Economy - The Korea Times

Dunamu's Upbit D Conference to attract global blockchain gurus

Dunamu's Upbit D Conference 2023 official homepage / Screen capture from Upbit D Conference homepageBy Yoon Ja-youngGlobal blockchain experts, including gurus of Ethereum and Solana, will attend the Upbit D Conference (UDC), according to Upbit's operator Dunamu, Tuesday.The blockchain and fintech firm Dunamu unveiled the lineup of global speakers for the UDC, which is scheduled at the Grand Walkerhill Seoul on Nov. 13. Starting in 2018 and now in its sixth year, UDC is the country's top blockchain conference, aiming at contributing to the cultivation and expansion of the blockchain ecosystem. The non-profit event has received acclaim for its in-depth presentations by global experts and diverse session offerings, promoting knowledge sharing, free discussions and networking for anyone interested in blockchain, including experts, industry professionals and students.Dunamu expanded the scope of UDC to encompass policy, finance, technology, culture and trends, from its previous focus on technology. This year's event will thus be held in a hybrid format both online and offline, to allow mo

Aug 22, 2023

Dunamu's Upbit D Conference to attract global blockchain gurus

Crypto exchanges suffer deficits amid prolonged bearish sentiment

gettyimagesbankBy Lee Min-hyungMost Korean crypto exchanges suffered deficits in the second quarter of this year, hit hard by a fall in trading commission revenues amid a prolonged bearish market sentiment.Dunamu, the operator of the nation's dominant exchange, Upbit, is the only company that generated gains during the same period. The deficits of other exchange operators reveal that the crypto market remains trapped in a protracted slump in the aftermath of a global monetary tightening cycle.Bithumb Korea, the No. 2 crypto exchange here, however, failed to extend its winning streak between April and June and reported an operating loss of 3.4 billion won ($2.53 million) amid a drastic fall in trading volume. The second-largest exchange operator generated an operating profit of 38.4 billion won a year earlier.The earnings fall was triggered by frozen investor sentiment after the U.S. Federal Reserve and the Bank of Korea stepped up hawkish monetary rhetoric last year.Others categorized in the so-called top five exchanges here suffered similar earnings shocks during the same period.Coi

Aug 21, 2023By Lee Min-hyung

Crypto exchanges suffer deficits amid prolonged bearish sentiment

'Parasite' producer, Lambda256 utilize NFT for sustainable movie community

Kim Ji-yeon, chief strategy officer at Lambda256, speaks during an interview at the company's headquarters in Seoul, Aug. 2. Courtesy of Lambda256 By Lee Min-hyungBarunson E&A, the producer of the Oscar-winning film, “Parasite” (2019), is embarking on a fresh journey by building a sustainable movie community ― powered by blockchain and non-fungible tokens (NFT). But the focus is less on generating financial gains or jumping on the once-prevalent NFT hype.The project is jointly driven by Barunson E&A and Lambda256, a blockchain affiliate of Korea's dominant crypto exchange operator, Dunamu. Both sides split their roles for the project. The Parasite producer focuses on content operation, while Lambda256 offers technological support when issuing NFTs for the Movie MemberZ (MMZ) community.The intention of the service is to establish a state-of-the-art online movie platform for Korean viewers. Users who sign up for a paid “alpha membership” can receive MMZ's Mobi NFT. Th

Aug 18, 2023By Lee Min-hyung

'Parasite' producer, Lambda256 utilize NFT for sustainable movie community

Binance faces bumpy road in Korea

Binance CEO Changpeng Zhao / Reuters-YonhapBy Lee Min-hyungBinance, the world's largest crypto exchange, is facing difficulties in its expansion in Korea, as financial authorities have not granted approval for the company's acquisition of the nation's fifth-largest exchange, GOPAX.Binance took over Streami, the operator of GOPAX, in early February. The Chinese crypto exchange has since struggled to win a final license as a virtual asset service provider (VASP) here.The Financial Intelligence Unit, which handles the matter, is delaying its screening, urging GOPAX to submit more legal documents and demanding Jeonbuk Bank, which partners with GOPAX, engage in additional risk evaluation.Reflecting on the slower-than-expected approval, Binance replaced top management of GOPAX multiple times this year alone. However, it still failed to make progress regarding its communication with the regulator.Industry sources said Korean authorities are likely to maintain their conservative stance on the Chinese capital's expansion here.“Korean financial watchdogs have remained negative in allowin

Aug 11, 2023By Lee Min-hyung

Crypto stocks display increased volatility due to 'crypto security' debate

gettyimagesbankReversed crypto ruling in US pulls down prices of related stocksBy Lee Min-hyungCrypto-linked stocks are displaying increased volatility after a U.S. court ruled that cryptocurrencies are securities, reversing a precedent on Ripple's token XRP a few weeks ago.The ruling by a Manhattan federal judge came as a bane to overall crypto sentiment, with major cryptocurrencies ― such as Bitcoin and Ethereum ― displaying weak performances following the decision. Stocks of companies with stakes in major crypto exchanges here are also displaying instability, as the latest ruling heightens regulatory risks in the crypto industry.Shares of Woori Technology Investment, which holds a stake in Korea's largest crypto exchange, Upbit, plunged by more than 3 percent on Thursday morning following the ruling. Other shares classified as crypto-themed issues also extended a losing streak. The stock price of Wizit also closed down 2.8 percent. Wizit's subsidiary invested in the nation's second-largest crypto exchange, Bithumb.The two major crypto-linked stocks achieved a robust rally in mid-J

Aug 3, 2023By Lee Min-hyung

Crypto stocks display increased volatility due to 'crypto security' debate

Prosecution to launch joint investigative team for crypto crimes

Seoul Southern District Prosecutors' Office / YonhapBy Anna J. ParkA joint investigation team focusing exclusively on cryptocurrency-related financial crimes will be launched by prosecutors and financial authorities as early as next month, according to the Seoul Southern District Prosecutors' Office, Wednesday. It will be first time for such a joint investigative team handling cryptocurrency crimes to be set up within the structure of prosecutors' offices. The investigative team will cover a wide range of fraud cases and other crimes related to digital coin trading, cryptocurrency price manipulation, the token nature of digital assets and more. Investigators with expertise in cryptocurrencies are also to be fostered and trained through the team. With the slated launch of the team, prosecutors' ongoing investigations involving illegal coin trading and fraudulent coin issuance are expected to be strengthened. Currently, the Seoul Southern District Prosecutors' Office is investigating the dubious coin investments and trading of Rep. Kim Nam-kuk, who dropped his membership in the main op

Jul 12, 2023By Anna J. Park

Prosecution to launch joint investigative team for crypto crimes

Financial authorities revise accounting rules for crypto assets to raise transparency

gettyimagesbankCryptocurrency information required in financial statements' commentary By Anna J. ParkCompanies that either hold digital assets or have issued cryptocurrencies will be obligated to start disclosing such information publicly next year. Detailed information ― including the amount, expected financial value and business models using the cryptocurrencies held or issued by companies ― shall be written down in the commentary section of their financial statements.This is according to revised accounting standard rules announced by the Financial Services Commission (FSC), Korea's top financial regulator, on Tuesday, aiming to raise transparency in accounting and public disclosures with regards to corporate ownership of cryptocurrency assets. The move follows the legislation of the country's first law on the protection of cryptocurrency users, which was passed in a plenary session of the National Assembly at the end of last month. “With the advent of blockchain-based technologies, transactions using digital assets have flourished and their impact on corporate accounting ha

Jul 11, 2023By Anna J. Park

Financial authorities revise accounting rules for crypto assets to raise transparency

Gov't to focus on revitalizing economy in 2nd half

President Yoon Suk Yeol delivers a speech before receiving a joint government briefing on economic policy objectives for the second half of the year at the guest house of Cheong Wa Dae, the former presidential office compound, in Seoul, Tuesday. YonhapGDP growth outlook lowered to 1.4%By Yi Whan-wooThe government will place top priority on reinvigorating the economy in the second half of this year by expanding financial support for exporters and bolstering domestic demand through more incentives for local travel, the finance ministry said Tuesday.Reflecting sluggish exports, the ministry lowered its 2023 economic growth outlook from 1.6 percent to 1.4 percent, which is on a par with the BOK's forecast, but below 1.5 percent projected by the International Monetary Fund (IMF).This is the gist of the economic policy objectives for the second half unveiled by the Ministry of Economy and Finance Tuesday.In a press briefing, Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho said the economic policy objectives for the second half center on four main goals of revitalizi

Jul 4, 2023By Yi Whan-woo

Gov't to focus on revitalizing economy in 2nd half

Major Korean crypto exchanges to operate system alerting users of abnormal trading

An electronic signboard at the cryptocurrency exchange Bithumb in Seoul shows the drastic increase in price of the digital currency bitcoin, April 11. YonhapAn alert system that notifies users of abnormalities in cryptocurrency trading was launched in Korea, an alliance of local crypto exchanges said Tuesday.The system sends out messages when there is a sudden rise and fall in the price of coins in the past 24 hours, a steep increase in the trading volume within the past 10 days, a spike in the deposit volume within the past 10 days, and bigger differences between actual coin prices and the coin market cap, as well as to accounts with heavy trading, the Digital Asset eXchange Association (DAXA) said.DAXA is an alliance of Korea's major cryptocurrency exchanges: Upbit, Bithumb, Coinone, Korbit and Gopax.The system has been devised to protect users by easing the information asymmetry, DAXA Vice Chairman Kim Jae-jin said.The move came after DAXA created a standard code of conduct for virtual asset operators last month in response to public criticism over allegations of irregularities in

Jul 4, 2023

Major Korean crypto exchanges to operate system alerting users of abnormal trading

Upbit tackles information asymmetry in digital assets market

The head office of Upbit in southern Seoul / YonhapBy Yoon Ja-youngUnlike stock markets, digital assets markets run 24 hours a day. This entails potential high returns along with risks. While investors are provided with diverse information in traditional markets such as stocks and real estate, digital assets markets face the problem of information asymmetry.By providing quality information to investors, digital assets markets are getting rid of the old status quo. And at the forefront of leading this change is the country's largest cryptocurrency exchange, Upbit. It is working to demolish barriers and provide trustworthy information. It is expanding the arena for communication among developers, investors and projects.Amid the flood of information in digital assets markets, it has been difficult for investors to get the information they need and can trust. Dunamu, the operator of Upbit, launched the Upbit investor protection center in December 2021 to integrate and systematically provide quality information to investors. The center is currently providing education on digital assets fo

Jun 27, 2023

Cryptocurrency