South Korean police have apprehended 215 individuals tied to a large-scale cryptocurrency investment scam, responsible for defrauding over 15,000 people and causing losses of 325.6 billion won ($232 million). The investigation, led by the Gyeonggi Southern Provincial Police Agency’s Anti-Corruption and Economic Crime Unit, revealed the scam ran from December
South Korea’s financial regulator is moving closer to approving spot crypto exchange-traded funds (ETFs) and corporate crypto accounts, with discussions set to accelerate following the establishment of a new Virtual Assets Committee. The committee, which was officially announced on October 13, is expected to play a key role in shaping
South Korea’s Financial Services Commission (FSC) is reconsidering the possibility of lifting its long-term ban on spot exchange-traded funds (ETFs). It further allows institutional accounts on local crypto exchanges. The Virtual Asset Committee will evaluate approving the virtual asset spot ETFs and allowing the corporate virtual asset accounts. Since 2018,
Married couples in South Korea can now include cryptocurrency holdings in the division of assets during divorce proceedings. This comes after the clarification by the South Korean law firm IPG Legal, which explained that under the country’s legal framework, both tangible and intangible assets, such as cryptocurrency, are subject to
Cryptocurrency is expanding from the local to the global on a daily basis. The sector has become a site for partnerships and has revolutionized international relations over the past few years with decentralization. In the recent past, the crypto community has seen several partnerships and globalization of cryptocurrency firms. Notably,
The global crypto regulatory sector has shown a spike in activity in 2024. Leading nations such as the US and UK announced new regulatory plans while on the other hand, Eastern countries also made advancements. Presently, in the past day, South Korea’s regulatory body, the Financial Supervisory Services (FSS) announced
South Korea’s major telecom and financial giants, SK Telecom and Hana Financial Group, have become significant shareholders in BitGo. This was announced by Mike Belshe, BitGo CEO during the Korea Blockchain Week 2024 event in Seoul. Hana Financial Group, one of the largest financial institutions in South Korea, acquired a
South Korean employees of the prominent crypto exchange, Upbit, are earning more than their equivalents at major banks. This is due to the booming cryptocurrency market. Recent data from the Financial Supervisory Service (FSS) reveals that the average salaries at Upbit’s operator, Dunamu surged to 133.73 million South Korean won
South Korea’s National Pension Service (NPS), the world’s third-largest pension fund, has made a significant investment in the cryptocurrency sector. By acquiring 245,000 shares of MicroStrategy (MSTR) during the second quarter of this year. This investment is valued at approximately $33.75 million, highlighting NPS’s growing interest in cryptocurrency. MicroStrategy, a
Terraform Labs’ co-founder, Do Kwon, is about to be extradited to South Korea. A chain reaction of court disputes and opposing extradition demands from the US and South Korea led to this latest turn of events. Now that the Montenegro Appellate Court has given its verdict, Kwon may go back
