Search Results for: South Korean central bank

South Korea’s KEB Hana Bank partners with BitGo, a leader in crypto custody and security, to offer digital asset custody services from 2024. The partnership is expected to enhance consumer protection and trust in South Korea’s digital asset market and improve the quality of Hana Bank’s digital asset custody operations. The collaboration also aims to capitalize on blockchain security technology, backed by BitGo’s recent funding of $100 million.

“The Bank of Korea is poised to launch a Central Bank Digital Currency (CBDC) pilot program in 2023, excluding Seoul for smaller regions like Jeju, Busan, or Incheon. It aims to leverage the stability of local currencies and the versatility of digital transactions, amidst concerns of hasty implementations and potential challenges.”

Starting January 2024, South Korean companies dealing with cryptocurrencies will be required to disclose their transactions to the Financial Services Commission (FSC). This mandatory requirement, established by the Virtual Assets Act, aims to boost accounting transparency within digital asset transactions and protect investors by fostering a transparent crypto market.

The SEC lawsuit against Binance could potentially impact its acquisition of South Korean crypto trading platform Gopax. The country’s financial watchdog, the Financial Service Committee, is currently reviewing the acquisition amidst concerns over alleged securities law violations and requests to freeze Binance.US assets.

South Korean prosecutors raided crypto exchanges Upbit and Bithumb in connection with lawmaker Kim Nam-kuk’s digital assets investigation. Amid allegations of suspicious crypto dealings and resignation, South Korea continues efforts to regulate and monitor cryptocurrency activity, ensuring legal compliance and user safety.

South Korean lawmaker Kim Nam-kuk departs from the Democratic Party amid allegations surrounding his crypto dealings. Nam-kuk faces accusations of liquidating $4 million worth of crypto assets before the implementation of the Travel Rule in March 2023. South Korea’s central bank recently gained authority to investigate crypto-related businesses, balancing regulation and industry growth.

South Korean video game giant, Netmarble, has made a significant move into blockchain gaming with its subsidiary’s coin, MarbleX’s MBX, which has become the first token from a South Korean gaming firm to get listed on the Japanese crypto exchange, Zaif. Despite numerous challenges posed by strict local regulations and policies, this progress represents a remarkable victory in the blockchain gaming industry. However, potential future hurdles, including increasing regulations in South Korea and a ban on initial coin offerings, cannot be overlooked.

“Former CEO of FTX, Sam Bankman-Fried, faces a gag order in an ongoing trial, raising questions about legal transparency and public discourse in the world of cryptocurrency. Meanwhile, a case involving South Korean platform, Delio, highlights concerns about enforceability of regulatory decisions within the industry’s decentralised and anonymous framework.”

The blockchain and cryptoasset sector, marked by advancements, legal issues, and regulatory responses, involves complexities like the recent lawsuit between StakeHound and Celsius. Global legislators are working to ensure safe and transparent crypto markets, while controversies rise with the introduction of Central Bank Digital Currencies (CBDCs).

Asian nations are increasingly regulating cryptocurrencies, with Japan enforcing stricter Anti-Money Laundering measures, South Korea mandating officials to report crypto holdings, and Hong Kong allowing licensed platforms to serve retail investors. Elsewhere, Beijing fosters Web3 technology innovation, and the International Organization of Securities Commissions pushes for global crypto regulatory frameworks.