South Korea Enacts Virtual Asset Protection Law
The new Virtual Asset User Protection Act in South Korea strengthens previous regulations by requiring VASPs to register and comply with anti-money laundering standards. This law, the Virtual Asset User Protection Act, expands upon the regulations that were implemented in March 2021. These regulations mandated that virtual asset service providers (VASPs) register with financial authorities […]
South Korea’s Crypto Crackdown To Delay Global Market Recovery
As South Korean regulators limit crypto trading and pressure exchanges to monitor unusual activities, crypto market recovery may be delayed. The South Korean regulatory crackdown on cryptocurrency has put major pressure on crypto trading and exchanges, increasing traders’ uncertainties. However, the action comes as South Korean officials work to improve regulations under the new digital […]
Fantom Triumphs as Court Reverses Lower Court Ruling
The Seoul High Court rules in favor of the Fantom Foundation against SikSin and CEO Byung-Ik Ahn, dismissing all claims and overturning previous ruling. The Seoul High Court’s Civil Division 19-3 has rendered a significant legal victory for the Fantom Foundation in its lawsuit against the Korean food technology startup SikSin and its CEO, Byung-Ik […]
Hashed Ventures Reportedly Expands to Abu Dhabi Market
According to report, South Korean crypto firm Hashed Ventures has entered the Abu Dhabi market by partnering with Hub 71, the city’s tech ecosystem organization. On June 27, Bloomberg reported that Simon Seo-Joon Kim, CEO of Hashed, has announced that his company will establish an office in the city and has initiated discussions with other […]
South Korea Strengthens Crypto Regulations with User Protection Act
South Korean cryptocurrency investors should expect tighter protections next month after the government approved new legislation to protect users in the case of a crypto exchange bankruptcy. The Financial Services Commission (FSC) declared on Tuesday that the enforcement decree, scheduled to go into effect on July 19, is a component of a larger plan to […]