New South Korean law requires exchanges to regularly review token listings
South Korea will implement the law on virtual asset user protection by July 19. Go to Source
South Korea
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CBDC Interest Climbs Steadily Over Five Years, Google Trends Data Shows
Google Trends data reveals a consistent increase in search interest for “CBDC,” which stands for central bank digital currency, over the past five years. The term has maintained a score above 20 since August 2022, on a scale of 1 to 100, where 100 signifies peak interest. CBDCs See Consistent Search Growth, Top Regions Include … Read more
US judge approves Terraform’s $4.5B settlement with SEC
A New York district court judge has rubber-stamped Terraform Labs and Do Kwon’s nearly $4.5 billion settlement with the SEC. Go to Source
South Korean Regulator Excludes Certain NFTs From Crypto Regulations
South Korea’s top financial regulator has issued guidelines clarifying when non-fungible tokens (NFTs) are considered virtual assets. This distinction aims to minimize the risk of widespread user harm. The guidelines will be part of the Virtual Asset User Protection Act, effective July 19, 2024. FSC Issues New NFT Classification Guidelines On Monday, South Korea’s top … Read more
South Korea labels mass-produced NFTs as virtual assets
NFTs considered as virtual assets are eligible to receive interest when deposited to exchanges according to the FSC’s guidelines published in 2023. Go to Source
Bitcoin Premium in South Korea Increases, Reflecting Strong Local Demand
After falling below $70,000, bitcoin has stabilized above the $69,000 mark. In contrast, South Korea has seen a notable rise in the premium for bitcoin. South Korea’s Bitcoin Premium Rebounds After Hitting Recent Low Recently, bitcoin (BTC) saw its infamous premium in South Korea drop below 1% after nearly hitting 10% in mid-April. Current data … Read more
Gold Rush Hits Seoul Streets: Gold Bars Now Sold in Vending Machines
Vending machines in Seoul, South Korea, are revolutionizing the traditional concept of buying gold by offering gold bars in various sizes. Situated within convenience stores throughout the affluent Gangnam district and other areas, these machines meet the growing demand for micro-investments among South Koreans. Available in sizes as small as 0.5 grams and priced at … Read more
70% of Korean Crypto Exchanges Fail to Repay Customers After Closure, Regulator Says
A joint research effort by Korean regulators — the Financial Supervisory Service (FSS) and Korea Financial Intelligence Unit (FIU) — has revealed that seven out of 10 cryptocurrency exchanges in South Korea failed to fully return investors’ money after ceasing operations. “And even if they did, just one or two employees were tasked with giving … Read more
South Korean Bitcoin Premium Rises to 2.23% Amid Market Volatility
This week, bitcoin’s price briefly exceeded $70,000 per coin before declining after the movement of Mt Gox bitcoins, yet the premium for bitcoin in South Korea has significantly increased. Having fallen below the 1% range, the premium on South Korean exchanges has now climbed to 2.23%. Bitcoin Premium in South Korea Grows Bitcoin (BTC) saw … Read more
Montenegro Court Blocks Do Kwon’s Extradition to South Korea
A Montenegro appeals court has reversed an order to extradite Do Kwon, the cryptocurrency entrepreneur behind Terraform Labs, to South Korea. Kwon is wanted for his alleged role in the company’s collapse, which caused a $40 billion loss and impacted global crypto markets. Both South Korea and the U.S. have sought his extradition on fraud … Read more
