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Two major Chinese cryptocurrency exchanges have delayed their launches in South Korea due to uncertainties surrounding the government’s regulation. The regulators are currently working on a real-name identification system that will end the anonymous trading of cryptocurrencies in the country. Also read: Russian Cryptocurrency Bill Is Ready – Regulators Share Details4 A Bump in the Road … Read more
A law firm from Seoul has decided to address arbitrary measures taken by authorities to regulate cryptocurrency trade. Korean lawyers have filed an appeal accusing their government of “unconstitutional” infringement on property rights. Newly imposed rules are devaluing virtual currencies, they say. Also read: Koreans Deposited 64 Times More Fiat Into Crypto Exchanges in 2017 … Read more
At one time the Beijing-based digital currency exchange Huobi was once the largest bitcoin trading platform in China before the central bank stopped domestic exchanges from trading cryptocurrencies. This month Huobi has revealed its carved a deal with the Japanese financial institution SBI Group and will be launching two new cryptocurrency exchanges in Q1 of … Read more
South Korea’s cryptocurrency exchanges have implemented changes to comply with the government’s mandates announced last week. In addition to restricting certain customers from trading cryptocurrencies, the exchanges have stopped issuing new virtual accounts in accordance with the regulators’ real-name requirements. Also read: Russian Regulators Draft Law to Restrict Crypto Mining, Payments, and Token Sales Government’s Mandates … Read more
South Korean exchange Youbit filed bankruptcy last week but has now come up with additional options to pay back its members. The exchange is asking them to vote between three options. Also read: Russian Regulators Draft Law to Restrict Crypto Mining, Payments, and Token Sales Youbit’s Bankruptcy Filing Youbit exchange’s operator Yaffian filed bankruptcy on December … Read more
The government of South Korea held a meeting on Thursday to discuss measures to deal with the growing trend of cryptocurrency speculation. The regulators clarified the clampdown on virtual accounts as well as other measures to end anonymity. In addition, the Ministry of Justice suggested an even more extreme measure. Also read: Russian Regulators Draft Law … Read more
South Korean banks are further distancing themselves from bitcoin following the government’s ”emergency” regulation which bans them from direct involvement in cryptocurrency-related activities. Shinhan Bank and KB Kookmin Bank have announced that they are discontinuing their points for bitcoin exchange services in January. Also read: South Korea Clarifies Position After Reports of Possible Ban on All … Read more
South Korean authorities are divided whether bitcoins from criminal proceeds should be confiscated. In a criminal case involving 216 bitcoins, the court previously ruled that the digital currency cannot be confiscated. However, the prosecutor is now appealing to the court to overturn that decision and allow the forfeiture of the bitcoins, now worth billions of … Read more
Chinese cloud-based solutions service, Seven Stars Cloud Group, Inc. (SSC), announced this week its 27 percent purchase stake of US crypto blockchain exchange Delaware Board of Trade Holdings Inc. (DBOT). SSC is owned and run by entertainment mogul Bruno Wu, who many analysts believe is trying to get in on the near-half a trillion cryptocurrency … Read more
Kakao’s cryptocurrency exchange Upbit now claims to be the largest crypto exchange by volume in South Korea, one of the top three markets globally. Listing over 120 coins and leveraging Kakao Talk’s massive user base, Upbit currently facilitates an average daily trading volume of 5 trillion won. Also read: South Korea Clarifies Position After Reports of … Read more
