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South Korea Fines Crypto Project Worldcoin 1.1 Billion Won for Privacy Violations

South Korea Fines Crypto Project Worldcoin 1.1 Billion Won for Privacy Violations

SEOUL, Sept. 27 (Korea Bizwire) – South Korea’s Personal Information Protection Commission (PIPC) has imposed a fine of 1.1 billion won on Worldcoin, a cryptocurrency project that collected iris scans from about 30,000 South Korean users without proper legal grounds and transferred the data overseas in violation of privacy laws.  The PIPC announced on September 26 [...]

U.S. SEC Commissioner Visits FSC to Discuss Virtual Asset Regulations

U.S. SEC Commissioner Visits FSC to Discuss Virtual Asset Regulations

SEOUL, Sept. 2 (Korea Bizwire) — The head of the U.S. Securities and Exchange Commission (SEC) met with the deputy chief of South Korea’s financial regulator Monday for talks on various issues, including regulations on virtual assets, officials said. SEC Commissioner Mark Uyeda and Kim So-young, vice chair of the Financial Services Commission (FSC), met [...]

Montenegro Court Rules S. Korean Crypto Mogul Kwon Should Be Extradited Home for Fraud Trial

Montenegro Court Rules S. Korean Crypto Mogul Kwon Should Be Extradited Home for Fraud Trial

ROME, Aug. 1 (Korea Bizwire) — A Montenegrin appeals court ruled Thursday that South Korean crypto entrepreneur Do Kwon should be extradited to his home country, a decision that allows for him to face trial back home over a massive crypto crash. The appeals court announced on its web page that it finalized the Podgorica [...]

E-Mart24 Bitcoin Lunchbox Sells Out Amid Crypto Frenzy in South Korea

E-Mart24 Bitcoin Lunchbox Sells Out Amid Crypto Frenzy in South Korea

SEOUL, May 20 (Korea Bizwire) – E-Mart24, a leading convenience store chain in South Korea, announced on May 19 that all 30,000 units of its highly anticipated Bitcoin Lunchboxes, launched as part of a promotion in collaboration with the cryptocurrency exchange Bithumb on May 8, had sold out amid overwhelming customer demand. Priced at 5,500 won, [...]

Market Cap of Virtual Assets in S. Korea Jumps 53 Pct in 2nd Half of Last Year

Market Cap of Virtual Assets in S. Korea Jumps 53 Pct in 2nd Half of Last Year

SEOUL, May 16 (Korea Bizwire) – The value of South Korea’s virtual asset market expanded over 50 percent from six months earlier in the second half of last year, on rising prices of cryptocurrencies, data showed Thursday. The market capitalization of the virtual asset market had come to 43.6 trillion won (US$31.8 billion) as of end-2023, [...]

Crypto Mogul Kwon Appeals against Montenegro Court’s Extradition Verdict

Crypto Mogul Kwon Appeals against Montenegro Court’s Extradition Verdict

ROME, Apr. 24 (Korea Bizwire) — Montenegrin lawyers of disgraced South Korean crypto entrepreneur Do Kwon are struggling to have him extradited to his home country, not the United States, according to local news reports. Kwon’s legal representatives in Montenegro appealed against the Podgorica High Court’s recent ruling that found the conditions for his extradition [...]

Regulator to Introduce New Rules to Protect Virtual Asset Users

Regulator to Introduce New Rules to Protect Virtual Asset Users

SEOUL, Mar. 27 (Korea Bizwire) — The financial regulator announced plans Wednesday to introduce new rules on the investigation and punishment of illegal transactions involving virtual assets. The new rules will be implemented in tandem with the new Virtual Asset Users Protection Act, set to be enacted July 19, according to the Financial Services Commission [...]

Appeal Filed against Montenegro Court Ruling for Crypto Mogul Kwon’s Extradition to S. Korea

Appeal Filed against Montenegro Court Ruling for Crypto Mogul Kwon’s Extradition to S. Korea

SEOUL/ROME, March 22 (Korea Bizwire) — Montenegro prosecutors have appealed a recent court ruling for the extradition of disgraced crypto mogul Do Kwon to his home country of South Korea to face trial on charges connected to the crash of cryptocurrencies. Kwon, the co-founder of the cryptocurrency firm Terraform Labs, is wanted both by South [...]

Montenegro Court Confirms Crypto Entrepreneur Kwon’s Extradition to S. Korea

Montenegro Court Confirms Crypto Entrepreneur Kwon’s Extradition to S. Korea

WASHINGTON/ROME, Mar. 20 (Korea Bizwire) — An appeals court in the Balkan country of Montenegro finalized a decision Wednesday to have Do Kwon, the co-founder of the cryptocurrency firm Terraform Labs, be extradited to his home country, South Korea. In a statement on its website, the court said that it had rejected an appeal by [...]

S. Korea, OECD Hold Conference on ‘Digital Finance’

S. Korea, OECD Hold Conference on ‘Digital Finance’

SEOUL, Mar. 18 (Korea Bizwire) — South Korea and the Organization for Economic Cooperation and Development (OECD) opened a joint conference in Seoul on Monday to discuss ways to help Southeast Asian countries develop and transform their financial systems. The conference will be held for two days and discuss potential problems arising from the digitalization [...]