In a strategic move that underscores traditional finance’s deepening interest in digital assets, South Korea’s Mirae Asset Group is acquiring cryptocurrency exchange Korbit in a deal valued between $70 million and $100 million. The transaction, structured through the group’s non-financial subsidiary, Mirae Asset Consulting, aims to navigate strict local regulations while positioning the financial conglomerate within the country’s expanding crypto sector. This acquisition highlights the complex interplay between established financial institutions and the evolving digital asset landscape in one of Asia’s most active markets.
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0 in Finance and 0 in Crypto last weekSouth Korea Lifts Crypto Restrictions for Ventures
South Korea’s Ministry of SMEs and Startups announced the removal of crypto restrictions for venture companies effective September 16, reversing a 2018 policy that limited crypto involvement due to speculation concerns. The decision reflects increased confidence in crypto user protection and aims to stimulate innovation and investment. With over 16 million crypto users (32% of the population) and $70.3 billion in holdings, South Korea’s market is poised for growth, potentially reaching $1.3 billion by 2026. The regulatory easing is expected to attract new investors and impact global markets, with Bitcoin already above $114,000. Projects like Pepenode, which offers interactive mining gameplay and a presale nearing $1 million, are likely to benefit from this renewed optimism and institutional adoption.
about South Korea Lifts Crypto Restrictions for VenturesSouth Korea Seizes Crypto from Tax Delinquents
The South Korean government has taken decisive action against tax evasion by seizing cryptocurrencies from delinquent taxpayers. In Jeju City, tax officials identified 49 individuals holding over $166,269 in crypto across major exchanges like Bithumb and Upbit. This crackdown is part of a broader effort to recover 19.7 billion won ($14.2 million) from nearly 3,000 individuals under investigation. The 2021 law enabling such seizures marks a significant step in crypto regulation and tax enforcement in South Korea.
about South Korea Seizes Crypto from Tax DelinquentsBDACS Adds XRP Custody for South Korean Institutions
BDACS, a licensed crypto custodian in South Korea, has launched institutional custody services for XRP, reinforcing its partnership with Ripple. The integration enables secure, compliant access to XRP for institutions, backed by Ripple’s institutional-grade custody platform. BDACS also supports Ripple’s stablecoin, RLUSD, and aims to drive innovation on the XRP Ledger (XRPL) in tokenization and stablecoin use cases. The custodian’s ties with major Korean exchanges like Upbit enhance liquidity for institutional clients. The move follows South Korea’s regulatory roadmap for digital assets, with BDACS positioning itself as a key player in institutional adoption. Meanwhile, XRP’s price surge and controversial media coverage, including a misleading ‘meme coin’ label, have sparked market debates.
about BDACS Adds XRP Custody for South Korean InstitutionsWeChat Hackers Exploit Friends to Steal Crypto
A new wave of WeChat account hacks is targeting Chinese social media influencers, with attackers exploiting the platform’s friend verification system to gain access to victims’ crypto. Since April, hackers have been using login credentials to trigger verification requests from victims’ contacts, often those with minimal interaction, to bypass security. Blockchain security firm SlowMist’s co-founder Cos detailed the method, noting attackers exploit inattentive approvals. Meanwhile, South Korean exchange Korbit denies any hack despite a 12-hour maintenance period, raising concerns about exchange security.
about WeChat Hackers Exploit Friends to Steal CryptoApple Delists 14 Crypto Apps in South Korea Amid Crackdown
Apple has delisted 14 cryptocurrency apps in South Korea at the request of the Financial Intelligence Unit (FIU), targeting foreign virtual asset operators conducting unreported business. Among the banned apps are major exchanges KuCoin and MEXC, which were also removed from Google Play last month. This regulatory crackdown comes as crypto adoption surges in South Korea, with over 16 million accounts opened on the top five domestic exchanges. Meanwhile, banks are increasingly partnering with crypto firms as regulations ease, and a 2025 pilot program will allow corporate crypto transactions for the first time since 2017.
about Apple Delists 14 Crypto Apps in South Korea Amid CrackdownSouth Korean Exchanges Compensate Users After Service Outages During Martial Law
South Korean cryptocurrency exchanges Upbit and Bithumb will compensate users after service outages caused by a sudden declaration of martial law on December 3, 2024. Upbit will pay 3.14 billion won ($2.1 million) for 596 cases, while Bithumb will compensate 377.5 million won ($262,000) for 124 cases. Financial authorities are now inspecting exchanges to ensure compliance with new operational measures to prevent future disruptions.
about South Korean Exchanges Compensate Users After Service Outages During Martial LawBlockDAG Emerges as Top Crypto Investment Opportunity with Cashback Rewards
BlockDAG has raised $175 million and sold over 17.6 billion BDAG coins, positioning itself as a top crypto investment for traders seeking high returns. Its Refer & Earn program offers 6%-10% daily cashback in USDT, enhancing community engagement and rewards. Meanwhile, XRP trading volume has surged past $1 billion, and speculation around Dogecoin reaching $1 continues as it gains 300% since January 2024.
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