South Korea
South Korea’s Crypto Exchanges Gain Power to Freeze Transactions
South Korean crypto exchanges can now suspend transactions promptly without prior notice. The new amendment to the Virtual Asset User Protection Act aims to confront…
Upbit Faces Regulatory Hurdles in South Korea Over KYC
Upbit faces scrutiny as FIU finds 500,000-600,000 KYC compliance issues in license review. FIU inspections reveal potential fines up to 100 million won per KYC…
Binance’s Dominance in South Korea Sparks Anti-Monopoly Concerns
Binance has 22 times the volume of all Korean crypto exchanges combined. The price of BTC hit an all-time high on Korean exchanges at 120…
South Korea Ramps Up Crypto Oversight After US Election-Driven Volatility
South Korea’s FSC has decided to strengthen scrutiny over the crypto market. The move intends to confront the market’s increasing volatility following the US election.…
South Korea Pilots CBDC as Crypto Reshapes Job Market
South Korea is launching a pilot project to utilize CBDCs for education and welfare vouchers. The Ministry of Science and ICT, FSC, and the Bank…
Stablecoins Take Over South Korea’s Trade Sector Driven by Tether on Tron
Stablecoin use rises in Korea, with 10% of trade using USDT, mainly on Tron’s network. Tron overtakes Ethereum for USDT since 2021, driven by lower…
South Korea’s Virtual Asset Committee to Tackle Corporate Crypto Investment
South Korea’s Virtual Asset Committee will have its first meeting on November 6. The committee will focus on the second phase of the country’s virtual…
Bitcoin’s Surge Leaves South Korea Behind: Kimchi Premium Fades
South Korea’s kimchi premium drops, indicating sluggish retail demand for Bitcoin. U.S. institutional demand for Bitcoin surges, with custodial Wallets doubling retail. Bitcoin hits $71K…
Bithumb Exchange Faces Korean Won Withdrawal Delays, Users Unfazed
Bithumb crypto exchange is experiencing a hitch. Customers on Bithumb cannot withdraw Korean Won. The crypto exchange blamed delays from partners for the ongoing glitches.…
South Korea to Tighten Oversight of Cross-Border Crypto Transactions Starting Next Year
South Korea is launching regulations for cross-border crypto transactions. The new law mandates pre-reporting and monthly report submission to the Bank of Korea. The Deputy…
