On the 4th January, the US Office of the Comptroller of the Currency (OCC) released a legal interpretation that banks can use ‘stable coins (virtual assets with constant value)’ for payment and remittance business.
As interest in Non-Fungible Tokens (NFT) based art works increased, the volume of transactions was the highest ever.
Bitcoin consignment service for Korean companies and institutions will be released in January of this year.
Virtual asset consignment service will be started for Korean companies and institutions. Although it is interested in virtual assets as an investment vehicle, it is expected to be good news for Korean companies and institutional investors who have been hesitant because there is no suitable counter.
While large overseas virtual asset exchanges such as Coinbase (www.coinbase.com) and OKCoin (www.okcoin.com) have stopped trading Ripple (XRP), a similar move has begun on Korean virtual asset exchanges.
Virtual Asset Industry ahead of the Enforcement of the Special Financial Information Act, Domestic VS Overseas 'Temperature Difference'
With the revised Specific Financial Information Act (SFIA) that regulates virtual asset providers (VASP) coming into effect in March, there is a temperature difference between Korean virtual asset services and overseas services.
Korean government striving to industrialize blockchain.. Full support for fintech convergence technology
The Korean government supports blockchain companies to enter the global market and establishes a dedicated organization in charge of establishing standards for blockchain services.
Aprobit (www.aprobit.com) stops sharing order book with Bitfinex (www.bitfinex.com) "To comply with SFIA (Specific Financial Information Act)."
Coinplug's DID real name verification service was selected as an innovative financial service by Korea Financial Services Commission.
The real name verification service using the decentralized identity authentication (DID) of the blockchain company Coinplug (www.coinplug.com) was selected as an innovative financial service by the Financial Services Commission.
Blockchain is designed so that one data is simultaneously recorded on multiple distributed servers, and can only be accessed and entered through a verification and consensus system between them. Through this, it is possible to prevent thorough activation and manipulation of records by linking all vaccine-related data to the blockchain from the beginning of production and distribution.
Unlike centralized exchanges where hacking situations still occur, it is an exchange that allows users to directly trade without intermediaries. It is a long-established DeFi (Decentralized Finance) model that extends from Etherdelta or IDEX, which was the cradle of ICOs at the time of the 2017 ICO craze, to XX Swap (xxSWAP), which heated up 2020. In particular, UniSwap has grown so rapidly that it surpassed Coinbase, the largest virtual asset exchange in the U.S. by volume. The characteristics of decentralized exchanges that have appeared recently are that they all use an Automated Market Maker (AMM) based on a liquidity pool.