Tagged: south korea

Upbit Crypto Trading Platform Restores Depositing After $50 Million USD Hack

Korean cryptocurrency trading platform Upbit reinstated deposits January 13th after shutting them down in late November in response to a $50 million USD hack. Deposits have now been restored following an upgrade to the exchange’s wallet system, the exchange writes in a notice. Customers will, “need… Read More

Report: Korean Crypto Influencer Badly Beaten in Elevator

A Korean YouTube cryptocurrency promoter was badly beaten by two attackers in his apartment elevator early Friday morning, Coindesk Korea reports. Kyu-hoon “Spunky” Hwang sustained non-life threatening injuries but was rushed to hospital and remains hospitalized at the time of writing. According to Coindesk Korea, Hwang… Read More

South Korea’s Largest Digital Asset Exchange Bithumb Might Invest $8 Million in Country’s Regulatory Free Zone

Bithumb, South Korea’s largest digital asset exchange, might invest over $8 million into the nation’s regulatory sandbox program and ecosystem. Through its subsidiary GCX Alliance, Bithumb’s management has shown intent to invest up to 10 billion Korean won (appr. $8 million) into Korea’s regulatory free… Read More

South Korea Officials Cause Confusion With Drafting Legislation to Tax Individual Cryptocurrency Profit

South Korea officials are reportedly causing some confusion with the latest drafted legislation that will tax individual crypto profits. According to Cointelegraph, South Korea’s officials stated that under current law, the government cannot impose income taxes on individual profits that are from cryptocurrency transactions. South… Read More

South Korea Is Still Behind China and India in Terms of Fintech Adoption: Ernst & Young

South Korea’s government aims to continue to support the development of its Fintech industry. The nation’s authorities have launched regulatory sandboxes and are assisting internet-based banks in establishing their operations. However, a recent survey reveals that South Korea still needs to make significant improvements in… Read More

South Korea’s National Tax Service to Withhold $70 Million in Taxes from Leading Crypto Exchange Bithumb

The National Tax Service (NTS) of South Korea confirmed that it will be withholding taxes worth an estimated 80.3 billion Korean won (appr. $70 million) from Bithumb, the nation’s largest digital asset trading platform. Bithumb Holdings’ largest shareholder, Vidente, which operates Bithumb’s Korea division, confirmed… Read More

Over 40 South Korean Fintech Firms Operating as SMBs Failed to Pass Security Checks Needed to Obtain Open Banking Licenses

Over 40 Fintech companies operating as small and medium-sized (SMEs) businesses in South Korea reportedly were unable to clear the appropriate security checks needed to obtain final approval to take part in the open banking initiative. The Fintech companies had applied for operational licences in… Read More

Foreigners in South Korea May Use Alien Registration Cards to Open All-Digital Accounts with Kakao Bank in 2020

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Foreign residents in South Korea will have the option of using the all-digital Kakao Bank and K bank beginning next year, as the country’s financial regulators will let consumers use their alien registration cards to open accounts via the internet. South Korea’s financial regulator, the… Read More

South Korea’s Viva Republica, a Fintech that Developed Toss, a Financial Services Platform, Gets Initial Approval for Digital Banking License

South Korea-based Viva Republica, a Fintech firm that developed Toss, a financial services platform, has been given preliminary approval for an online banking license from the Financial Services Commission of Korea, according to a December 16 release. SG Lee, CEO at Viva Republica, stated: “Toss… Read More

Token Issuance & Trading Platform VNX Exchange Announces Launch and First Asset Backed Token

VNX Exchange, a Luxembourg based Fintech, has officially launched. The token issuance and trading platform kicked things off with the issuance of its first asset-backed digital asset during the Global Venture Summit in Luxembourg. The launch ceremony was followed by a panel discussion on “Digital… Read More

Singapore-based Fintech Firm M-DAQ Wins Backing of Samsung Group’s VC Fund to Expand Operations in South Korea

Singapore-based Fintech firm M-DAQ Pte, a company that develops over-the-top (OTT) applications to enable international business transactions for various industries, has reportedly won the backing of Samsung Group’s VC fund in order to expand its operations into South Korea and other regions. Following Samsung’s investment… Read More

Bank of Korea Official: No Need for a Central Bank Digital Currency in Developed World

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Hong Kyung-sik, head of Bank of Korea’s Banking and Financial Affairs Division, told an audience at the ‘Hoyoung Viewing the Future of Payments’ conference Tuesday that countries with developed payments infrastructures like Korea do not need a central bank digital currency (CBDC), Coindesk Korea reports. Hong… Read More

ICONLOOP Raises USD 8 Million in Series A

Prominent blockchain startup ICONLOOP has raised KRW 10 billion (over USD 8 million) in Series A funding. ICONLOOP, based in South Korea, says this is the first VC investment since its launch in 2016. Investors included Korea Technology Finance Corporation (KOTEC) and T.S. Investment. ICONLOOP… Read More

Korean Mobile Payments App CHAI and BGF Retail Are Developing a Blockchain Platform for Offline Payments

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South Korean mobile payments app CHAI and BGF Retail, which manages CU, Korea’s largest convenience store chain with around 13,500 locations, are developing a blockchain-based platform for conducting offline payments.  The nation’s consumers will be able to make payments by scanning and completing transactions with… Read More

97% of South Korean Crypto Asset Exchanges Could Be Shut Down Due to New Regulatory Requirements: Report

South Korea’s regulators have consistently preferred supporting blockchain-related initiatives over decentralized crypto tokens. Recent events confirm that the nation’s authorities are more inclined to support blockchain technology itself rather than investments in speculative cryptocurrencies.  According to local reports, approximately 97% of local crypto-asset exchanges might… Read More

South Korean Enterprise Blockchain Developer Blocko Launches Operations in the UAE

Blocko, a South Korean enterprise-grade blockchain development firm, is launching its operations in the United Arab Emirates (UAE) after securing funding in Europe and the Asia Pacific region.  UAE’s financial hub, Dubai, announced the Emirates Blockchain Strategy 2021 in April 2018. The nationwide strategy involves… Read More

Korean Crypto Exchange Coinone Ordered to Compensate Customer Who Lost Funds in Hack

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Coinone, a popular cryptocurrency exchange in Korea, has been ordered by a judge in Seoul to pay 25 million won (~$20 780 USD) to a customer who had his exchange accounts drained in a hack. According to Chosun IT, this is Korea’s first case of a… Read More

International Standards Body Says Cryptocurrency Holdings Are Not Cash, But May Qualify As Intangible Asset

Cryptocurrency holdings are not considered cash, however, they may be classified as an intangible asset, according to the Korea Accounting Institute, which referenced decisions made following a conference in London (in June) by the International Financial Reporting Interpretations Committee (IFRIC). London-headquartered IFRIC, a global accounting… Read More

Report: 97% of Korean Crypto Exchanges Close to Bankruptcy

97% of Korea’s 200 cryptocurrency exchanges are at risk of bankruptcy as low volume and tightening regulations temper what was once one of the world’s busiest crypto-trading markets, Business Korea (BK) reports. Local exchange revenues are also being diminished as Korean crypto-coin projects increasingly seek to… Read More

ICONLOOP Applys Blockchain Service Broof to Co-Purchasing Art Service Platform ARTnGUIDE

ICONLOOP, a blockchain enterprise based in South Korea, announced on Tuesday it has apply its blockchain-based certificate issuance service, which is called broof, to ‘ARTnGUIDE’, an online service platform in Korea for co-purchasing works of art operated by Yeolmae Company. ICONLOOP reported it has signed… Read More

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