South Korean Prosecutors to Review Terra Tokens in New Probe

In recent times, news of the Terra ecosystem’s resounding crash seems to have faded out of the limelight. However, South Korean prosecutors are set to reopen the case as they look into whether Terra’s native assets are securities.  South Korea Prosecutors Review Terra Assets On Tuesday, local publication Korean Herald shared a release highlighting the plans of Seoul’s Southern District Prosecutors Office. The report noted that the Office’s Financial and Securities Crime Joint Investigation Team has been in touch with…

South Korea May Unveil More Metaverse-Focused Policies by 2023

South Korean lawmakers may be gearing up to roll out new policies that encourage the growth of the nation’s metaverse sector. According to a local report, Heo Eun-ah, a member of the country’s National Assembly recently submitted a proposal for the “Metaverse Industry Promotion Law.”  New Metaverse Policy Review Committee Since the turn of the year, the East-Asian nation has continually invested in the development of the metaverse within Korea. Per the release, the proposal aims to create a good…

Korbit – A Popular Crypto Exchange in the Large South Korean Market

In South Korea, the crypto market is growing rapidly, and one of the leading exchanges is Korbit. Korbit has been operating since 2013 and offers a wide range of coins to trade.  The company has its headquarters in Seoul and has millions of users. Today’s review will look more closely into this popular South Korean platform for all our readers. What Is Korbit? Korbit is a website where you can trade different types of cryptocurrency. You can buy and sell…

South Korea Bars Terraform Labs’ Staff from Leaving the Country

South Korean prosecutors have prohibited current and former Terraform Labs employees from leaving the country. Bloomberg reported earlier today, citing an official with the prosecutor’s office in Seoul. The travel restrictions seek to ensure the employees are readily available for questioning. The official, however, failed to disclose the number of Terraform employees that have received travel restrictions. Additionally, the source did not share details about the status of the investigation, which started last month. The probe seeks to determine whether…

South Korean Crypto Leader Arrested for Selling Military Secrets to North Korea

The CEO of a South Korean crypto exchange has been indicted on charges of leaking classified information to North Korea.  Earlier this month, authorities arrested the executive along with an army major, who authorities pinned weeks later, in the espionage operation.  North and South Korea have been embroiled in harsh relations since fighting a war in the early 1950s. Apart from recent frictions between other states and North Korea, the historical animosity between these two countries further exacerbates the alleged…

Pro-Crypto Candidate Narrowly Wins South Korean Election

Crypto investors in South Korea are breathing a sigh of relief, as a pro-crypto candidate won the crucial Presidential election. Election results show that the Conservative Party candidate Yoon Suk-yeol will become South Korea’s next President. In one of the closest elections in South Korean history, Yoon beat his opponent by less than one percentage point. As a former top prosecutor, Yoon promised to deregulate the crypto industry. His pro-crypto stance might have helped him win the election. Deregulating crypto was…

South Korean Metaverses Face Sexual Harassment Allegations

Instances of sexual harassment in South Korea’s nascent metaverses are raising concerns. Additionally, authorities in the country are struggling to punish offenders in a space that is still largely unregulated. Cases of Abuse The concept of the metaverse is a popular premise that has gained impressive traction in South Korea. Young Koreans continue to embrace AR and VR-based games. This explains why metaverse worlds have likewise met huge adoption in the country.   While South Korea’s quick acceptance of the burgeoning…

South Korean Exchanges To Ban Transfers To Unverified Wallets

Anonymous crypto transfers might become history in South Korea. Major South Korean exchanges will ban transfers to non-verified wallets, following a decision by Coinone. The businesses are adapting to new regulations set by the government. Exchanges including Upbit, Bithumb, and Korbit, will follow a similar decision by a Korean crypto exchange, Coinone.  On Wednesday, Coinone announced it would no longer allow deposits and transfers from unverified private wallets. The decision came as a result of new stricter regulations in Korea. The…

South Korea To Delay 20% Crypto Tax By 2023 Amid Pressure From Young Voters

Calls for a crypto tax have drawn severe backlash in the country where crypto trading is ubiquitous. Now, the governing party is set to delay the crypto tax, according to The Korea Times. Due to diminishing support from young voters ahead of the upcoming elections in May, the government will ask regulators to delay the implementation by one year. So instead of on January 1, 2022, the tax will take effect in 2023. Indeed, there were signs that this decision…

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