Tag:

Korea

crypto
GameFi Guides

South Korea Blocks Lending Services

by admin


Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

South Korea’s financial regulator has ordered a stop to all crypto lending on local exchanges, saying the fast-growing products lack proper rules and pose risks.

The Financial Services Commission (FSC) issued administrative guidance that takes effect immediately and will stay in place until new lending rules are written.

Regulator Moves To Halt Crypto Lending

According to the FSC, exchanges must suspend services that let users borrow against crypto or fiat deposits. Existing loans are not being wiped out; borrowers can still repay or extend under current contracts.

Reports say the order is an administrative step, not a criminal ban, but platforms that ignore it may face on-site inspections from authorities.

South Korea confirms that the only “investment” the U.S. is getting out of them is in the form of high interest rate loans.

Just like Japan. pic.twitter.com/REDeuP8DvC

— Spencer Hakimian (@SpencerHakimian) August 4, 2025

Rapid Uptake And Big Numbers

Based on reports, lending offerings exploded after early July. Upbit launched a program letting customers borrow up to 80% of the value of their deposits, using USDT, Bitcoin and XRP as collateral.

Rival Bithumb offered loans worth up to four times a customer’s holdings, and other local platforms quickly followed.

One company’s first month drew roughly 27,600 investors who borrowed about 1.5 trillion won ($1.1 billion), according to the regulator. Market swings pushed about 13% of those borrowers into liquidation, the FSC added.

BTCUSD trading at $115,564 on the 24-hour chart: TradingView

Liquidations And Stablecoin Strain

Reports have disclosed an unusual sell-off in USDT tied to the lending push, and that move briefly disturbed stablecoin pricing on some Korean platforms.

Forced liquidations and a sudden rush to sell can magnify losses for ordinary users, which is exactly what alarmed regulators. That mix of heavy borrowing and market stress is what the FSC flagged as a systemic worry.

Exchanges Pivot As Rules Loom

Upbit and Bithumb had already paused lending once in July; Bithumb later resumed under stricter terms before this fresh suspension.

At the same time, industry players are preparing for more regulated business: Dunamu, which runs Upbit, unveiled a custody service that stores assets in cold wallets for corporate and institutional clients.

Reports also point to the ruling party’s Digital Asset Basic Act, a proposal that would formally allow lending services inside exchange operations — but only once rules are set.

Push For Rules While Opening New Doors

Officials say they will move quickly to build a clear rulebook for digital asset lending to protect users and keep markets steady.

South Korea appears to be loosening other curbs: authorities are clearing the way for the country’s first spot crypto ETFs and are working on a won-pegged stablecoin framework.

That shows regulators want to encourage safer forms of crypto access, while trimming riskier retail products.

Featured image from Verdict, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.





Source link

0 comments
0 FacebookTwitterPinterestEmail
Copy Link
Esports

South Korea lifts 26-year ban on foreign goalkeepers in the K League

by admin



Jun 20, 2025, 06:40 AM ET

A 26-year ban on foreign goalkeepers in South Korea’s top flight has been lifted for the start of the 2026 season.

Only Korean goalkeepers have been allowed to play in the K League — the oldest professional domestic league in Asia — since 1999. The rule was introduced in a bid to protect homegrown talent when there were only 10 professional clubs.

The K League announced after a board meeting in Seoul this week that because there’s now 26 professional clubs in the top two tiers of competition, there’s enough room for international goalkeepers.

Former Manchester United forward Jesse Lingard plays for K League side FC Seoul MB Media/Getty Images

“The increase in the number of clubs means that there are enough opportunities for domestic goalkeepers to play even if foreign goalkeepers are allowed,” the board said in a statement.

Editor’s Picks

1 Related

“We considered the fact that with foreign player registrations restricted, the salary increase rate of domestic goalkeepers has increased disproportionately to outfield players.”

There were reportedly concerns, due to the increased size of modern rosters which contain three or four goalkeepers, that there’s a shortage of quality keepers in the country.

The move will put the K League in line with other major Asian leagues in Japan, Saudi Arabia and China.



Source link

0 comments
0 FacebookTwitterPinterestEmail
Decrypt logo
NFT Gaming

North Korea Targets Crypto Professionals With New Malware in Hiring Scams

by admin



In brief

  • North Korean hackers are targeting crypto professionals with fake job interviews to deploy new Python-based malware, PylangGhost.
  • The malware steals credentials from 80+ browser extensions, including Metamask and 1Password, and enables persistent remote access.
  • Attackers pose as recruiters from firms like Coinbase and Uniswap, tricking victims into running malicious commands disguised as video driver installs.

North Korean hackers are luring crypto professionals into elaborate fake job interviews designed to steal their data and deploy sophisticated malware on their devices.

A new Python-based remote access trojan called “PylangGhost,” links malware to a North Korean-affiliated hacking collective called “Famous Chollima,” also known as “Wagemole,” threat intelligence research firm Cisco Talos reported on Wednesday.

“Based on the advertised positions, it is clear that the Famous Chollima is broadly targeting individuals with previous experience in cryptocurrency and blockchain technologies,” the firm wrote.

The campaign primarily targets crypto and blockchain professionals in India, using fraudulent job sites that impersonate legitimate companies, including Coinbase, Robinhood, and Uniswap.

The scheme begins with fake recruiters directing job seekers to skill-testing websites where victims enter personal details and answer technical questions. 

After completing the assessments, candidates are instructed to enable camera access for a video interview and then prompted to copy and execute malicious commands disguised as video driver installations.

Dileep Kumar H V, director at Digital South Trust, told Decrypt that to counter these scams, “India must mandate cybersecurity audits for blockchain firms and monitor fake job portals.”

A vital need for awareness

“CERT-In should issue red alerts, while MEITY and NCIIPC must strengthen global coordination on cross-border cybercrime,” he said, calling for “stronger legal provisions” under the IT Act and “digital awareness campaigns.”

The newly discovered PylangGhost malware can steal credentials and session cookies from over 80 browser extensions, including popular password managers and crypto wallets such as Metamask, 1Password, NordPass, and Phantom. 

The Trojan establishes persistent access to infected systems and executes remote commands from command-and-control servers.



This latest operation aligns with North Korea’s broader pattern of crypto-focused cybercrime, which includes the notorious Lazarus Group, responsible for some of the industry’s largest heists.

Apart from stealing funds directly from exchanges, the regime is now targeting individual professionals to gather intelligence and potentially infiltrate crypto companies from within. 

The group has been conducting hiring-based attacks since at least 2023 through campaigns like “Contagious Interview” and “DeceptiveDevelopment,” which have targeted crypto developers on platforms including GitHub, Upwork, and CryptoJobsList. 

Mounting cases

Earlier this year, North Korean hackers established fake U.S. companies—BlockNovas LLC and SoftGlide LLC—to distribute malware through fraudulent job interviews before the FBI seized the BlockNovas domain.

The PylangGhost malware is functionally equivalent to the previously documented GolangGhost RAT, sharing many of the same capabilities. 

The Python-based variant specifically targets Windows systems, while the Golang version continues to target macOS users. Linux systems are notably excluded from these latest campaigns.

The attackers maintain dozens of fake job sites and download servers, with domains designed to appear legitimate, such as “quickcamfix.online” and “autodriverfix online,” according to the report. 

A joint statement from Japan, South Korea, and the U.S. confirmed that North Korean-backed groups, including Lazarus, stole at least $659 million through multiple cryptocurrency heists in 2024.

In December 2024, the $50 million Radiant Capital hack began when North Korean operatives posed as former contractors and sent malware-laden PDFs to engineers. 

Similarly, crypto exchange Kraken revealed in May that it successfully identified and thwarted a North Korean operative who applied for an IT position, catching the applicant when they failed basic identity verification tests during interviews.

Edited by Sebastian Sinclair

Daily Debrief Newsletter

Start every day with the top news stories right now, plus original features, a podcast, videos and more.



Source link

0 comments
0 FacebookTwitterPinterestEmail
Oliver Knight
Crypto Trends

ATOM Plunges 6% as North Korea Links Trigger Security Concerns

by admin



The discovery of a North Korea-linked developer who contributed to Cosmos code between 2022-2024 has triggered enhanced security measures, while major exchanges expand staking options for ATOM holders despite market pressure.

ATOM is currently trading at $4.086 after losing 5.52% of its value over the past 24 hours.

Technical analysis

  • A sharp sell-off occurred during 22:00-23:00 hours on June 16th with exceptionally high volume (1.4M+), establishing resistance at $4.29.
  • Support emerged around $4.06-$4.07 with increasing volume, suggesting potential stabilization.
  • Overall momentum remains bearish with lower highs forming across multiple timeframes.
  • A notable recovery occurred in the last hour, climbing from $4.077 to $4.084 (0.17% increase).
  • Significant bullish momentum between 13:24-13:30 saw ATOM surge from $4.076 to $4.096 on elevated volume.
  • The hourly close at $4.084 suggests stabilization above the $4.07 support level.



Source link

0 comments
0 FacebookTwitterPinterestEmail
South Korea Moves Forward With Crypto Regulation, Eyes Stablecoin Oversight
Crypto Trends

South Korea Moves Forward With Crypto Regulation, Eyes Stablecoin Oversight

by admin


Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

A South Korean lawmaker has introduced a comprehensive bill aimed at establishing a more structured regulatory environment for crypto assets in the country. The proposed legislation, known as the Digital Asset Basic Act, was announced Tuesday by Min Byeong-deok, a member of the ruling Democratic Party.

The bill is designed to complement the Virtual Asset Investor Protection Act, which took effect in July 2024, by going beyond investor safeguards to define a broader legal foundation for digital asset activity.

Aligning with Global Stablecoin Trends

At a press conference, Min described the bill as a step toward positioning South Korea as a global leader in the digital economy. A key feature of the legislation is the implementation of a licensing system for stablecoin issuers.

Under the proposed rules, stablecoin operators would be required to hold a minimum of 500 million Korean won (approximately $367,890) in owner’s capital to qualify for a license. This requirement is intended to ensure financial accountability and support the government’s broader goal of promoting Korean won-denominated stablecoins.

The stablecoin licensing provision appears to support the administration’s broader policy agenda under President Lee Jae-myung, who previously committed to enabling a domestic stablecoin market.

Min, who led the digital asset committee during President Lee’s election campaign, indicated that the measure aims to curb capital flight through foreign-currency-based stablecoins and support a robust local digital financial system.

The legislative push follows similar developments in other jurisdictions. In the United States, the Genius Act, which addresses stablecoin regulation, is gaining traction with support from President Donald Trump. Meanwhile, Hong Kong recently enacted its own licensing framework for stablecoin issuers.

These international examples appear to inform South Korea’s approach, as Min highlighted parallels with regulatory practices in the US, European Union, and Japan,particularly regarding the issuance, distribution, and trading of digital assets.

Establishing Broader Oversight of Digital Assets

Beyond stablecoins, the Digital Asset Basic Act seeks to provide legal clarity on digital asset classifications and the responsibilities of service providers operating within the ecosystem.

The bill includes provisions for the creation of a Digital Asset Committee to be directly overseen by the Office of the President, emphasizing a centralized oversight mechanism.

In addition to structural reforms, the proposed legislation outlines legal frameworks to address market misconduct. These include penalties for unfair trading practices such as price manipulation or the dissemination of false information, areas not directly addressed by prior laws.

The bill also includes measures to standardize compliance procedures for exchanges and custodians operating in the country. If enacted, the Digital Asset Basic Act would mark a significant step in the evolution of South Korea’s crypto regulatory space.

As jurisdictions around the world continue to develop their approaches to digital finance, South Korea’s proposed framework positions it among the countries seeking to balance innovation with oversight. The bill is expected to undergo further review and discussion in the National Assembly in the coming months.

The global digital currency market cap valuation. | Source: TradingView.com

Featured image created with DALL-E, Chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



Source link

0 comments
0 FacebookTwitterPinterestEmail
Decrypt logo
GameFi Guides

South Korea Stablecoin Bill to Allow Companies to Issue the Tokens: Report

by admin



In brief

  • Crypto-friendly Lee Jae-myung won the presidency in South Korea last week.
  • He is now pushing ahead with a stablecoins bill.
  • If approved, the law would allow companies to issue their own stablecoins.

South Korea’s newly elected president pushed ahead with a crypto-friendly agenda on Tuesday, announcing new stablecoin legislation, according to reports. 

As first reported by Bloomberg, Lee Jae-myung, proposed the Digital Asset Basic Act—a law which, if approved, will allow companies to issue stablecoins if they have 500 million won ($366,749) in equity capital. 

Stablecoins are digital tokens pegged to the value on a non-volatile asset—typically the U.S. dollar. Such cryptocurrencies run on a number of different blockchains and are supposed to be backed by reserves of the stable asset. 

Crypto is popular in South Korea and Jae-myung—who won the election last week—is friendly toward the space. The Democratic Party leader in 2022 experimented with NFTs during his previous campaign and has said he will allow Bitcoin ETFs to trade in the country. 

He has also proposed launching a won-pegged stablecoin to prevent capital flight, saying that the country urgently needs “to prevent national wealth from leaking overseas.”



And the Bank of Korea last month said it was considering issuing deposit tokens on a public blockchain to coexist with private stablecoins.

Stablecoins are a hot topic in the crypto industry: Regulators have been fighting over how to control the assets for years; President Trump backs one digital token; and lawmakers in Washington will vote on a stablecoin bill this week. 

A number of high-profile businesses and banks are also weighing—or have already—launched stablecoin products. 

Edited by James Rubin

Daily Debrief Newsletter

Start every day with the top news stories right now, plus original features, a podcast, videos and more.



Source link

0 comments
0 FacebookTwitterPinterestEmail
(CoinDesk)
NFT Gaming

Vitalik’s Plan Can Bring ETH to $3,000 and Crypto (XRP, BTC) ‘More Popular’ Than Stocks in Korea

by admin



Good Morning, Asia. Here’s what’s making news in the markets:

Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk’s Crypto Daybook Americas.

Macro Events and Vitalik’s Bold Plan to 10x Ethereum Layer 1 Could Propel ETH Past $3000: OKX’s Lennix Lai

ETH traders are eying $2600 as Asia begins its business day, but OKX’s Chief Commercial Officer Lennix Lai sees an easy path for the token to hit $3000 if Vitalik Buterin can get rid of Ethereum’s reliance on Layer-2s.

Layer 1 refers to the main blockchain infrastructure, such as Ethereum itself, while Layer 2 solutions are secondary systems built on top of Layer 1 to enhance scalability and speed up transactions.

“Vitalik’s pivot to scale Ethereum Layer 1 by 10x will be a game-changer, shifting focus away from heavy reliance on Layer 2 solutions like sharding,” Lai said in a note to CoinDesk, referring to recent comments Buterin made at ETHGlobal Prauge.

“On our platform, ETH perpetual futures made up 44.2% of trading volume over the past 7 days, showing us that sophisticated investors are closely tracking this evolution,” he continued.

Lai points to this week’s key macro events, like the ECB’s rate decision and U.S. jobs data, as factors that could significantly impact risk-on appetite, potentially pushing ETH past $3,000 short-term, though Ethereum’s long-term success hinges on Vitalik’s ambitious roadmap.

Elsewhere, CoinDesk Research’s technical analysis model bot highlights Ethereum’s resilience above critical support at $2,600, driven by institutional inflows nearing $1.2 billion and significant whale buying, positioning ETH for a possible altcoin rally.

Hashed CEO Simon Kim Says Korea Election Boosts Crypto, Stablecoins, and AI

Simon Kim, the CEO of Korea’s largest crypto fund Hashed, believes crypto has become a critical force in South Korean politics, and it’s going to be business as usual for the industry under the country’s new left-leaning President Lee Jae-myung.

“Officially, crypto is more popular than the stock market in Korea,” Kim said in a recent interview with CoinDesk.

He pointed to data showing 16.29 million daily active crypto traders compared to 14.24 million active equity traders, noting that political parties now see supporting crypto as essential to winning elections.

South Korea’s crypto policies also continue to be closely tied to U.S. regulatory developments, according to Kim.

“All the Korean politicians are following the U.S.,” he explained, noting how American institutions and regulators are guiding global standards. Kim added that Korea’s previously set crypto capital gains tax policy, scheduled to begin in early 2027, remains unchanged.

Kim expects Lee’s administration to develop stablecoin policy, as they currently account for about one-tenth of Korea’s crypto trading volume.

Issuing a stablecoin in Korea might be complicated because the Korean won is a tightly controlled onshore currency with strict capital restrictions, making it challenging to integrate into borderless crypto markets.

Kim said that in his conversations with some policymakers, they say there is “no kind of benefit to adopting stablecoin won in the Korean market,” given its advanced payments ecosystem.

But stablecoins are here to stay, as Kim says they already account for one-tenth of trading volume in the country, and there’s a growing recognition that they need to be safely integrated into the economy, where they can be taxed.

“Stablecoins are not just a payment network,” he said. “It’s building a unique digital platform enabling smart contracts and making an autonomous economy.”

Beyond crypto, Kim expects Lee’s administration to pursue substantial investment in artificial intelligence.

Yet Kim expressed skepticism about plans to create a sovereign generalized AI platform comparable to U.S. giants like OpenAI.

Instead, he argued Korea’s strength is in “physical AI”, building specialized solutions tailored to sectors where Korea excels, including semiconductors, electronics, and advanced manufacturing.

“I believe the new administration has some sense that we have unfair advantages in the physical AI ecosystem. That’s the point I’m very excited about,” he said.

News Roundup

Circle Prices IPO at $31 Per Share

Circle priced its IPO at $31 per share, surpassing the anticipated range of $24 to $26, raising approximately $1.1 billion and valuing the stablecoin issuer at around $6.9 billion, CoinDesk previously reported. The offering included about 34 million shares, significantly more than the initially planned 24 million, indicating strong market demand.

Trading under the ticker “CRCL,” Circle will debut Thursday on the New York Stock Exchange, marking a major milestone after a previous failed SPAC attempt in 2021. As issuer of the USDC stablecoin, Circle’s listing arrives amid renewed legislative interest in digital assets and potential regulatory clarity, potentially strengthening investor confidence amid recent crypto volatility.

Trump’s Crypto Connections Under Scrutiny as US Congress Debates Crypto Regulation Bill

U.S. House Republicans are advancing legislation to regulate crypto markets through the Digital Asset Market Clarity Act, CoinDesk previously reported, holding two hearings Wednesday in preparation for a potential committee markup next week.

Republicans argue the bill urgently addresses the crypto industry’s demand for clear regulatory frameworks to prevent innovations from moving offshore, highlighting the risk of the U.S. falling behind Europe and Asia in crypto oversight.

Democrats, however, criticize the legislation as rushed, complex, and lacking sufficient consumer protection, particularly citing unresolved conflict-of-interest concerns related to President Donald Trump’s personal cryptocurrency business activities. Democrats insist the bill needs stringent safeguards and transparency measures, as Representative Jim Himes emphasized, to secure bipartisan support, while Republicans largely dismiss these allegations as politically motivated distractions.

Market Movements:

  • BTC: Bitcoin saw notable volatility, swinging 1.67% amid significant institutional withdrawals, struggling to hold support above $105,000 as trade disputes heightened market uncertainty.
  • ETH: Ethereum surged 4%, rebounding from a strong support near $2,590 driven by institutional buying and whale accumulation, forming a potential base for an upward breakout.
  • Gold: Gold rallied over 0.80% to $3,382, recovering from a $3,343 low after weaker U.S. economic data and escalating US-China trade tensions boosted safe-haven demand
  • Nikkei 225: Japan’s Nikkei 225 dipped 0.39% at the open amid mixed Asia-Pacific trading, driven by concerns over a cooling U.S. job market
  • S&P 500: The S&P 500 closed modestly higher at 5,970.81 Wednesday, supported by tech shares despite concerns over weak hiring data and escalating trade tensions.

Elsewhere in Crypto:



Source link

0 comments
0 FacebookTwitterPinterestEmail
Decrypt logo
GameFi Guides

Odds for South Korea Crypo Reform Rise as Lee Jae-Myung Wins Presidency

by admin



In brief

  • Lee Jae-myung won South Korea’s snap election after former president’s impeachment over martial law.
  • He pledged to legalize Bitcoin ETFs and launch won-pegged stablecoin to curb capital flight.
  • The inauguration is set for July 17, with Lee promising for AI and semiconductor investments and shorter work week.

A country shaken by martial law just six months ago has elected a new leader with plans for crypto reform.

Lee Jae-myung, the leader of South Korea’s Democratic Party, was sworn in as President on Wednesday after securing a decisive victory in a June 3 snap election.

With 99% of votes counted, Lee won 49.42% to rival Kim Moon-soo’s 41.15%, amid a historic 79.4% voter turnout, the highest since 1997.

The snap election came as a result of former president Yoon Suk-yeol’s impeachment in December for declaring martial law in a failed power grab that paralyzed the nation’s legislature.

Lee, who narrowly lost to Yoon in 2022, had used that earlier campaign to experiment with NFTs bearing his image and pledges, in an effort to connect with younger voters.

In his latest run, he expanded on those ideas, pledging to legalize spot Bitcoin exchange-traded funds (ETFs) and launch a won-pegged stablecoin to prevent capital flight.

“We need to establish a won-backed stablecoin market to prevent national wealth from leaking overseas,” he said during a May policy forum.

“With Lee Jae-myung now elected, the likelihood of seeing a spot ETF approved has significantly increased,” Min Jung, an analyst at Presto Research, told Decrypt.



“It’s somewhat ironic that South Korea—one of the most crypto-active countries globally—still lags behind peers like the U.S. and Hong Kong on this front,” Jung said.

However, Jung warned that other initiatives, like launching a stablecoin, “will require more careful deliberation, particularly around regulatory frameworks, monetary policy coordination, and technical implementation.”

In Q1 2025, South Korean exchanges moved $40.6 billion in crypto abroad, nearly half in stablecoins like USDT and USDC, raising concerns over capital outflows that Lee’s proposed won-backed stablecoin aims to curb.

Lee’s full inauguration will take place on July 17, Constitution Day, in a symbolic “Appointment Ceremony” that his office says reflects his belief that “the people appoint the president.”

Apart from crypto, Lee has promised a “pragmatic and market-oriented” economic policy that includes investments in AI, semiconductors, and defense technology, as per a Yonhap News report.

He’s also advocating for a four-and-a-half-day workweek, expanded support for small businesses, tax deductions for families, and expanded elderly care services.

Former President Yoon, once hailed as a pro-crypto reformer, had promised to deregulate the industry in 2022 but achieved little during his tenure.

His administration faced pushback from the Financial Services Commission (FSC), and his term ended amid a political crisis and a freeze on key crypto bills.

Edited by Stacy Elliott.

Daily Debrief Newsletter

Start every day with the top news stories right now, plus original features, a podcast, videos and more.



Source link

0 comments
0 FacebookTwitterPinterestEmail
Meet the new South Korea president Lee Jae-myung, what is his stance on crypto?
GameFi Guides

Meet the new South Korea president Lee Jae-myung, what is his stance on crypto?

by admin



The new South Korea president Lee Jae-myung was recently elected after gaining nearly 50% of the votes. Here are a few of Lee’s campaign trail promises regarding crypto advancements in the region.

According to Reuters, Lee won the electoral race with more than 49% of the total votes, beating out his opponent right-wing opponent Kim Moon-soo’s 41.15%. On June 4, Lee attended his inauguration ceremony where he was officially sworn in as president.

This year’s South Korea presidential election has been a landmark race to win the favor of crypto traders and industry players in the country, considering a third of the population reportedly holds digital assets, according to Bloomberg. In fact, the Bank of South Korea recorded a total of $74.5 billion worth of assets are held by South Koreans.

As a result of this growing trend, both sides have opted for a more pro-crypto approach than ever before, promising to ease crypto regulations and expand access to digital assets. Lee himself has made promises to advance the crypto industry in South Korea, such as vowing to legalize spot crypto exchange-traded funds.

His proposal to legalize crypto ETFs was even backed by his opponent Moon-soo and the People Power Party, in a rare bipartisan alignment on cryptocurrency advancement. Both parties promised to legalize spot Bitcoin (BTC) ETFs this year.

In addition to crypto-backed spot ETFs, Lee would allow the nation’s pension fund to invest $884 billion into cryptocurrency.

If permitted, South Korean traders will be able to invest in exchange-traded funds linked to major cryptocurrencies such as Bitcoin and Ethereum (ETH).

South Korea president Lee Jae-Myung’s push for KRW stablecoins

South Korea president Lee’s party, the Democratic Party of South Korea, wants to accelerate stablecoins backed by Korean won. The move is reminiscent of the Trump administration’s own bid to advance regulations for the USD-backed stablecoins, with the STABLE Act and the GENIUS act.

Chairman of the Democratic Party’s Digital Asset Committee, Min Byeong-deok, believes South Korea must quickly establish its own line of stablecoins, before the U.S. completely controls the market. Min believes stablecoins have the potential to become “bigger than artificial intelligence or semi-conductors” in the near future.

“We need to take the lead in institutionalizing stablecoins before U.S. dollar-based stablecoins become firmly established. That is the only way we can secure a sure position in the global battle for stablecoin hegemony,” said Min in his statement.

As previously reported by crypto.news, Lee’s party is currently pushing for lawmakers to pass a a stablecoin bill, with a working draft titled “Basic Act on Digital Assets.



Source link

0 comments
0 FacebookTwitterPinterestEmail
crypto, South Korea
Crypto Trends

1st Institutional Crypto Sale In South Korea After Ban Lift

by admin


Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

South Korea saw its first institutional digital assets sale following the start of its ban lift on institutional crypto transactions. The positive development came two days before the snap presidential elections, scheduled for June 3, 2025.

First Institutional Crypto Sale In South Korea

On Sunday, South Korean non-profit organization World Vision made the first digital assets sale by an institution in the country. In a statement from Dunamu, Upbit’s parent company, the crypto exchange announced that it had supported the historical first sale of 0.55 Ether (ETH) by a corporation for 1.98 million won, equivalent to $1,437.

Starting June 1, 2025, non-profit organizations, including charities and universities, are permitted to sell crypto holdings through local exchanges as part of the Financial Services Commission (FSC) roadmap for corporate participation in the digital asset market.

In February, the FSC’s Virtual Asset Committee announced it would gradually lift its ban on institutional investment in digital assets by allowing the creation of real-name accounts for institutions, starting with non-profits in Q2 2025.

In South Korea, real-name accounts are required for crypto investments, with only the accounts that have completed this verification under the Specified Financial Transaction Information Act being allowed to invest in digital assets. Nonetheless, the FSC had guided banks not to issue these accounts to corporations, limiting institutional crypto trading despite the absence of legal barriers or official bans.

As Dunamu revealed, World Vision was able to connect its K Bank corporate account to its Upbit account and successfully sold the Ethereum received as donations three months ago through the exchange’s KRW market.

Dunamu and the non-profit conducted a digital assets donation campaign in March, targeting Upbit users to purchase school uniforms, backpacks, and other essential items needed for the new school year for vulnerable teenagers who struggle to afford them.

Upbit’s parent company revealed its plan to continue supporting non-profit organizations to sell their digital assets received as donations while “adhering to guidelines established by financial authorities and the industry to establish a healthy virtual asset donation culture.”

Additionally, it announced it is preparing for the second phase of FSC’s roadmap, where qualified publicly traded companies and professional investors will be allowed to access the digital asset market in Q3 2025.

A New Era For Digital Assets?

This key development for the South Korean crypto industry will be followed by the June 3 snap presidential election to replace impeached president Yoon Suk-yeol, who attempted to declare martial law in December 2024.

Despite the outcome, digital asset investors in the country are expected to benefit, as the two major candidates vowed to implement industry-friendly policies to capture the nearly 18 million people who invest in digital assets in South Korea.

As reported by Bitcoinist, the People Power Party (PPP) candidate, Kim Moon-soo, announced he will allow spot crypto Exchange-Traded Funds (ETFs) if he wins. Kim vowed to push for approval of digital asset-based investment products and other financial policies to increase the wealth accumulation of the middle class.

Kim’s camp cited the increasing number of digital asset investors in the younger generations as a decisive factor for incorporating spot ETFs and the institutionalization of digital assets into the pledges’ list.

Meanwhile, the Democratic Party of Korea (DPK) candidate, Lee Jae-myung, also pledged to introduce spot crypto ETFs and lower digital assets transaction taxes in the country.

Lee promised to “create a safe virtual asset investment environment by establishing an integrated surveillance system” and “expand the cryptocurrency market while simultaneously strengthening investor protection.”

Ethereum’s performance in the one-week chart. Source: ETHUSDT on TradingView

Featured Image from Unsplash.com, Chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



Source link

0 comments
0 FacebookTwitterPinterestEmail
Close