorithmic stablecoin, UST. The events which have left many people, investors, and DeFi protocols in debt have been seen as enough grounds for the South Korean Financial Services Commission (FSC) and the Financial Supervisory Service […]