South Korea Considers Virtual Asset Mixer Regulation
In the face of escalating global concerns and the need to combat crypto money laundering, South Korea is contemplating implementing regulations on virtual asset mixers. South Korea, motivated by the desire to mitigate illicit financial activities, is considering the implementation of regulatory measures on crypto blenders, which are virtual asset mixers notorious for facilitating money […]
South Korea to Test CBDC with 100K Citizens in 2024
The Central Bank of South Korea says the Central Bank Digital Currency (CBDC) pilot program will involve using deposit tokens to purchase products by 100,000 Korean citizens, The testing will start “around September to October” of 2024 and last for three months. Participants will only be able to use the CBDC for payment purposes, with […]
KEB Hana Bank, BitGo to Launch Crypto Custody Venture
KEB Hana Bank, one of the largest banks in South Korea, is set to offer digital asset custody services through a new partnership with the leading BitGo Trust Company in the second half of 2024. Yonhap reported that KEB Hana Bank and BitGo jointly signed a strategic business agreement to establish digital asset custody in […]
South Korea to Introduce Bill to Freeze North Korean Crypto Assets
According to reports, the South Korean government intends to introduce a measure to track and freeze North Korean virtual and crypto assets used to fund illicit weapons programs. According to a report by a local news outlet, Korea JoongAng Daily, multiple anonymous government sources confirmed on August 3 that the bill is in the works. […]
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 […]