South Korea | Crypto

XRP briefly outpaced Bitcoin on South Korean exchanges with a 273% volume surge. Here's the price analysis, key levels, and what it means for traders. The post XRP Price Prediction: Ripple Edges Bitcoin In South Korea appeared first on Cryptonews.

Following a deal with Shinhan Financial, the global payments giant is widening its footprint in Asia’s major crypto hub through South Korea's largest exchange.

The Korea Media and Communications Commission said Polymarket’s structure and operations amount to illegal gambling despite its noncustodial design and smart contracts. South Korean authorities have ordered access to Polymarket to be blocked after determining that the crypto prediction market provides an illegal gambling environment to users in the country. The country’s media and communications review commission said Tuesday that Polymarket falls under information that facilitates gambling or the opening of a gambling venue under the Criminal Act, as well as prohibited analogous betting activity under the National Sports Promotion Act. The regulator said Polymarket’s winner-takes-all structure, where users can gain or lose money based on outcomes including politics, sports and weather, encourages speculative gambling behavior. It also cited Polymarket’s role in operating markets, setting trading rules, providing crypto deposit, withdrawal and settlement systems and collecting transaction fees. Read more

Ripple is bringing its cross-border payments platform to Jeonbuk Bank, but key details including its launch status and settlement asset remain undisclosed. South Korea’s Jeonbuk Bank has partnered with blockchain payments company Ripple to deploy its cross-border payment system for business customers. On Tuesday, Ripple said its Ripple Payments platform would let the bank’s customers settle overseas transfers in seconds to minutes, with operations around the clock. The service targets businesses including import-export companies, technology startups and online content creators.  Ripple said its system would provide the bank with faster, less expensive remittance capabilities than conventional transfers routed through intermediary banks via the SWIFT messaging network, which can take several days.  Read more

More than a year after being indicted on fraud charges related to his activities at crypto company Delio, Jeong Sang-ho faces prison time in South Korea. A judge in South Korea reportedly sentenced Delio CEO Jeong Sang-ho to 15 years in prison after he was found guilty of defrauding users out of about $50 million in crypto.  According to a Thursday report from South Korean news outlet Newsis, the 11th Criminal Division of the Seoul Southern District Court sentenced Jeong after his conviction on charges related to embezzlement and the use of a false trading license, but the CEO received no detention for defrauding users of $175 million. “While operating Delio, [Jeong] falsely obtained a virtual asset trading license and defrauded victims of approximately 70 billion won [$49.3 million] in virtual assets,” said the court, adding:  Read more

South Korea will remove its 1 million won Travel Rule threshold and apply information-sharing requirements to all transfers between registered crypto service providers. South Korea will expand its crypto Travel Rule to all transfers between registered virtual asset service providers (VASPs), removing the current 1 million won (about $700) threshold. The country’s Cabinet approved amendments to the Enforcement Decree of the Act on Reporting and Using Specified Financial Transaction Information on Tuesday. Under the changes, the Travel Rule will apply to all transfers between registered crypto service providers regardless of value. Receiving platforms will also be required to obtain sender and recipient information and may request missing information or reject transactions when required data is unavailable. Read more

Civil creditors could compel custodians to freeze, disclose, transfer, swap and sell debtors’ assets if the rules advance. The post South Korea puts crypto exchanges on a seven-day clock under new seizure rules appeared first on CryptoSlate.

Policy report recommends interim licensing guidance, greater flexibility for stablecoin issuers and rules ahead of the Digital Asset Basic Act. South Korea should allow greater flexibility for stablecoin issuers, provide interim licensing guidance and phase in stablecoin regulation before completing its Digital Asset Basic Act, according to a policy report published Wednesday by Hashed Open Research and the Solana Policy Institute. The report summarizes a June 23 symposium attended by lawmakers, legal experts and industry participants. The Digital Asset Basic Act would establish South Korea’s first comprehensive digital asset framework, covering stablecoins, issuance, disclosures and market rules. However, lawmakers have yet to reconcile multiple bills, with disagreements over stablecoin issuance delaying the legislation. Read more

The FSC reportedly plans a government-backed digital asset bill covering stablecoins and exchanges, while opposition lawmakers seek to scrap a 22% crypto tax due in 2027. South Korea’s Financial Services Commission (FSC) reportedly plans to draft a consolidated Digital Asset Basic Act with the ruling Democratic Party, giving lawmakers a government-backed proposal covering stablecoins and the broader cryptocurrency market after months of delays. According to an Edaily report published Wednesday, the FSC told the National Assembly ahead of a policy briefing that it intends to introduce a consolidated bill. The proposal would reportedly cover stablecoin issuance and circulation, digital asset business rules, exchange entry requirements, disclosures, internal controls and system-resilience standards. A consolidated government-ruling party proposal could provide a central framework for negotiations. At the moment, 10 separate digital asset and stablecoin bills are already pending in Parliament, while disagreements...

Bitcoin dropped to $63,582 on July 28 as $100M in leveraged positions were wiped in 60 minutes — the third flush at $64K this week. Here's the technical picture and what's next. The post South Korea’s Stock Market Triggered 8th Circuit Breaker of 2026: Bitcoin Liquidated 3 Times Near $64,000 appeared first on Cryptonews.

South Korea’s largest lender will use JPMorgan’s blockchain platform to support US dollar cross-border payments for import and export businesses across 10 countries. South Korea’s KB Kookmin Bank will launch a blockchain-based cross-border payment service for import and export businesses in August using JPMorgan’s Kinexys network, according to multiple local media reports. Kinexys, formerly known as Onyx, is JPMorgan’s blockchain platform for institutional payments, tokenization and digital assets. The service will initially support US dollar transfers across 10 countries, including the US, Singapore, Saudi Arabia and the United Arab Emirates. Read more

Mirae Asset reportedly plans to use the South Korean crypto exchange as a hub for tokenized assets, stablecoins and digital finance. South Korean crypto exchange Korbit will reportedly rebrand as Digital X after becoming part of Mirae Asset Group.  Mirae Asset founder and global strategy officer Park Hyeon-joo announced the new name in an internal email to employees on Thursday, according to a Herald Business report. Park reportedly described Digital X as central to the group’s “Mirae Asset 3.0” strategy, which aims to combine digital assets with traditional finance.  The company plans to expand into real-world asset (RWA) tokenization, security token offerings, stablecoins and traditional asset products. Park said the exchange would prioritize anti-money laundering controls, customer verification, information security and fraud detection as South Korea develops its crypto and tokenized securities rules. Read more

Korbit, South Korea's first cryptocurrency exchange, has joined the Mirae Asset Group family, marking the first time a traditional Korean financial group's affiliate has taken a controlling stake in a domestic crypto exchange.

Trading activity on South Korea’s five major crypto exchanges fell sharply as the KOSPI surged, signaling a shift in retail investors toward equities. South Korea’s major crypto exchanges have seen their trading activity fall sharply over the past year as the country’s stock market surged, suggesting retail speculative interest may be shifting toward equities, Cointelegraph analysis shows. The Korea Composite Stock Price Index (KOSPI) benchmark more than doubled over the period, while volumes across the country’s largest won-based crypto platforms contracted. Cointelegraph reviewed CoinGecko’s historical 24-hour volume readings for Upbit, Bithumb, Coinone, Korbit and Gopax, comparing seven-day periods in July 2025 and July 2026. Read more

The Bank of Korea’s CBDC pilot will add two regional banks, new payment features and tests of government subsidy payments using tokenized bank deposits The Bank of Korea may launch the second phase of Project Hangang, its wholesale central bank digital currency (CBDC) pilot, as early as September, according to Yonhap News. The next stage expands participation to nine banks from seven, introduces new payment features and tests government subsidy disbursements through tokenized bank deposits. Regional lenders Kyongnam Bank and iM Bank will join the existing group of participants. Project Hangang uses a blockchain-based wholesale CBDC issued by the central bank as the settlement asset for deposit tokens issued by commercial banks. Consumers can then use the bank-issued tokens for everyday payments. Read more

Financial Services Commission Chair Lee Eog-won posted the figures on the second anniversary of the enactment of the Virtual Asset User Protection Act. South Korea’s financial authorities investigated more than 40 cases of unfair trading, including market manipulation and fraudulent crypto trading, in the last two years.  According to an X post by Financial Services Commission Chair Lee Eog-won, 30 cases were reported to or referred to investigative agencies, which identified 25 suspects since the Virtual Asset User Protection Act took effect in July 2024. Lee said the average unlawful gains were around 1.4 billion Korean won ($940,000). Read more

South Korea’s Economy Ministry plans to include digital assets and intellectual property under the country’s new state-asset management framework. South Korea plans to adopt the National Asset Basic Act to update the country’s state asset management system from the outdated State Property Act of 1950. The Ministry of Economy and Finance (MOEF) hopes to modernize the management of national assets and explicitly includes digital assets and intellectual property, broadening the definition of state assets, the MOEF announced during a briefing at the President’s Blue House on Wednesday. As part of the reform, the ministry also reiterated plans to tokenize government bonds on a blockchain to reduce transaction, as part of a 2027 pilot project. It also plans to explore the tokenization of state-owned real estate to encourage retail participation and share part of the generated returns with the public. Read more

The July 14 snapshot stayed 27% below the 30-point average despite two successive increases. The post South Korea’s 8% stock crash set up a crypto rotation but Upbit volume rose just 4% appeared first on CryptoSlate.

South Korea will test tokenized government bonds linked to the Bank of Korea’s wholesale CBDC system in 2027 as token securities rules take effect. South Korea plans to conduct a 2027 pilot linking tokenized government bonds to its institutional central bank digital currency (CBDC) infrastructure, moving sovereign debt tokenization from a proposal to an official government timeline.  On Tuesday, the government unveiled its 2026 Economic Growth Strategy for the Second Half, which includes the plan. In addition to assigning a date for the pilot, the strategy said authorities would study how to make the Bank of Korea's (BOK) CBDC infrastructure interoperable with other blockchains, enabling a potential connection between external distributed ledgers and the bank’s permissioned system.  The project would test whether South Korea’s wholesale CBDC, designed for use by financial institutions, can support capital markets infrastructure, rather than serving only as a digital payment instrument. Read more

South Korea’s media and communications review body will hear from Polymarket before deciding whether to issue a corrective request against the prediction market platform. South Korea’s media and communications review body said it will hear from Polymarket before deciding whether to take corrective action against the prediction market platform.  On Monday, the Broadcasting, Media and Communications Review Committee said it would allow Polymarket to submit its position before making a final decision on a corrective request regarding gambling concerns.  “We decided to provide an opportunity for Polymarket to submit its opinion to thoroughly verify the legality of Polymarket and the way the service is operated,” the committee said, according to a machine translation of the press release. Read more