South Korea News and Articles

South Korea aims to offer citizens digital identities secured by blockchain tech through smartphones to boost its economic growth. According to a report by Bloomberg, the country will launch digital IDs in 2024 and plans their adoption by 45 million citizens within two years. An economist at...

South Korean prosecutors have detained a Terraform Labs (TFL) employee who was on the run in the country and requested a warrant for his arrest. Law enforcement believes the man named Yoo in the report is one of TFL CEO Do Kwon's key aides. The suspect is believed to have been "market...

A South Korean court released an arrest warrant against Terraform Labs co-founder Do Kwon, according to the Financial Crimes Unit of the Supreme Prosecutors Office. Bloomberg published a report citing an official message, which reveals the warrant included five other individuals who are accused of...

The blockchain sector will be developed, and a platform for trading digital assets will be established, according to a deal that the South Korean city of Busan inked with the FTX bitcoin exchange. A news statement states that the partnership with FTX is a component of a larger strategy to...

Cryptocurrency exchanges must obtain licenses by September 24 to operate legally on the South Korean market. According to the Financial Services Commission (FSC), 16 foreign marketplaces operate in the country without licenses. If they do not complete registration within the deadlines set by the...

The government of South Korea put off taxes on crypto earnings to 2025, according to the 2022 tax reform plan. Officials delayed the plans before. In December they announced postponing taxes until 2023. The government plan to tax 20% crypto profits over KRW 2.5 million (US$1,900) in a one-year...

Terra's crash caused discussions and questions. The South Korean government now is investigating Terraform Labs, the company that developed the project to find out whether the team manipulated the price. According to local media, authorities have called on Terraform Labs employees as a part of a...

The update of MimbleWimble on the Litecoin (LTC) network allows you to ensure the confidentiality of transactions. However, the anonymity of LTC blockchain users has raised concerns among South Korean cryptocurrency exchanges. As part of compliance with local anti-money laundering legislation,...

Against the backdrop of the collapse of the digital assets of UST and LUNA, parliamentary hearings were organized in South Korea by one of the political parties. According to reports, the “event” was also directly attended by the co-founder of the Terra project Do Kwon. This was reported by...

A study by the Financial Services Commission of South Korea states that in 2021, the country's cryptocurrency market has increased to 55 trillion won ($45.9B). According to the regulator, in the coming years, investment in digital assets will only grow. Moreover, the activity of investors will...

KB Asset Management, a member of the largest South Korean financial conglomerate KB Financial Group, has announced the launch of a fund focused on retail clients concentrated on crypto products in the form of indices and ETFs. Currently, financial institutions in the country are limited in...

Recently, the Central Bank of South Korea completed the first phase of testing the state-owned digital asset CBDC. It is known that the trial use of the sovereign cryptocurrency was launched in August 2021 and ended in December. Already, according to the YNA report, the financial regulator has...

A candidate for the presidency in South Korea, Lee Jae-myung aims to manage the fundraising for the electoral campaign via NFTs. As local media informs, the Democratic Party of Korea, a representative of which 57-years-old Lee is, will be the first party to release NFTs for elections. DPK will...

The NFT token market is not of interest to the Korean authorities. The country's Financial Services Commission (FSC) does not consider such instruments as assets and will not impose a specific regulatory framework for them. The NFT ecosystem has been growing steadily over the past few days. Show...

Over the past several months, the South Korean authorities have been negotiating with cryptocurrency exchanges to develop an effective interaction mechanism. According to the new rules, each trading platform is required to obtain a license. To do this, it needs to provide all the necessary...

Despite the increasing pressure on the cryptocurrency industry, South Korean businesses are still trying to gain a foothold in this market segment. One of the largest financial institutions in the country, Woori Bank, announced its intention to enter the crypto sphere at the end of last week. The...

Due to pressure from the authorities, South Korean crypto exchanges began to exclude some digital currencies from the listing. First of all, this refers to the tokens that pose the greatest risk for investors, according to the news agency Arirang. Reporters found out that the Upbit exchange decided...

Crypto trading network OKEx Korea shared a note informing it will stop operations on April 7. The company urged clients to draw out their fiat and crypto owning by the mentioned date. OKEx Korea is a centralized exchange established in 2017. There are 122 coins listed on the platform. What is the...