Tag Archives: south korea

The Korea Fair Trade Commission (KFTC) is reportedly ready to impose tougher regulations on Dunama – the parent company of the country’s largest crypto exchange, Upbit – by classifying it as a “large enterprise.” The authority deems firms with more than 5 trillion won ($4.03 billion) assets subject to stricter regulatory scrutiny, requiring them to “disclose information on major intracompany dealings, board decisions, and shareholders.” Dunamu held 10.15 trillion won (US$8.19...

Hyundai Motor Company will become the first automaker to hop on the community non-fungible token (NFT) market. The organization will launch 30 limited digital collectibles in collaboration with the NFT brand “Meta Kongz.” Another Well-Known Name Joining the NFT Craze The South Korean car giant – Hyundai Motor Company – released a film depicting the “Metamobility Universe.” The latter reflects on the entity’s NFT endeavors, first unveiled earlier this year. In the film, the...

South Korea’s National Tax Agency’s chairman Kim Dae-Ji held a meeting this week with tax executives from Bulgaria and Britain to discuss the “rise of tax-dodging schemes”  through the use of digital assets.  As per a report from a local news outlet, the National Tax Agency plans to further cooperate with Bulgaria and Britain to track down individuals who use “new financial products” such as cryptocurrencies to dodge taxes, primarily through offshore schemes. Dae-Ji held the...

South Korea-headquartered LG Electronics has added blockchain and cryptocurrency to its business portfolio. LG’s Blockchain and Crypto Game Plans At the Annual General Meeting on March 24, LG Electronics’ shareholders approved “blockchain-based software” development and “sale and brokerage of cryptocurrency” as two new business areas. Although LG has included the sale and brokerage of cryptocurrency in its business charter, it doesn’t seem to be opening a digital exchange...

Yoon Suk-Yeol – a member of the Conservative party – won the South Korean presidential election. The new political leader of the East Asian country has demonstrated a pro-crypto stance. Not long ago, he vowed to increase the minimum threshold for paying capital gains tax on profits from digital asset investments. South Korea to Become a Crypto Hub? The presidential election was one of the most contested in the history of South Korea. Yoon Suk-Yeol – a 61-year-old former...

An established player in Metaverse, The Sandbox, is betting big on the technology and is all set to expand business in the metaverse with Cube Entertainment. The partnership aims to promote K-culture content globally via operating virtual space and developing digital assets. The Sandbox-Cube Partnership According to the official blog post, the joint initiative will concentrate on the “detailed collaboration for business expansion” with respect to the metaverse and NFTs. It...

The ruling political party of South Korea – The Democratic Party of Korea (DPK) – will reportedly roll out non-fungible tokens for fundraising in a presidential election. The collectibles will depict Lee Jae-myung’s image (DPK’s candidate for president) and serve as a bond allowing holders to exchange the NFTs with other individuals. NFTs Fueling Presidential Campaign According to a January 3 report by The Korea Times, the initiative will start later this month. Assuming the...

Rep. Lee Kwang-jae – a member of the ruling Democratic Party in South Korea – is reportedly planning to receive campaign donations in digital assets. He also intends to issue non-fungible tokens (NFTs) as a receipt for such contributions starting from mid-January next year. Crypto to Fuel Political Campaigns According to a December 30 report by The Korea Held, the cryptocurrencies included in the initiative will be the two biggest by market capitalization – Bitcoin (BTC) and...

At the stage of the 2021 Global ETP Conference, Sohn Byung-doo stated that the digital asset industry is not very different from capital markets. The exec emphasized the need for investor protection and transaction stability support. The KRX Chief Wants To Study Crypto So far, Bitcoin and cryptocurrencies remain outside the domestic regulatory scope that covers the traditional financial sector. On that note, Byung-doo highlighted the growing number of crypto investors in...

The investment company – SK Square – has reportedly invested 90 billion won ($75.5 million) to acquire a 35% stake at the digital asset exchange Korbit. By doing so, it became the second-largest shareholder at the South Korean trading venue since Nexon’s holding company – NXC – owns 48%. SK Square Expands to The Crypto Universe According to a local coverage, SK Square – a South Korean investment organization focused on ICT (information and communication technology) – joined...