City Seoul Financial News

18.05 / 03:31

Adoption NFT Entertainment Japanese City to Launch Metaverse Project with Entertainment Industry Behemoth

Local Japanese government bodies are set to begin metaverse projects – and may make use of NFTs and avatars in a new virtual space.

16.05 / 16:49

Stablecoin Altcoins Terra Terra's Do Kwon Liquidated the South Korean Arm of Terraform Before LUNA & UST Crisis

New reports fuelled speculations that Do Kwon (real name Kwon Do-hyeong) may have been aware of a storm brewing for the terra (LUNA) platform – and that the Terraform Labs mastermind may have taken action to dissolve domestic parts of his company as early as last month in anticipation.

13.05 / 10:39

Altcoins Legal Terra It's Getting Personal - 'Broke' LUNA Investor Comes to Do Kwon’s House, Plans to Surrender to Police

A furious terra (LUNA) investor appears to have come knocking at the door of the Terra mastermind Do Kwon (also known as Kwon Do-hyeong) looking for answers after the token spectacularly collapsed. South Korean police are hunting for an unidentified person who reportedly broke into the apartment complex in which Kwon resides and rang the doorbell – but a social media star says it was him.

12.05 / 04:31

cryptocurrency Exchange Legal Support South Korean Court Gains Support from Exchanges in Bid to Include Crypto in Bankruptcy Cases

South Korea’s judiciary is set to include crypto holdings in lists of debtors’ assets in bankruptcy cases – and the nation’s leading crypto exchanges have agreed to cooperate with courts on the matter.

13.04 / 02:21

cryptocurrency regulation ‘Let’s Create a Crypto Ministry,’ Industry Urges South Korean President-Elect

A summit of South Korean lawmakers, industry chiefs, and leading academics has called for the country’s President-Elect Yoon Suk-yeol to create a minister – or a ministry-level agency – for the crypto sector.

12.04 / 13:45

cryptocurrency economy Money Bitcoin Reserve Cryptoverse: Is Bitcoin about to become a reserve currency?

A crypto platform's pledge to amass $10 billion (€9.2 billion) worth of Bitcoin to back its own "stablecoin" is firing up the market. It's part of a wider movement to crown Bitcoin as the reserve currency of a new age.

12.04 / 13:33

cryptocurrency Tesla Terraform Bitcoin Reserve Cryptoverse: 10 billion reasons bitcoin could become a reserve currency

bitcoin to back its own «stablecoin» is firing up the market. It's part of a wider movement to crown bitcoin as the reserve currency of a new age. Seoul-based Terraform Labs has so far built up nearly 40,000 bitcoin worth $1.7 billion in a series of purchases via a non-profit affiliate, Luna Foundation Guard, according to publicly available blockchain data. The spree follows Terraform co-founder Do Kwon's announcement on Twitter last month that the project would buy the $10 billion worth of bitcoin reserves to underpin TerraUSD, breaking ranks with other large stablecoins — a ballooning class of cryptocurrencies that aim to minimise wild price swings and are typically backed by U.S. dollar reserves.

12.04 / 12:07

UPS cryptocurrency Bitcoin Reserve Can Bitcoin Become A Reserve Currency? Top Reasons

Seoul-based Terraform Labs has so far built up nearly 40,000 bitcoin worth $1.7 billion.

26.03 / 16:21

Adoption regulation privacy Exchange FATF Travel Rule Now Law in Sout Korea – But Crypto Exchanges Are Still Struggling with it

The Financial Action Task Force (FATF)’s Travel Rule is now compulsory in South Korea – but critics have decried the nation’s lack of preparedness for the measure.

25.03 / 10:01

Blockchain Technology Adoption LG Electronics adds blockchain and crypto as new areas of business

South Korean tech giant LG Electronics has officially added blockchain and cryptocurrency as new business areas in its corporate charter.

09.03 / 05:35

cryptocurrency regulation Crypto Vote Could Be Key as South Korea Chooses its Next President

South Korea goes to the polls on March 9 to elect its next President – and crypto is likely to play a major role in determining the outcome.

22.02 / 04:43

regulation Exchange banking Returns More South Korean Crypto-to-Crypto Exchanges Hopeful of Making Fiat Returns

A group of South Korean crypto exchanges could be granted permission to resume crypto-to-fiat trading after a breakthrough banking deal last week – but opinions differ on whether the 23 exchanges currently trapped in crypto-to-crypto purgatory will escape before they are overwhelmed by financial pressures.

14.02 / 13:01

Blockchain Digital Platform Support S. Korea Presidential Campaigns Support Crypto as Young Investors see Growth

South Korea’s presidential campaigns have all supported cryptocurrencies as there is a growing number of young crypto investors in the country.

01.02 / 05:09

cryptocurrency Crime Legal YouTube Jail Men Who Spiked a Crypto YouTuber’s Coffee to Steal Coins Sent to Jail for 3 Years

Two South Korean YouTubers who robbed a fellow crypto broadcaster by spiking them with sleeping pills and stealing USD 660,000 worth of tokens, have been sentenced to three years behind bars – after a disagreement about sharing the profits of their social media behavior got out of hand.

26.01 / 04:09

Crime XRP Fraud Prison ‘Romantically Involved’ USD 3.8m XRP Thieves Sent to Prison for 7 Years

A couple who stole over some USD 3.76m worth of XRP tokens from a crypto investor in 2017 have been handed seven-year jail sentences after an appeals court in South Korea ruled that the duo should spend the best part of a decade behind bars.

19.01 / 15:37

cryptocurrency ICO Tax end South Korean Presidential Candidates Pledge Lower Taxes for Crypto Traders, End to ICO Ban

The new year is off to a flying start for South Korea’s crypto community – who will likely have plenty to celebrate after March’s presidential elections.

07.01 / 03:17

cryptocurrency Trading banking services Upbit Crypto Exchange Traders to Face Fiat Services Disruptions over Lunar New Year Period

Customers of South Korea’s market-leading crypto exchange Upbit will be affected by a possible three-day outage over the Lunar New Year period as its banking partner K-Bank relocates its operations to a new headquarters.

30.12 / 02:03

cryptocurrency regulation Tax South Korea to Tax Crypto Gifts, Inheritances, Plans Crackdown on Manipulators

The South Korean tax body has announced plans to start taxing crypto gifts and inherited tokens – although taxes will need to be paid in fiat using complicated-sounding methods. And Seoul has also announced that it will intensify its crackdown on crypto market manipulation.

10.12 / 17:15

Facebook Microsoft Entertainment Metaverse Metaverse Mega Round-up: Universal & Facebook Moves, Weddings in Virtual Worlds

The metaverse train just keeps gathering steam. Here are just a few of the many new developments taking place in this fast-moving space as the week wraps up:

07.12 / 05:19

business investigation Korean crypto investment firm Hashed reportedly under tax investigation

Crypto investment firm Hashed is currently under investigation by the National Tax Service (NTS) in South Korea according to local media.

02.12 / 17:07

cryptocurrency Adoption Trading Bitcoin ‘Time Has Come to Embrace Crypto,’ Says South Korea Stock Exchange Chief

South Korea’s securities exchange operator, the Korea Exchange (KRX), is “studying” ways to “embrace cryptoassets,” its Chairman has stated.

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