South Korea's crypto market experienced a sharp decline as President Yoon Suk Yeol declared martial law.
South Korea’s regulator fined Tools For Humanity and the Worldcoin Foundation, the entities behind the famous iris scanning solution, $829,000 for violating personal data protection laws. Officials have also provided recommendations for improving the product in terms of regulatory compliance.
The Nexon Group, a publisher from South Korea, is gearing up for the revival of the legendary MMORPG MapleStory, first introduced in 2003.
Effective July 19, South Korea's new Virtual Asset User Protection Act will come into force, criminalizing market manipulation, illicit and insider trading within the cryptocurrency sector. Offenders face severe penalties, including a minimum fine of three times the amount of profit gained or imprisonment.
The Financial Supervisory Service of South Korea (FSS) intends to meet with business representatives and the US Securities and Exchange Commission (SEC) to gather detailed information about Bitcoin ETFs. These plans were announced by the FSS Governor, Lee Bok-hyun, during a presentation in Seoul outlining his action plan for the near future.
The South Korean government has expressed opposition to the approval of Bitcoin or any other cryptocurrency-based ETFs, in light of the recent shifts in the U.S. financial policy. This stance was articulated by a representative of the South Korean Financial Services Commission (FSC).
From 2024, South Korea will update its regulations regarding the disclosure of personal assets for government officials. About 5,800 state officials will be required to publicly disclose their crypto asset holdings and other properties using a designated electronic system.
The Financial Services Commission (FSC) of South Korea has announced that by July 2024, investors in digital assets must receive interest on funds held on exchanges.
The Bank for International Settlements (BIS) has collaborated with central banks from Australia, Singapore, South Korea, and Malaysia to test Project Mandala—a system designed to enhance cross-border payment speed and efficiency.
The South Korean government has reached out to social media platforms, including the messaging app Telegram, demanding the removal of deepfake sexual content from their servers. Officials have identified Telegram as a major conduit for the distribution of such material.
The law enforcement of South Korea is set to confiscate the Belgrade apartment of Terraform Labs' founder, Do Kwon, situated in Serbia. Estimated at $2.2 million, the apartment is in the capital's elite district, populated by high-profile individuals like legislators, police officials, and entrepreneurs.
The Democratic Party of South Korea, currently in the opposition, has pledged to grant citizens the right to invest in spot Bitcoin ETFs through individual savings accounts, Seoul Economy Daily reports.
In South Korea, authorities have detained the CEO of Haru Invest along with two other executives of the cryptocurrency platform. They face accusations of illicitly misappropriating 1.1 trillion won ($830 million) in cryptocurrency from 16,000 clients.
The South Korean government intends to establish specific regulations targeting cryptocurrency mixers, which are used to obscure the origin of digital assets. This initiative is driven by the challenges these services pose in tracking money laundering conducted by criminal organizations.
The Appeals Court of Montenegro has revoked the decision to extradite Terra founder Do Kwon to the United States or South Korea. Now, for the subsequent extradition of the criminal, the case needs to be processed from the beginning through all the required procedures.
18 countries have developed a detailed set of guidelines on AI cyber security. Participants include the USA, UK, Canada, Italy, France, Germany, Australia, Israel, Japan, New Zealand, Nigeria, Norway, South Korea, and Singapore.
