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| November 18, 2018

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Korea Archives -


North Korea tests ‘high-tech’ weapon

November 16, 2018 |

North Korea has tested a “newly developed ultramodern” weapon in an event supervised by leader Kim Jong Un, state media said Friday, amid faltering nuclear disarmament negotiations with the United States. – RSS Channel – World

North Korea Touts New ‘Ultramodern Tactical Weapon’ Test

November 16, 2018 |

Kim Jong Un visited a facility to oversee testing of a “newly developed ultramodern tactical weapon,” the first acknowledgment from the North that it has resumed testing since engaging with the U.S. and South Korea this year. What’s News Asia

Fire kills at least 7 at dormitory-style housing in S. Korea

November 9, 2018 |

A fire that likely blocked a crucial exit at a low-cost dormitory-style housing facility in central Seoul killed at least seven people and injured 11 others on Friday, according to fire authorities who were investigating possible safety lapses in the building.
FOX News


North Korea ‘really angry’ at US as tensions rise

November 8, 2018 |

North Korea is getting increasingly angry at the US, as talks are deadlocked and tensions between the two countries are on the rise, a source familiar with the discussions told CNN. – RSS Channel – World


North and South Korea set to combine for Tokyo 2020 and co-host 2032 Olympics

November 3, 2018 |

North and South Korea are planning to compete as a unified team at the Tokyo Olympics in 2020 and are bidding to co-host the 2032 Summer Games. – RSS Channel – World

Sex Abuse is Rampant in North Korea, Reports Say

November 1, 2018 |

Many women in North Korea are sexually abused on a regular basis, aren’t in a position to resist and don’t have channels to report abuse, according to human-rights groups and North Koreans who have fled the country. What’s News Asia

Trump dramatically expands US espionage spending amid threats from Russia, China and North Korea

October 31, 2018 |

The Trump administration has dramatically scaled up funding for U.S. intelligence operations, including espionage activities aimed at Russia, China, and North Korea, documents released Tuesday by the Defense Department and Director of National Intelligence show.
FOX News

South Korea Cracks Down on Unauthorized Cryptocurrency Funds

October 30, 2018 |

South Korea Cracks Down on Unauthorized Cryptocurrency Funds

South Korean financial regulators are cracking down on unauthorized cryptocurrency funds. In particular, one crypto fund launched by a local exchange is reportedly being investigated. The exchange claims no wrongdoing as its token activities were carried out overseas, but has promptly canceled its plan to launch a second fund.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Unauthorized Crypto Funds

South Korea Cracks Down on Unauthorized Cryptocurrency FundsSouth Korea’s Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) have warned investors of unauthorized cryptocurrency funds. The warning followed the launch of a financial product where “cryptocurrencies collected from some investors are managed through initial coin offerings (ICO), and profits are distributed at their expiration dates,” Business Korea described.

The regulators specifically referred to the fund launched last month by crypto exchange Zeniex called “ZXG Crypto Fund No. 1,” which is “the first virtual currency fund in Korea,” the publication detailed, noting:

The virtual currency fund has never been registered with the Financial Supervisory Service … None of the management company, sales company and the trustee have been approved by the Financial Services Commission.

Maeil business newspaper reported on Tuesday that “The financial authorities have handed over the circumstantial data for the investigation to the prosecution.”

South Korea Cracks Down on Unauthorized Cryptocurrency FundsZeniex explained that while funding was made through its platform, “the actual recruitment and token issuance were made by overseas management companies,” the news outlet conveyed. Noting that less than 1 billion won ($ 878,080) has been raised, the company believes that there was no reporting obligation. An official of the exchange was quoted asserting:

An indirect investment in a virtual currency fund is an attractive tool to raise market soundness … It’s unfortunate that innovative attempts will not continue until the government’s guidelines are set.

The South Korean government banned ICOs in September last year but has yet to introduce guidelines for them. A number of proposals have been submitted to the National Assembly and the government is expected to announce its ICO stance in November.

Zeniex’s Funds and Capital Markets Law

South Korea Cracks Down on Unauthorized Cryptocurrency FundsBusiness Korea explained that under the Korean Capital Markets Act, all investment funds must be registered with the FSS.

In addition, “Public offering funds that collect funds from general investors must file securities reports,” and “an asset management company that manages a fund and the fund sales company that sells it have to obtain necessary financial approval,” the publication detailed.

The company must also “honor regulations on business practices such as the maintenance of minimum capital for soundness and the prevention of conflicts of interest and [has] a duty to explain to investors.”

As for Zeniex’s fund, an FSS official was quoted by Maeil saying, “It is the interpretation of the authorities that the fund must follow the investor protection system set out in the capital markets law as long as it is sold to domestic financial consumers.” However, the official admitted:

There is no way to check whether the platform is operating as claimed by Zeniex, because the financial authorities have no regulatory authority at present.

Zeniex had planned to launch its second fund this month. However, the company issued a statement on Monday stating that “The authorities are concerned that there is room for illegality,” adding that it “will completely cancel the launch of the second product because it could lead to misunderstandings of investors and regulators.” Local media then reported on Tuesday that Zeniex has canceled the launch of its second fund.

What do you think of South Korean regulators cracking down on unauthorized crypto funds? Let us know in the comments section below.

Images courtesy of Shutterstock and Zeniex.

Need to calculate your bitcoin holdings? Check our tools section.

The post South Korea Cracks Down on Unauthorized Cryptocurrency Funds appeared first on Bitcoin News.

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Regulations Roundup: SEC Considers Crypto Fund Criteria, South Korea Warns Investors

October 26, 2018 |

Regulations Roundup: SEC Considers Crypto Funds, South Korea Warns Investors

In this edition of Regulations Roundup, we focus on the U.S. Securities and Exchange Commission’s (SEC) ongoing discussions with companies that are interested in setting up cryptocurrency funds. We also look at a recent warning by the South Korean financial regulator about virtual currency investments, as well as a call by the CEO of U.S. financial giant Circle for G-20 leaders to reach consensus on rules for cryptocurrencies.

Also Read: Indian Court Gives Government Two Weeks to Submit Crypto Report

SEC ‘Serious’ About Fund Proposals

Regulations Roundup: SEC Considers Crypto Criteria, South Korea Warns InvestorsIn a recent interview, SEC Commissioner Kara Stein said the regulator has been speaking to a number of undisclosed companies about the possibility of setting up cryptocurrency funds. She added that the regulator has been taking a “serious” approach to such proposals.

“We actually released a staff letter not too long ago talking about some of the critical issues we will be looking at, which include valuation, liquidity, custody, and making sure that firms are thinking through how they are going to deal with all of those issues,” Stein said.

However, she declined to say whether U.S. investors can expect to see a regulated cryptocurrency exchange-traded fund within the next year. “I don’t know the answer to that,” she said. “It’s all going to be based on facts and circumstances.”

Stein explained that the SEC still needs to clarify a number of important regulatory considerations before any significant progress can be made.

“Whatever fund presents a concept to us [will] have to show how they can get accurate valuations, despite sometimes volatile price swings, how they can make sure that there is physical custody, when necessary, how they can guarantee that there is adequate liquidity, especially in a 40 Act fund context, so that investors can get their money when they need to get their money,” she said. “So we’ll look at all of those factors and make a decision based on that particular fund and how its actually going to be able to handle those particular requirements.”

South Korea’s FSA Urges Caution on Crypto

Regulations Roundup: SEC Considers Crypto Criteria, South Korea Warns InvestorsSouth Korea’s Financial Services Commission (FSC) has published a public note cautioning potential investors who are considering seeking exposure to virtual currency funds. The regulator claimed that many investors are mistaken in believing that cryptocurrency funds are legal and regulated. It pointed to similarities between crypto funds and mutual funds as the reason for confusion among retail investors.

The FSA said that in addition to being formally unregulated, cryptocurrency funds do not meet the requirements of the country’s Capital Markets Act. It therefore encourages investors to consult with the relevant authorities before investing.

Circle CEO Calls for G-20 Consensus

Regulations Roundup: SEC Considers Crypto Criteria, South Korea Warns InvestorsIn a recent interview, Jeremy Allaire, the chief executive officer of Circle, has called for international consensus regarding cryptocurrency regulations. In particular, Allaire emphasized the need for agreement among the G-20 nations.

“Ultimately there needs to be normalization at the G-20 level of critical crypto-related regulatory matters,” Allaire said.

Allaire also urged regulators throughout the world to establish transnational norms regarding initial coin offerings. “When it comes to token offerings, how should they be treated? Which token offerings are securities, which are not?” he asked. “The trading venues — are they like spot commodity markets that need to have rules in place around market manipulation?”

Do you think that U.S. investors will have access to a cryptocurrency exchange-traded fund within the next 12 months? Share your thoughts in the comments section below!

Images courtesy of Shutterstock

At there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Regulations Roundup: SEC Considers Crypto Fund Criteria, South Korea Warns Investors appeared first on Bitcoin News.

Bitcoin News

BTCC Launching Cryptocurrency Exchange in South Korea

October 17, 2018 |

BTCC Launching Cryptocurrency Exchange in South Korea

Hong Kong-headquartered cryptocurrency exchange BTCC is reportedly launching services in South Korea this month. In addition to a cryptocurrency exchange, the company will offer a wallet service, a mining pool, and a consumer payments service, according to its Korean website.

Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals

BTCC Expanding Into South Korea

BTCC, formerly known as BTC China, is launching services in South Korea on Oct. 31, according to the Investor. The beta service will start this month and the exchange “will make its official debut in November,” the publication added.

BTCC Launching Cryptocurrency Exchange in South Korea“The world’s first cryptocurrency exchange BTCC is preparing to open in Korea,” the company wrote on its Korean website’s homepage. Four services are listed: an exchange, a wallet service, a mining pool, and a service to facilitate consumer payments. “BTCC is establishing an on / offline payment system using cryptocurrency,” its website states, adding that it “is expanding services for real-life use.”

The news outlet elaborated:

BTCC said it will expand its footprint through strategic tie-ups with local and global firms.

BTCC Launching Cryptocurrency Exchange in South KoreaFounded in 2011, BTCC was one of the largest cryptocurrency exchanges in the world by trading volume before the Chinese government cracked down on cryptocurrencies and initial coin offerings (ICOs) in September last year. The government’s action caused all major cryptocurrency exchanges to exit China and move their operations overseas.

Following the crackdown, BTCC shut down its operations in China and re-launched its services in Hong Kong. The company is now headquartered in Hong Kong but serves a global customer base. The new BTCC exchange offers the trading of five cryptocurrencies against the USD — BTC, BCH, ETH, LTC, and DASH. In addition, the latter four cryptocurrencies can be traded against BTC. The BTCC Korea exchange, however, has not announced which coins will be supported.

BTCC Launching Cryptocurrency Exchange in South Korea
Cryptocurrencies supported on the main BTCC website.

Korean Cryptocurrency Ecosystem

BTCC Launching Cryptocurrency Exchange in South KoreaThe South Korean cryptocurrency market is dominated by four exchanges: Upbit, Bithumb, Coinone, and Korbit. Bithumb is the largest cryptocurrency exchange in the country by trading volume while Upbit is the largest by the number of coins listed. Upbit, which offers the trading of 164 coins in 276 markets, is a partner of U.S.-based exchange Bittrex and is backed by Kakao Corp., the operator of the country’s most popular chat app, Kakao Talk.

On Oct. 12, Bithumb confirmed that it was sold to a consortium led by a well-known plastic surgeon, as previously reported.

Another major cryptocurrency exchange that exited China and entered the South Korean market following the Chinese government’s crackdown is Huobi. The exchange launched its Korean operations in March, offering the trading of over 100 coins in over 200 markets, according to its website.

What do you think of BTCC expanding into South Korea? Let us know in the comments section below.

Images courtesy of Shutterstock and BTCC.

Need to calculate your bitcoin holdings? Check our tools section.

The post BTCC Launching Cryptocurrency Exchange in South Korea appeared first on Bitcoin News.

Bitcoin News