As illicit activities in the crypto sector have increased, South Korea on Wednesday formed an interagency investigative team. This is an effort to combat cryptocurrency-related crimes. The Prosecutor’s Office said in a statement that around 30 individuals from judicial, financial, tax, and customs departments would comprise the Joint Investigation Centre
In an effort to boost market transparency, the Financial Services Commission (FSC) of South Korea has mandated that beginning in 2024, crypto firms that issue or possess cryptocurrencies include particular crypto disclosures in their financial statements. The new law mandates that cryptocurrency enterprises disclose their coin’s revenues, volume, and market
Prosecutors have summoned Terra co-founders Daniel Shin and 7 others to court on several accusations as South Korea pursues the extradition of Terra co-founder Do Kwon from Montenegro. In the first trial in South Korea, a court heard charges of fraud, breach of duty, embezzlement, and violation of the Capital
The Virtual Asset User Protection Act, the first law in South Korea specifically pertaining to cryptocurrencies, was recently passed by the National Assembly. Thus, marking a major step forward in protecting investors. According to the Assembly’s website, the legislation would become effective in one year. The bill is a compromise
In a time when the cryptocurrency sector is facing regulatory hurdles elsewhere, notably in the United States, South Korea enacted its first independent virtual asset law on Friday. The purpose of the bill is to strengthen crypto regulation and shield investors against mishaps like Terra-LUNA, which was precipitated by Terra
South Korean telecom giant KT, previously known as Korea Telecom, has announced its intention to spend $5.3 billion (7 trillion won) in AI service research and development spanning over the next five years. Thus, solidifying its position as a forerunner in the area amid the AI industry’s fast expansion. KT
South Korean cryptocurrency investment platform Haru Invest reportedly fired off more than 100 employees. On June 23 the layoffs will be formalized. Several days after suspending deposits and withdrawals owing to a problem with one of its service suppliers. The firm made this decision. Recent reports state that Haru Invest
Delio, the leading crypto lending company in South Korea, has announced a temporary suspension of customer withdrawals. This decision has been made in order to safely protect the consumer’s assets. On June 14, Delio announced that it had temporarily suspended customer withdrawals. Delio mentioned that the company has to take
The National Police Agency of South Korea is working on a technology to permit real-time surveillance of wallet addresses and the ability to freeze funds. The police department will meet with Binance and the top five cryptocurrency exchanges in South Korea to discuss these initiatives. Since South Korea is the
The People’s Power Party (PPP), the governing party in South Korea, has proposed a new bill urging lawmakers and other high-level government officials to implement crypto legislation and regulations as soon as possible. This request was made on Tuesday, May 23. PP House Leader Yun Jae-ok addressed the press with
