SEOUL, May 20 (Korea Bizwire) — The value of South Korea’s virtual asset market nearly doubled in the second half of last year from six months earlier, on rising prices of cryptocurrencies, data showed Tuesday. The market capitalization of the virtual asset market had come to 107.7 trillion won (US$77.6 billion) as of end-2024, up [...]
SEOUL, May 2 (Korea Bizwire) — Wemix, a cryptocurrency issued by Korean game publisher Wemade Co., will be delisted from major domestic crypto exchanges next month following a large-scale hacking incident, exchange operators said Friday. The Digital Asset eXchange Association (DAXA), an alliance of five major crypto exchanges — Upbit, Bithumb, Coinone, Korbit and Gopax [...]
SEOUL, Feb. 6 (Korea Bizwire) — South Korea is set to enter a new era of capital market competition as Nextrade, the country’s first alternative trading system (ATS), begins operations on April 4. The Financial Services Commission announced at its second regular meeting on February 5 that it would grant final approval for Nextrade’s multilateral trading [...]
WASHINGTON, Jan. 2 (Korea Bizwire) — South Korean crypto mogul Kwon Do-hyeong could face up to 130 years in prison if he is convicted of all fraud and other charges, the U.S. Justice Department said Thursday, as he made his initial appearance in a New York court and pleaded not guilty to those charges. Kwon, [...]
WASHINGTON, Dec. 19 (Korea Bizwire) — Hackers linked to North Korea stole more than US$1.3 billion from crypto platforms this year, marking the largest ever annual amount that they have raked in from hacking activities, a report from a blockchain analysis firm showed Thursday. Chainalysis released its analysis on North Korea-affiliated hackers’ activities, saying that [...]
SEOUL, Dec. 10 (Korea Bizwire) – Major South Korean cryptocurrency exchanges have initiated compensation procedures for service disruptions that occurred during the December 3 martial law crisis. The exchanges are accepting compensation claims to minimize investor losses caused by access problems and delayed transactions, with some already having completed partial reimbursements. According to industry sources, leading exchanges [...]
SEOUL, Nov. 13 (Korea Bizwire) – As Bitcoin reaches unprecedented heights globally, an unusual phenomenon has emerged in South Korea: domestic trading prices have fallen below international rates, marking a rare reversal of the nation’s traditionally higher cryptocurrency valuations. According to data from CryptoQuant, a cryptocurrency analytics firm, the Bitcoin Kimchi Premium Index registered at -0.88% [...]
SEOUL, Nov. 6 (Korea Bizwire) — South Korea’s central bank said Wednesday it will test the feasibility of a digital voucher based on a tokenized deposit as part of its trial to introduce a wholesale central bank digital currency (CBDC). Along with the Financial Services Commission, the Ministry of Science and ICT, and the Bank [...]
SEOUL, Sept. 27 (Korea Bizwire) – South Korea’s Personal Information Protection Commission (PIPC) has imposed a fine of 1.1 billion won on Worldcoin, a cryptocurrency project that collected iris scans from about 30,000 South Korean users without proper legal grounds and transferred the data overseas in violation of privacy laws. The PIPC announced on September 26 [...]
SEOUL, Sept. 2 (Korea Bizwire) — The head of the U.S. Securities and Exchange Commission (SEC) met with the deputy chief of South Korea’s financial regulator Monday for talks on various issues, including regulations on virtual assets, officials said. SEC Commissioner Mark Uyeda and Kim So-young, vice chair of the Financial Services Commission (FSC), met [...]