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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
SEOUL, Sept. 22 (Korea Bizwire) — South Korea’s financial regulator said Thursday that it has found around 10 trillion won (US$7.22 billion) worth of dubious funds sent abroad via local banks in transactions suspected of being linked to cryptocurrency markets. The Financial Supervisory Service (FSS) said that it has conducted a probe in which it [...]
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 [...]