South Korea Launches Interagency Investigation Team
A crypto investigation unit has been established in South Korea to counter illegal activity in the digital asset sector. According to a Reuters article, the Joint Investigation Centre for Crypto Crimes comprises a group of about 30 experts from several fields, including the legal, financial, tax, and customs sectors. Compared to traditional equities regarding investing […]
South Korean Private Banks Research Stablecoins Alternative
Several private banks in South Korea are evaluating the viability of certificate of deposit (CDs), a tokenized deposit technology as an alternative to private stablecoins and central bank digital currencies (CBDCs). Hana Bank and Woori Bank, both private companies with headquarters in Seoul, expressed interest in so-called “certificate of deposit” tokens (CDs), as Maeli Business […]
South Korea to Set Clear Accounting Standards for Virtual Assets
In a decisive move to prevent a recurrence of the WEMIX accounting controversy, the South Korean government has prepared new guidelines for accounting virtual assets. The South Korean National Assembly’s adoption of the Virtual Assets Act has caused the government to improve accounting transparency for virtual asset transactions, allowing businesses that issue or hold virtual […]
K-pop Star Loses $77K on Crypto, Shares Woes on TV
Seo Chul-goo, a South Korean pop star, rapper, and TV personality, has confessed that he lost up to $77,000 on bad crypto investments. He shared his financial woes with his fiancee Lee Young-Joo on a TV talk show. Seo Chul-goo, also known as Xitsuh, is a famous South Korean pop star, rapper, and TV personality, […]
South Korea Launches the Next Stage of Virtual Asset Regulation Research
South Korea is establishing plans to regulate virtual assets with the launch of the second phase of the Legislation Research. South Korean financial officials are allegedly getting ready to launch a research project for the second phase of the nation’s virtual asset legislation in an effort to improve rules further and protect users in the […]