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South Korean Telecoms Giant KT Posts ‘Sevenfold’ Blockchain Profits
10.2.2021
The coronavirus pandemic has slowed down trade in a huge swathe of industries, but some, such as the telecommunications sector – appear to be thriving, with blockchain sales rising for KT, one of South Korea’s biggest mobile carriers.
Per Newsian, KT’s operating profits rose by 2% in the past...
South Korean Crypto Exchange Becomes the First Overseas Platform Legally Recognized in China
10.2.2021
A South Korean cryptocurrency exchange announced it established its first legally recognized branch in China. Although the nation banned all local crypto trading services, DBX said the firm already obtained a license to go ahead with the operations. Final Certificate of Incorporation Granted...
South Korean Central Bank: Build Legal Boundary Between CBDCs & Crypto
8.2.2021
Source: Adobe/Снежана Кудрявцева
The South Korean central bank – the Bank of Korea (BOK) – wants Seoul to draw a line between central bank digital currencies (CBDCs) and cryptoassets, and hopes the government will make an eleventh-hour adjustment to a key crypto law that promulgates next month.
The...
Former South Korean Social Media Giant to Relaunch Its Business by Creating a New Ethereum-Based Token
5.2.2021
A social media giant that significantly impacted South Korea’s internet influence in the early 2000s is set to take a second breath. The company plans to regain its popularity by launching a new cryptocurrency. New Ownership Reportedly Got Over $7 Million From Investors to Rebrand Cyworld...
South Korean Bank Shinhan Seals Crypto Custody Deal with BitGo
29.1.2021
The South Korean banking giant Shinhan is looking to take its fast-expanding crypto operations global – after striking a deal with American major crypto custody player BitGo.
Per EDaily, the deal pertains to crypto custody – a deal that also involves the South Korean crypto firm the Korea Digital...
South Korean Lawmaker Wants To Criminalize Crypto Market Manipulation
28.1.2021
A South Korean MP has announced the creation of a draft private members’ bill that seeks to criminalize crypto market manipulation.
Per News1, the measure is the brainchild of the opposition People Power Party MP Lee Ju-hwan, who has criticized architects of the existing legal framework for being...
South Korean Tax Agency Carries out Irregular Audit on Crypto Exchange Operator
26.1.2021
The team of investigators requested past data and transaction details from Korea Digital Exchange
Bithumb CEO Predicts Only Four to Seven South Korean Crypto Exchanges Will Survive New Rules
20.1.2021
The CEO of the South Korean cryptocurrency exchange Bithumb has made some predictions regarding the upcoming new rules governing the national industry. In fact, the executive believes there will only be between four and seven exchanges surviving the new regulation. Smaller Companies Unlikely...
South Korean Traders Offered First Fear-Greed Crypto Volatility Tool
19.1.2021
Source: Adobe/sergei_fish13
The South Korean crypto firm Dunamu, the operator of the market-leading Upbit trading platform, has launched a real-time digital assets “fear-greed” gauge that it claims will help crypto enthusiasts measure whether traders are spooked, clambering for profits –...
South Korean Carrier SKT Launches Blockchain-powered Certification App
19.1.2021
The South Korean mobile carrier SK Telecom (SKT) has announced the launch of a blockchain-powered ID and authentication certificates service.
According to Gvalley News, SK Telecom, part of the SK business conglomerate and one of the two biggest mobile carriers and internet providers in the nation...
CEO Sentenced to 18-Month Jail Term for Accepting Bitcoin Bribes to List a Cryptocurrency
15.1.2021
A South Korean court has sentenced the former CEO of the defunct crypto exchange Coinnest to 18 months in prison. The court also fined him over $61,000, who also was charged for fraud in 2020. Prosecutors Accused Coinnest Executives of Receiving 110 BTC in Bribes According to Fn News, the Supreme...
South Korean Banks ‘Play to Their Strengths’ with Bitcoin Custody Moves
12.1.2021
South Korean commercial banks are now in “fierce competition” with each other in the race to launch bitcoin (BTC) and other cryptoassets custody products that they believe will prove a lucrative market for them, per a new report.
According to media outlet Newsis, industry sources claim that...
South Korean gaming conglomerate Nexon denies plans to acquire Bithumb
11.1.2021
Reports last week had claimed that Nexon was poised to acquire the exchange at an evaluated price of roughly $460 million
Major South Korean Bank Shinhan Is Set to Offer Crypto Custody-Related Services
9.1.2021
A major commercial bank in South Korea is entering the crypto business by allocating an equity investment in the Korea Digital Asset Trust (KDAC). Shinhan Bank is looking to offer digital asset custody services. Bank Expects to Offer Tech Capabilities to Face Defi-Related Hacking Risks According...
South Korean Government to Start Taxing Crypto Trading Profits in 2022
8.1.2021
The South Korean government has issued an amendment to introduce tax on cryptocurrency trading profits. The plan is now a reality after several attempts to delay it by lawmakers. New Rules Impose 20% Tax on Crypto Profits Per Asia Today, the legislative notice details that the amendment will...
South Korean Gaming Giant Planning to Buy Crypto Exchange Bithumb for $460 Million
8.1.2021
Nexon, the South Korean multi-billion-dollar gaming conglomerate, is reportedly planning to buy a 65% stake in troubled crypto exchange Bithumb in a deal worth about 500 billion won ($460 million). ● According to local media reports, Nexon is to buy all the shares owned by Bithumb chairman...
Third Major South Korean Bank to Enter Crypto Custody Fray
7.1.2021
More mainstream South Korean financial companies are taking the crypto plunge, with Shinhan Bank, one of the biggest commercial banks in the country, making a move into the crypto custody industry with a strategic equity investment in the Korea Digital Asset Trust (KDAC).
The KDAC is...
South Korean Software Behemoth Hancom Wades into DeFi Arena
7.1.2021
A group of South Korean companies, including a subsidiary belonging to the software giant Hancom is set to launch a DeFi (decentralized finance) project – marking a first for a collective of major companies for the nation.
Per Aju News, the group will comprise Hancom’s blockchain and industry...
South Korean Politicians Won’t Be Required to Disclose Their Crypto Holdings After Proposals Failed to Pass the National Assembly
6.1.2021
South Korean politicians won’t be required to disclose their crypto holdings or crypto-related earnings as no fewer than three cryptocurrency-related bills failed to pass the National Assembly. Proposal Submitted in November 2020 According to the Electronic Times, the bills aimed to require...
No Need for South Korean Lawmakers to Declare Crypto after Bill Fails
5.1.2021
South Korean politicians and senior public officials need not report their crypto holdings or cryptoasset-related earnings, a new report has claimed – and there are no plans to make them do so.
Per the Electronic Times, no fewer than three bills that would have seen cryptoassets granted property...