Joseph Young

Crypto exchanges are moving into Asian markets such as South Korea (Image: Shutterstock)

Binance, Coinbase and BitMEX all making moves in Asia

Although the global crypto market is in the throes of a slump, crypto exchanges including Binance and Coinbase are pressing ahead with plans to expand into the Asian market. Thanks to growing regulatory certainty, the past month has seen three exchanges either moving to or investing in South Korea, Japan, and India. Binance launches in South Korea April 6 will see the official launch of Binance Korea with fiat deposits, enabling local users to trade using BKRW, a stablecoin pegged to the Sout

South Korea has softened its stance on cryptocurrency in recent months (Image: Shutterstock)

New law could kill South Korea’s DeFi market

In a move that could have significant implications for South Korea’s decentralized finance (DeFi) industry, the country’s Financial Services Commission (FSC) has categorized cryptocurrencies as a “high-risk asset”. South Korea’s financial authorities are fine-tuning the intricacies of the Online Investment-Linked Finance Act, also called the “P2P law,” with a view to adopting it by the third quarter of 2020. If enforced, the law would mean that from August, locals will be unable to use crypto a

Blockchain holds parties accountable. Image: Shutterstock

Telecom giant KT launches blockchain platform for contracts

South Korea’s largest telecommunications conglomerate, KT, is launching a blockchain platform for contracts called KT Paperless. The platform enables users to create, distribute and store electronic contracts. Once contracts have been uploaded onto the KT Paperless blockchain, users can verify and track whether they've been altered or tainted. KT Paperless targets hospitals, academies and gyms KT Paperless is targeting institutions that have many contractual interactions with consumers, includin

Demand for cryptocurrencies in South Korea has declined over the past 24 months (Image: Shutterstock)

South Korea's biggest Bitcoin exchanges see massive loss of revenue

UPbit and Bithumb, South Korea’s two largest crypto exchanges by daily trade volume, saw their sales drop by 70% and 63% respectively since 2018. Year-over-year, the annual profits of Dunamu, UPbit’s parent company, dropped by 93% to $7.4 million, according to the Financial Supervisory Service (FSS)’s electronic notice system. This substantial decline in revenues of both companies is mainly attributed to the noticeable decrease in demand for cryptocurrencies in the local crypto market over the l

Blockchain deals are shifting from the US to China (Image: Shutterstock)

China is sucking up all the blockchain VC deals, says study

Deals in the crypto and blockchain sector have shifted from the US to China over the past year, according to a new report by CB Insights. The Blockchain Report 2020 revealed that in 2016, over half (51%) of VC-backed deals in the sector were for US-based companies, with only 2% going to those based in China. In 2019, the US’ share of deals fell to 31% and China’s rose to 22%. The increase in blockchain-related deals in Asia follows Chinese President Xi Jinping’s endorsement of blockchain techno

South Korea is working to legitimize its crypto industry in the wake of new legislation (Image: Shutterstock)

South Korea gets fully behind its growing Bitcoin industry

South Korea’s Financial Services Commission is fast-tracking the activation of new legislation that legitimizes the cryptocurrency sector, by working with local crypto firms. The Special Financial Information Law, which requires crypto businesses to register with local financial authorities and adhere to Financial Action Task Force (FATF) guidelines, will officially come into effect in March 2021. The bill legitimizes South Korea’s crypto sector by officially implementing strict policies on cry

The South Korean government hopes to drive growth in the blockchain sector with grants for startups (Image: Shutterstock)

Blockchain startups get $3.1 million boost in South Korea

South Korea’s Ministry of Science and ICT (Information and Communications Technology) is set to provide $3.1 million in grants to local blockchain startups, in order to boost the commercialization of blockchain technology. The Blockchain Technology Verification Support Project will see the Ministry of Science and ICT working alongside the National IT Industry Promotion Agency (NIPA) to select nine projects through free public offerings, awarding grants of up to $360,000. 11 blockchain grants aw

Chinese miners dominate Bitcoin's hash rate. Image: Shutterstock

Bitcoin hashrate unaffected by coronavirus crisis

China’s drastic measures in response to the coronavirus outbreak appear to have brought the epidemic under control—and the country’s Bitcoin mining industry seems to have shown no signs of slowing down during the crisis. Although half of Bitcoin’s hashrate comes from Chinese mining pools, it has consistently set new highs throughout the past two months, with no major drop off during the height of the coronavirus crisis in February. China’s coronavirus epidemic “under control” The coronavirus epi

South Korea and Bitcoin. Image: Millenius/Shutterstock.

South Korean crypto law could let UPbit serve new customers again

UPbit, South Korea’s largest crypto exchange by volume, may soon be able to serve new customers for the first time in two years after the approval of a key piece of cryptocurrency legislation. The recently-passed Special Financial Information Law legitimizes the local cryptocurrency exchange market by tightening anti-money laundering (AML) policies and requiring exchanges to be regulated by the Financial Services Commission (FSC). Why UPbit hasn’t been able to serve new crypto users Since late 2

India and Bitcoin. Image: Wit Olszewski/Shutterstock

Reopened Indian exchanges could lead to a crypto boom

Less than 6 hours after the Reserve Bank of India (RBI)’s ban on crypto trading was overturned by the Supreme Court, top cryptocurrency exchanges in India started to process bank deposits. Both CoinDCX and WazirX, a top cryptocurrency exchange in India acquired by Binance, have begun to facilitate bank deposits in Indian rupees (INR) for the first time in 19 months. Nischal Shetty, the CEO of WazirX, confirmed in a Medium post that INR deposits are back on the exchange after “a long wait,” and t

The National Assembly of South Korea in Seoul (Image: Sean Pavone/Shutterstock)

South Korea gives green light to crypto with new law

The National Assembly of South Korea’s legislation and judiciary committee has passed the “Special Financial Information Law”, a key piece of crypto legislation. The legislation, approved on March 5 following a delay caused by the coronavirus outbreak, significantly tightens quality control in the crypto industry, specifically around local crypto exchanges. It requires crypto exchanges to comply with the Financial Action Task Force’s (FATF) guidelines on anti-money laundering (AML) and terrori

The Supreme Court of India, New Delhi (Image: TK Kurikawa/Shutterstock)

Industry reacts to India's u-turn on crypto

India’s Supreme Court has overturned the Reserve Bank of India’s ban on cryptocurrency trading in a 180-page ruling. The Supreme Court’s decision once again allows crypto exchanges to operate in the country with stable banking services, enabling the general population to invest in the asset class. Executives from the crypto industry were unsurprisingly optimistic about the ruling, which opens up a major market for cryptocurrencies for the first time in nearly two years. Sumit Gupta, co-founder

CU convenience store in Busan, South Korea (Image: Koshiro K/Shutterstock)

South Korea’s biggest convenience store CU boosts crypto adoption

CU, South Korea’s largest convenience store chain, has added support for Paycoin (PCI), enabling customers to pay using the cryptocurrency in its stores. Users of crypto payment app PayProtocol Wallet can use the app to scan barcodes in store to convert the product price into Paycoin; payment fees for using the cryptocurrency are 1%, half that of a credit card. According to CU, which has more than 14,000 physical locations in South Korea, the PCI cryptocurrency reduces the burden of high credit

Korea FSC advisor reveals biggest obstacle to crypto growth

Lack of real-world usage is the single biggest problem preventing the growth of crypto, according to a key member of the blockchain advisory board for South Korea’s Financial Services Commission (FSC). Hong Ki-hoon, who teaches economics at Hongik University, said that the major roadblock in regulating the blockchain and crypto industries over the past two years has been the ambiguous nature of crypto assets. “When users ask ‘where do we use this crypto asset?’ there is no clear answer,” Hong s

Seoul, South Korea (Image: CJ Nattanai/Shutterstock)

Coronavirus stalls crucial South Korean crypto legislation

This week, South Korea raised its coronavirus alert to its highest level, with the outbreak in the country surpassing 2,000 confirmed cases in the past day. With South Korea's National Assembly focused on its response to the virus outbreak, it’s expected to delay passing key cryptocurrency legislation until March. Congress was originally scheduled to pass a regulatory framework that adopts cryptocurrency guidelines laid out by G7 watchdog the Financial Action Task Force (FATF). What are the FATF

Hong Kong is a focal point for blockchain innovation (Image: Unsplash)

Hong Kong's financial watchdog launches crypto exchange crackdown

Paul Chan Mo-po, the financial secretary of Hong Kong, has said that the government will strengthen anti-money laundering (AML) and terrorist financing prevention policies around crypto. According to the Hong Kong Economic Times, the Financial Action Task Force (FATF), a watchdog under the G7, evaluated Hong Kong’s current AML regulatory framework. It recommended that Hong Kong tighten policies concerning crypto and companies dealing with the asset class, to comply more closely with its standard

A top South Korean bank is now using blockchain every day

Nonghyup, the fifth largest commercial bank in South Korea, is now using blockchain technology to verify the identity of its employees. The bank has deployed Distributed ID, a blockchain-powered ID card system co-created by Nonghyup Bank and SK Telecom. Around 20 Nonghyup employees will use the Distributed ID system to check in and out of work, using a digital key cards on their smartphones to enter and exit the bank’s headquarters. Employees are now using digital key cards. Image: Shutterstock

Could blockchain voting eliminate voter fraud?

Seoul launches blockchain voting system March 1

Seoul’s government plans to launch its highly anticipated “blockchain petition system”on March 1. The system will allow residents of the capital city to propose suggestions to the government about potential changes to existing policies, or to surface new issues. Blockchain technology will mainly be used to verify the identity of every person on the network, to prevent duplicate votes. Seoul’s new initiative, called Democracy Seoul, is in line with the central government’s vision of establishing

A Bithumb investor's shares have been seized. Image: Shutterstock.

Bad news for Bithumb: Government slams Korean exchange with massive surprise tax

Arguably the worst year for South Korea’s crypto exchange market just got even worse. The National Tax Service just told Bithumb, South Korea’s second biggest cryptocurrency trading platform, to pay $67 million in additional taxes. The regulatory agency ordered Bithumb was to pay the extra tax to cover withdrawals it processed for foreign users, according to reports from local mainstream media outlets. “This is significant as Bithumb, like many other Korean exchanges, is suffering from loss rig

Tech giant Tencent is embracing blockchain.

Tencent to create a digital currency research team, eyes blockchain

Tencent—the $461 billion Chinese Internet giant—is creating a digital currency research team according to Chinese media. It follows the move of major conglomerates in Asia to bolster the use of blockchain technology. Tencent, which owns the mass-market communications and payment app, WeChat, among other holdings, did not respond to Decrypt's request for comment. The reports noted that the firm issued an internal statement notifying employees that it is in the process of finding the “head of the

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Stories by Joseph Young