Chain News by Thebittimes.Com

Amid a landmark development for the market, South Korea has reaffirmed its crypto ban amid the US spot Bitcoin ETF approval yesterday. Indeed, the US Securities and Exchange Commission (SEC) broke a long-standing trend and approved 11 applications for the investment product. However, the top financial regulator in South Korea has reiterated its stance on digital assets. Expressly, it has noted it will stand by its restriction of financial institutions from launching cryptocurrency ETFs, according to a report from local news outlet Kyunghyang. Source: RE100 Also Read: Robinhood CEO Announces Plan to List Bitcoin ETF Soon South Korea Stands By Crypto Ban Amid Bitcoin ETF Hype The financial sector has been inundated with talk surrounding Bitcoin ETFs. For much of the last few months, the investment product has captured headlines for the impending approval that would completely change the market. After a decade of rejections, the SEC greenlit a host of applications. Therefo...

Financial authorities in South Korea have established a period for users to report any unlicensed crypto currency exchanges operating within the country. According to the Dec. 4 update, this latest initiative is a collaborative effort between the Digital Asset Exchange Association (DAXA) and South Korea’s Financial Intelligence Unit (FIU). DAXA encompasses five major virtual asset exchanges in the country: Upbit, Bithumb, Coinone, Korbit, and Gopax. The primary objective is to identify domestic and foreign virtual asset business operators targeting Korean citizens without complying with article 7 of the Specific Financial Information Act. The process for handling these reports involves an initial review by DAXA, followed by a detailed examination by the FIU. The FIU will then communicate its findings back to DAXA to determine the operational status of the report ed entities and decide on the necessary actions. You might also like: South Korean exchanges double mar...

Dunamu would open offices in major cities and create about 500 new startups focused on NFTs and the Metaverse. Dunamu, a major fintech firm in South Korea that operates crypto exchange Upbit and several other Blockchain and securities platforms, is planning to invest 500 billion won ($380 million) to create about 10,000 new Web3 jobs in the next five years. The firm is reportedly considering offering specific software and funding to encourage more firms to join the Web3 industry. The $380 million investment is a part of Korea’s efforts to lead the Web3 race, reported Korea JoongAng Daily. Dunamu has already invested about 88 billion won ($67 million) since 2018 toward blockchain-centered firms. Dunamu CEO Lee Sirgoo said in a statement: “We plan to strengthen the competitiveness of domestic industry through an active investment and creation of jobs of the newly growing future industries, like blockchain, nonfungible token (NFT) and the metaverse.” The fintech giant aims to open offi...

Arrest warrants were sought for Terraform Labs co-founder Daniel Shin, three investors and four engineers responsible for TerraUSD (UST) and LUNA initiatives. Amid the ongoing manhunt for Terraform Labs co-founder and CEO Do Kwon, South Korean authorities have spread out their investigations to target other Terra executives. Prosecutors issued an arrest warrant for co-founder Daniel Shin and seven other engineers and investors of the firm following suspicion of gaining illegal profits before the massive collapse of the Terra ecosystem. The Seoul Southern District Prosecutors Office in South Korea suspected that Shin possessed Terra (LUNA) tokens, which were pre-issued without the public knowledge of investors. In doing so, Shin allegedly bagged profits worth 140 billion won (roughly $105 million) by selling the pre-issued tokens during the bull market. Arrest warrants were also sought for three Terraform Labs investors and four engineers responsible for TerraUSD (UST) and LUNA initi...