The Financial Services Commission announced on July 28 that 11 out of 79 cryptocurrency exchanges using deposit and withdrawal via financial institution accounts did business with fake accounts.The commission recently inspected each of 3,503 financial companies allowed to issue accounts to confirm 7
An increasing number of South Korean companies are adding blockchain technology to their business portfolios or entering the virtual asset market.For instance, Kakao subsidiary Ground X developed the blockchain platform of Klaytn, and it is now a global blockchain platform working with more than 80
The Korea Financial Intelligence Unit has told 27 foreign cryptocurrency exchanges to report themselves by Sep. 24 in accordance with the Act on Reporting and Use of Specific Financial Transaction Information.According to the Financial Services Commission, the 27 exchanges are providing their servic
The National Assembly and the government of South Korea are accelerating the institutionalization of the cryptocurrency industry. The National Policy Committee of the National Assembly is currently deliberating on four cryptocurrency-related bills for controlling cryptocurrency businesses and protec
UPbit, Bithumb, Coinone and Korbit and K Bank, Shinhan Bank and NH Bank extended their contracts until Sept. 24 with regard to real-name account issuance for those using the major cryptocurrency exchanges.In order to keep doing business, the exchanges must report themselves to the Korea Financial In
Only four cryptocurrency exchanges (UPbit, Bithumb, Coinone and Korbit) are expected to be able to survive the ongoing restructuring led by the South Korean government.This is because Financial Services Commission Chairman Eun Sung-soo clarified on July 1 that banks will remain responsible for crypt
The Financial Services Commission Chairman Eun Sung-soo said on July 1 that the commission would consider introducing an approval or registration system for cryptocurrency exchanges."The commission will examine the idea of introducing an approval system for coin exchanges, although there is no unifi
The Financial Services Commission is deliberating on not blaming a bank in the event of money laundering on the part of a cryptocurrency exchange. Domestic banks recently made the request and the commission’s decision is likely to be made next month.According to the request made by the Korea Federat
The revised Act on Reporting and Use of Certain Financial Transaction Information is predicted to lead to a shutdown of multiple cryptocurrency exchanges. Under the circumstances, it is predicted that the exchanges will sue the South Korean government. According to the act, each exchange must submit
Cryptocurrency exchange Coinbit suddenly postponed the delisting of eight cryptocurrencies on June 23, and then the prices of the coins surged up to 39 times from the previous day. The eight are LEX, IO, PTO, UPT, DEX, PROTO, DXR and NET.The exchange announced at 22:00, June 15 that those would be d
People Power Party lawmaker Yu Eui-dong remarked on June 21 that cryptocurrency transaction-related illegal acts uncovered from January 2018 to May this year amount to 2,024.6 billion won divided into 74 cases.According to the lawmaker, those include 1,331 billion won and 21 cases of illegal foreign
PICA Project filed a suit against Dunamu on June 21. Dunamu is currently running UPbit, the largest cryptocurrency exchange in South Korea. PICA Project is the developer of cryptocurrency PICA. The litigation is the first in South Korea between a cryptocurrency exchange and a cryptocurrency develope
Cryptocurrency exchange UPbit decided to delist the 24 cryptocurrencies it designated on June 11. The exchange made the announcement at 18:26, June 20.Trading on UPbit of the 24 cryptocurrencies is until June 28 and withdrawal will be supported for an additional 30 days.UPbit delisted five cryptocur
Since the beginning of June, a total of 37 altcoins have been delisted from 20 cryptocurrency exchanges in Korea which received the Information Security Management System (ISMS) certification.Market watchers expect that the eviction of altcoins will continue not only at small and medium-sized exchan
The Financial Services Commission announced on June 9 that it would look into every financial company to find out non-real-name accounts of cryptocurrency exchanges.At present, most minor cryptocurrency exchanges in South Korea are doing business using cash concentration accounts such as honeycomb a
The financial authorities have decided to look more closely into cryptocurrency exchanges and UPbit and Bithumb, the two biggest in South Korea, are drawing particular attention.Every exchange must submit its business plan to the Korea Financial Intelligence Unit of the Financial Services Commission
The Korea Financial Intelligence Unit of the Financial Services Commission initiated its monitoring and supervision in relation to cryptocurrency exchanges by making market manipulation subject to punishment. However, it is maintaining its stance to limit its regulation to money laundering preventio
The National Tax Service announced on June 3 that accounts at foreign cryptocurrency exchanges would become subject to overseas financial account reporting on Jan. 1, 2022.The mandatory reporting is applied to residents and corporate bodies in South Korea. If the total overseas account balance excee
The National Assembly is expected to pass a new bill stipulating the scope of cryptocurrency business in the second half of this year. Then, cryptocurrency investors can be better protected and blockchain technology development can be accelerated.“The passage of the bill is anticipated this autumn,”
Democratic Party of Korea lawmaker Kim Byung-wook remarked on June 1 that bank deposits and withdrawals for cryptocurrency trading purposes exceeded 64 trillion won in the first quarter of this year.“The four major cryptocurrency exchanges, that is, UPbit, Bithumb, Korbit and Coinone are in business