South Korea is planning to replace ID cards with a blockchain-based digital identity system. Digital IDs may be available by 2024, across the country. South Korea to make comprehensive utilization of the blockchain industry in various sectors. According to a recent report from Bloomberg, the South Korean government is planning to
Over recent months, the South Korean government has been monitoring the activities of the Terrafarms Labs, CEO – Do Kwon. In mid May, the entire Terra community crashed and faced a terrible issue affecting the investors and the users. Following the South Korean authorities was seeking to arrest Do Kwon
Interpol demanded the law enforcement agencies find and detain Do Kwon. According to authorities, Kwon is accused of defrauding investors’ money in the country. The arrest of Terraform Labs founder Do Kwon has been demanded by regulators globally. Now, the South Korean authorities have said that the International Criminal Police
The prosecutors are looking into the collapse of LUNA (now LUNC) and UST (now USTC). The judgement by prosecutors would aid legislators in the next crypto legislation. Prosecutors in South Korea have initiated a fresh probe and evaluation of Terra tokens to determine whether or not they qualify as securities.
The government of the nation had outlawed ICOs in the crypto sector. The BOK emphasized the need for industry oversight. To achieve a balance between promoting innovation and guaranteeing proper consumer protection measures, South Korea is actively examining its regulatory movements in the crypto market. The government of the nation
Free transfer of assets is considered a “gift” under the Inheritance and Gift Tax Act. In South Korea, a gift tax must be paid on any asset with a monetary value. A new gift tax on airdrops for crypto assets is reportedly being considered by the Ministry of Strategy and
The organization has identified 16 service providers. Local exchanges’ offices were raided last month as part of an inquiry. More than a dozen cryptocurrency exchanges risk losing clients in South Korea as officials crack down on international companies they allege are operating illegally in the country. According to a news
Virtual asset service provider will enable Crypto.com to offer custody and exchange services for digital assets. Crypto.com has more than 50 million users. The world’s fastest-growing cryptocurrency platform, Crypto.com announced today that it has acquired an Electronic Financial Transaction Act and Virtual Asset Service Provider registration in South Korea. By
South Korea’s Ministry of Justice banned the officials of Terra from leaving the country. Do Kwon is issued notice to enter the country, who now lives in Singapore. The fall of UST initiated the bearish rally of the crypto market. Following the Crashdown of Terra(LUNA), the entire market dipped down
Exchanges, including Upbit, Bithumb, and Coinone, were the targets of raids. Around 200,000 South Korean investors are thought to have invested in TerraUSD and Luna. Shocking revelations from South Korea have been pouring in after the fall of Terra-Luna. On Wednesday, Korean prosecutors raided seven cryptocurrency exchanges to see whether
