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South Korea to take action against unregistered crypto exchanges

The South Korean government announced today that crypto exchanges will face punishment if they have not voluntarily registered with the country’s authorities by September 24.

This new set of regulations will reportedly affect both exchanges based in South Korea and foreign exchanges that operate in Korean markets. According to the release, that includes any exchange where the Korean language is supported, marketing is geared toward Koreans, or payments can be made using the Korean won.

Under the Specific Financial Information Act, the punishment for exchanges that continue to operate without registration is up to five years in prison or a fine of up 50 million Won — roughly $43,500 USD. Sources suggest that there are plans to block websites belonging to unregistered exchanges in the future as well.

Related: Bank of Korea selects Kakao’s blockchain arm for digital won tests

Korean users should check on September 25 to see if the exchange they are using is registered to avoid any related penalties. As of that date, sales made through such exchanges would be illegal within the country.

This announcement is the latest in a string of regulations concerning cryptocurrency around the globe. Earlier this week, the European Union announced plans to crack down on the sending and receiving of cryptocurrency in the hope of limiting money laundering. The SEC Chairman said cryptocurrency falls under the rules and regulations of security based swaps in the US and noted that more regulation could be coming. A meeting from the President Working Group on Financial Markets and other US agencies also took place this week concerning the use and risks of stablecoins. Regulatory recommendations are expected to be delivered in the coming months.

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KFC Korea and TriumphX marketplace sign deal to develop NFT content

Entertainment and nonfungible token marketplace TriumphX has signed a memorandum of understanding (MOU) with fast-food giant KFC in South Korea.

The agreement will focus on joint blockchain research with the aim of integrating NFT technologies and enhancing the branding of the fried chicken outlet.

According to reports in local media, KFC Korea plans to introduce blockchain and NFT technology to its branding content. The fast-food franchise intends to issue NFTs to its customers comprising different digital formats including video, art and graphics, and metaverse collectibles.

TriumphX’s NFT issuance know-how will be leveraged to create and sell KFC-themed NFTs to a customer base that is already familiar with the Kentucky Fried Chicken brand.

Fried chicken and KFC is popular in South Korea with more than 210 outlets nationwide. According to a 2019 SCMP report, there were more fried chicken restaurants in the country than there were McDonald’s and Subway restaurants worldwide.

The cross-chain TriumphX has partnered with a number of local artists and entertainment companies recently including decentralized entertainment marketplace XPOP, photographer Kim Jung Man, and cartoonist Rosa Fantasy.

Related: KFC Launches Blockchain Pilot for Digital Advertising and Media Buying

NFTs have exploded in popularity in 2021 resulting in $2.5 billion in nonfungible token sales in the first six months of this year. This is a huge increase over the $13.7 million in sales for the same period in 2020.

Korea has not missed out on the NFT craze this year. According to a Korea Times report on July 23, copies of a priceless manuscript detailing the origins and workings of the Korean writing system will be sold as limited edition NFTs. The burgeoning K-pop industry is also looking to tap into nonfungibles to promote artists to adoring fans.

Despite the demand for NFTs and crypto in Korea, there has been an increase in regulation of the digital asset industry this year as financial watchdogs come down hard on unregulated exchanges and marketplaces.

As reported by Cointelegraph yesterday, the government stated that crypto exchanges will face punishment if they have not voluntarily registered with the country’s authorities by September 24.

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‘Buy now pay later’ firm Zip plans to offer crypto trading in Australia and the US

Australian ‘buy now pay later’ (BNPL) firm Zip is looking to enter the crypto market by offering trading services to users within the next 12 months.

Zip co-founder Peter Gray told Reuters on July 22 that expanding support for crypto trading services and providing a digital wallet was one of top requests from its clients. The co-founder kept his cards close to his chest however and didn’t outlay a specific roadmap or timetable to get there.

“We know our younger generation of customers seek additional products and services that are relevant to them,” Gray said.

The Afterpay competitor serves customers in Australia, New Zealand and the U.S. under its American Quadpay unit. The firm recently announced that Quadpay will be rebranded to Zip to increase brand awareness as a multinational company.

If the BNPL firm goes ahead with its crypto plans, Zip has said that it will likely offer this service to Australian and U.S. customers.

According to Yahoo Finance, Zip has a market cap of $4.1 billion. The firm competes in a highly competitive industry amongst giants such as Afterpay, which pioneered the concept and has a significantly greater market cap of $31.4 billion.

Apple announced plans to enter the BNPL sector earlier this month with a service that will allow users of Apple Pay to pay for purchases in four interest free installments. Afterpay this week revealed its first product launch with Westpac bank to offer savings accounts with a flat 1% interest rate.

Related:  PayPal increases crypto purchase limits to $100K

Back in April, the Zip co-founder stated that the firm’s short term plans didn’t include offering traditional banking products. He also dropped the first hints about its broader plans noting they are “probably more related to crypto or the ability to buy and sell shares from the app rather than the ability to have a no-coupon savings account.”

According to data from TradingView, Zip stock (Z1P) has a rolling 10 day average volume of $13.98 million, and currently sits at a price of $7.14.

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Cryptonews

How much do you know about gift cards? Take our quiz t… | Quiz

Gift cards are an exceedingly popular type of present — especially considering as online shopping continues to overtake brick-and-mortar retailers.

They also proved especially popular during the coronavirus pandemic as cash use experienced a massive decline.

But how much do you know about gift cards? Put your knowledge to the test in this special quiz brought to you by Freewallet.

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