South Korea’s Bitcoin Trading Volumes on LocalBitcoins Reach New Record Levels

Bitcoin (BTC) trading volumes in South Korea have recently reached new levels on peer-to-peer (P2P) exchange LocalBitcoins, according to charts on BTC statistics service Coin Dance.

According to the data, bitcoin weekly trading volumes have surged over the past two weeks, with the latest week recording a new high of around 219 million South-Korean won ($185,000).

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Report: North Korea-Sponsored Hacks Comprise 65 Percent of Total Crypto Stolen

Hacker group “Lazarus,” reportedly funded by North Korea, has stolen a staggering $571 million in cryptocurrencies since early 2017, a study conducted by cybercrime company Group-IB reveals. Key takeaways from the study were published Tuesday, Oct. 16, alongside the full annual report, entitled “Hi-Tech Crime Trends.”

The report, dedicated to hacks in 2017 and 2018,

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‘Treasure Ship’ ICO Dupes Investors – South Korea Asks Interpol for Help

News

South Korean police have asked Interpol for help with an investigation into the fraudulent token sale of Shinil Gold Coins that were claimed to be backed by the “treasure” on the sunken Dmitrii Donskoi. Local media reported that the sale raised an estimated $53.5 million from about 124,000 investors.

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Korea’s Financial Watchdog Calls for Stock Trading on a Blockchain


South Korea’s primary financial watchdog has backed the use of blockchain technology as the core infrastructure for trading stocks in the country.

First reported by domestic news publication Korea Joongang Daily, the Financial Supervisory Service (FSS) has advocated the use of blockchain for stock trading in a report focused on the subject released on Thursday.

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South Korea's Financial Watchdog Calls for Integrated Blockchain System for Stock Trading

South Korea’s Financial Supervisory Service (FSS) has advised local regulatory agencies and companies to work towards developing an integrated blockchain system for stock transactions, according to an official report published August 2.

The FSS undertook a detailed analysis of international stock exchange operators’ use of blockchain technology to date, focusing on existing initiatives in the U.S.,

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Korea's Financial Regulator Wants to Use the Blockchain for Stock Trading

South Korea’s financial watchdog is advocating for a blockchain-based stock trading system.

The Financial Supervisory Service’s (FSS) appeal was part of a new study published by the agency on Thursday, which was first reported on by Korea JoongAng Daily. The study reportedly encourages South Korean regulatory agencies and companies to collaborate on the development of the proposed system,

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South Korea Plans to End Major Tax Benefits for Bitcoin Exchanges

South Korea Plans to End Major Tax Benefits for Bitcoin Exchanges

Taxes

The South Korean government has announced a new set of tax law amendments. Under this proposal, bitcoin exchanges will no longer be eligible for income and corporate tax deductions currently enjoyed by small and medium-sized businesses. The regulators have also been considering imposing capital gains tax on the sale of cryptocurrencies.

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Korea is Pushing Positive Crypto Legislation: What Happens After it’s Passed?


The government of South Korea is hurrying the finalization of the country’s first crypto and blockchain legislation, to recognize the cryptocurrency and blockchain sector as legitimate industries.

What it Means For Crypto

As CCN reported, local financial authorities initially disclosed their intent to regulate the cryptocurrency market with stricter but more comprehensive regulatory frameworks to protect investors and facilitate the growth of startups in the blockchain industry.

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Binance Will Face Tough Competition in South Korea in New Market Expansion


Binance, the world’s largest cryptocurrency exchange, is planning an expansion into South Korea, the third biggest cryptocurrency market behind Japan and the US.

South Korea’s Unique Market Structure

In South Korea, two major digital asset trading platforms have had dominance over the crypto exchange market for several years.

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Binance Plans to Expand Into South Korea

Cryptocurrency exchange Binance is making plans to expand operations into South Korea, reports Business Korea.

Per the report, Binance CEO Changpeng Zhao hinted at his company’s expansion plans while speaking at the Blockchain Partners Summit in Seoul last weekend.

While South Korea is presumed to be the third-largest crypto market after the U.S.

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S. Korea’s Top Telephone Company Reveals Its Own Blockchain Network

State-owned KT Corporation, South Korea’s largest telephone company, has announced the launch of its blockchain-powered commercial network. The firm has built a blockchain layer on top of its existing nationwide network in order to make it “more secure and transparent,” according to an article by The Korea Herald published Tuesday, July 24.

The news outlet reports the head of KT Blockchain Center Seo Young-il as saying that blockchain tech can be used in telecommunications for secure and efficient data management.

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South Korea’s Crypto Regulation Shakeup: New Bureau, Agreement With China

Regulation

South Korea’s top financial regulator is planning a major organizational restructuring that includes introducing some new crypto policy initiatives. A bureau dedicated to financial innovations that include cryptocurrencies is being set up. In addition, an agreement with Chinese authorities relating to crypto and initial coin offerings has also been reached.

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Korea’s Financial Regulator Will Establish a Positive Cryptocurrency Policy Body


South Korea’s primary financial regulator will establish a new policy-making body centered on nurturing Korea’s fintech industry with a specific focus on cryptocurrency and blockchain technology.

The Financial Services Commission (FSC) is set to establish a new policymaking body dubbed the Financial Innovation Bureau to proactively help the fintech industry while formulating policies for the cryptocurrency sector,

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