A number of South Korean crypto exchanges are ceasing policies that see them share order books with overseas exchanges in preparation for the promulgation of a new crypto law that comes into force early next year. As reported, a series of amendments to a financial law will take effect in March, and is set to transform the way exchanges (previously unregulated) go about their business. As well as multiple banking-related regulations, the terms of the amendment specify,However, order book sharing with international exchanges is a common practice among South Korean exchanges, and this regulatory headache is just one of the many that has many smaller exchanges contemplating their very survival. Others have decided to move fast ahead of the legal change, ending their order book sharing deals before 2020 is out. Per Decenter, on Monday, the Aprobit exchange announced it was ending its order book sharing policies with the Bitfinex platform, although Aprobit claimed it would continue to do other forms of business with the firm. Huobi Korea has also stated that it will stop its order book sharing with its parent company, Huobi Global, in accordance with the new law. However, others are less keen on the policy and would prefer to bide their time while organizations such as the Korea Blockchain Association prepare legal challenges or lobby for a late amendment to the new ruling. The association and a number of its most prominent members are thought to believe that the rule will provide an unfair restriction of trade for domestic exchanges. The same media outlet quoted a spokesperson for the Korea Digital Exchange – the firm that operates the Flybit exchange – as stating that the trading platform is “preparing plan to stop sharing our order books if it becomes a problem,” but will wait to see on the result of the association’s bid to reverse the ruling. Flybit currently has an order book sharing deal in place with international exchange giant Binance. Some exchanges have claimed that the block on order book sharing is nonsensical as they believe they can comply with good banking practices without needing to end their dealings with overseas exchanges and their order books.___Learn more: Crypto Exchanges to Spend 2021 Focusing on DeFi, UX, and New ServicesBitcoin Booms, But No Return to the Kimchi Premium in South KoreaRegulatory Kaleidoscope Challenges Crypto Industry – Crypto.com CCO

All data is taken from the source: http://cryptonews.com
Article Link: https://cryptonews.com/news/south-korean-crypto-exchanges-prepare-for-order-book-share-s-8739.htm

#exchanges #coinmarke #bitcoinwalletlookup #mbtctousd #bitcoinatmlocations #bitcointousd #

Korea has been advancing with the integration of new technologies, whether it be AI or Blockchain. The progressive approach towards blockchain could mean a revolution in the field. With a number of blockchain projects up its sleeves, Korea is thriving. Recently, a Korean crypto firm- Iconloop partnered with a major Korean bank – Shinhan Bank. To know why and everything else about it, check this space.
https://blogs.finstreet.in/korean-crypto-firm-partners-with-bank-for-blockchain-product/
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One of South Korea’s biggest commercial banks, NongHyup (NH Bank) said it is working on a cryptoasset custodial services platform for institutional investors. Per ET News, the bank said that it wants to launch crypto “ecosystem” operations, and also spoke of its long-term plans which include offering custodial services to the South Korean central bank, the Bank of Korea (BOK) for the latter’s forthcoming digital currency. The BOK is yet to confirm that it will actually launch a digital fiat, but is pushing ahead with preparation for a pilot rollout in case it does decide that the nation needs a digital currency. NH Bank indicated that it is working with a number of Virtual Asset Service Providers (VASPs) on its new crypto custodial plans, likely some of the country’s bigger crypto exchanges. NH’s new services will also involve crypto key storage and management services. The move would appear to indicate that South Korean banks are finally ready to resume their crypto plans, over two years after a radical change in government policy saw them shelve the plans in light of Seoul’s partial crypto crackdown of January 2018. However, the mood in Seoul appears to have changed quickly since parliament passed the nation’s first, relatively pro-business crypto-specific piece of legislation back in March this year. NH rival Shinhan Bank had spoken about plans to open a broad network of crypto custodial services prior to January 2018, and ET News said that the South Korean conventional finance sector is set to follow suit with more crypto-friendly offerings in the months ahead. A number of financial industry and blockchain sector sources have told Cryptonews.com that South Korean banks are “sitting on” well-thought-out and “extensive” crypto-related business plans, with some “chomping on the bit” in anticipation of a further softening of Seoul’s stance.

All data is taken from the source: http://cryptonews.com
Article Link: https://cryptonews.com/news/south-korean-giant-to-begin-crypto-custody-for-institutional-6991.htm

#crypto #newsdaily #newstodaymsnbc #newstodayinusa #cnnnewstoday #newstodayabc #

Bitcoin and other Cryptocurrencies are an excellent way to stay anonymous when you do online purchases, peer-to-Peer payments and more. However, cryptocurrencies do not afford you complete anonymity since all activities and transactions are recorded in the open-source software, called the blockchain. Meaning, people can check your past transactions and trace your funds by just entering your Bitcoin address.

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Full credits for this video to NewsBTC who listed the info in this video on an article on their website:
https://www.newsbtc.com/?s=Cryptocurrency%20Used%20to%20Fund%20North%20Korean%20Weapons%20Program%2C%20Says%20US%20Treasury

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Crypto tags:

#CryptoNews

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Transcript:

0:00:00 Cryptocurrency Used to Fund North Korean Weapons Program, Says US Treasury

0:00:05 This update is brought to you by “CoinCheckup News Updates” and was originally published on “NewsBTC”.

0:00:11 The US Treasury Department has just announced new sanctions against online criminal groups based in North Korea.

0:00:18 The groups have reportedly conducted cryptocurrency ransomware attacks and other cyber crimes aimed at subverting international sanctions against the state.

0:00:26 The US Treasury believes these attacks are directly funding the North Korean missile programme.

0:00:32 This presents those companies affected by ransomware with a tough choice – lose access to crucial data for good or fund a potentially dangerous nation’s military preparations.

0:00:41 According to a press release published earlier today by the US Department of the Treasury, there are to be new sanctions against North Korean hackers groups believed to be funding the nation’s missile programme using various criminals means.

0:00:54 This has included hacking of cryptocurrency exchanges and ransomware attacks.

0:00:58 The release names three such groups explicitly: “Lazarus Group,” “Bluenoroff,” and “Andariel”.

0:01:04 It goes on to state that the agency believes these groups to be directly linked to the North Korean government.

0:01:10 From today, the US Department of the Treasury’s Office of Foreign Assets Control has officially banned dealings of US citizens or financial institutions with the groups mentioned.

0:01:20 Of the groups mentioned, the Lazarus Group are perhaps most well known.

0:01:24 Lazarus is thought to have gone after high profile institutional targets.

0:01:28 These include government, military, and financial institutions, as well as other large companies involved with shipping, critical infrastructure, and publishing.

0:01:37 Thanks for watching this video!
If you wanna read the whole article you can go to CoinCheckup.com or go to: “NewsBTC”, who originally published this news update on their website.

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Bitcoin tumbles after hacking of South Korean cryptocurrency exchange

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Officials at Top Korean Cryptocurrency Exchange Upbit Indicted for Fraud – Bitcoin News
Officials at South Korea’s largest cryptocurrency exchange, Upbit, have been indicted for fraud. They allegedly made bogus crypto orders worth approximately $226 billion and sold 11,550 BTC to around 26,000 investors. Upbit has denied the charges and insisted that it did not commit fraud, engage in …
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Strategy Shift: North Korean Hackers Take Aim at Individual Crypto Investors
Faced with depleted reserves and having been hit with sanctions aimed at its illegal nuclear weapons program, North Korean hackers have a new strategy for growing the country’s cash reserves — steal crypto holdings from individual investors. According to a report from the South China Morning Post (S…
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A delegation of South Korean managers has visited Zug to hear about the canton’s experience with cryptocurrencies and the companies that use blockchain technology. Crypto Valley is known worldwide as a successful location for this business. (SRF/swissinfo.ch)

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