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Executive Summary DAXA (Digital Assets eXchange Alliance), which is the joint consultative group consisting of the 5 major exchanges in Korea that operate KRW market (Upbit, Bithumb, Coinone, Korbit, and Gopax), decided to delist Wemix, the native token of gaming…
What other issues are there regarding NFT? Although an NFT stored on a blockchain is unlikely to be hacked or corrupted, that may not be the case for the associated artwork file. To elaborate, NFTs that represent digital art generally…
What does NFT stand for and what is it? NFT stands for a Non-fungible Token. At a basic level, an NFT is a digital asset that links ownership to unique physical or digital items, such as works of art, real…
[Executive Summary] The Office of the President ordered an inquiry into the FSC vice chairman’s presence at the Busan Blockchain Week 2022 event, asking the organizations to clarify their position on the establishment of a digital asset exchange in Busan.…
[Executive Summary] The Korea Communications Standards Commission (the “KCSC”) is holding off its decision to block access to overseas virtual assets exchanges that the FIU reported in August, for operating without a VASP license in Korea. According to an official…
[Executive Summary] The FIU has demanded PayCoin, the only payment token in Korea, to link real-name accounts with a commercial bank by the end of this year, a measure against potential misuse of the token for money-laundering. It is speculated…
[Executive Summary] It has been reported that the FIU under the FSC has begun its process of formulating a regulation standard for virtual exchanges and banks that link real-name accounts to the exchanges. The regulation standard is expected to narrow…
[Executive Summary] The Financial Supervisory Service (the “FSS”) has launched an investigation into securities and futures companies after discovering that large sums of foreign currency were transferred overseas to foreign investment firms. The funds were withdrawn from Korean virtual asset…
[Executive Summary] Cha & Kwon Law Offices has obtained the draft of a legislative proposal regarding the regulation of virtual assets before its official release. Tentatively titled “the Legislation for Restoring Fairness in the Digital Asset Market and Ensuring Reliable…
Earlier this month in November, the Financial Services Commission (FSC) announced legislation on the direction of a virtual asset regulatory system establishment. Digital Asset Market Trends from 2017 to 2021 The Korean government has consistently prohibited all types of ICOs as…