Korean crypto exchange GOPAX halts Genesis-backed DeFi amid FTX crisis

The global crypto market has been growing steadily over the past three years, which was worth $129B in early 2019, $193B in early 2020 (YoY +50%), $750B in early 2021 (YoY +289%), and $2,252B in early 2022 (YoY +200%). The tie-up means Samsung Securities customers can check the status of crypto investments through Samsung’s own app. Mirae Asset Securities and five other https://cryptoclubocc.com/ domestic companies are also planning to launch their own platforms. Samsung is taking a second swing at launching a crypto exchange, with its initial plans reportedly thwarted by a lack of key talent. “Wemade, the issuer of Wemix tokens, accounted the sale proceeds of Wemix as the normal sales proceeds, and prices of Wemade shares and Wemix rose together,” says Park.

It’s paving the way to ban cryptocurrency trade across the board, in an effort to snuff out speculative overheating in one of the world’s largest markets for digital coins. The four biggest South Korean crypto exchanges have joined forces to prepare for strict anti-money laundering regulations, reports The Korea Herald. The global cryptocurrency market has been shaken up by the freefalling prices of Korean-made cryptocurrency terraUSD, also known as UST, and its sister token luna, raising concerns that it may lead to the crypto market’s version of the Lehman Brothers collapse. The crypto market in South Korea is booming but also insular in part due to regulatory restrictions. The space is dominated by five major local exchanges — Upbit, Bithumb, Coinone, Korbit and Gopax. Foreign and smaller players, on the other hand, have a harder time meeting the government requirement of partnering with local commercial banks.

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Korbit, a leading South Korea bitcoin cryptocurrency exchange, announced today the launch of its new iOS app. Customers of Korbit will now see an improved user interface that provides for faster and more… Related government agencies are now negotiating comprehensive regulations for cryptocurrency markets. SEOUL – Four executives from two South Korean cryptocurrency exchanges were detained on Thursday and are being questioned in connection with the alleged embezzlement of billions of won, prosecutors said. The latest development comes after Binance.US reached a deal to buy the assets of bankrupt crypto exchange Voyager Digital for $1.02bn.

Mr. Kwon and his company faced investigations by the South Korean government after the value of his cryptocurrencies, Luna and TerraUSD, plummeted and contributed to a $300 billion crash across the crypto economy in May. The plunge caused an uproar among investors and led to calls for an inquiry into Mr. Kwon and his company after allegations of tax evasion and fraud. A cryptocurrency https://cryptoclubocc.com/south-korean-crypto-exchange-becomes-the-first-overseas-platform-legally-recognized-in-china/ is a digital or virtual currency that uses cryptography and is difficult to counterfeit. Also leading to the popularity of cryptos is the potential security issues or threats that South Koreans face from North Korea and its leader Kim Jong-un. Bitcoin and cryptocurrencies tend to be favored in countries or regions of the world that face political uncertainty and geopolitical risks.

• Dunamu seemed to have deemed their cryptocurrencies classified as intangible assets to meet the requirements for an active market and adopted the revaluation model.
• Local report, which Chang did not verify, claimed the government’s draft would be revealed this month with an aim to finalize regulations in the first quarter of the year.
• The first round of inquiries has been carried out by the financial authorities, but they still want to look into more precise facts since there are still some questions over the listing of local currency.
• The Xangle Research found that DeFi-related projects, with 599, had the most listed on the top four domestic exchanges after 2021, followed by P2E/NFT/Metaverse with 53, Layer 1 with 37, and Web 3.0 with 30, and Layer 2 with 11.

South Korea’s leading crypto exchange, Upbit, split their crypto holdings into inventory and intangible assets. It reflects changes in the fair value less costs to sell of the cryptocurrencies classified as inventory for the period of the change. Unlike other companies using the cost model, Upbit uses the revaluation model and books gains or losses on valuation of cryptocurrencies classified as intangible assets under the category of gain on digital assets. According to the IFRS definition, an “active market” exists for a particular cryptocurrency when identical assets are traded, willing buyers and sellers are readily available at all times, and pricing information is provided on an ongoing basis in the market. Dunamu seemed to have deemed their cryptocurrencies classified as intangible assets to meet the requirements for an active market and adopted the revaluation model. Since the task of monitoring and examining every crypto transaction in real-time entails many challenges, the authorities will collaborate with exchanges to have anomalous transaction detection embedded in their systems.

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Apparently, game, IT, and financial companies’ pursuit of Web3 adoption seems only natural given that blockchain technology and infrastructure are the building blocks of Web3. But what the findings of the survey suggested was something else as it indicated that entertainment, distribution, and manufacturing sectors were also having Web3 products and services included in their pipelines. Crypto data intelligence platform Xangle hosted a conference for Web2 companies, including prominent listed companies. The conference revolved around themes, such as defining and preparing for Web3, and provided the audience with real examples of Web3 initiatives.

The Big 5 exchanges had over 150 trading pairs listed in the first half of 2021 alone, and the cumulative number of users and transaction volume also exploded during the same period. The travel rule-related provisions of the Financial Information Act took effect on 25 March, and major crypto exchanges in South Korea are taking measures such as implementing white list and travel rule solutions. Post the Terra-Luna fiasco, South Korean policymakers are navigating the crypto landscape with utmost caution. The latest update saw the country’s virtual assets committee seeking to strengthen and clarify the state of crypto regulations by compelling crypto exchanges to carve out industry guidelines for listing and delisting digital tokens.

The top five domestic exchanges strengthened their listing standards as the need for investor protection measures increased after the Luna-Terra incident. It offers “Drops,” where users buy NFTs through auctions, and “Marketplace,” where users trade NFTs. Dunamu and HYBE, the music label managing K-pop superstar group BTS, established a joint venture named “Levvels” to launch an NFT-trading platform targeting the global fans of HYBE artists.