In the future, cryptocurrency issuing companies will no longer be able to arbitrarily recognize profits or assets.The Securities and Futures Commission (SFC) under the Financial Services Commission (FSC) announced on Dec. 21 that it had passed the “Supervisory Guidelines for Accounting Treatment of
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
In anticipation of the scheduled launch of a bitcoin spot exchange-traded fund (ETF) early next year, institutional investors have been actively engaging in trading, according to recent analysis.Korbit Research Center under the domestic cryptocurrency exchange Korbit revealed this information throug
On Sept. 21, Busan Mayor Park Heong-joon and the Busan Digital Asset Exchange Establishment Promotion Committee held a press conference at Busan City Hall to announce a “Plan for Establishing the Busan Digital Asset Exchange.”The main objective is to create a fourth-generation blockchain-based excha
NEOPLY, a subsidiary of NEOWIZ HOLDINGS Corporation, announced on July 10 that it has been selected as a business to be supported by the Innovation Program of the Abu Dhabi Investment Office (ADIO) in the United Arab Emirates (UAE).With the support of ADIO, NEOPLY established a local subsidiary in A
There is no sign of an end in the aftermath of the suspension of deposits and withdrawals at Haru Invest, a Korean cryptocurrency management company. Delio, considered to be number one in the Korean cryptocurrency industry, suspended withdrawals, prompting investors to file a criminal class action s
For the first time since the enactment of the Act on Reporting and Using Specified Financial Transaction Information, a bill related to virtual assets (cryptocurrencies) has passed the National Policy Committee of the National Assembly.On May 11, the National Policy Committee voted to pass the Virtu
The Seoul Southern District Prosecutors' Office is investigating cryptocurrency exchange Bithumb.According to industry sources, the investigation has to do with market manipulation allegations and the investigation targets include domestic cryptocurrencies such as GOM2 and PXL.On Jan. 25, the pr
The Financial Services Commission is looking into cryptocurrencies issued by domestic exchanges. This is because the bankruptcy of FTX was caused by FTT, its self-issued cryptocurrency.“According to the Act on Reporting and Using Specified Financial Transaction Information, domestic cryptocurrency e
People Power Party lawmaker Yoon Han-hong remarked on Oct. 11 that North Korean hackers sent 75 billion won to South Korean cryptocurrency exchanges.“It is likely that the money flowed back into the North after a surge in value,” he said, adding, “The abnormal overseas remittances the Financial Supe
The Korea Financial Intelligence Unit announced on Sept. 26 that the aggregate value of the domestic cryptocurrency market dropped 58 percent to 23 trillion won in the first half of this year, when the number of cryptocurrencies in the market increased from 1,257 to 1,371.According to the unit, the
The White House announced its Comprehensive Framework for Responsible Development of Digital Assets on Sept. 16. Its purpose is to block cryptocurrency use related to money laundering and terrorism and its targets include North Korea, which is trying to get foreign currencies by hacking under U.S. a
Former Bithumb Holdings chairman Lee Jeong-hoon has won a lawsuit in a Singapore court regarding the listing of Bithumb coin BXA.Bithumb said that the Singapore court ruled on Aug. 26 that BK Medical Group chairman Kim Byung-kun should return the proceeds from the sale of coins owned by BTHMB.BTHMB
The Financial Supervisory Service announced that suspicious cross-border remittances via South Korean banks are at least US$6.54 billion and most of the remittances were made from domestic cryptocurrency exchanges.“This fact implies that most of the remittances to China, Hong Kong, and so on via tra
The Korea Financial Intelligence Unit has reported 16 foreign virtual asset businesses, including MEXC and KuCoin, to investigators. According to the unit, they are violating the Act on Reporting and Using Specified Financial Transaction Information by doing business in South Korea without registrat
Chainalysis announced on Aug. 16 that hacking-based cryptocurrency theft amounted to US$1.9 billion for the first seven months of this year, up 58 percent from a year ago, and the number of DeFi-related cases in particular increased a lot.“Cases related to DeFi protocols and North Korea-related hack
The BUIDL ASIA 2022 conference opened in Seoul on Aug. 4, attended by ETH co-founder Vitalik Buterin, NEAR Protocol co-founder Illia Polosukhin, and many other global blockchain market leaders.On Aug. 4, the ETH co-founder gave a lecture on the future of the Ethereum base layer, covering the Merge u
The Financial Supervisory Service recently investigated 1.3 trillion won and 800 billion won foreign exchange transactions at Shinhan and Woori Banks, respectively. According to the agency, the abnormal transactions were related to arbitrage cryptocurrency trading, and it sent the cases to the prose
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
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