South Korea

In its commitment to deliver a seamless DeFi experience across the globe, the 1inch Network is thrilled to announce another exciting integration — with Kaikas, a non-custodial digital wallet from Klaytn, the leading Web3 ecosystem in South Korea.   Kaikas is one of the most popular wallets for managing and storing digital assets in South Korea. Launched in June 2019 by the IT conglomerate Kakao, this public Level 1 blockchain now hosts more than one billion transactions across over 300 dApps.…

Seoul, South Korea’s capital and largest metropolis, has opened doors to its long-mooted digital environment. Under the region’s Metaverse Seoul project, residents of the city can access the city’s services in a virtual space.  Consequently, the South Korean metropolis becomes the first major city to set up a public metaverse platform. Phase 1 of the Metaverse Seoul Project  Underway City Mayor Oh Se-hoon revealed the initiation of the initial phase of Metaverse Seoul. Oh reports that the first phase of…

In recent times, news of the Terra ecosystem’s resounding crash seems to have faded out of the limelight. However, South Korean prosecutors are set to reopen the case as they look into whether Terra’s native assets are securities.  South Korea Prosecutors Review Terra Assets On Tuesday, local publication Korean Herald shared a release highlighting the plans of Seoul’s Southern District Prosecutors Office. The report noted that the Office’s Financial and Securities Crime Joint Investigation Team has been in touch with…

South Korean lawmakers may be gearing up to roll out new policies that encourage the growth of the nation’s metaverse sector. According to a local report, Heo Eun-ah, a member of the country’s National Assembly recently submitted a proposal for the “Metaverse Industry Promotion Law.”  New Metaverse Policy Review Committee Since the turn of the year, the East-Asian nation has continually invested in the development of the metaverse within Korea. Per the release, the proposal aims to create a good…

In South Korea, the crypto market is growing rapidly, and one of the leading exchanges is Korbit. Korbit has been operating since 2013 and offers a wide range of coins to trade.  The company has its headquarters in Seoul and has millions of users. Today’s review will look more closely into this popular South Korean platform for all our readers. What Is Korbit? Korbit is a website where you can trade different types of cryptocurrency. You can buy and sell…

South Korean prosecutors have prohibited current and former Terraform Labs employees from leaving the country. Bloomberg reported earlier today, citing an official with the prosecutor’s office in Seoul. The travel restrictions seek to ensure the employees are readily available for questioning. The official, however, failed to disclose the number of Terraform employees that have received travel restrictions. Additionally, the source did not share details about the status of the investigation, which started last month. The probe seeks to determine whether…

The CEO of a South Korean crypto exchange has been indicted on charges of leaking classified information to North Korea.  Earlier this month, authorities arrested the executive along with an army major, who authorities pinned weeks later, in the espionage operation.  North and South Korea have been embroiled in harsh relations since fighting a war in the early 1950s. Apart from recent frictions between other states and North Korea, the historical animosity between these two countries further exacerbates the alleged…

Crypto investors in South Korea are breathing a sigh of relief, as a pro-crypto candidate won the crucial Presidential election. Election results show that the Conservative Party candidate Yoon Suk-yeol will become South Korea’s next President. In one of the closest elections in South Korean history, Yoon beat his opponent by less than one percentage point. As a former top prosecutor, Yoon promised to deregulate the crypto industry. His pro-crypto stance might have helped him win the election. Deregulating crypto was…

Instances of sexual harassment in South Korea’s nascent metaverses are raising concerns. Additionally, authorities in the country are struggling to punish offenders in a space that is still largely unregulated. Cases of Abuse The concept of the metaverse is a popular premise that has gained impressive traction in South Korea. Young Koreans continue to embrace AR and VR-based games. This explains why metaverse worlds have likewise met huge adoption in the country.   While South Korea’s quick acceptance of the burgeoning…