BitMEX announced a $100,000 grant for the Korean-based Bitcoin scaling researcher – Calvin Kim. Furthermore, the crypto derivatives exchange informed about an additional $50,000 donation from its partner – the Human Rights Foundation. BitMEX’s $150K Renewal In a recent statement, the popular Bitcoin derivatives trading venue BitMEX announced it had renewed Calvin Kim’s developer grant...Read More
South Korea announced plans to establish a pilot program examining the possibility of developing and launching a digital version of the won. The country’s central bank will focus on how the CBDC will work with mobile payment transactions, internet banking, saving accounts, transferring funds, and more. South Korea CBDC Pushes Forward According to a recent...Read More
Korea’s central bank is looking to move forward with the implementation of a central bank digital currency at a slow but sure pace. According to information revealed by the Korea Herald on Monday, May 24, 2021, the Bank of Korea is working on implementing a virtual environment that would allow to evaluate, control and test...Read More
The significant rise of the altcoins in price and popularity has raised concerns among South Korean officials. The nation’s bank association has advised its members to investigate the rapidly growing number of alternative coins available for trading on crypto exchanges. South Korea Warning for Altcoins Although bitcoin is well in green since the start of...Read More
The South Korean cryptocurrency exchange platform V Global was accused of luring 40,000 people into illicit multi-level deceit. The entire scheme amounts to more than 1.7 million won, which equals $1.5 billion. The Investigation As reported by the Korean officials, the police raided many places in the country related to a virtual cryptocurrency exchange, and...Read More
With the impending taxation of cryptocurrency gains in South Korea, a recent poll showed that most citizens are in favor of such a rule. When it came down to age, though, the younger generations were significantly less opened to the idea of getting taxed for their crypto trading. South Koreans Support Crypto Taxation The East...Read More
South Korea continues to reaffirm its grip on crypto regulations as the country’s regulator has ordered all of its officials to report their digital asset holdings. Additionally, the nation’s Financial Minister said that South Korea will “inevitably” impose taxes on gains from virtual asset trading next year. FSC Employees to Report Crypto Investments The East...Read More
Less than two years after launching, OKEx Korea has decided to shut down its services to South Korea-based customers. Although the company failed to explain why, the closure comes amid new regulations imposed by South Korea towards exchanges. Earlier today, OKEx Korea published a termination notice informing that the cryptocurrency exchange will shut down its...Read More
On the flip side of growing bitcoin adoption, the digital asset is being used to elude taxes in Korea. The intensified effort of the country’s tax agency towards curbing the menace is yielding results, according to a recent report. Nothing is Hidden Under The Chain Last month, the Korean government finalized its decision to levy...Read More
Just a few days after news broke that Morgan Stanley will enable its institutional clients to buy bitcoin, the giant investment bank has reportedly started negotiations to purchase a stake in the largest South Korean cryptocurrency exchange – Bithumb. According to coverage from the Asian media website Naver News, Morgan Stanley is the latest prominent...Read More
South Korea’s financial regulator, the Financial Services Commission (FSC), has announced new possible penalties for cryptocurrency exchanges based or operating in the country if they fail to comply with existing anti-money laundering (AML) rules. New Penalties for Crypto Exchanges in South Korea According to the FSC’s statement from earlier today, the newly-announced initiative will affect...Read More
As cryptocurrencies continue to pick up steam and encompass the features of regular asset classes, governments have likewise imposed taxes on capital gains from digital currency. South Korea is the latest country to adopt this initiative. Its Ministry of Economy and Finance said it will levy taxes on cryptocurrency profits from next year. The South...Read More
Seoul’s Central District Court has ruled that South Korean crypto-exchange Bithumb is liable to compensate victims of Bithumb’s withdrawal incident back in November 2018. In the said incident, several users lost their Bitcoins when attempting to transfer their funds to another wallet or exchange. At the time, six Bithumb users, including lead plaintiff Lee Mo,...Read More
The brokerage arm of the South Korean business conglomerate Hanwha Group is reportedly set to acquire a 6.15% stake in Dunamu – the operator of the popular cryptocurrency exchange UPbit. The deal will take place on February 22nd, 2021. According to the KoreaHerald coverage, Hanwha Investment and Securities has agreed to buy 2.06 million shares...Read More
A recent report fueled the rumors that the South Korean digital asset exchange Bithumb is indeed for sale by naming a potential buyer. It indicated that the Tokyo, Japan-headquartered gaming conglomerate Nexon is preparing to purchase a controlling stake in the trading platform. Numerous reports from the past several months suggested that the Asian exchange...Read More
Binance KR, the South Korean wing of crypto-exchange Binance, announced today that it will be closing down. All new registrations and deposits will be closed on 24 December 2020, while withdrawals will close on 29 January 2021. In light of such a development, non-Korean citizens who have BKRW at Binance.com will be able to trade...Read More
Three months after registering Hashed Venture Fund I, the blockchain-focused investment group Hashed has already raised $120 million. The organization plans to utilize the funds to invest in the blockchain space and other fintech companies focused on protocol economy. Hashed Has Raised $120M In Three Months Based in Seoul, North Korea, Hashed’s mission is to...Read More
As per the Special Reporting Act, income tax laws will be applicable to cryptocurrency ownership in South Korea, as of October 2021. However, the provisions of the Act have come under a lot of fire recently. The latest to fire a salvo is the Korean Blockchain Association (KBA) after it voiced its vocal opposition to...Read More
South Korean crypto-exchange Bithumb was in the news this year after it was levied a tax of 80.3 billion won ($60.2 million) by the country’s National Tax Service (NTS). Bithumb, for its part, was quick to resist, with the exchange arguing that this charge was baseless on the grounds that the country did not even...Read More
One of the world’s largest car manufacturers and a household name, BMW, has announced plans to launch a blockchain-based reward program in South Korea. The country will be the first to see the new platform before a potential global rollout. BMW Korea Goes Blockchain BMW is arguably one of the most popular car manufacturing brands....Read More
Samsung SDS, the IT arm of the South Korean multinational business Samsung group will begin testing a blockchain-powered distribution system that will offer better management of pharmaceutical drugs, according to a local news source, Yakup. The pilot project which is called ‘Disruptive innovation technology for tracking drug distribution history’ will be rolled out in November...Read More
Bithumb, the major cryptocurrency exchange in South Korea, is reportedly up for sale following the numerous recent police raids. Bithumb Holdings To Sell Its Stake According to a recent report, Bithumb Holdings, a company that owns 74% of Bithumb Korea, is promoting a sale of the cryptocurrency exchange. The file reads that Samjon KPMG is...Read More
Bithumb’s situation worsens as South Korean authorities have reportedly summoned company Chairman Lee Junh-hoon for alleged fraud regarding the sale of BXA tokens. This comes days after local police raided the exchange for the third time in less than a month. Three Police Raids For Bithumb In September September turns out to be a rather...Read More
A judge in the Seoul Central District Court today announced a ruling regarding a lawsuit filed by three users of Bithumb Korea who claimed $126,000 and $38,000 for damages citing data leaks during a 2017 Bithumb hack. The ruling is said to hold Bithumb partially liable for the damages claimed by the users. Local news...Read More
The popular Bitcoin exchange Bithumb in South Korea has reportedly been raided by the authorities. This happened because of fraud allegations. Bithumb Accused of Fraud by South Korean Police According to a report by a local news outlet, the Intelligent Crime Investigation Unit of the Seoul Police authorities raided South Korea’s largest cryptocurrency exchange Bithumb....Read More
One of the significantly technologically developed cities in South Korea is aiming to expand its payments programs through digital gift certificates based on blockchain technology. One of the goals is to educate the elderly on contactless payments. Giving The Elderly A More Simplified Payment Process According to a recent news report, the new establishment of...Read More
The large South Korean bank KB Kookmin Bank plans to launch a cryptocurrency custodial service for its clients. The new feature will be available after a partnership with the blockchain venture fund Hashed, the digital asset trading platform Cumberland Korea, and the smart contract security audit firm – Haechi Labs. Crypto Custody For KB Kookmin...Read More
The government of South Korea is considering a local hemp regulatory-free trade zone and is looking to manage the production of hemp by employing blockchain technology. Tracking Hemp Production With Blockchain According to a report by Newspim on Tuesday (July 7, 2020), the Andong region in the Gyeongbuk Province became a ‘Special Industrial Hemp Free...Read More
The tentacles of the TRON ecosystem continue to extend their reach across the globe. The latest endeavor has seen TRON join forces with MeconCash, making TRX and JST exchangeable for Korean Won at cash points across the country. More than 13,000 ATMs will support the crypto-fiat swaps as TRON seeks to seal its status as...Read More
Blockchain utilization is continuously rising in various countries across the world, a recent report revealed. It outlined that US-based companies have been awarded the most substantial number of patents for blockchain endeavors, but the Chinese multinational giant Alibaba is the single entity to receive the most. Blockchain Patents Across The Map The report from the...Read More
