Last fall, the Bank of Korea announced it would be testing the distribution of a central bank digital currency in 2021. Preparations appear to be going ahead on multiple fronts, with the bank's publication of a new book today dedicated to the legal questions raised by the potential issuance of such a currency. According to a summary in Korean media, the book calls for revisions to the law to ensure that a future CBDC could successfully operate. The Bank of Korea has notably been using blockchain technology to manage the transactions in its 22-month long CBDC pilot program, which commenced …

South Korean conglomerate Hanwha Group is reportedly acquiring a stake in the parent company of major local cryptocurrency exchange Upbit. Hanwha Investment and Securities, the securities brokerage arm of Hanwha Group, has reached an agreement to buy a 6.15% stake in Upbit’ operator Dumanu for 58.3 billion won ($52.24 million), The Korea Herald reported on Feb. 3. According to the report, the acquisition of 2.06 million shares is scheduled to take place on Feb. 22. A representative from Hanwha said that the deal is a long-term investment for the company to keep up with the fast-growing fintech industry and digitization: …

Huobi Korea, the South Korean arm of the world’s second-largest cryptocurrency exchange by trading volume, has been certified by a major regulator. According to an announcement on Jan. 18, the Korea Internet and Security Agency, or KISA, has granted Huobi Korea an information security management system, or ISMS, certification. The ISMS certification will provide Huobi Korea with a comprehensive management system to ensure security and compliance with the Special Payment Act — new legislation requiring local crypto businesses to report transactions in line with revised Know Your Customer and Anti-Money Laundering policies. Specifically, exchanges must report the real names of …

Jeju Island, a major tourist destination in South Korea, is introducing a government-backed, system for tracking COVID-19 contacts based on blockchain technology. On Jan. 14, the Jeju Special Self-Governing Province and blockchain technology firm Iconloop announced that the blockchain-based contact tracing system is now fully operational. Called “Jeju Safety Code,” the project was initiated in August 2020 to enable COVID-19 contact tracing for Jeju Island’s 15 million annual visitors. The project has been developed jointly by Iconloop and Jeju Island through a public-private partnership agreement. Since August, the local government and Iconloop have been implementing the system at public institutions …

The crypto markets have been full of drama in recent years. In the space of a decade, Bitcoin came from nowhere to achieve a price of $20,000 in 2017 — only to suffer a painful year of sell-offs and uncertainty. But like every compelling blockbuster, the world’s biggest digital asset bounced back… and proved naysayers wrong by smashing new records and winning high-profile admirers as 2020 drew to a close. It’s a stunning story that was made for television. Now, a respected Korean writer is set to bring the world of cryptocurrencies to life in a gripping drama that will …

Shinhan Bank, the oldest banking institution in South Korea, continues its efforts to introduce digital-asset custody services with a new investment. According to a Thursday report by news agency Yonhap, Shinhan Bank has invested in Korea Digital Asset Trust, or KDAC, an industry consortium of businesses that provide digital-asset custody. The initiative was launched by Korbit in collaboration with blockchain startup Blocko and digital-asset research company Fair Square Lab. With the new investment, Shinhan Bank moves closer to offering its own cryptocurrency custody business. In August 2020, Shinhan Bank announced its plans to introduce crypto custody alongside another major South …

Major gaming conglomerate Nexon will not be acquiring leading South Korean crypto exchange Bithumb, as previously alleged in local media. In an email to Cointelegraph, a representative for Nexon said that the firm "has not invested in Bithumb and has no plans to acquire that company." The email clarified that claims to the contrary resulted from "an inaccurate news account last week," adding "We cannot comment on the investment plans of other companies." The prospective sale of the exchange has reportedly been on the agenda since late August 2020, with preliminary bidding ostensibly held in September 2020. Yet the process, …

Bitcoin (BTC) whales in South Korea have been selling heavily across major exchanges throughout the past week. Data shows that multiple $100 million deposits to Bithumb have been spotted in the last three days alone. By volume, South Korea has a much smaller cryptocurrency exchange market compared to the United States. Yet, South Korea’s cryptocurrency exchanges have seen massive inflows that are comparable with other major markets. Large inflows into exchanges typically indicate selling pressure from whales because high-net-worth investors do not keep their holdings on exchanges. Hence, when capital flows into a trading platform, it shows an intent to …

The South Korean government issued an amendment on Wednesday to introduce a tax on profits from cryptocurrency trading. Following a legislative notice lasting until Jan. 21, the amendment is likely to be enacted in February, Asia Today reported. It would only start levying taxes on cryptocurrencies in 2023, however. The proposal would introduce a variety of additional taxes on capital gains, with a progressive taxation schedule for gains in stocks. For cryptocurrency holders, anyone making an annual income of more than 2.5 million won ($2,300) from cryptocurrency profits will be taxed at 20%. The threshold is much lower than for …

Enterprise blockchain firm Iconloop has secured approval from South Korea’s Ministry of Science and ICT to test its decentralized identity, or DID, technology system to manage driver’s license data in the country. According to an announcement from the company, the trial run aims to showcase the DID’s capabilities in offering secure data storage while preventing data forgery. Commenting on the project, Iconloop CEO Jonghyup Kim remarked that the company’s DID platform allows users to better manage their personal information straight from the Zzeung mobile phone app, instead of using physical driver’s license cards. The app also reportedly gives users greater …

As the use of cryptocurrencies continues to spread around the world, a number of countries have established themselves as leaders in adoption. COVID-19 has dominated 2020, and the effects of the ongoing pandemic have stifled many economies. However, the cryptocurrency space has enjoyed a year of resurgence that has seen decentralized finance become a major trend, while Bitcoin (BTC) has finally surpassed its former all-time high of 2017. It is worth noting that governments, policymakers and financial regulators have become far more clued-in on cryptocurrencies and blockchain technology over the past two years. This has lent a hand to the …

Binance KR has decided to shutter its operations in South Korea according to an announcement released on Thursday. As part of the press statement, Binance KR attributed the move to declining liquidity and low trading volume of its BKRW trading pairs. BKRW is a stablecoin pegged 1:1 to the Korean Won used for crypto-to-crypto settlements on the platform. According to the details provided by Binance KR, the shutdown timeline will begin with ceasing all new account registrations on Thursday. The halting of trading services is scheduled for Jan. 10, 2021, with a hard shutdown on the platform and delisting of …