Tag: South Korea

Quick Breakdown:  Executives from Tether and Circle are holding high-level meetings with South Korea’s major banks—Shinhan, Hana, KB Financial, and Woori.  Discussions focus on distributing dollar-pegged stablecoins and issuing won-backed tokens.  This aligns with President Lee Jae Myung’s pro-crypto agenda and upcoming stablecoin regulations, positioning South Korea as a potential ...

Quick Breakdown  Upbit has launched Giwa, an Ethereum layer-2 testnet with one-second block times. The blockchain supports EVM compatibility and is built on Optimism’s OP Stack. South Korea remains a global crypto powerhouse, with Upbit leading its domestic market. South Korea’s Largest Exchange Steps Into Blockchain Development Upbit, South Korea’s ...

South Korea’s Financial Services Commission (FSC) has ordered all domestic crypto exchanges to suspend lending products, citing risks to investors and market stability. The directive, issued Tuesday, takes effect immediately and will remain in place until the government finalizes a regulatory framework for digital asset lending. Since July, Korean exchanges ...

South Korean crypto custodian BDACS has officially rolled out institutional custody services for XRP, following its earlier partnership with Ripple in February. The move provides regulated entities with secure access to one of the world’s most actively traded cryptocurrencies, deepening Ripple’s footprint in the Korean market. Announced on Tuesday via ...

In a major step toward mainstream adoption of digital assets, South Korea has launched its first-ever Korean won-backed stablecoin, KRWIN, in a limited test phase. The stablecoin was developed by fanC, in partnership with financial software firm Initech, and is pegged 1:1 to the Korean won. The pilot, unveiled on ...

Shin Jinwook, the CEO of defunct South Korean crypto exchange Bitsonic, has received an extension to his existing seven-year prison sentence after being found guilty of additional fraud amounting to at least 100 million won (approximately $72,000) as reported by Digital Assets. Judge Seong Gi-jun of the 1st Criminal Division ...

South Korean banks are rapidly developing their crypto business strategies in anticipation of a new regulatory era. With the upcoming enforcement of the Virtual Asset User Protection Act in July 2024, traditional financial institutions are eager to capture opportunities in digital assets even as they brace for increased compliance demands. ...

South Korea’s financial regulators have issued fresh directives requiring domestic asset managers to limit their exposure to crypto-related companies, such as Coinbase and MicroStrategy, within exchange-traded funds (ETFs). The move, confirmed on July 23, comes as the nation’s Financial Supervisory Service (FSS) seeks to reinforce a longstanding policy restricting institutional ...

South Korean prosecutors have launched an investigation into Kim Keon-hee, the former First Lady, examining her possible connections to a notorious cryptocurrency market maker accused of manipulating altcoin prices and committing large-scale financial fraud. Authorities are investigating whether Kim, who has faced earlier allegations of corruption and influence peddling, is ...

The former CEO of blockchain gaming firm Wemade, Jang Hyun-guk, has been acquitted of allegations that he manipulated the circulation of WEMIX tokens to influence market prices. According to a Tuesday report by local outlet News1, the Seoul Southern District Court ruled that Jang did not intend to deceive investors ...