South Korea Archives

LINE digital currency exchange to pull Korean operations as regulatory deadline approaches

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20 August, 2021

LINE digital currency exchange to pull Korean operations as regulatory deadline approaches

LINE’s Bitfront exchange is reportedly shutting down its Korean language service as of September 14, as well as halting all...

Samsung confirms participation in Bank of Korea CBDC pilot

Business

Ed Drake

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12 August, 2021

Samsung confirms participation in Bank of Korea CBDC pilot

The pilot, which began at the end of July, aims to build a platform for supporting a central bank digital...

South Korea to shut down 11 local digital currency exchanges: report

Business

Steve Kaaru

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7 August, 2021

South Korea to shut down 11 local digital currency exchanges: report

The Financial Services Commission reportedly plans on denying 11 local exchanges approval to serve the South Korean market as it...

Here’s how Bank of Korea’s CBDC pilot is taking shape, as explained by blockchain exec

Business

Ed Drake

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6 August, 2021

Here’s how Bank of Korea’s CBDC pilot is taking shape, as explained by blockchain exec

The pilot is to take part over two stages, with the initial basic testing phase set to conclude by December...

South Korea to seize digital currencies from tax dodgers in proposed law

Business

Steve Kaaru

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28 July, 2021

South Korea to seize digital currencies from tax dodgers in proposed law

To help share the burden of taking care of its aging population, the South Korean government has been hiking taxes...

South Korea warns foreign exchanges to register by Sept 24 or risk being shut down

Business

Steve Kaaru

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27 July, 2021

South Korea warns foreign exchanges to register by Sept 24 or risk being shut down

Under the Specific Financial Information Act, any exchange operator that continues to operate past the deadline without registering is liable...

South Korean internet companies vie for digital currency pilot

Business

Ed Drake

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17 July, 2021

South Korean internet companies vie for digital currency pilot

Subsidiaries of Naver and Kakao are reported to have submitted proposals to run the 10-month blockchain pilot program, which will...

South Korea FSC: Overseas exchanges must register with AML body

Business

Steve Kaaru

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16 July, 2021

South Korea FSC: Overseas exchanges must register with AML body

The head of the Financial Services Commission said that these exchanges must comply with the revised laws that requires exchanges...

Former Bithumb chair indicted in South Korea amid claims of fraud, false promises

Business

Jon Southurst

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8 July, 2021

Former Bithumb chair indicted in South Korea amid claims of fraud, false promises

Prosecutors in Seoul have indicted former chairman of Bithumb Holdings Lee Jung-hoon on fraud charges, while a former partner involved...

Digital currency exchanges threaten to sue South Korea gov’t over regulatory ‘buck pass’

Business

Ed Drake

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7 July, 2021

Digital currency exchanges threaten to sue South Korea gov’t over regulatory ‘buck pass’

New rules being implemented by the Financial Services Commission are reported to be causing significant worries for smaller digital currency...

South Korea seizes $47M from alleged digital currency tax evaders

Business

Steve Kaaru

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29 June, 2021

South Korea seizes $47M from alleged digital currency tax evaders

Authorities in South Korea have seized KRW53 billion ($47 million) from digital currency holders who have been accused of evading...

Bank digital currency clients to be considered ‘high risk’ in latest South Korea crackdown

Business

Ed Drake

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18 June, 2021

Bank digital currency clients to be considered ‘high risk’ in latest South Korea crackdown

The new rules will impact on some 60 unauthorized exchanges in the country, as well as forcing banks to regard...

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