SOUTH KOREA
South Korea, officially known as the Republic of Korea, is located on the Korean Peninsula in East Asia. It is known for its advanced technology, bustling cities like Seoul, rich cultural heritage, and a robust economy driven by industries such as electronics, automotive, and shipbuilding. The country is a democratic republic with a president as head of state. South Korea's education system is highly competitive, and its cuisine, like kimchi and bulgogi, has global recognition. The country also has a strong entertainment industry, known for K-pop and Korean drama. The demilitarized zone (DMZ) separating South Korea from North Korea remains a significant geopolitical focus.
SEC Collaborates with South Korea in Probing Terraform Labs and Do Kwon
The US SEC has approved collaboration with South Korea to investigate Terraform Labs and co-founders Daniel Shin and Do Kwon. The investigation focuses on Chai Corporation's use of the Terra blockchain and its relationship statements with Terraform. Shin is charged with fraud, while Kwon faces investigations in both the US and South Korea.
South Korea Advances CBDC Pilot Project: Jeju, Busan, and Incheon Selected as Test Regions
South Korea selects Jeju, Busan, and Incheon for its CBDC pilot project, excluding Seoul. The Bank of Korea aims to test digital currency issuance and distribution.
South Korea Embraces Blockchain: New Digital Asset Act, K-Culture Tokenization, and More
South Korea passes the Digital Asset Basic Act, Shinhan Financial Group invests in digital asset custody, and K-culture goes blockchain.
South Korea's FSC to Submit Two Crypto-Related Acts to National Assembly
According to Newsis on July 13, the People's Power Party and the Financial Services Commission of South Korea are planning to submit amendments to the Electronic Securities Act and the Capital Market Act to the National Assembly within this month.
Korean Prosecution Investigates Cypto Coin WEMIX Issuer WeMade and Hyperism Simultaneously
The Korean prosecution has simultaneously raided WeMade, the issuer of the cryptocurrency WEMIX, and Hyperism, the asset management company responsible for WEMIX's market making. This incident comes right after South Korea’s parliament passed the Virtual Asset Protection Act, which aims to crack down on illegal illegal trading practices such as market price manipulation and insider trading.
South Korea's Crypto Protection Law Advances in Assembly
In a landmark move for South Korea's cryptocurrency sector, the Cryptocurrency User Protection Act (also known as the Cryptocurrency Investor Protection Law) has successfully passed through the Legal Affairs Committee, marking a momentous milestone in the legislative process for digital assets.
South Korea Grants Central Bank More Power Over Crypto
The Bank of Korea (BoK) has been given more power to investigate cryptocurrency service providers, including the ability to request transaction data from crypto exchanges. The move comes amid ongoing discussions on virtual asset legislation in South Korea, with the Financial Services Commission (FSC) holding the final say on the regulation of the digital asset sector. The two institutions have been at odds for several years over crypto regulations.
Asia Crucial to Web3 Gaming Industry
A report by DappRadar highlighted the importance of Asia in the Web3 gaming industry, due to the region's majority share of gamers and gaming revenue, as well as its high interest in blockchain technology. While China prohibits gaming companies from integrating blockchain technology, Japan and South Korea are leading the way in adopting blockchain technology in gaming.
South Korean Court Denies Arrest Warrant for Terraform Labs Co-Founder
A South Korean court denied a request for an arrest warrant for Terraform Labs co-founder, Shin Hyun-Seong, citing unconfirmed allegations and the unlikelihood of Shin being a flight risk. Shin currently faces multiple fraud charges and is accused of hiding risks associated with investing in Terraform Labs' in-house tokens. The recent arrest of Terraform Labs' other co-founder, Do Kwon, has led to extradition requests from both the United States and South Korea.
South Korea Invests in Metaverse Fund for Economic Growth
The South Korean government has invested 24 billion Korean won ($18.1 million) in a fund dedicated to driving metaverse initiatives in the country, with a total fund of more than 40 billion Korean won ($30.2 million). The Metaverse Fund will support the mergers and acquisitions of various firms in the metaverse ecosystem and help domestic metaverse-related companies compete with global players, as the government sees the metaverse as a new economic growth engine.
South Koreans transacted $4.3 billion through illegal crypto exchanges
In 2022, South Koreans transacted $4.3 billion through illegal crypto exchanges, comprising almost 70% of all illicit money traffic captured by officers. The transactions aimed to purchase foreign virtual assets to sell in the country later due to the South Korean regulatory regime isolating the local market.
Crypto Staking in South Korea: Balancing Innovation and Regulation
Balancing innovation and regulation in South Korea's crypto industry, with regulators concerned about staking's potential risks to consumers and market stability.
South Korea Regulator Probes Crypto Staking Services
South Korea's Financial Supervisory Service checks exchanges' crypto staking services for legality.
Kimchi premium refers to when the price of BTC cheaper
CryptoQuant data shows that South Korea's Kimchi premium has fallen again, fluctuating between -0.24 and 0.01 between Feb. 17 and 19.
Former Tmon CEO faces arrest for taking bribes to promote Terra Classic
According to South Korean authorities, advertising raised the price of Terra Classic token LUNC.