Authorities in South Korea have uncovered a massive illegal money exchange operation involving over $680 million in unregistered foreign currency transactions, primarily funneled through crypto-linked digital platforms such as Neteller Pay. In a statement released on June 26, the Busan Western District Prosecutors’ Office confirmed it had indicted two unlicensed ...
South Korea’s top commercial banks are uniting to launch a won-pegged stablecoin, marking a significant move to reclaim control over the domestic digital asset space as foreign-issued dollar stablecoins grow increasingly dominant. As reported on June 25 by Economic Review, eight major banks—KB Kookmin, Shinhan, Woori, Nonghyup, Industrial Bank of ...
The Financial Services Commission (FSC) of South Korea has announced a formal investigation into transaction fees charged by major domestic cryptocurrency exchanges, marking the first concrete move toward fulfilling President Lee Jae-myung’s campaign pledge to lower digital asset trading costs. Unveiled on June 19 during a policy report to the ...
South Korea’s ruling Democratic Party has introduced a groundbreaking bill to legalize the issuance of stablecoins by local companies, marking a major step forward for the country’s digital asset sector. The Digital Asset Basic Act, unveiled just days after President Lee Jae-myung’s election victory, aims to modernize South Korea’s crypto ...
MemeCore, the first Layer 1 blockchain dedicated to the emerging Meme 2.0 movement, has announced its strategic entry into South Korea through the acquisition of a KOSDAQ-listed company. Revealed on June 5, the move marks a pivotal milestone in the project’s broader global expansion, reflecting its ambition to tap into ...
South Korea’s opposition leader, Lee Jae-myung, has officially taken office as president following a sweeping victory in the June 3 snap election — a dramatic political shift sparked by months of unrest and emergency rule. Lee, representing the center-left Democratic Party, secured more than 49% of the vote with 99% ...
In a landmark move following regulatory reforms, World Vision Korea has become the first nonprofit organization to legally sell cryptocurrency in South Korea. The humanitarian aid group sold 0.55 Ether (ETH) — worth approximately 1.98 million won ($1,436) — on Upbit, the country’s largest crypto exchange by volume, according to ...
South Korea’s largest political party is urging the government to fast-track the institutionalization of Korean won-pegged stablecoins, taking inspiration from the Trump administration’s recent stablecoin legislation. According to local media Edaily, lawmakers from the Democratic Party are calling for regulatory frameworks to support KRW-backed stablecoins. Min Byeong-deok, chairman of the ...
South Korea is gearing up for a more regulated digital asset market as it prepares to welcome institutional players. On May 20, the Financial Services Commission (FSC) unveiled a comprehensive set of new rules aimed at tightening oversight of cryptocurrency sales and listings, particularly for nonprofit organizations and virtual asset ...
South Korea’s opposition leader, Lee Jae-myung, has proposed the creation of a stablecoin pegged to the Korean won, arguing it would help retain national wealth and reduce reliance on foreign digital currencies. Speaking at a recent policy forum, the Democratic Party chief emphasized that a domestically-issued won-based stablecoin could be ...
