Posts in category

south korea


South Korea’s central bank has announced that it does not plan to launch its own digital currency over fears it could destabilize the economy. According to The Korea Times on Monday, the BoK said that issuing a central bank digital currency (CBDC) could pose a “moral hazard” by adversely affecting monetary policy and its implementation, and possibly …

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A national banking group in South Korea is to roll out a blockchain-based ID verification system for domestic commercial banks in just weeks. According to a notice revealed on Monday by the Korea Federation of Banks (KFB), the new system – dubbed BankSign – is scheduled to be launched in July following a testing phase …

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South Korean cryptocurrency exchange Bithumb has been found not guilty of tax evasion, but now faces a massive tax bill, according to reports. The country’s National Tax Service launched an investigation into the firm back in January amid a wider crackdown on crypto exchanges, and has now cleared the company of wrongdoing. However, Bithumb – …

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A South Korean police department has said it will bring charges against cryptocurrency exchange Coinone over its provision of margin trading, a report says. According to a Yonhap report Wednesday, the cybercrime investigation unit of the country’s southern provincial police department alleged that Coinone’s crypto margin trading is, in effect, offering illegal gambling that could be used …

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A South Korean police department announced on Thursday it is sending investigations on crypto exchange Coinone to prosecutors for bringing charges against the platform over its provision of crypto margin trading, report says. According to Korean news agency Yonhap, the cyber crime investigation unit of the country’s Southern provincial police department alleges Coinone’s margin trading …

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The South Korean government is moving to confiscate 191 bitcoins seized in a child-porn cybercrime case in which the perpetrator has now been sentenced to jail and a $640,000 fine. According to Korean news agency Yonhap, the move comes after South Korea’s Supreme Court ruled on Wednesday that cryptocurrencies can be seen as property with …

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Prosecutors in South Korea have reportedly raided the largest cryptocurrency exchange in the country, UPbit. According to CoinDesk Korea, investigators from the Prosecutors’ Office of the southern district of Seoul, the country’s capital, searched the head office of the exchange in the Gangnam-gu district on May 10-11. UPbit is suspected of fraud for allegedly selling cryptocurrency …

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The new head of a South Korean financial watchdog has taken a softer tone on cryptocurrencies and hinted that his agency may consider easing rules for exchanges, The Korea Times reports. Yoon Suk-heun, the incoming governor of the Financial Supervisory Service (FSS), who is considered a reformist in the country, told reporters at his inauguration, “Regarding …

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South Korea’s SK Telecom is reportedly launching a blockchain-based platform for authenticating customers’ identities within the year. According to a ZDNet report on Tuesday, the telecoms giant – a subsidiary of the SK Group, one of the largest family-owned conglomerates in South Korea – is developing the new system in order to streamline user subscriptions and payment …

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Two men from South Korea have been sentenced for creating a bitcoin pyramid scheme that swindled some 20 billion Korean won ($20 million) from investors. On April 19, a judge from Seoul’s Incheon District Court issued fines of $15 million and $8 million, respectively, to the two fraudsters, according to local news source Yonhap. The report said …

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Two suspects from South Korea have allegedly used a pyramid scheme that involves bitcoin to swindle a total of $20 billion from investors in the country. The news was made public as a judge from Seoul’s Incheon District Court has issued a fine of $15 million and $8 million respectively to the two men on …

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Cryptocurrency miners in South Korea may find it to be more difficult in getting foreign-made mining chips imported to the country. According to data published by the Korean Customs Service (KCS) Wednesday, the government agency has added cryptocurrency mining chips into the current list for items that are mandated to meet certain requirement set by …

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A South Korean blockchain industry organization has proposed a self-regulatory framework for the cryptocurrency exchange industry. In a press conference, Tuesday, the Korean Blockchain Association, formed in December 2017 by industry companies, has proposed rules that would mandate exchange members of the group to hold at least 2 billion Korean won ($1.8 million) in equity …

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South Korea financial regulators have confirmed a plan to inspect three domestic banks over their compliance with recently introduced anti-money laundering rules for cryptocurrency exchange accounts. According to a statement on Monday, the Financial Services Commission (FSC) and the Financial Intelligence Unit (FIU) will conduct on-site inspections on the NongHyup, KB Kookmin and KEB Hana …

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South Korean police on Thursday detained four executives from two cryptocurrency exchanges over alleged embezzlement. Those questioned by police reportedly included Kim Ik-hwan, the CEO of Coinnest, while the identities of the other executives and the other exchange have not been made public. The prosecutor’s office told Reuters that the executives are being questioned about …

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A form of central bank digital currency (CBDC) may go live in 2018. At least that’s according to Antony Lewis, research director at global banking consortium and distributed ledger software startup R3, who issued the prediction during a panel discussion at the Deconomy event in Seoul, South Korea, on Wednesday. “For wholesale use (of CBDC), …

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“It was a fantastic year in 2017.” As stated by Junhaeng Lee, co-founder and CEO of Seoul-based crypto platform Gopax, that’s one simple but accurate summary of the last year for cryptocurrency exchanges in South Korea. Indeed, since earlier last year, crypto trading volume in the country has surged to a point where exchanges from South Korea …

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Fourteen people from 13 companies have been arrested for illegally using cheap electricity to mine cryptocurrencies at industrial complexes in South Korea. According to a report by the Yonhap news agency, the allegedly illegal mining activities were uncovered in four different complexes in the country’s southwestern city of Gwangju. The report cites an announcement from the …

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South Korean cryptocurrency exchange Youbit has reportedly had its insurance claim denied months after it closed following a debilitating hack. In December, Youbit declared bankruptcy after suffering twin hacks over the course of 2017, including one that officials suspected at the time could be traced to North Korea. The second attack, which Youbit said resulted in …

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Nearly a quarter of South Koreans in their twenties want to invest in cryptocurrencies, according to a new poll conducted by Bank of Korea. Yonhap News reported Tuesday that the bank’s survey examined cryptocurrency awareness among 2,511 Korean residents, with the age of the respondents ranging from people in their twenties to their seventies. Notably, …

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