South Korea

CBDCs

Bank of Korea Chooses Ground X as Supplier for CBDC Pilot: Report

Jamie CrawleyJul 20, 2021

South Korea's central bank has picked a blockchain subsidiary of internet giant Kakao.

CBDCs

3 Firms Vie to Develop South Korea’s CBDC Pilot

Felix ImJul 13, 2021

BOK will base its evaluation on the technological capacity of each firm.

South Korea

South Korea’s Financial Watchdog Warns Foreign Exchanges Must Register in 2 Months

Sebastian SinclairJul 22, 2021

The Korea Financial Intelligence Unit is pushing for exchanges to register in line with new anti-money laundering laws.

Crypto Custody

Another Large Bank in South Korea to Provide Custody of Crypto Assets

Nate DiCamilloJul 11, 2021

Woori Financial Group is joining forces with bitcoin exchange Coinplug to offer the service.

South Korea

Korean Authorities Investigate 33 People for $1.48B in Illicit Crypto Transactions

Jamie CrawleyJul 8, 2021

Fourteen were referred for prosecution, 15 were fined and four remain under investigation.

South Korea

South Korea

South Korean Prosecutors Indict Former Bithumb Chairman in $100M Fraud Probe

Felix Im

Lee Jung-hoon allegedly took the funds from BK Group owner Kim Byeong-gun as an upfront "contract fee" in acquisition negotiations.

South Korea

Korea’s First Bank Joins Messaging Giant Kakao’s Blockchain Governance Council

Sebastian Sinclair

Shinhan joins a number of existing council members including LG Electronics, Binance and Worldpay, among others.

Altcoins

Upbit, Bithumb Delist Numerous Coins Ahead of South Korean Regulatory Review

Felix Im

The move caused prices for many altcoins to plummet by 50% or more, causing considerable losses among retail investors.

Tax Evasion

South Korea Seizes $47M Worth of Crypto for Back Taxes: Report

Jamie Crawley

Officials called it the largest "cryptocurrency seizure for back taxes in Korean history."

Crypto Exchanges

South Korean Banks to ‘Review’ Partnerships With Crypto Exchanges

Felix Im

There are no guarantees that even the "Big 4" Korean crypto exchanges will survive the imminent regulatory tidal wave.

South Korea

South Korean Exchanges Halt Trading on Certain Cryptos as Regulatory Pressure Mounts

Sebastian Sinclair

Upbit, Huobi and Coinbit are among the cryptocurrency exchanges outlined in the report that have halted trading on certain coins.

Exchanges

Banks in South Korea Instructed to Treat Crypto Exchanges as High-Risk Clients

Jamie Crawley

Banks will have to deny services to clients that do not comply with ID verification requirements or fail to report suspicious activity to the FSC's anti-money laundering unit.