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The new South Korean cryptocurrency account system has entered into force nationwide today, ending the current practice that allowed for anonymous trading of cryptocurrencies. Traders must open real-name accounts at the same banks as their exchanges in order to deposit money to trade cryptocurrencies. Also read: Japan’s DMM Bitcoin Exchange Opens for Business With 7 Cryptocurrencies … Read more
The number of cryptocurrency exchanges participating in self-regulation has nearly doubled in South Korea. The crypto self-regulation efforts are led by the Korean Blockchain Association which has recently launched with 66 members. The association also plans to develop standard price indices for the main cryptocurrencies. Also read: Japan’s DMM Bitcoin Exchange Opens for Business With 7 … Read more
The South Korean National Pension Fund has been indirectly investing billions of won in cryptocurrency exchanges such as Upbit, Bithumb, and Korbit. This was revealed amid the country’s regulators continually releasing regulatory measures for cryptocurrencies. Also read: South Korean Officials Caught Trading On Insider Knowledge of Crypto Regulations Investments In Crypto Exchanges Amid South Korean regulators pushing … Read more
The South Korean Communications Commission has conducted a survey of major cryptocurrency exchanges in the country and found them to have insufficient customer data protection. Eight exchanges have been sanctioned, with 30 days to resolve their issues and safeguard their systems. Also read: Cryptocurrency Activities Will Be Legal and Tax Free in Belarus Starting in March … Read more
Just recently news.Bitcoin.com reported on South Korean cryptocurrency exchanges implementing new infrastructure systems that comply with the country’s financial regulations. The enforced verification mechanisms will not allow anonymous users to sign up for a Korean-based digital asset exchange and trading platforms must report customer data. Now this week the Korean crypto-exchange, Korbit, has announced it … Read more
South Korean banks have been providing virtual account services to cryptocurrency exchanges and earning commissions from them. According to data obtained by the country’s Financial Supervisory Service, banks made 36 times more in commission income from crypto exchanges last year than the previous year. Also read: South Korean Officials Caught Trading On Insider Knowledge of Crypto … Read more
The South Korean Fair Trade Commission (KFTC) does not have the authority to close cryptocurrency exchanges. “It is impossible in reality,” said the KFTC chairman. The agency is currently investigating 13 major exchanges operating in the country for alleged violations of the e-commerce law. Also read: South Korean Officials Caught Trading On Insider Knowledge of Crypto … Read more
New cryptocurrency exchanges are rushing to launch in South Korea despite regulatory uncertainty due to high demand and lucrative business models. Ten crypto platforms are expected to open for business in the first half of this year, including two run by Kosdaq-listed companies. Also read: South Korea Urges 23 Countries, EU, and IMF to Collaborate on … Read more
South Korean banks have backtracked from their decisions to stop servicing cryptocurrency accounts as crypto investors protested and the government re-discussed its policy. The country’s 6 major banks have been told that they must follow through with the original plan and install the system that would end the anonymous trading of cryptocurrencies. Also read: South Korea … Read more
Cryptocurrency prices are sliding downwards since our last markets update, as the top ten digital assets are all seeing a loss of gains on January 8. BTC/USD markets reached a high of $17,200 on Saturday evening on January 6, but the value has dropped since then to a low of $13,900 per BTC. The price … Read more
