State of Regulation in South Korea: Banks Required to Provide Fair Services to Crypto Exchanges

On October 30, South Korea’s main financial authority officially cleared banks to work with crypto exchanges for the first time in history, establishing a major milestone for the local cryptocurrency sector. At the state affairs audit, held by both government parties of South Korea to evaluate and track the progress of every government branch and…

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South Korea’s Zeniex Closes Amid Government Crackdown on Unauthorized Crypto Exchanges

South Korea’s cryptocurrency exchange Zeniex will soon terminate its services due to a recent government crackdown on unauthorized platforms, a post by Zeniex reveals Friday, Nov. 9. The crypto exchange, a joint project by South Korea and China which opened May 2018, states in the post that due to “recent issues,” they have “come to…

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Korean Bar Association Pressures South Korean Govt For Crypto Framework

The Korean Bar Association (KBA) is urging the South Korean government to quickly establish a legal framework to help develop the local crypto industry and protect investors. In a news conference at the Korean parliament, the KBA, which is comprised of 23,557 attorneys and 1,353 law firms, has appealed to the government to promptly institute…

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ICON Showcases Three Blockchain Services For Seoul Residents

Blockchain startup ICON, in partnership with the Seoul government, has demonstrated the three main components of its blockchain platform. ICON is building a decentralized network that allows independent blockchains with different governances to transact with one another without intermediaries. The company is vying to be the first to connect South Korea through a massive-scale blockchain….

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South Korea's FSC Rejects Allowing ICOs, Claims There Are 'Uncertainities' to Them

South Korea’s financial regulator has rejected steps to permit initial coin offerings (ICOs), arguing that there are “uncertainities” related to them. South Korea Says No Speaking to a parliamentary audit meeting, Choi Jong-ku, chair of the Financial Services Commission (FSC), said: Although many people call for the government to allow initial coin offerings, there are still…

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South Korea’s Biggest VC Firm Chooses EOS-Based Project

The biggest investment company in South Korea has invested money in an EOS-based blockchain project. Specifically, Korea Investment Partners of Seoul invested in TEMCO. The amount of money has not yet been disclosed. Join the Leading Industry Event! Block/Supply Chain According to its website, TEMCO offers a blockchain that will support business supply chains. Retailers benefit…

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South Korea’s SK Planet, ICON Foundation Sign MOU For Cooperation In Blockchain Business

SK Planet, a subsidiary of SK Telecom, South Korea’s largest wireless carrier, has signed a memorandum of understanding (MOU) with the ICON Foundation for blockchain technology and business cooperation. SK Planet is an Internet platform development company located in Pangyo, South Korea’s silicon valley. It was spun off from SK Telecom to focus on online…

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Upbit Crypto Exchange Operator to Open Singapore-Based Crypto Exchange Next Month

Kakao-affiliate Dunamu, the operator of major South Korean crypto exchange Upbit, plans to open a Singapore-based exchange next month, local news outlet Yonhap News reports September 19. According to Yonhap, Dunamu already set up a branch in Singapore this February as part of its active push to expand across the Asian market. While the exact…

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Bittrex to Launch Crypto Exchange in Malta Next Month

US-based cryptocurrency exchange Bittrex is reportedly launching a crypto exchange in Malta at the beginning of next month. Bittrex says the new platform will allow them to list coins “a lot faster.” It will operate within the regulatory framework established by the European Union and the Maltese government. Bittrex Eyes Malta Launch in October Bittrex…

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Korean Banks to Limit Services for Crypto Traders Without Real-Name Verification

South Korean banks are reportedly taking measures to limit services for customers who are not using the real-name system. It has been over seven months since the Korean government introduced the crypto real-name system, but only 40-50% of accounts at the country’s top four cryptocurrency exchanges have been converted into real-name ones, according to local…

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Clever Scammer Milking Bithumb of $90,000 Daily

A Twitter user has found that someone is taking advantage of South Korean cryptocurrency exchange Bithumb. The exchange has had an offer running since the 25th of August – 120% payback of trading fees every day, up to a limit of one billion won ($899,490). Trading fees on Bithumb equal 0.15 percent of the value…

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South Korea Allocates One Trillion Won for Blockchain Technology in 2019

South Korea is showing a greater interest towards the field of cryptocurrencies, budgeting upwards of one trillion won (around $880 million) for the fields of blockchain technology, AI, and the sharing economy.  South Korea Doubles Investment in Blockchain According to an official press release, South Korea will invest a total of 5 trillion won (around $4.4…

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South Korea Includes Blockchain As Part Of $4.4B USD Domestic Investment Plan For 2019

The South Korean government has announced that it will spending a total of 5 trillion won ($4.4B USD) to nurture eight critical sectors of the domestic economy, including blockchain. On Monday, The country’s finance ministry unveiled its ‘growth through innovation’ investment plan for 2019. According to the ministry, the government opted to increase the amount…

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HitBTC User Rallying Support for Class-Action Suit

A reddit user by the name ‘pedxs’ has invited other users to join him in a class action lawsuit against cryptocurrency exchange HitBTC. He claims that the exchange has not been allowing him to withdraw his money, instead repeatedly requesting that he send personal information, purportedly to fulfil know-your-customer requirements. The sum involved is 6…

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The Daily: Cars and Pizzas for Crypto in Russia, Crypto Valley in South Korea

The wide adoption of cryptocurrencies in Russia has been put on hold after the State Duma postponed the final reading of three crypto bills for its fall session. Nevertheless, Russian companies are already planning to introduce crypto payments as soon as the regulations are in place. Among them, a major car dealer and an international…

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Germany’s 2nd Largest Stock Exchange to Launch ICO Platform, Multilateral Crypto Trading

Germany’s second largest stock exchange, the Stuttgart Börse, has revealed plans to develop a new platform for Initial Coin Offerings (ICO) as well as a multilateral crypto trading venue, Finextra reported August 2. The German bourse, which had a trading volume of EUR 81 billion (about $95 billion) across all asset classes in 2017, had…

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The Daily: Coinbase Forms Political Action Committee, EY Acquires Crypto Patents

In The Daily on Saturday, crypto exchange Coinbase has formed a political action committee to raise funds for US elections. Also, Ernst & Young has announced the acquisition of crypto technology and patents, and Indonesian crypto POS terminal maker Pundi X is looking to expand in South Korea with a new partnership. Also read: Minsk…

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Only 12 out of 23 Korean Crypto Exchanges Pass Probe – Inspector Under Fire

The self-regulatory inspection of South Korean cryptocurrency exchanges is complete. Fourteen out of 23 exchanges agreed to be inspected. Twelve met the self-regulatory standards despite security flaws, raising questions of how effective the inspection is. 12 Exchanges Pass Security Checks The Korea Blockchain Association (KBA) held a press conference Wednesday to announce the results of…

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New Cryptocurrency Asset Classification, S.Korea Regulators to Untighten the Policy

South Korea has been swamped reviewing its cryptocurrency regulations. The regulators hope to loosen the rules on cryptocurrency assets in line with G20 famous policies. Another government agency is managing an in-situ inspection of cryptocurrency firms following several hacks and this has attempted the Bank of Korea to issue out a report with its major…

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Bank of Korea Says Crypto Investment Poses ‘Insignificant’ Risk to Local Financial Market

According to South Korean central bank the Bank of Korea (BOK), the outstanding balance of virtual currency accounts in domestic banks totalled $1.79 billion as of Dec. 2017, local news outlet Yonhap reported Friday, July 5. The BOK’s report considered the $1.79 billion (2 trillion won) figure to be relatively low, as it is equivalent…

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