South Korea’s Kimchi coins surge 140% as won stablecoin hype fuels retail frenzy

A cluster of little-known South Korean altcoins, widely known as “Kimchi Coins”, has seen a dramatic resurgence in trading activity and price gains amid speculation surrounding a government-backed stablecoin linked to the Korean won.

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South Korean MP Introduces Stablecoin Licensing In New Crypto Bill

A South Korean lawmaker has introduced a new stablecoin bill, which aims to improve the crypto landscape in the region. The post South Korean MP Introduces Stablecoin Licensing In New Crypto Bill appeared first on Coinspeaker.

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South Korea’s Democratic Party advances Digital Asset Basic Act to regulate crypto

South Korea’s Democratic Party has formally proposed the Digital Asset Basic Act, introducing a stablecoin licensing regime and expanded oversight under President Lee Jae-myung’s administration. During a June 10 press conference, lawmaker Min Byeong-deok announced the bill’s submission, calling it…

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South Korean Democrats want to accelerate KRW stablecoin rollout

The largest South Korean political party wants the Korean to fast-track KRW stablecoins, taking a page from the Trump Administration’s recent moves to establish a stablecoin bill. According to a report from local media Edaily, lawmakers from the South Korean…

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South Korea eyes Won-backed stablecoin to curb capital flight - Details

South Korean candidates are pushing to legalize spot crypto ETFs Proposed Digital Asset Basic Act aims to create a clear legal framework for crypto As South Korea gears up for its 2025 presiThe post South Korea eyes Won-backed stablecoin to curb capital flight - Details appeared first on AMBCrypto.

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Bank of Korea urges authority over won-based stablecoin issuance: report

South Korea’s central bank said it should have legal authority over the approval of won-based stablecoins, warning they could disrupt monetary policy if treated like legal tender. The Bank of Korea, South Korea‘s central bank, said monetary authorities must be…

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Tether acquires 70% stake in South America’s Adecoagro in major real-world asset move

Tether (USDT) has acquired a 70% stake in South American renewable energy and sustainable agriculture firm Adecoagro. The stablecoin giant confirmed the acquisition today, 30 April, representing a massive leap in its long-term strategy to diversify into real-world infrastructure, covering agriculture, communications, energy, and data.

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Hashed pushes for regulatory framework to support KRW stablecoin growth

Stablecoins should be treated as both payment tools and investment assets, requiring a comprehensive regulatory framework, a new research suggests. A stablecoin tied to the Korean won could give South Korea a stronger footing in the global stablecoin race, according…

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Korea’s Supreme Court rules failed TerraUSD and LUNA not financial investment products: report

South Korea’s Supreme Court has sided with lower courts in deciding that TerraUSD and LUNA do not meet the criteria for financial investment products. Korea‘s Supreme Court has ruled that the collapsed stablecoin TerraUSD (USTC) and its sister token Terra…

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South Korea arrests six Chinese suspects over alleged $690k Tether heist: report

Six Chinese nationals were arrested in Jeju, South Korea, for allegedly assaulting a dealer and stealing $689,000 during a stablecoin exchange. Authorities in Jeju Island, South Korea‘s largest island, have arrested six Chinese nationals for allegedly stealing 1 billion won…

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Here’s why stablecoin withdraws to self-custody wallet may ban in Brazil

Banco Central do Brazil (BCB), the largest central bank in South America, has proposed legislation to ban stablecoin withdrawals to self-custody wallets. According to the Federal Government of Brazil’s document on Dec.

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South Korea’s largest wireless carrier SK Telecom adds support for USDT stablecoin on Aptos

Aptos Foundation has teamed up with SK Telecom to bring Tether’s USDT stablecoin to T wallet. Aptos Foundation is set to integrate Tether’s (USDT) stablecoin into SK Telecom’s web3 product called “T wallet” in a bid to expand access to…

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South Korea’s Cryptocurrency Market Sees Rapid Growth With Surge In Trading And Stablecoin Use

In the first half of 2024, the number of cryptocurrency investors in South Korea soared to 7.78 million, marking a 21% increase from the latter half of 2023, according to an official report. The average daily trading volume also saw a dramatic rise, jumping from $2.61 billion to an impressive […]

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Bolivia’s Crypto Journey Gets A Lift As Country’s 4th Largest Bank Launches USDT Custody

A South American nation is traversing the path toward becoming a champion in cryptocurrency in the region. Related Reading: Memecoins Thrived Under SEC’s ‘Oppressive Regime,’ Crypto Analyst Says Bolivians now have the opportunity to invest in digital currency as one of the country’s leading financial institutions introduced a custody service dedicated to Tether’s stablecoin, USDT. […]

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South Korea to impose forex regulations on stablecoin transactions

South Korea’s government has outlined plans to impose foreign exchange regulations on cross-border stablecoin transactions, addressing the rising use of these digital currencies in international trade, local media reported on Oct.

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Hyperinflation Warning: US Bizman, Author Tells Businesses To Stack Bitcoin

Robert Kiyosaki, the author of the bestselling personal finance book “Rich Dad, Poor Dad,” has fired another financial warning shot, this time targeting the US dollar and a potential challenger – a gold-backed stablecoin from the BRICS nations (Brazil, Russia, India, China, and South Africa).

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BRICS considering a stablecoin launch for international trade settlement

BRICS member nations plan to launch a stablecoin as an alternative to the US dollar for settling cross-border transactions. BRICS pushes de-dollarization with stablecoins The bloc, which includes Brazil, Russia, China, India, South Africa, UAE, Iran, Ethiopia, and Egypt, has debated using virtual assets for global settlement for a while.

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Terraform Labs In The Hot Seat: Trial Begins As Do Kwon’s Final Extradition Decision Looms

Terraform Labs is set to face a high-stakes trial on Monday, grappling with civil fraud allegations linked to the collapse of its TerraUSD stablecoin in 2022. Meanwhile, Terra co-founder Do Kwon remains in Montenegro awaiting the decision on whether he will be extradited to the United States or South Korea to face criminal charges.  Terraform […]

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Do Kwon set for extradition to South Korea after Montenegro court rejects appeal

The Montenegro Appellate Court rejected Do Kwon’s appeal on impending extradition to South Korea. Kwon was arrested last year following the collapse of Terra Luna and its stablecoin UST in 2022.

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South Africa to Start Work on Stablecoin Regime, Will Start by Considering Use Cases

The Intergovernmental Fintech Working Group is also considering the impact of tokenization on domestic markets.

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Shinhan Bank, SCB TechX pilot cross-border stablecoin payments on the Hedera

Shinhan Bank and Siam Commercial Bank’s SCB TechX recorded real-time, low-cost remittances. The pilot on the Hedera network involved cross-border stablecoin payments using South Korean won (KRW), the Thai Baht (THB), and the New Taiwan dollar (NTD).

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South Korea’s Oldest Bank Completes Stablecoin Trial On Hedera Network

Shinhan Bank, one of the oldest banks in South Korea, has announced the successful completion of a stablecoin remittance test on Hedera’s open-source public network. This trial was carried out in collaboration with Siam Commercial Bank’s technology innovation business unit (SCB TechX), Taiwan’s largest financial institution, and other financial companies.

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South Korean Shinhan Bank completes stablecoin remittance pilot with Asian partners

The bank used the Hedera network to settle payments in South Korean, Thai and Taiwanese currencies in real-time in its second stablecoin pilot project.

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Hedera (HBAR) tapped by Shinhan Bank for stablecoin remittance solution  

Hedera Network (HBAR) has been adopted by Shinhan Bank and Siam Commercial Bank for a distributed ledger technology-powered stablecoin remittance solution. Hedera, Shinhan Bank, and SCB join forces  South Korea’s Shinhan Bank and Siam Commercial Bank’s tech innovation business arm…

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South Korea prepares further crypto legislation focused on asset issuance, stablecoin regulation

South Korea’s financial authorities are preparing for the second phase of virtual asset legislation to regulate various aspects of the country’s crypto market, local media ChosunBiz reported on June 5.

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South Korea sets trial date for Terraform Labs co-founder over Terra Luna collapse

Terraform Labs co-founder Shin Hyun-seung and seven other associates are set to face trial on May 26 over fraud charges related to the collapse of the Terra-Luna stablecoin and crypto project in May 2022. 

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Fallen Crypto Star Do Kwon May Be In Serbia After Fleeing Singapore: Report

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South Korea’s Central Bank Wants to Oversee Stablecoins

The country joins other jurisdictions in proposing standards for stablecoin issuance.

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Cardano heads further south amid stablecoin launch. What holds for the token next?

The first stablecoin on Cardano (ADA/USD) has been launched. The USD-based stablecoin, iUSD, was launched by the decentralised synthetic asset issuance protocol, Indigo. The launch of iUSD comes two months after Cardano’s hard fork that allowed the building of dApps on the blockchain.

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CloudWalk Is First Crypto Firm in Brazil to Become a Licensed Payments Institution

The company, which already has a stablecoin tied to the Brazilian real, was licensed by the central bank of the South American country.

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First Mover Americas: Bitcoin Turns South Toward $20K, Huobi Cuts Ties With the HUSD Stablecoin

The latest price moves in bitcoin (BTC) and crypto markets in context for Oct. 28, 2022. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.

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A stablecoin that is not stable is an “oxymoron,” says Wemade’s Henry Chang

Henry Chang believes that stablecoins must have a 100% reserve to ensure that user funds are protected. Henry Chang, chief executive officer of South Korea-based blockchain game developer Wemade Co.

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Old Mutual Wealth to Handle Cash Reserves of Rand-Backed Stablecoin ZARP

Financial Services Giant Old Mutual Wealth is appointed to control the reserved notes that back ZARP, the crypto stablecoin pinned to the worth of the South African Rand. The post Old Mutual Wealth to Handle Cash Reserves of Rand-Backed Stablecoin ZARP appeared first on BeInCrypto.

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Old Mutual Wealth appointed to manage cash reserves of rand-backed stablecoin ZARP

ZARP appointed South African financial services group Old Mutual Wealth to manage the cash reserves of its stablecoin, which is pegged to the price of the South African rand(ZAR), in hopes of enhancing trust.

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Is South Korea getting ready to arrest Do Kwon- Decoding details

Due to the South Korean government's request for his arrest, Do Kwon, the founder of Terraform Labs, is in grave danger. The cryptocurrency market lost $40 billion as a result of Terra's stablecoin USThe post Is South Korea getting ready to arrest Do Kwon- Decoding details appeared first on AMBCrypto.

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South Korea Must Reverse Ineffective Ban on Crypto ICOs, Central Bank Says

The Bank of Korea says domestic companies like stablecoin issuer Terra were able to circumvent the ban and sell digital tokens to locals by setting up corporations overseas.

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South African-based Xago launches XEU stablecoin for EUR, joining XUS, XGB, USDC, XZR and XRP

Xago, a South Africa-based blockchain payment platform, announced today support for EUR with the launch of its latest stablecoin – XEU – backed 100% with fiat. XEU enables purchases, transfers, and payouts in euros, securely, compliantly, and within minutes.

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Top Decentralized Stablecoin Alternatives to USTC (Formerly UST)

The recent cataclysmic crash of the Terra Classic (LUNC; formerly LUNA) left several people bankrupt. South Korean officials reported 8 confirmed suicides due to this blow. Stablecoins emerged as a way for cryptocurrency investors to park their funds to escape from volatility.

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Wallet That Helped Trigger UST Implosion Linked by Analysis Firm to Terra Developer

The popular decentralized stablecoin lost its dollar peg and fell to pennies in May. A South Korean blockchain analysis firm suggests the death spiral was sparked by transactions from a wallet linked to the lead Terra developer – though any motivation or rationale remains a mystery.

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South Korea Investigates Terra Labs for Alleged Bitcoin Embezzlement Following UST Collapse: Report

South Korean authorities are investigating Terraform Labs following the implosion of algorithmic stablecoin UST last month.

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Terraform Labs Probed for Alleged Bitcoin Embezzlement Following UST Collapse: Report

South Korean authorities are investigating Terraform Labs following the implosion of algorithmic stablecoin UST last month.

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Law Decoded, May 30–June 6: Terra’s aftermath in China, Japan and South Korea

Last week brought some notable reactions to the stablecoin’s depegging in the East Asia region.

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Terra (LUNA) Staff Under Scrutiny, South Korea Launches Full Scale Investigation

Per a report from a local news media, South Korean authorities have launched a full investigation against the developers of Terra (LUNA). Once one of the most popular cryptocurrencies in this sector, LUNA and its native stablecoin UST lost over 90% of their value and left investors with massive losses.

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Korea Turns Against Luna Head as Police Request LFG Fund Freeze 

South Korea is starting to turn the screws on Terraform Labs and Luna CEO Do Kwon as UST stablecoin saga takes another twist. The post Korea Turns Against Luna Head as Police Request LFG Fund Freeze  appeared first on BeInCrypto.

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South Korean Regulators to Speed Up Enactment Of Crypto Laws After Luna Incident

With the collapse of Terra’s LUNA and UST stablecoin sending shockwaves across the global virtual currency market, Korean financial authorities have vowed to fast-track regulations aimed at protecting consumers from such risks.

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Chainlink (LINK) tech is bringing South America its first stablecoin

FinTech firm Spartan Hill has announced it is integrating Chainlink Price Feeds to help power a new decentralized Colombian Peso stablecoin called Daily (DLY), CryptoSlate learned in a release. The post Chainlink (LINK) tech is bringing South America its first stablecoin appeared first on CryptoSlate.

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Spartan Hill creates Colombian peso stablecoin DLY with Chainlink integration

Spartan Hill, a FinTech platform based in South America, announced a Chainlink (LINK/USD) Price Feeds integration to support Daily (DLY), a new, decentralized Colombian Peso stablecoin, Invezz learned from a press release.

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Bank of Thailand plans to regulate asset-backed stablecoins this year

After issuing a warning against a Baht-pegged stablecoin produced by a South Korea-based firm, Thailand plans to introduce a series of regulations for stablecoins in 2021.

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Top VC’s Including Coinbase, Galaxy Digital & Pantera Inject $25M into Terraform Labs

Stablecoin e-commerce creator Terraform Labs recently concluded a $25 million funding round that features Coinbase Ventures, Galaxy Digital, Pantera Capital, and other companies. The Singaporean-based crypto and tech startup has successfully penetrated the South Korean market and wants to expand its operational capacities with the funding.

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