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“# South Korean crypto exchanges banned from handling coins they issued themselves ” The increased regulatory scrutiny that befell South Korea’s cryptocurrency space in recent times appears to have extended to include exchange tokens. Exchange tokens are tokens issued by a cryptocurrency exchange that usually offer some benefit to the holder, either through reduced trading…
“# Regulations drive Korean exchanges to delist, warn against high risk coins ” South Korea’s cryptocurrency market continues to transform under the weight of mounting regulatory pressures. Major crypto exchanges such as Upbit have this week moved to delist or warn against specific digital assets they have judged to be high-risk for investors. The…
“# South Korea’s small crypto exchanges face increasing regulatory heat ” Authorities in South Korea are continuing to propose and enact measures aimed at maintaining strict oversight over the nation’s crypto exchange market. These come amid a significant uptick in cryptocurrency trading volume, especially for altcoins. In May, South Korea’s Financial Services Commission (FSC) announced…
“# Korean banks will need to classify crypto exchange clients as ‘high risk’ ” New rules announced by South Korea’s Financial Services Commission, or FSC, are expected to affect around 60 unauthorized cryptocurrency exchanges in the country, and a new policy for banks will require that they classify any crypto exchange clients as “high risk.”…
“# Alleged $3.6B crypto Ponzi’s ‘victims’ still believe the exchange is legit ” Victims of an alleged $3.6 billion crypto Ponzi scheme in South Korea are reportedly hampering the progress of a police investigation and a joint lawsuit — as they still believe in the project and hold out hopes of getting a return on…
“# South Korea moves to ban cross trading for crypto exchanges ” South Korea’s Financial Services Commission has moved to ban cross trading on crypto exchanges in the country. The move is part of a raft of amendments to the country’s Act on the Reporting and Use of Certain Financial Transaction Information. Cross trading, an…
“#S.Korean designer creates ‘Third Eye’ for ‘smartphone zombies’” A South Korean industrial designer has come up with a satirical solution for “smartphone zombies” who can’t take their eyes away from their screen long enough to stop themselves walking into a wall or other obstacle. Paeng Min-wook, 28, has developed a robotic eyeball he has dubbed…
“# South Korean regulators parley with 20 crypto exchanges ” Small and medium-sized exchanges in South Korea had a chance to express some of their grievances with the government during a recent meeting with financial regulators. According to a report by South Korean news outlet D.Street, the Financial Services Commission (FSC) convened a closed-door meeting…
“# The CBDC promised land: As some governments falter, others press on ” With the crypto market turning up its pace of growth over the last year and a half, the idea behind central bank digital currencies (CBDCs) seems to have gained an increasing amount of traction among many governments and retail banking institutions. In…
“# Bank account flows for South Korean crypto exchanges surge 40% since 2020 ” As cryptocurrency markets grew in the first quarter of 2021, South Korean banks saw record volumes of deposits and withdrawals to local crypto exchanges. South Korean commercial banks processed 64.2 trillion won ($57.9 billion) of transactions on real-name bank accounts linked…