Financial Services Commission

South Korea wants digital asset criminals sentenced to life imprisonment

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8 February, 2024

South Korea wants digital asset criminals sentenced to life imprisonment

The new amendments will hand life sentences to any criminal that embezzles over $3.8 million, with the minimum time served...

South Korea to vet VASP execs; US SEC charges American Bitcoin Academy over $1.2M scam

Business

Steve Kaaru

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7 February, 2024

South Korea to vet VASP execs; US SEC charges American Bitcoin Academy over $1.2M scam

Elsewhere, Hong Kong’s Treasury has proposed bringing OTC venues under the city’s regulations, arguing that they have been used to...

Bank of Korea eyes wholesale CBDC, tokenized deposits with LG CNS

Business

Wahid Pessarlay

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24 December, 2023

Bank of Korea eyes wholesale CBDC, tokenized deposits with LG CNS

Bank of Korea is collaborating with LG CNS to develop a CBDC system for tokenized deposits, utilizing LG CNS's expertise,...

South Korea’s notice for digital assets excludes NFTs, CBDCs

Business

Wahid Pessarlay

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16 December, 2023

South Korea’s notice for digital assets excludes NFTs, CBDCs

South Korea's Financial Services Commission mandates digital exchanges to offer interest on deposits from July 2024, excluding NFTs and CBDCs,...

Mauritius explores metaverse in finance, launches public consultation

Business

Wahid Pessarlay

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11 November, 2023

Mauritius explores metaverse in finance, launches public consultation

The Financial Services Commission is looking to integrate the metaverse into the financial services sector, inviting the public to share...

Bank of Korea teams up with BIS, local institutions for wholesale CBDC experiment

Business

Wahid Pessarlay

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9 October, 2023

Bank of Korea teams up with BIS, local institutions for wholesale CBDC experiment

The Bank of Korea is looking to develop a new monetary system that focuses on the use of a wholesale...

South Korea strengthens digital currency OTC transactions oversight to combat crime

Business

Wahid Pessarlay

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23 September, 2023

South Korea strengthens digital currency OTC transactions oversight to combat crime

South Korean regulators target OTC digital currency transactions due to rising criminal activity, discussing regulation in a session on 'Criminal...

South Korea’s Cheongju wants to seize digital currency holdings from tax evaders

Business

Wahid Pessarlay

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30 August, 2023

South Korea’s Cheongju wants to seize digital currency holdings from tax evaders

Authorities in South Korea aim to recover unpaid taxes by seizing digital currencies from tax evaders in Cheongju via legal...

South Korea financial regulator wants digital asset firms to disclose holdings

Business

Wahid Pessarlay

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19 July, 2023

South Korea financial regulator wants digital asset firms to disclose holdings

The new disclosure requirement is geared toward creating "more consistent and clear information about companies that issue or hold virtual...

South Korea: Financial regulator wants staff to disclose digital currency holdings

Business

Wahid Pessarlay

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14 July, 2023

South Korea: Financial regulator wants staff to disclose digital currency holdings

South Korea’s Financial Services Commission move is in response to the request of the country’s Anti-Corruption and Civil Rights Commission.

South Korea passes bill aimed at protecting consumers a year after Terra’s collapse

Business

Wahid Pessarlay

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7 July, 2023

South Korea passes bill aimed at protecting consumers a year after Terra’s collapse

The latest bill comes with severe consequences for breachers but pundits claimed that the regulation is stuck in the perspective...

In South Korea, a power tussle is brewing for right to regulate digital assets

Business

Wahid Pessarlay

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21 May, 2023

In South Korea, a power tussle is brewing for right to regulate digital assets

Bank of Korea argues it has the right to access data of VASPs due to the risks tied to offering...

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