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Archive by category Virtual Money & NFT

Financial Regulator Approves Issuance and Distribution of Security Tokens

Financial Regulator Approves Issuance and Distribution of Security Tokens

SEOUL, Jan. 20 (Korea Bizwire) — South Korea’s financial regulator said Thursday it will open an institutional market to enable the trading of blockchain-based security tokens. The Financial Services Commission (FSC) announced that it deliberated on its regulation innovation agenda for the capital market. Security tokens, in general, are the issuance of securitized rights in [...]

Wemade CEO to Take Legal Action Against Looming Delisting of Its Crypto Wemix

Wemade CEO to Take Legal Action Against Looming Delisting of Its Crypto Wemix

SEOUL, Nov. 25 (Korea Bizwire) — Chang Hyun-guk, CEO of Korean game publisher Wemade Co., said Friday that he will take legal action against the recent decision to delist its cryptocurrency Wemix from major crypto exchanges in South Korea. The move came a day after the Digital Asset eXchange Association — an alliance formed by [...]

S. Korea’s Minting Agency Inks Gold-based NFT Business Agreement

S. Korea’s Minting Agency Inks Gold-based NFT Business Agreement

DAEJEON, Oct. 21 (Korea Bizwire) — South Korea’s state-run minting agency said Thursday that it signed a memorandum of understanding (MOU) with a handful of domestic companies to carry out a gold-based non-fungible token (NFT) business. To broaden the online sales channels of high-end gold products, the Korea Minting and Security Printing Corp. (KOMSCO) joined [...]

Crash of TerraUSD, Luna Cryptocurrencies Results in Shrinking Virtual Assets Market

Crash of TerraUSD, Luna Cryptocurrencies Results in Shrinking Virtual Assets Market

SEOUL, Sept. 27 (Korea Bizwire) — The implosion of the TerraUSD and Luna cryptocurrencies, coupled with the stagnating economy, has resulted in the market for virtual assets shrinking significantly this year. The Financial Services Commission conducted a survey of 35 virtual asset businesses this year. The market cap was 23 trillion won (US$16.1 billion), down [...]

Prosecutors Say Terraform Founder Do Kwon ‘Obviously On the Run’

Prosecutors Say Terraform Founder Do Kwon ‘Obviously On the Run’

SEOUL, Sept. 18 (Korea Bizwire) — South Korean prosecutors said Sunday that Do Kwon, the wanted founder of Terraform Labs accused of fraud following the massive collapse of the firm’s cryptocurrencies in May, is “obviously on the run” and not cooperating with the investigation. The remarks came in response to Kwon’s claim in a tweet [...]

NFT Investment is Highly Risky with Lower than Expected Profits: Report

NFT Investment is Highly Risky with Lower than Expected Profits: Report

SEOUL, Sept. 14 (Korea Bizwire) — Concerns are rising over investment in non-fungible tokens (NFTs), which have been gaining attention since last year, alerting investors that high fluctuation in prices and commission rates may result in a less-than-expected profit, a report said Tuesday. The Korea Institute of Finance reported that the non-fungible features of NFTs [...]

LG Electronics Unveils NFT Transaction Platform in U.S. Market

LG Electronics Unveils NFT Transaction Platform in U.S. Market

SEOUL, Sept. 6 (Korea Bizwire) — LG Electronics Inc. has unveiled an non-fungible token (NFT)-based artwork transaction platform in the U.S. market. The company announced on Monday that it had launched the LG Art Lab service in the U.S., enabling users to buy, sell and enjoy high-quality NFT artworks selected by professional curators. The service [...]

Ad Agencies Expand NFT Ventures as New Growth Engine

Ad Agencies Expand NFT Ventures as New Growth Engine

SEOUL, Aug. 26 (Korea Bizwire) — South Korea’s major advertising agencies are ramping up non-fungible token (NFT) ventures in a bid to develop new growth engines. Cheil Worldwide Inc., the advertising arm of Samsung Group, said Thursday it had signed a memorandum of understanding with U.S.-based NFT marketplace CYPHRLY, a subsidiary of South Korea’s leading [...]