Bank of Korea eyes wholesale CBDC, tokenized deposits with LG CNS
Bank of Korea is collaborating with LG CNS to develop a CBDC system for tokenized deposits, utilizing LG CNS's expertise, with a KRW 9.68 billion budget and plans for a 2024 trial.
Bank of Korea is collaborating with LG CNS to develop a CBDC system for tokenized deposits, utilizing LG CNS's expertise, with a KRW 9.68 billion budget and plans for a 2024 trial.
Regulators in South Korea are working to establish a framework for the Virtual Asset User Protection Act, aiming to safeguard investors and the local digital currency ecosystem.
The Bank of Korea is looking to develop a new monetary system that focuses on the use of a wholesale CBDC under its latest partnership with the BIS and several other local entities.
To heighten investor protection and increase market efficiency, South Korea plans a digital asset disclosure system that would operate on three major anchor points: listing, issuance, and circulation.
Wemade insists it will not back down after a South Korean court sided with DAXA in delisting WEMIX from exchanges in the country, saying it intends to file a complaint as this breaches the anti-competition law.
South Korea doubles down on efforts to track the origins of illegal virtual currency transactions as the U.S. warns of sanctions for those involved, with many fearing are banks from Seoul.
Financial Supervisory Service Governor Lee Bok-hyun argued that caution should be exercised in passing judgments on whether or not a digital asset can be categorized as a security.
South Korea sees a nearly 10% rise in illegal forex transactions tied with digital assets this 2022, forcing authorities to widen the crackdown on the market that led to the arrest of 16 individuals.
The Financial Supervisory Service has discovered KRW1.6 trillion ($1.2 billion) of forex transactions at five Woori Bank branches. Another KRW2.5 trillion ($1.9 billion) were carried out at 11 Shinhan Bank branches.
The unit is a joint financial and securities crime investigation team from the Financial Services Commission and the Financial Supervisory Service and was disbanded in 2020.
The country’s regulators have said they will use the Terra debacle to raise awareness among digital asset investors following the LUNA meltdown.
The Financial Supervisory Service will become more stringent with the digital assets sector as it booms in South Korea, including regulating NFTs and the metaverse.