South Korea will introduce monitoring of crypto exchanges and a joint initiative with the US against North Korean hackers

South Korea's financial intelligence unit (KoFIU). And which focuses on combating money laundering and terrorist financing. The KoFIU held a meeting to "strengthen the compliance of virtual service providers. This is according to a statement released by the South Korean Financial Services Commission.

The meeting came a day after the country established an inter-agency crime investigation unit. And related to cryptocurrencies, which included more than 30 investigators.

"KoFIU has a supervisory role, mainly anti-money laundering, but we will also operate a virtual asset strategic analysis unit to analyze criminal activities more systematically," Commissioner Ri Yunsu said during the meeting.

Five South Korean crypto service providers attended the meeting. And who spoke about their measures to combat potential threats from crypto fraudsters. In particular, representatives of the crypto exchange Upbit said that they used artificial intelligence to detect erroneous transactions.

Also, the U.S. and South Korea held a working group meeting on cyber threats from North Korea. The two sides discussed how to better collaborate with foreign governments. And industry leaders to raise awareness of threats coming from the DPRK. And increasing data sharing between country authorities and companies on cybersecurity issues.

Our experts also note that in July, regulators in Thailand, Singapore and South Korea issued cryptocurrency regulations to protect investors and cryptocurrency exchange users.

#cryptocurrency #southkorea

The Token Securities (STO) market is gaining traction in South Korea, as financial industry leaders and experts recognize its potential for the digital transformation of finance. This was emphasized by Seo Yoo-seok, head of the Financial Investment Association, at the STO policy seminar held on the 20th of March, co-hosted by National Assembly Vice Speaker Jung Woo-taek.

Seo Yoo-seok believes that almost all assets, including real and intangible assets, can be expanded into tradable assets through STO. He also stated that as existing standard securities and numerous non-standard investment contract securities become tokenized, token securities are expected to have infinite scalability in the future. However, Seo emphasized the importance of striking a balance between innovation and investor protection for the healthy development of the market.

The policy seminar was supervised by the Korea Virtual Asset Evaluation and Certification Authority and supported by the Korea Financial Investment Association, Songgok University, Korea App, and Healand. The event featured presentations from academic and industry experts, including a plan to reorganize the STO market by Hoseo University Professor Kim Hyeong-joong, an evaluation model presented by Professor Park Soo-yong of Sogang University, and the opinion of Kim Byeong-gyu, CEO of the Korea Virtual Asset Rating Authority, on the STO announcement plan.

The seminar also included presentations from Lee Yong-jae, Mirae Asset Securities team leader, Lee Jun-hee, Yulchon lawyer, and Heo Seong-min, CEO of Hillland, on the preparation status of STO market participants. Additionally, Lee Kang-wook, CEO of KNK Patent & Law Firm, and Yoo Shin-jae, CEO of Textlight Tax Firm, discussed measures to protect investors in terms of related laws and taxation.

The panel discussion on the STO market was attended by Jeong Hak-soo, a professor at Songgok University, Lee Jun-young, a representative lawyer at KNK Patent & Law Firm, and Park In-kyu, vice president of Korea Virtual Asset Evaluation and Certification Authority.

Overall, the STO policy seminar was a significant step towards promoting the growth of the STO market in South Korea. The active involvement of various stakeholders, including industry experts, policymakers, and market participants, highlights the potential of STO in revolutionizing the traditional finance sector while ensuring investor protection.

#southkorea #STO #crypto2023 #azcoinnews #azcoin

This article was republished from azcoinnews.com

A South Korean company lured investors with its new technology: a blockchain app that can identify dogs by their nose wrinkles.

The investigation found that what the company promoted to be its dog nose wrinkle reader was fake.

The South Korean police say investors have lost more than $100 million in what it describes as a “typical Ponzi.”

South Korean police arrested three and charged another 64 with alleged fraud related to what they say is “a typical Ponzi scheme” that lured victims to invest in a company that claimed to distinguish pet dogs by their noses.

The company, which the officials did not name, lured investors with its new technology: a blockchain app that can identify dogs by their nose wrinkles, similar to how fingerprints are used to identify people. The project came with a cryptocurrency and offered high returns on investment.

The South Korean Gyeonggi South Provincial Police Agency say investors have lost more than $100 million in what it describes as a “typical Ponzi,” according to a statement yesterday.

The scam by an unnamed company promised up to 150% returns on investment in 100 days, raising about 166.4 billion South Korean won — or about $127 million — from 22,000 people, they said. The police, whose arrests included an executive in the fraudulent company, said that “most of the victims are in their 60s or older with no expertise in cryptocurrencies.”

The investigation found that what the company promoted to be its dog nose wrinkle reader was fake and did not use blockchain technology as its creators had promised. It also found that the company had not leased any of the sites where it said it would build theme parks for pets.

But the project had an Ethereum-based token traded both on decentralised exchanges and the South Korean centralised exchange Bithumb, said the police, without naming the token or the company behind it.

South Korea’s a crypto hotbed. And with more interest in crypto comes a lot of scams.

Several similar scams targeting South Koreans have syphoned billions of dollars from investors over the recent months.

“It’s unfortunate that such scams are getting very common [in Korea],” Doo Wan Nam, Seoul-based co-founder of research and advisory firm StableLab and a former MakerDAO delegate, told DL News. Nam said he spotted the dog nose wrinkle story in Korean media.

In April, a South Korean group stole $6.9 million from investors through a crypto mining scam which promised to pay out big. A police investigation found that the group had been using new investor’s money to pay back previous investors.

Then in May, South Korean authorities arrested two people and charged 16 more for stealing over $300 million through a scam that sold virtual items to investors and promised they could resell them at a profit.

In its statement yesterday, the police warned South Korean citizens against “digital assets that lure ordinary citizens with guaranteed principal and high returns in the short term.”

#Dogecoin #scam #southkorea

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