South Korean crypto exchange Bithumb has reportedly announced a ban on foreigners who have not completed phone-based Know Your Customer (KYC) verification. According to local coverage by Pulse, non-Koreans using the Bithumb crypto exchange will be subject to mandatory mobile verification. While the rule is reportedly set to go into effect this year, the exact date for the new KYC requirement is yet to be announced. Citing Bithumb’s notice, The Korean Herald reported: “Foreigners residing in Korea who cannot process identification with mobile phones cannot use the service.” Bithumb’s move for stricter KYC requirements comes in line with the country’s …

A major South Korean telecommunication company, KT Corp, has outlined plans to create a fully electronic documentation service, utilizing blockchain technology to contribute to environmentally conscious ambitions. The telecommunications firm currently provides around 90% of the nation’s fixed-line mobile networks, as well as a further 45% of broadband high-speed internet services. The e-document venture titled “E-document Digital Transformation (DX) One Team” will be a collaborative effort among 14 businesses, with the established objective of reducing the network’s carbon emission output. Once implemented, the initiative will digitize the entire tenure of the paper-based documentation process ranging from creation through to storage …

Crypto users between 30 and 39 years old are the demographic with the most deposits on major exchanges in South Korea. According to a Sunday report from the Yonhap News Agency, South Korean residents in their thirties deposited roughly 2.2 trillion Korean won — $1.9 billion at the time of publication — to crypto exchanges Upbit, Bithumb, Coinone and Korbit by the end of the second quarter of 2021. South Korean teenagers have the fewest deposits at $3.4 million, but this was still an increase of more than 400% compared with the $824,000 that they deposited in Q1 2021. “All …

Seung-beom Koh, a nominee for chairman of South Korea’s Financial Service Commission (FSC), does not regard cryptocurrencies as a financial asset. In a press meeting with local journalists, Koh said that fintech experts from prominent organizations such as the G20, the International Monetary Fund and others “find it difficult to see virtual currencies as a financial asset, and think they could not function as a currency.” Koh’s comments coincide with the ongoing surge in crypto trading among young investors who primarily invest for short-term profits, according to The Korean Times. Investors also see cryptocurrencies as a fair chance to buy …

Major South Korean cryptocurrency company Upbit has reportedly submitted a business report with the Korean Financial Intelligence Unit (FIU). Upbit reported its digital asset business to the FIU, which operates under South Korea’s top financial regulator, the Financial Services Commission (FSC). Upbit’s operator, Dunamu, announced the news on Friday, The Korea Economic Daily reported. Upbit is one of South Korea’s largest cryptocurrency exchanges alongside Bithumb, Coinone and Korbit, and reportedly makes up more than 80% of the local cryptocurrency market. FSC vice chairman Doh Gyu-sang said that the authority will be ready to accept more reports from the most popular …

Singapore is reportedly the next port of call for Kakao’s globalization agenda for its legacy blockchain platform Klaytn. According to a report by The Korea Herald on Monday, Kakao has established two new blockchain-based entities — the Klaytn Foundation and Krust — in the city-state. The Klaytn Foundation is a nonprofit organization, while Krust serves as a global accelerator for blockchain technology adoption. Kakao plans to use both entities to foster broad-based penetration of its Klaytn blockchain project in Singapore. Stating its mission during the launch earlier in August, the Kakao Foundation said that it would work “proactively and systematically” …

Binance has halted Korean won (KRW) trading pairs as part of a raft of changes to its operations in South Korea. In a notice issued on Friday, the crypto exchange giant announced the discontinuation of KRW trading pairs as well as KRW payment options on its service. Other features discontinued include Korean language support on its website and merchant applications for peer-to-peer transactions (P2P) in South Korea. As part of the announcement, Binance also advised P2P traders to remove all trade advertisements denominated in KRW from the platform. Detailing the reason for the decision, Binance said that it was proactively …

Due to their anonymity or pseudonymity, digital assets are perceived as entailing the risks of money laundering and financing terrorism. In October 2018, the Financial Action Task Force (FATF) adopted changes to its recommendations on financial activities involving digital assets, adding the definitions “virtual asset” (VA) and “virtual asset service provider” (VASP). Since then, the FATF has adopted a risk-based approach to VA activities or operations and VASPs. This new approach includes the supervision of VASPs to ensure compliance in the areas of licensing and registration and preventive measures such as customer due diligence, transaction reporting and record-keeping. It also …

Three South Korean banks with crypto exchange partnerships have reportedly made $14.71 million in transaction fees in the second quarter of 2021. According to The Korea Herald, Shinban Bank, K bank and NH Nonghyup Bank announced a total revenue of 16.9 billion South Korean won in Q2. The “big four” crypto exchanges in South Korea — Upbit, Bithumb, Coinone and Korbit — have partnered with the banks for sourcing users’ real-name accounts. Based on the data collected by Yun Chang-hyun, the second quarter performance exceeded the first quarter’s approximately $6.8-million (7 billion won) mark, more than doubling transactions despite ongoing …

South Korea’s top financial regulator, the Financial Services Commission (FSC) has denied reports on rumored plans to shut down a dozen local cryptocurrency exchanges due to fraudulent activity. The FSC told Cointelegraph on Aug. 9 that the authority does not plan to suspend operations of several smaller local crypto exchanges due to involvement in operating fraudulent collective accounts. A previous report by local news agency The Korea Herald suggested that the authority was planning to shut down at least 11 mid-sized crypto exchanges in South Korea, citing anonymous sources. A spokesperson for the FSC elaborated that its Korea Financial Intelligence …

South Korean legislators propose to revise tax codes so that tax authorities would be able to confiscate tax evaders’ crypto assets directly from their digital wallets. According to a report published on July 26, the proposal forms part of a wider, annual review of the country’s tax system. This year, faced with rising welfare costs to help sustain the increasingly elderly population, legislators are looking to amend a total of 16 existing tax codes. These revisions include redistributive measures to charge higher taxes on wealthy individuals and conglomerates, in addition to cracking down on money laundering and tax evasion in …

Entertainment and nonfungible token marketplace TriumphX has signed a memorandum of understanding (MOU) with fast-food giant KFC in South Korea. The agreement will focus on joint blockchain research with the aim of integrating NFT technologies and enhancing the branding of the fried chicken outlet. According to reports in local media, KFC Korea plans to introduce blockchain and NFT technology to its branding content. The fast-food franchise intends to issue NFTs to its customers comprising different digital formats including video, art and graphics, and metaverse collectibles. TriumphX's NFT issuance know-how will be leveraged to create and sell KFC-themed NFTs to a …