KT Corp, South Korea's top telecommunications company, established the platform to handle the lifecycle of the documents from its creation, storage, distribution, and application.
Legislation introduced in the country imposed a deadline on September 24 for the registration of any digital currency exchange that wishes to continue to do business in the country.
Bithumb exchange will reportedly ban foreign users who fail to verify their identity through a mobile phone as South Korea’s AML laws bite harder.
The Ontario Securities Commission continues to tighten its grip on digital currency operators, recently barring digital currency platforms from offering Tether (USDT) trading services.
The new bureau will fall under the anti-money laundering agency and will monitor the industry for any suspicious transactions and enhance investor protection.
Upbit submitted the business report that exchanges are required to file with South Korea’s FIU, upon completing real-name verification and partnering with a bank.
LINE’s Bitfront exchange is reportedly shutting down its Korean language service as of September 14, as well as halting all payment support for Korean credit cards by the same date.
The pilot, which began at the end of July, aims to build a platform for supporting a central bank digital currency in Korea, and is being co-managed by Kakao subsidiary Ground X.
The Financial Services Commission reportedly plans on denying 11 local exchanges approval to serve the South Korean market as it seeks to implement stricter regulations for the digital currency industry.
The pilot is to take part over two stages, with the initial basic testing phase set to conclude by December 2021, while the second phase is set to take place over the period to June 2022.
To help share the burden of taking care of its aging population, the South Korean government has been hiking taxes for the wealthy and cracking down on money laundering.