The Bithumb exchange in South Korea has slashed its cryptocurrency lending service limits drastically after it faced a lot of regulatory scrutiny. The platform reduced maximum leverage by half to 2x and reduced loan caps by 80%. The radical reforms are an indication of the increased governmental concerns regarding high-risk
South Korean crypto custodian BDACS has announced the official launch of institutional custody services for XRP, which is a big step in the development of digital asset infrastructure in the country. The release comes after BDACS entered into a strategic partnership with Ripple in February and is a sign of
The central banking authority in South Korea has declared the establishment of a special virtual asset supervisory committee. At the same time, the Bank of Korea reorganized its research units on digital currencies to speed up the practical implementation work. These tactical actions are a sign of the changing attitude
The governor of the South Korean central bank has voiced his cautious optimism regarding the issuance of a won-pegged stablecoin but has noted possible foreign exchange management issues. Bank of Korea Governor Rhee Chang-yong admitted that these digital assets may make currency exchanges easier but cautioned against unintended effects in
South Korea’s digital asset landscape is poised for a potential regulatory shift as Bank of Korea Governor Rhee Chang-yong is scheduled to meet with CEOs of major commercial banks on June 23 in Seoul. The high-level meeting, set to take place at the Bank of Korea (BoK) headquarters, comes at
In a major effort to legalise cryptocurrency regulation, South Korean representative Min Byeong-deok proposed a sweeping new bill on Tuesday that would transform the country’s digital asset ecosystem. The Digital Asset Basic Act bill, as it is called, creates a new licensing system for stablecoin issuers and establishes general rules
South Korea has finally elected a pro-crypto candidate, Lee Jae-myung, as the president of the country. With a majority of the votes and support from crypto proponents, Lee is the new president of South Korea. He is poised to bring some major changes to the present crypto landscape and build
South Korea will now surely have a crypto-friendly regulation independent of the factor who wins the presidential election, as both presidential candidates have run on pro-crypto platforms and promised to ease regulations as well as expand crypto access. The South Korean election will take place on June 3 to elect
The Financial Services Commission of South Korea will make it compulsory for non-profit organizations and crypto exchanges to comply with a firm customer verification process from June. The official release of FSC states that these bodies will be permitted to sell virtual assets under new laws. Nonprofits are permitted to
South Korea’s second-largest crypto exchange, Bithumb, is staging an aggressive comeback. After years of struggle and losing ground to rivals, Bithumb now commands 25% of South Korea’s cryptocurrency trading volume, a significant leap from its single-digit share in 2023. The resurgence comes just ahead of its planned $1 billion IPO
