Tag: FinTech
South Korea’s forward-thinking digital currency pilot program
Over the last decade South Korea has moved further along a path towards digital transactions. Cash usage has fallen from 66 per cent of...
South Korean banks doubled crypto transaction fee revenue in Q2
Three South Korean banks with crypto exchange partnerships have reportedly made $14.71 million in transaction fees in the second quarter of 2021.
According to The...
Bank of Korea Says Crypto “Can Transform Financial Paradigms”
On August 8, the Bank of Korea (BOK) has acknowledged that blockchains and decentralized platforms have ‘the potential to change financial paradigms’.
According to reports,...
President Moon taps new chiefs of the Financial Services Commission
President Moon Jae-in nominated new heads of the Financial Services Commission (FSC), the Blue House announced Thursday.
Koh Seung-beom, a member of the Bank...
Bank Of Korea acknowledges usefulness of ‘stablecoins’
The country's central bank didn't deny the role of "stablecoins" in terms of their availability in monetary transactions, the Bank of Korea (BOK) said...
South Korea Narrows Down 11 Cryptocurrency Exchanges To Shut Down
The first move from the FSC is to temporarily stop the operations of about 11 average South Korean crypto exchanges. Reporting on Sunday, The...
South Korea’s Busan city to establish digital asset exchange
According to Coindesk Korea, Busan city has started setting up detailed plans and strategies in establishing a digital asset exchange. Its plans include building...
South Korean authorities to collect delinquent taxes from crypto cold wallets
South Korea’s newly amended tax law will allow authorities to collect delinquent taxes hidden in cryptocurrency cold wallets.
The Ministry of Economy and Finance yesterday...
South Korean Regulators Warn Dozens of Foreign Exchanges to Comply With New Rules
Korean Financial Intelligence Unit Notifies Foreign Crypto Exchanges of Registration Obligations
Access to foreign-based cryptocurrency exchanges can be denied and the platforms may face criminal...
Strong pressure on foreign VASPs is making the domestic cryptocurrency market more chaotic
Financial Services Commission (FSC) "We will actively respond to illegal, unreported operations of foreign VASPs."
Since there is a possibility that foreign Virtual Asset Service...
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Crypto Excluded from New South Korean Donations Law
Per Kyunghang Shinmun, the Ministry of the Interior and Safety said it wanted to “expand the scope” of donations – but has decided against...
