Tag: South Korea

South Korean regulators are intensifying efforts to prevent financial crimes and strengthen the integrity of the nation's financial system, particularly in the rapidly evolving crypto landscape. The country's Financial Intelligence Unit (FIU) is reportedly tightening anti-money laundering (AML) regulations by strengthening oversight of crypto transactions. Local news outlet Wow TV ...

The Seoul Southern District Prosecutors’ Office has officially launched a dedicated Joint Investigation Unit (JIU) to combat cryptocurrency-related crimes, marking a significant step in the country’s crackdown on digital asset fraud. According to a report from local news outlet Aju News, the newly established unit, known as the Joint Investigation ...

Ripple Labs has partnered with South Korean digital asset custody provider BDACS to enhance institutional custody services for XRP and Ripple USD (RLUSD). This collaboration will allow BDACS to incorporate Ripple Custody, enabling financial institutions in South Korea to store XRP, RLUSD, and other digital assets securely. Monica Long, president ...

South Korean cryptocurrency exchange Upbit has been hit with a partial business suspension by the country’s Financial Intelligence Unit (FIU), temporarily preventing new customers from conducting crypto deposits and withdrawals. According to a report by Korea Daily News on February 25, the FIU imposed a three-month restriction on Upbit’s new ...

South Korea’s Supreme Court has ruled that the collapsed stablecoin TerraClassicUSD (USTC) and its sister token Terra (LUNA) do not qualify as financial investment products. According to a local news outlet Etoday, the court gave the ruling as it dismissed a prosecution request to seize assets from Terraform Labs co-founder ...

South Korea’s Financial Services Commission (FSC) is preparing to announce its decision on potential sanctions against Upbit, the country’s largest cryptocurrency exchange, following extensive customer identity verification regulations violations. According to The Korea Times, an investigation into Upbit’s business license renewal uncovered over 700,000 instances of non-compliance with key anti-money ...

South Korea’s Financial Services Commission (FSC) has announced a significant policy shift, allowing institutions to sell digital asset donations and expanding banking services for cryptocurrency firms. Under the new regulations, charities and universities will be permitted to sell their crypto donations starting in the second half of 2025. This marks ...

Jung Eun-bo, chairman of the Korea Exchange (KRX), emphasized the urgent need for South Korea to introduce cryptocurrency exchange-traded funds (ETFs) to stay competitive in global finance. He noted that South Korea is the third-largest real cryptocurrency trading market but warned that delaying ETF approval could hinder the country's progress ...

South Korean lawmaker Kim Nam-kuk has been reportedly acquitted of charges for concealing his cryptocurrency holdings. A court ruled that he was not legally required to disclose virtual assets at the time of the accusations. In a verdict delivered by Judge Jeong Woo-Yong of the 9th Criminal Division of the ...

South Korea's cryptocurrency exchange market is shrinking, with new government data revealing a sharp decline in the number of registered virtual asset service providers. According to local news outlet Dailian, a February 7 report from the country's Financial Intelligence Unit (FIU) showed that registered crypto trading firms have fallen to ...