South Korean regulator outlines steps to enhance digital asset legislation
The Virtual Asset Users Protection Act was passed in June without a sufficient regulatory framework, the head of South Korea’s Financial Supervisory Service said.
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UPbit Receives Preliminary Greenlight From Singaporean Authorities
In spite of previous high-profile disappointments tied to the crypto industry, such as 3AC and the ill-fated investment into FTX, the Singaporean government has been approving quite a few crypto…
Upbit Saw a 117% Rise in Hacking Attempts in H1 2023
Upbit, a South Korean cryptocurrency exchange, faced over 159,000 hacking attempts during the first half of 2023, as reported by its operating company, Dunamu. This figure represents a significant surge,…
Bank of Korea to start CBDC infrastructure pilot
The pilot will include private banks and public institutions, while the Bank for International Settlements (BIS) will provide expert technical support.
Hong Kong’s Crypto Initiatives Spark ‘Bubbling Optimism’ in East Asia: Chainalysis
Eastern Asia ranks as the fifth most active crypto market, contributing 8.8% of global digital asset activity between July 2022 and June 2023. Its decline over the last few years…
Bankrupt CeFi firm Haru Invest hints at asset recovery
No specific timeline was given as to when users can receive their money back.
Busan is developing an Ethereum-compatible mainnet to become a ‘Blockchain City’
The city administration behind the project aims to make Busan a blockchain city and has launched a $75 million development plan to realize the goal.
South Korean Taxpayers Declare Over $98 Billion in Overseas Crypto Assets: Report
South Korea’s tax agency announced today that taxpayers have declared overseas cryptocurrency assets worth 130.8 trillion won ($98.5 billion) this year following the introduction of mandatory reporting requirements. This shows…
Crypto makes up 70% of South Korean overseas assets: National Tax Service
1,432 individuals and corporations in South Korea have reported holding $98 million in crypto overseas, which is 70% of all reported assets.
South Korea focuses on OTC crypto regulations as unlawful deals reach $4B
According to the Korea Customs Service report, the value of unlawful foreign exchange transactions made using digital currency was estimated to be worth $4 billion last year.
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