SEOUL, Oct. 27 (Korea Bizwire) – South Korea’s central bank is signaling that any won-pegged stablecoins introduced into the domestic market should be issued through regulated banks, warning that private issuers could threaten financial stability and weaken monetary control. Stablecoins could “unlock new possibilities” for the economy, the Bank of Korea said in a report [...]
SEOUL, Oct. 22 (Korea Bizwire) — Shinhan Bank is introducing a new interactive savings product that merges gaming and personal finance, targeting younger customers who seek both fun and engagement in their banking experience. The bank said Monday that it has begun pre-registration for its “Arcade Savings” account through the Shinhan SOL Bank app, open until [...]
SEOUL, Oct. 16 (Korea Bizwire) – Binance, the world’s leading cryptocurrency exchange, has finalized its acquisition of a South Korean crypto exchange, authorities said Thursday, taking its first step to enter the local digital assets market. The Korea Financial Intelligence Unit (FIU), under the Financial Services Commission (FSC), has approved Binance’s acquisition of GOPAX on [...]
SEOUL, Oct. 16 (Korea Bizwire) — South Korean police say recent criminal investigations have exposed a growing use of virtual assets to launder the proceeds of large-scale frauds, reigniting debate over the need for stronger oversight as authorities and industry consider expanding the use of digital currencies, including won-pegged stablecoins. The Ulsan Police Agency disclosed [...]
DUBAI, Oct. 14 (Korea Bizwire) – Dubai, a major financial hub in the Middle East, is eyeing deeper cooperation with South Korea as the city develops its fintech industry amid the boom of artificial intelligence (AI) technology, an official from the city’s digital economy agency has said. Saeed Al Gergawi, vice president of the Dubai [...]
SEOUL, Oct. 7 (Korea Bizwire) — The value of U.S. dollar–pegged stablecoins held by South Korea’s major cryptocurrency exchanges has more than doubled over the past year, underscoring the rapid expansion of digital asset trading — and prompting renewed concerns over unmonitored capital flows. According to data submitted by the Financial Supervisory Service to Rep. [...]
SEOUL, Sept. 10 (Korea Bizwire) — South Korea will remove cryptocurrency trading and brokerage from its list of industries barred from receiving venture business status, signaling a shift in how the government views the digital asset sector. The Ministry of SMEs and Startups said Tuesday that the Cabinet approved revisions to the Enforcement Decree of the [...]
SEOUL, Sept. 8 (Korea Bizwire) — South Korea’s central bank, in coordination with the government and the country’s largest lenders, is preparing to test the use of central bank digital currency (CBDC) for distributing public subsidies, a move officials say could curb misuse and improve accountability. According to financial industry sources, the six major banks [...]
SEOUL, Aug. 26 (Korea Bizwire) — A new breed of company, built on hoarding cryptocurrencies as core assets, is reshaping stock markets from the United States to Japan — and now South Korea. But the meteoric rise of these so-called Crypto Treasury Companies (CTCs) has triggered debate over whether they represent innovative investment vehicles or dangerous [...]
SEOUL, Aug. 21 (Korea Bizwire) — The Bank of Korea (BOK) on Wednesday sounded the alarm over the rapid spread of dollar-pegged stablecoins, warning lawmakers that the trend poses risks to monetary sovereignty and financial stability. In a written response submitted to Rep. Park Sung-hoon of the People Power Party, the central bank urged swift [...]