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Archive by category Virtual Money & NFT

Mirae Asset Securities Expands Tokenized Securities Initiative with Studio Genius and Solaire Partners

SEOUL, Sept. 7 (Korea Bizwire) —Mirae Asset Securities announced on Wednesday the inclusion of two prominent entities, Studio Genius, a domestic content production company, and Solaire Partners, an investment firm, in the Security Token Working Group. This collaborative effort aims to advance the commercialization of tokenized securities linked to film and drama investment ventures. Studio [...]

Joint Investigation Unit Launched to Fight Against Crypto Crimes

SEOUL, July 26 (Korea Bizwire) — An interagency investigation team was launched Wednesday to crack down on cryptocurrency-related crimes, officials said. The joint virtual asset crime investigation unit will start operations at the Seoul Southern District Prosecutors Office, staffed by 30 investigators from seven government agencies and bodies, including the prosecution, the Financial Supervisory Service, [...]

Major S. Korean Crypto Exchanges to Operate System Alerting Users of Abnormal Trading

SEOUL, July 4 (Korea Bizwire) — An alert system that notifies users of abnormalities in cryptocurrency trading was launched in South Korea, an alliance of local crypto exchanges said Tuesday. The system sends out messages when there is a sudden rise and fall in the price of coins in the past 24 hours, a steep [...]

Samsung, Bank of Korea Partner to Develop Digital Currency

SEOUL, May 16 (Korea Bizwire) — Samsung Electronics Co. and the Bank of Korea (BOK) on Monday signed an agreement to advance technology related to the offline central bank digital currency (CBDC) currently under development. In the previous year, Samsung participated in the central bank’s second phase of the CBDC mock test research. As a [...]

Commission Income of Korean Banks from Virtual Asset Exchanges Halves in 2022

SEOUL, April 14 (Korea Bizwire) — The commission income earned by banks from virtual asset exchanges in Korea was halved last year due to the market downturn. The five major virtual asset exchanges, including Upbit and Bithumb, paid a total of 20.4 billion won (US$15.5 million) to banks that signed contracts to issue real-name accounts in [...]

LG Electronics Showcases NFT Artworks via OLED evo TVs

SEOUL, Feb. 19 (Korea Bizwire) — South Korean tech giant LG Electronics Inc. said Sunday it has showcased non-fungible token (NFT) artworks on its next-generation organic light-emitting diode (OLED) TVs at an art exhibition in the United States. The firm has partnered with American sculptor Barry X Ball to exhibit his artworks, including a 39-second-long [...]

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

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

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

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 [...]