Bank of Korea launches 24-hour won settlement pilot for foreign investors
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The Bank of Korea has released a regulatory proposal suggesting that personal stablecoin transactions exceeding $10,000 should be limited to transfers from verified wallets.
According to Mars Finance, the legal team of the Bank of Korea has published a research paper titled "Regulatory Scheme for Foreign Remittance Transactions Targeting Stablecoins," proposing regulatory recommendations for large-scale stablecoin transactions. The paper, referencing current South Korean foreign exchange control regulations, proposes constraints on stablecoin transfers exceeding $10,000 between individuals, requiring such transactions to be conducted only between officially certified wallets, along with a pre-reporting mechanism. The institution acknowledges that there are technical obstacles to fully controlling unregistered wallets, but due to anti-money laundering compliance requirements, it is necessary to strengthen restrictions on large-scale cross-border stablecoin fund flows. South Korean regulators have previously repeatedly stated the need to improve the monitoring system for cross-border crypto asset transactions using non-custodial wallets; this paper further refines and implements the regulatory approach.
Bithumb will launch the Impossible Cloud Network (ICNT) Korean Won trading pair.
According to Mars Finance, on July 7th, Bithumb trading platform will launch the Impossible Cloud Network (ICNT) Korean Won (KRW) trading pair at 17:00 (Korean time) on July 7th, supporting the BASE network. Deposits and withdrawals are expected to open within 2 hours of the announcement. Initially, trading restrictions will be implemented for the new coin, including a ban on buying for the first 5 minutes after opening, and a selling price that cannot be lower than 10% or higher than the reference price for the first 5 minutes. Limit orders will also be supported for approximately 2 hours after launch to ensure market stability.
Korean bank taps Ripple for payments, Pakistan opens crypto licensing: Asia Express
Asia’s biggest crypto hubs are locked in a tax-cut arms race, while Ripple will help Korea’s Jeonbuk Bank move money across borders.
South Korea’s Jeonbuk Bank taps Ripple for cross-border payments
Ripple is bringing its cross-border payments platform to Jeonbuk Bank, but key details including its launch status and settlement asset remain undisclosed.
The South Korean won appreciated by more than 1% against the US dollar.
According to ChainCatcher, Gate market data shows that the Korean won has risen by more than 1% against the US dollar.
South Korean fintech company Toss is partnering with Optimism and Sunnyside Labs to explore stablecoins in the Korean won.
PANews reported on July 8th that, according to The Block, South Korean fintech company Toss is collaborating with Optimism and Sunnyside Labs to explore a won-denominated stablecoin. The three parties will conduct proof-of-concept trials in the coming months to test the application of OP Stack in compliant blockchain digital financial infrastructure.