Tag Archives: south korea

In a move to modernize its financial infrastructure, South Korea is set to embark on a pioneering project involving digital currency. Commencing in the fourth quarter of 2024, the nation will start a pilot program involving the participation of 100,000 citizens, signifying a significant stride towards the nationwide implementation of digital currencies. South Korea to Pilot Digital Currency with 100,000 Citizens In an upcoming pilot program jointly managed by the Bank of...

The Bank of Korea will be looking to use the pilot stage of its CBDC to determine things such as acceptability and ease of use. South Korea, through its apex bank – The Bank of Korea (BOK) – has revealed its plans to begin testing its central bank digital currency (CBDC) in 2024. A local news outlet Korea Times confirmed the report, saying that the testing will begin either by September or October, running for three months. The report also claimed that South Korea will allow 100,000...

South Korea’s largest wireless carrier – SK Telecom – has announced signing a tripartite agreement with Aptos Labs and Atomrigs Labs. The latter serves as its technology partner. According to the official announcement on the LinkedIn post, the strategic partnership is expected to enhance SK Telecom’s affiliations with customer-preferred mainnets and decentralized applications(dApps). The focus will also be on its Web3 wallet service, T wallet. The collaboration with Aptos...

In spite of previous high-profile disappointments tied to the crypto industry, such as 3AC and the ill-fated investment into FTX, the Singaporean government has been approving quite a few crypto platforms during the past weeks. The latest to get the preliminary nod is the South Korean giant – UPbit. Spree Of Approvals Ripple, Coinbase,  and smaller players such as Sygnum and GSR have all been awarded an MPI (Major Payment Institute) license by the Singaporean government...

Upbit, a South Korean cryptocurrency exchange, faced over 159,000 hacking attempts during the first half of 2023, as reported by its operating company, Dunamu. This figure represents a significant surge, with a 117% rise compared to the same period in 2022 and an astounding 1,800% increase compared to the first half of 2020. Upbit is one of South Korea’s largest cryptocurrency exchanges, boasting an impressive 24-hour trading volume of approximately $1.2 billion, as reported...

Eastern Asia ranks as the fifth most active crypto market, contributing 8.8% of global digital asset activity between July 2022 and June 2023. Its decline over the last few years has been notable – largely propelled by the big blow to the Chinese trading activity and mining sector. Chainlysis’ latest analysis signals a potential tailwind for the region East Asia owing to Hong Kong’s crypto initiatives and industry-friendly regulations that have been launched over the past...

Though Upbit quickly moved to halt deposits and withdrawals, that decision came after the fake APT token had already made its way into 400,000 Aptos wallets. Upbit, the largest cryptocurrency exchange in South Korea, has resumed withdrawals and deposits of the Aptos (APT) token. This follows an earlier decision by the exchange to freeze deposits shortly after noticing what was an unusual amount of deposit attempts. According to a Sunday statement, Upbit’s system mistook a newly created...

Delio, a South Korea-based Bitcoin lender, is reportedly planning to launch an administrative lawsuit against local financial regulators, citing poor and incorrect interpretation of the law. This new lawsuit comes after an investigation and fine imposed on the Bitcoin lending firm by the South Korean watchdog. Delio to Sue South Korean Watchdogs Earlier this month, The Financial Intelligence Unit (FIU) of South Korea recommended the dismissal of Delio CEO Jeong Sang-ho...

The Korea Federation of Banks (KFB) reportedly intends to require domestic cryptocurrency exchanges to hold at least 3 billion won (around $2.26 million) as a reserve. The local authorities have been quite strict with such entities lately, urging them to set up proper guidelines in terms of listing and delisting of digital assets to ensure maximum protection for customers. The Upcoming Requirement As reported by a Korean media outlet, the changes are expected to come into...

Even as XRP encountered considerable upheaval due to escalating regulatory challenges, South Korean investors have remained unfazed. In fact, the asset has emerged as the most preferred one in their portfolios, especially those in their 20s. This is evident by new findings, which show XRP comprising 20.7% of their investments, surpassing the combined 17.5% allocation for Bitcoin and Ethereum. Overall, the proportion of XRP in the portfolios of individuals in their twenties...