Even after surpassing the “psychological resistance level” of 100 million won, bitcoin continues its upward trend in the domestic market.In particular, a phenomenon known as the “kimchi premium” is observed, where the price of bitcoin in the domestic market is forming higher than that in the U.S. ma
The National Pension Service (NPS) has purchased a large stake in Coinbase, the largest U.S. cryptocurrency exchange, for the first time, paving the way for future direct investment in cryptocurrencies.According to a stock holdings report filed by the NPS to the U.S. Securities and Exchange Commissi
Binance acquired 40 percent of Gopax, the fifth-largest cryptocurrency exchange in South Korea, early this month as a preparation to enter the South Korean market. According to industry sources, the South Korean government is likely to put the brakes in that adequate supervision is not easy. At pres
The author is an analyst of NH Investment & Securities. She can be reached at yd.yoon@nhqv.com. -- Ed. Partnering up with Dunamu and Lambda256, Hanwha I&S has been actively preparing to launch a blockchain business. By utilizing its extensive network, the firm is expected to work with blockchain sta
The Financial Services Commission announced on Jan. 30 that new constant monitoring systems for financial crime prevention would be put into operation this year and those would target custody and wallet service providers as well as cryptocurrency exchanges.The commission is choosing targets to be in
The unprecedented shutdown of KakaoTalk messenger app that occurred on Oct. 15 clearly exposed the problems of a platform monopoly. The shutdown of the widely used mobile messenger app did not end with the suspension of about 20 related Kakao services. Other companies and government agencies that us
The Financial Supervisory Service is looking into trillions of won sent abroad through domestic banks from domestic cryptocurrency exchanges. According to industry sources, most of the 4.1 trillion won remittances through Woori and Shinhan Banks started at the five major exchanges, that is, Gopax, B
Cryptocurrencies LUNA and UST have been delisted by multiple South Korean cryptocurrency exchanges.After the recent LUNA plunge, UPbit announced on May 13 that trading would become unavailable at 12:00, May 20 and withdrawal would become unavailable on June 20. Gopax also announced that LUNA trading
SK Group has surpassed Hyundai Motor Group to become the second-largest business conglomerate in Korea in terms of assets.The Fair Trade Commission announced on April 27 that it has designated 76 large business groups with assets exceeding 5 trillion won as corporate groups subject to public disclos
UPbit, Bithumb, Coinone and Korbit linked their travel rule solutions and cryptocurrency transfer between the four exchanges is now available again.The transfer between UPbit and the others was blocked on March 25 regarding the travel rule stipulated in the Act on Reporting and Using Specified Finan
Bithumb, Coinone and Korbit interconnected their travel rule solutions on April 8, allowing users to send and receive cryptocurrencies among themselves, regardless of the amount. CODE, their joint venture, is planning to expand the interconnection to cover more exchanges. According to the Act on Rep
Shinhan Bank issued corporate won accounts for virtual asset transactions to cryptocurrency exchange Korbit on April 7, the first case since the implementation of the revised Act on Reporting and Use of Certain Financial Transaction Information in September last year.Previously, corporations were no
Securities companies are increasing their investments in blockchain, virtual asset and metaverse startups.For instance, Mirae Asset Securities made a series B investment in bHaptics on Feb. 15. bHaptics connects the tactile sensation to content and sells related products such as vests and warmers.On
The world’s first mandatory cryptocurrency travel rule became effective in South Korea on March 25 so that sender and receiver information is confirmed by an exchange each time a request is made for a deposit or withdrawal of one million won or more.Exchanges are not fully prepared yet. For example,
The world’s first cryptocurrency travel rule becomes effective on March 25 at South Korean cryptocurrency exchanges. It is to reveal the names, nationalities and addresses of those who send and receive cryptocurrencies.Once the rule is implemented, cryptocurrency movement between an exchange and a p
WeMade’s virtual asset WeMix has been listed on the U.S. cryptocurrency exchange Crypto.com.The exchange announced on its official Twitter account on March 18 (local time) that WeMix has been added to its transaction list. The exchange is an official virtual asset partner of the Los Angeles Lakers,
The Financial Services Commission announced on Feb. 2 that deposits at Korea's four major cryptocurrency exchanges fell from 9.2 trillion won to 7.63 trillion won from Sept. 24 to Dec. 31 last year.Specifically, the deposits consist of 77.47 percent at UPbit, 19.04 percent at Bithumb, 3.88 perce
Suspicions have been raised that Upbit, the nation's largest virtual currency exchange, have indirectly listed virtual currencies through the back door to allow certain groups to unfairly gain benefits.According to Rep. Yoon Chang-hyun of the National Policy Committee of the National Assembly, U
The Korean currency deposits in the nation's four main cryptocurrency exchanges -- UPbit, Bithumb, Coinone and Korbit -- have increased more than 1,300 percent for the past 15 months.According to the Financial Supervisory Service, the deposits in the major local cryptocurrency exchanges increase
People Power Party lawmaker Kang Min-kuk said on Sept. 22 that a total of 22 cryptocurrency exchanges have completed the Information Security Management System (ISMS) certification, they have 14,792,925 members, and their total deposits there were 61.7311 trillion won as of the end of last month.Acc