Tag: South Korea

South Korea's leading digital asset exchange, Upbit, has expanded its trading offerings by adding support for Ondo Finance (ONDO) in the KRW, BTC, and USDT markets. The announcement today, June 14, detailed the timelines and procedures for the new trading options. Deposits and withdrawals for ONDO tokens on the Ethereum ...

South Korea's Financial Services Commission (FSC) has released new guidelines clarifying when non-fungible tokens (NFTs) should be classified as virtual assets.  According to reports from local media on June 10, the FSC will regulate certain NFTs similarly to cryptocurrencies if they exhibit specific characteristics. NFTs are digital tokens characterized by ...

The competition among cryptocurrency exchanges in South Korea is intensifying as the adoption of crypto-staking services gains momentum. According to a new report by The Korea Times, the introduction of staking services has expanded the scale of staking into trillions of dollars, with exchanges vying to capitalise on this growing ...

Upbit, a popular South Korean cryptocurrency exchange, has announced that it is suspending deposits and withdrawals due to changes affecting Ten&Ten, a local virtual asset provider which acts as the key facilitator of these services on the platform.  The exchange cited the suspension of Ten&Ten's Travel Rule Solution service as ...

Popular centralized digital asset exchange Crypto.com has announced the impending launch of its new and improved mobile app in South Korea. The new app, Crypto.com App, will replace the local crypto exchange platform OK-BIT, which Crypto.com acquired in 2022. The exchange gave a 30-day notice to users of the OK-BIT ...

South Korea's ruling Party, the People Power Party (PPP), has expressed its intention to explore the legalization of spot Bitcoin exchange-traded funds (ETFs) in the country. This plan was revealed as a part of the Party's campaign promises for the upcoming general election in April, according to a report by ...

South Korea's Financial Supervisory Service (FSS) is set to meet with the United States Securities and Exchange Commission (SEC) to seek counsel on matters regarding spot Bitcoin exchange-traded funds, as reported by Hankyung on Monday, February 5, 2024.  Lee Bok-hyun, the financial agency's South Korean Director, explained in a Questions ...

South Korea's central bank, the Bank of Korea (BOK), has revealed its plans to engage 100,000 Korean citizens in an extensive Central Bank Digital Currency (CBDC) pilot program scheduled to commence in late 2024, as reported by the Korea Times. During the pilot program, participants will be allowed to utilize ...

South Korean telecommunications giant SK Telecom has joined forces with blockchain firm Aptos on its ongoing project with Atomrigs Lab to develop a web3 wallet service.  The company announced this development in an official statement via a LinkedIn post on November 7, 2023. SK Telecom, in a bid to expand ...

According to data from South Korea's Financial Services Commission (FSC), the nation's digital asset market experienced remarkable growth in the first half of 2023. The market's value now stands at $21.1 billion, which is a considerable 46% increase compared to the previous 6 months, as reported by the FSC. Notably, ...