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south korea


South Korea’s government said its regulatory course on cryptocurrencies is aiming to “prevent any illegal acts or uncertainties” in fresh comments Wednesday, Feb. 14. Quoted by various media outlets, the country’s minister of the office for government policy coordination Hong Nam-ki released a statement in response to last month’s public petition against harsh regulation or …

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South Korea has doubled down on its commitment to eliminating the use of cryptocurrency in illicit financial activities, while expressed a will to foster the country’s blockchain development. In a video published today, Hong Nam-ki, head of the office for government policy coordination, said the government is taking a strong stance in bringing transparency to domestic …

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The 2018 Winter Olympic Games will be a big talking point for the next two weeks and there’s a team that the wider cryptocurrency community can get behind in South Korea. Just like Cool Runnings made Jamaica’s first ever bobsled team famous, the latest edition of the Winter Olympics will see the USA luge team …

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South Korea is considering adopting an approval system for crypto exchanges based on New York’s BitLicense system, local news outlet BusinessKorea reports. BusinessKorea writes that it is unlikely any final decision will be made until after the June 2018 elections in the country. A government official spoke to them about the option as part of …

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South Korea is reportedly considering a technology-specific licensing scheme as part of it proposed regulation of cryptocurrency exchanges. According to BusinessKorea, a government official involved with a virtual currency task force said Sunday that such rules, which bear a similarity to New York’s controversial “BitLicense,” introduced in 2015, could be enacted or at least debated. The source …

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Researchers from Chinese Cybersecurity company 360Netlab has discovered a new Android-based cryptocurrency mining malware that infects vulnerable Android devices to mine cryptocurrency, as reported in a blog post from the firm on Feb. 6.  As 360Netlab reports, the ADB.Miner worm scans can affect any kind of Android device, including smartphones, tablets, and television sets. The …

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South Korean cryptocurrency exchange Coinpia has suspended fiat deposits as well as trading operations after the company was not able to meet the country’s new KYC requirements in time, as stated in an announcement on their site Tuesday, Feb. 6. The new, stricter anti money laundering regulations in South Korea were first announced in late …

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South Korean cryptocurrency exchange Coinpia has announced it will suspend both trading and deposits after it was unable to implement a customer identification system in line with a recently enacted government mandate. According to an announcement released Tuesday through its homepage, the exchange had suspended Korean won deposits on Jan. 30 in an effort to comply …

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South Korean officials believe that North Korean hackers stole tens of millions of dollars’ worth in cryptocurrencies last year, according to local reports. Kyodo News reports that the National Intelligence Service (NIS), briefing the country’s lawmakers on the cyber attacks, said that phishing scams and other methods had yielded tens of billions of won in …

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While on trip to China for economic talks, South Korea’s Finance Minister Kim Dong-yeon spoke positively about the potential for Blockchain, saying that “Blockchain technology can disrupt and revolutionize the world,” according to the South Korean-based Yonhap News Agency. During a meeting with Zhou Xiaochuan, governor of the People’s Bank of China, Yeon also spoke …

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Bitcoin’s most recent dip to a two month low has put paid to the South Korean cryptocurrency market, which has traditionally traded well above global exchange rates. During Bitcoin’s climactic bull run into December, South Korean exchanges were trading Bitcoin at prices nearly 50 percent higher than most exchanges around the world. This eventually led …

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As January closed, Bitcoin fell towards $9,000 (getting closer to $8,000 in the first days of February). It has been a particularly tough month and a half for Bitcoin if one considers that halfway through December the coin peaked at $20,000. The market has taken hit after hit in the days following its downward spiral …

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Bitcoin price, as any investor knows, can move in the blink of an eye. It can go from $20,000 to the half of it in a few weeks, and Bitcoin is on a constant rollercoaster of price discovery. This leaves many asking what determines the price of this digital currency, especially for an intangible asset that …

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The Korea Customs Service (KCS) published a press release on Jan. 31 on the status of illegal foreign currency exchanges using digital currency, which reportedly totals 637.5 bln won (about $600 mln). The report gave examples of the largest cases when digital currency was illegally exchanged, citing 416.9 bln won ($391,886,000) illegally exchanged and 21.5 …

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As of Jan. 30, South Korean cryptocurrency traders will no longer be able to trade cryptocurrencies like Bitcoin and Ethereum anonymously. Last week, major cryptocurrency exchanges in the local market including Korbit and Bithumb announced that starting Jan. 30, anonymous traders will be prohibited from investing in the market. Beginning today, investors are required to …

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South Korea Finance Minister Kim Dong-yeon has reaffirmed that the government will not ban or otherwise “suppress” cryptocurrency in the country, according to a statement reported by Reuters today, Jan. 31. In the latest update to the country’s ongoing regulatory overhaul of cryptocurrency exchange, Kim firmly distanced Seoul from previous comments about a potential outright …

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South Korea does not intend to ban cryptocurrency trading, the country’s finance minister has said. In response to a question from a lawmaker on the government’s plans for regulation of the industry, Kim Dong-yeon said, “there is no intention to ban or suppress cryptocurrency [market],” as reported by Reuters today. Rather than follow China’s lead …

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The South Korea government is investigating the use of cryptocurrency in illegal foreign currency exchange, according to a statement. Released on Jan. 31 by the Korea Customs Service (KCS), the statement alleges that a total of 637.5 billion won worth (or around $600 million) in foreign currencies have been exchanged illegally, including unrecorded capital outflow using …

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Samsung announced a deal on Monday, Jan. 29 to manufacture ASIC mining hardware with Taiwanese manufacturer TSMC. “Mass production” of the ASIC chip has already begun in January, according to Korean news outlet The Bell. An ASIC chip, which stands for Application-Specific Integrated Circuit, is a specialized piece of hardware designed to only mine cryptocurrencies …

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South Korean financial authorities in cooperation with Korea Financial Intelligence Unit (KFIU) created a task force to oversee cryptocurrency exchanges and to ensure cryptocurrency businesses are compliant with existing regulations, authorities announced on Jan. 25. It will collaborate with local cryptocurrency exchanges to ensure that money laundering and fraudulent activities using cryptocurrencies do not occur …

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