Data indicates that Coinone, a South Korean exchange, saw its user base rise by about 10,000 people per month after listing Kakao’s klaytn (KLAY) token in June. The token was listed after Kakao, a tech giant who runs the most popular chat app in South Korea, made crypto transactions a part of their messaging app, KakaoTalk. Shortly after launch, Kakao announced that their messenger’s new crypto wallet function had surpassed 100,000 users in less than a day. KLAY’s surge in value, which has more than tripled over three months, has led to rising volumes on other exchanges as well, the …
South Korean tech giant, Kakao, listed its Klaytn blockchain-issued Klay (KLAY) token via a local cryptocurrency exchange on June 5. This news follows their launch of a new crypto wallet feature in KakaoTalk earlier the week. After registering over 100,000 users thanks to their new crypto-related features, Tech M reports that Kakao reached an agreement with Coinone to list its KLAY tokens. A Klay-South Korean won pairing is now live trading in one of the top four crypto exchanges in the country. ICOs are still illegal in South Korea The move is significant for Kakao, considering that initial coin offerings, …
A branch of the Russian federal government has recently published a draft of new litigation called “On Digital Financial Assets,” which is focused on enforcing strict cryptocurrency laws in the country. The legislation has not been approved yet and has been in discussion since 2018. The new laws define Bitcoin as property but not legal tender, and propose, among many other things, that Bitcoin (BTC) miners register as individual companies so they can be appropriately taxed. President Putin is planning on developing and revealing a new tax for Bitcoin miners by July 1, but many are skeptical about the government’s …
The number of South Korean digital currency projects leaving the country to list their products on foreign exchanges is increasing, experts say. South Korean news outlet Business Korea reported on Aug. 19 that industry experts have noticed a surge in cryptocurrency and blockchain-focused projects seeking to list their early-stage products on overseas platforms. Experts define reasons behind projects’ departure Experts named several key reasons that local projects are leaving, including stricter domestic cryptocurrency exchange market conditions, wherein investors are not able to make or withdraw deposits in the Korean won on Korean exchanges. Another reason named is low transaction volume. …
The South Korean government is drafting major new industry classification standards for the domestic blockchain industry, local crypto news outlet The BChain reports Thursday, July 5. Three Korean ministries - the National Statistical Office, the Ministry of Science and Technology, and the Ministry of Information and Communication - are said to have been working since the end of last month to produce the final draft of a new blockchain industry classificatory scheme by the end of July. The scheme will reportedly serve as a basis for policy making, notably aimed towards “blockchain promotion and regulatory frameworks,” and covers areas including …