Korea

South Korea’s Financial Services Commission (FSC) published new guidelines to regulate NFTs. According to the new rules, the financial regulator will reportedly treat certain NFTs as regular cryptocurrencies.  South Korea’s financial regulator issued new guidelines relating to non-fungible tokens (NFTs). According to local reports, the Financial Services Commission (FSC) deems certain NFTs to be regular cryptocurrencies should they no longer have unique characteristics that distinguish them from cryptocurrencies.  Certain NFTs To Be Classed as Regular Cryptocurrencies On Monday, the FSC…

The post South Korea Under Pressure to Embrace Crypto ETFs After US, Hong Kong Moves appeared first on Coinpedia Fintech News The SEC’s sudden approval of Ethereum ETFs has sparked competition among global financial markets, especially regarding regulatory stances on digital assets. Excitement grew when Hong Kong welcomed ETFs, keeping the financial scene vibrant. Meanwhile, South Korea, a major player in the crypto world, is debating whether to approve these financial instruments. Here’s a deep dive into this exciting update.…

South Korea is preparing to implement tough cryptocurrency regulations, which include conditions for listing and delisting virtual assets for investor protection. The rules are meant to introduce self-regulation in the cryptocurrency exchanges before the enactment of the Virtual Asset User Protection Act in July. South Korea’s financial regulators are poised to introduce protocols for terminating the trading of certain cryptocurrencies, marking a significant move towards regulatory oversight in the crypto market. The forthcoming “Best Practices for Compliance with the Virtual…

South Korea is on the brink of introducing Asia’s first spot Bitcoin ETF, potentially revolutionizing the cryptocurrency market. Speculations arise on Bitcoin’s price potentially hitting the $80,000 mark with the new ETF approval. In line with recent updates by CNF, South Korea is paving the way for Asia’s first spot Bitcoin ETF following a key meeting with SEC Chair Gary Gensler, potentially positioning itself in a trillion-dollar market. According to a BloomingBit report, the Democratic Party is preparing to leverage…

The post Do Kwon Appeals to Montenegrin Supreme Court Against HC’s Ruling of Extradition to South Korea  appeared first on Coinpedia Fintech News Terraform Labs founder Do Kwon has appealed against a Montenegrin court’s extradition ruling, seeking to be sent to South Korea instead of the United States. His legal team argues against the court’s decision, pointing to flawed legal interpretations and raising concerns about potential political influence. Legal Battle in Montenegro Do Kwon, co-founder of cryptocurrency firm Terraform Labs,…

Crypto privacy protocol Railgun has denied accusations that it is being used by North Korea and other United States-sanctioned entities to launder digital assets. This development comes as the crypto privacy protocol nears $1B total volume. Railgun Denies Lazarus Group Association Responding to claims made by crypto reporter Colin Wu through an X post, Railgun denied allegations linking it to the North Korean hacker group Lazarus Group. “The North Korean hacker group Lazarus Group is also a user of the…

The post US or Korea? Montenegrin Court Greenlights Do Kwon’s Extradition appeared first on Coinpedia Fintech News In a gripping turn of events, the Montenegrin court has once again given the green light to extradite Kwon Do-hyeong, a central figure in the infamous cryptocurrency crash involving Terra Luna. This decision reignites the legal saga surrounding his potential extradition, following a recent ruling that invalidated the previous verdict, prompting a fresh evaluation of the extradition process. The Battle Resumes! After a…

South Korean prosecutors raided local crypto exchanges on Wednesday, July 20, as part of the investigation on Terraform Labs. Yonhap reported, citing a message from the prosecution office. The raid saw a team of investigators from the Seoul Southern District Prosecutors seize transaction records and other data from seven exchanges. Upbit, Bithumb, Gopax, Korbit, and Coinone are among the raided exchanges. Also, the bust saw the investigators visit eight other residential and office addresses. These include the homes and offices…

Police Demand that Korea's Big Five Exchanges Cooperate.   Seoul Metropolitan Police Agency has issued a request to five crypto exchange companies to freeze Terra’s Luna Foundation Guard’s assets. They reportedly took action following their discovery of suspicious pointers to embezzlement in the foundation’s funds. Terra USD (UST), an algorithmic stablecoin, depegged from its $1 peg, crashing to less than 10 cents earlier this month. Its sister coin LUNA also plummeted to almost zero, eliciting a backlash among its holders…