South Korea has doubled down on the metaverse’s promise as a new economic development hub. While other countries around the world have been sidetracked. By the noise around price volatility and ecosystem failures in crypto. The Ministry of Science and ICT of South Korea has announced funding for a special
The Justice Ministry of South Korea has announced that a “virtual asset tracking system” would be implemented in the country during the first half of 2032. As a means to combat money laundering and retrieve stolen funds, South Korea is looking to cryptocurrencies. According to official statistics, 75% of all
South Korea’s second-largest city Busan will launch the first decentralized digital commodity exchange in the world, where all goods will be tokenized and traded using blockchain technology. The announcement came as its earlier plan to pursue a city-backed cryptocurrency trading platform. However, according to a press release from the Busan
South Korea’s Financial Supervisory Services (FSS) has announced a proposal to establish a cryptocurrency monitoring tool. That will be integrated into the identification verification system by the end of January. As well as penalizing cryptocurrency investors who refuse to validate their identities. FSS governor Lee Bok-hyun officially announced this on
Do Kwon, the CEO of Terraform Labs, is still being sought around the world, and the South Korean government now thinks he may be in Serbia after departing Singapore in September. As per the report, South Korean police investigated a tip about Do Kwon’s whereabouts and were able to determine
The South Korean VC company Daesung Private Equity has made the decision to invest in the metaverse. On November 30th, the firm announced the creation of a fund dedicated to investing in the metaverse. With a total of 110 billion won (about $83.5 million). With the backing of the Korea
Do Kwon, the co-founder, and CEO of Terraform Labs, is still being sought, but South Korean officials have expanded their inquiries to include additional Terra executives. An arrest warrant was filed by the prosecution for co-founder Daniel Shin and seven more engineers and investors of the company because they may
The WEMIX token, used on the WEMIX gaming platform, has been delisted from many major South Korean cryptocurrency exchanges. The cryptocurrency venture recently disclosed that it was receiving funding from corporations including software giant Microsoft. Furthermore, the token’s delisting date was declared by the Digital Asset Exchange Joint Consultative Body,
The investigation into cryptocurrency exchanges concerning the listing of their internally-issued tokens has been launched by the Korea Financial Intelligence Unit (KoFIU), South Korea’s authority on financial matters. A price drop in its token, FTX Token, led to the bankruptcy filing of the cryptocurrency exchange FTX and its 130 associate
As per South Korean authorities, Do Kwon left Singapore last month for Dubai. 4,400 former Terra investors started searching for Kwon, following the actions taken by South Korea. Do Kwon, the CEO of Terraform Labs, left Singapore last month for Dubai, claimed by the South Korean authorities. According to the
