Korean exchanges will soon be required to list tokens based on the same guidelines to ensure compliance with local regulations, and make emergency decisions together to prevent another Terra fiasco.
South Korea News
Located in East Asia, South Korea is a country known officially as the Republic of Korea. The country is home to approximately 51 million people and uses the South Korean won as its currency. The capital of South Korea, Seoul, is geographically seated in the nation’s upper region. Thanks in part to its bustling capital and the nation’s landscape, South Korea’s economy benefits from various factors, including technological advancements. South Korea borders North Korea, also known as the Democratic People's Republic of Korea.
The South Korean crypto scene includes strict regulations on certain fronts, although the country is known to host significant crypto trading activity. On South Korean platforms, Bitcoin (BTC) sometimes trades at prices above the rest of the market, leading to the creation of the term “Kimchi premium” — a name for the difference between South Korean Bitcoin prices and the rest of the market.
Network outages and decreasing smart contract reserves add further downside pressure to SOL price.7859
South Korean authorities are currently investigating Terraform Labs and its employees on several charges including tax evasion and market manipulation.2202
Mr. B alleges that the platform was designed only to offer an interest rate of 3.6%, but that changed at the last minute.4699
Regulatory pressure and macroeconomic uncertainty continue to pin traders' sentiment and BTC price under $32,000.13337
Crypto regulations in South Korea require exchanges to enforce strict KYC and AML guidelines and major crypto exchanges have delisted privacy coins in the past as well.8354
Last week brought some notable reactions to the stablecoin’s depegging in the East Asia region.1183
South Korea announced Digital Assets Committee, launched an investigation and met with Asia-Pacific financial authorities.2961
South Korea’s rising interest in nascent tech could prompt other nations to take the idea of the Metaverse more seriously.5335
The infamous collapse of Terra may have hastened the creation of a supervision and control entity for digital assets, which is set to launch in early June.2141
South Korean authorities are reportedly looking at the Terra crash to check for signs of intentional price manipulation and other issues.3384
While the FSS' standardization effort is still in its early stages, it is expected that once a legal framework for virtual assets has been established, a uniform evaluation system will be put in place.3918
Officials from all over the world continue discussing the solutions for stablecoins' risks2165
Police in South Korea contacted the country’s leading exchanges to freeze any funds linked to the embattled Luna Foundation Guard.3342
The two exchanges cited Korea's Act on the Reporting and Use of Specific Financial Transaction Information, a law that requires crypto exchanges to put in place KYC and AML systems.4406