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Why you should pay attention to the Korean market pt.2
Standard Bank & Shinhan Bank Deep-Dive: Real-Time Settlement & Integrated Foreign Exchange for Tokenized Thai Baht (THB), New Taiwan Dollar (NTD), and South Korean Won (KRW)
Standard Bank & Shinhan Bank Deep-Dive: Real-Time Settlement & Integrated Foreign Exchange for Tokenized Thai Baht (THB), New Taiwan Dollar (NTD), and South Korean Won (KRW)
Today MultiversX entered the Korean market with EGLD/KRW pair on the Upbit exchange
Made a little research about financial crime in South Korea and there are bad news for Do Kwon: 10 Years in prison, that is what he might get.
Everyone Here is Seriously Missing Out on The Wonderful World of DeFi and Web3
Let's deep dive on USDT's and USDC's much cooler older brother the Terra ecosystem. Understanding the economic model behind Terra - an ecosystem which hopes to provide global, algorithmic stablecoins.
Hedera and Korea's Shinhan Bank partner on KRW stablecoin pilot
This is why Algorand rose by 70 percent in five minutes
Algorand jumps 50% to a new ATH
On Hedera…S. Korea’s Shinhan Bank tests stablecoin pegged to KRW
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Hello Reddit. 5 hours after this was posted, I will now tell you the main reason for this: It's difficult to get coins off the Korean exchanges nowadays, onto the blockchains. They need you to 'register' receiving wallets (that you withdraw from the exchange to) and deposit wallets (that you send to the exchange from). The exchange site needs to 'connect' to the blockchain wallet, and it's not going to accept anything mildly out of the ordinary. It's not going to connect with SolFlare, it'll only do Phantom wallet. You can't use it with Brave, only Chrome. You can't do it in a VM. Turn your adblocker off. Don't use a VPN or they won't let you interact with the blockchain until you send them many months of financial records. There are of course monetary limits on how much you can deposit and withdraw too. So most people nowadays don't bother, and just keep it on Upbit or wherever. Those CEXs are focused on KRW pairs. So Koreans are trading with KRW mainly.
It might be considered a shill, but it also provides context to relatively widely reported news item (The Block, Cointelegraph, etc). I tried to be balanced by noting that the CDC's attempt to register the KRW market was actually denied in 2023, so they will have to try again.\* In jurisdictions with strict regulation, the CDC prefers to launch a limited product, like the derived products in the US, rather than to openly flaunt the rules. There is a tradeoff ofc, and to paraphrase CZ if you were to follow the rules, you would be too slow and fail to capture the market (but on the flip side, you might avoid getting sued). The reasons for the decision by the regulator were iirc capital decline, small AML of the Korean subsidy (which was small, bc of the OK-Bit limited size at the time), and potential conflict of interest with the exchange token.
Sorry, I edited it to KRW to avoid confusion. Despite many trying, no overseas exchange has yet succeeded in registering for the Korean Won account. It is exceedingly difficult. One of the criteria for conversion to the KRW market (on—and off-ramp) is the absence of capital decline by the entity in the last several years. This is challenging to show unless you are doing business, so launching a limited product might be a necessary stepping stone to getting registered with a bank.
With no KW-to crypto. You mean KRW? Wth is the worth of a CEX without on-ramp (and suppose off-ramp) This is not going to create impact without on-ramp nor the exchange.
And there's more where that came from: GBP, EUR, CAD, JPY, KRW -- the list is endless.
What happens when a currency is worth 1 sat? Example KRW. I'm not sure it's possible to buy less than a sat.
tldr; The Bank of Korea has partnered with LG CNS to develop a wholesale central bank digital currency (CBDC) system. They plan to conduct two trials: one for interbank settlement with tokenized deposits, and another for securities settlement using Distributed Ledger Technology. The project is set to involve 100,000 participants and is expected to start between September and October 2024. LG CNS has a contract until March 2025 with a budget of KRW 9.68 billion ($7.45 million). *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
Coin ATMs would be popular if they also dispensed at least top 10 fiat for their area. Like an ATM in Japan should be able to accept and distribute coin of choice, JPY, USD, KRW, RMB, and a few others. The idea being, people bring their coin wallets with them on their phone. When they arrive in their destination country, they sell a few grand to the local currency, and spend it on their trip. When they’re ready to leave, they cash in the local currency, back into coin on their wallet. This overtakes the current day methods of either bringing cash and using a currency exchange, which is already bad because of the low limits. $10k cash on your carryon seems to be the limit in many places. Real shitty if you’re planning to spend. And the second method of finding a no fee / fee waiver debit card that you can use to withdraw from local ATMs. Both are not seamless avenues for travelers. But coins are.
It depends on which countries If both countries have free-floating currencies - USD, EUR, CHF, JPY, AUD, NZD, GBP, CAD and so on - Wise rates are 0.5% with no additional spread If one or both countries have restricted foreign exchange - CNY, KRW, PHP, etc etc - foreign exchange fees are higher. But so are cryptocurrency exchange fees > could bitcoin be the solution Bitcoin is the solution for unrestricted movement of money across borders But if Bitcoin is difficult or expensive to buy in the source country, or difficult or expensive to sell in the destination country, then you will spend many hours researching which exchanges to use and comparing their fees to foreign exchange fees
Started small, made profits, persuaded wealthy people to back him. He found a cross-rate arbitrage related to the so-called kimchi premium. The USD-BTC-KRW cycle is impractical because of heavy constraints on moving KRW They noticed that there was a pricing glitch where XRP and BTC were both mispriced on Korean exchanges, and they were mispriced at different percentages. The KRW restrictions prevented 25% profits from a USD-BTC-KRW cycle, and prevented a 20% profit from a USD-XRP-KRW cycle, but allowed a 5% profit between the Korean mispriced BTC and the Korean mispriced XRP. This allowed $500k per day profit, but only for about 40 days The "SBF made billions from the kimchi arbitrage" claim is a myth, but there was a profitable arbitrage there for a month or two
>As part of the 'XPERIENCE MOR3' campaign, ALTAVA and Renault Korea Motors are thrilled to offer an array of enticing rewards: \- One individual will win a grand prize of 1 million KRW worth of Klaytn and a unique NFT. \- Two winners will each receive 500,000 KRW worth of Klaytn and super rare NFTs. \- 30 participants will be awarded 50,000 KRW worth of Klaytn and rare NFTs. \- 3,000individuals will receive classic NFTs. \- Three random winners will have the opportunity to rent the exclusive Guillaume Sauzey-designed XM3 E-Tech Hybrid.
Just like real USD 
Most people associate millionaire status with USD. Different countries have different thresholds for being considered rich depending on their currency. For example, in Korean Won (KRW), one million won would be a monthly paycheck for a part time retail worker. You may wrongly associate that with their currency being highly inflated, which is not the case. Their currency simply does not have a unit equivalent to "cent". It starts from 1 won, which is roughly 0.1 cent. There is no 1 won coin btw. Only 10 won coin which is roughly 1 cent.
I am in Busan now. My WISE card holds KRW (won, ₩ fiat), in addition to dozens of other currencies. Each payment is simply an instant tap on the card reader. There are no card readers where this has failed. I suppose I could withdraw cash, but in Korea there’s zero need for it.
Honestly I don't believe this. >South Korea’s National Tax Service (NTS) issued an official announcement on Sept. 20, stating that 1,432 individuals and corporations reported overseas accounts in cryptocurrency this year. The total reported amount in crypto was 130.8 trillion Korean won (KRW), or $98 million, which makes up more than 70% of the total amount in all reported overseas assets. This is really hard to believe.
They should make a $GRASS token, would be funny if nobody touch it 
ALGOne 
In this case whales stay underwater 
I’ve sent USD/RMB/KRW across borders and I have never used an envelope and stamps, might be different with euros, not sure. With a service like Zelle or Remitly it’s done in a minute or two, no stamps or envelopes. I send eth from one wallet to another recently and the fee was like $7-$9. “Crypto and blockchain are truly amazing” I like some aspects of crypto. I like scarcity of BTC which is why I hold it, but I just can’t find any real utility advantage right now. Is there anything else related to transaction speeds?
>I don't see any ALGO hype anymore algone 
This may also be related to Upbit's policy on KRW. Because as a foreigner I can say that included my country ,people use USD instead of local currency to exchange crypto
Appreciate the insights! It's just a small amount ~$60. For the Swift solution (#1) mentioned earlier: Sending $61.40 in SATS with a $1.84 fee, which also covers the bank conversion rate (EUR->KRW). Let me know if it still seems too high. Your thoughts are welcome!
The receiver home currency is KRW, there was no conversion, they keep it in sats.
The pilot achieved real-time settlement and real-time foreign exchange (FX) rate integration across the Thai Baht (THB), New Taiwan dollar (NTD), and South Korean won (KRW) in a test environment that aligns to current production capabilities. The PoC is EVM-compatible, meaning that any EVM-based stablecoin issuers can participate using the framework going forward.
Look at me, I'm holding all USD and I'm facing the same problem You see I'm in Korea. No one here takes them. Yet all the money I have in the world is USD. Secondly, my bank doesn't have any branches here. I have no way to withdraw them. Basically USD is pointless & useless because the only way I'm actually able to buy anything just to survive or not be out on the street at night is by going through a complicated multi-step process: 1. I have special cards that automatically convert USD denominated DEBT into real money: KRW / korean won when scanned at a register. 2. Once I've accumulated a maximum amount of debt, I have to transfer the USD electronically to the accounts to "refill" it and allow me to spend more (in other words paying my credit card bill)
The one on the right is 5000 KRW, which is currently 0.000133622268874 Bitcoins. https://www.xe.com/currencyconverter/convert/?Amount=5000&From=KRW&To=BTC https://www.xe.com/currencyconverter/convert/?Amount=5000&From=KRW&To=USD https://www.xe.com/currencyconverter/convert/?Amount=5000&From=KRW&To=EUR https://www.xe.com/currencyconverter/convert/?Amount=5000&From=KRW&To=CAD https://www.xe.com/currencyconverter/convert/?Amount=5000&From=KRW&To=AUD
tldr; South Korean prosecutors have contacted Binance to stop crypto fugitive Do Kwon from withdrawing funds. They fear that he will start liquidating crypto from the proceeds of selling property. They estimate that assets seized from Terra/Luna executives, including Kwon, were 414 billion KRW (around $314 million). Kwon's share of those illicit funds was around $69 million. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; South Korean prosecutors have contacted Binance to stop crypto fugitive Do Kwon from withdrawing funds. They fear that he will start liquidating crypto from the proceeds of selling property. They estimate that assets seized from Terra/Luna executives, including Kwon, were 414 billion KRW (around $314 million). Kwon's share of those illicit funds was around $69 million. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
When I turn the currency into KRW fuck I'm rich
Cryptos are paired against a multitude of currencies including the EURO, JPY, KRW even smaller currencies like AUD, SGD. The collapse of the USD will hurt but it won't be the end of the world for crypto.
You got the pricing backwards. BTC is more expensive on foreign exchange. That's what premium means. And there is no premium when trading for stablecoins because they can be so easily moved. The premium is lodged in KRW and its exchange rate to USD.
If it was simple and easy then everyone would be doing it and there would not be a premium. Say you bought btc on conbase, deposited it, sold it for KRW. Now what? You can't send KRW to your Chase checking in US. How will you get your money?
1 BTC to usd in usa is 28259.49 1 BTC to usd in KRW 37438000 (28864.70 usd) There is a price difference. Maybe not enough to beat the fees though. Not sure.
> Sorry for newbie question and sorry if it’s been asked before. I can’t seem to find a clear answer that I understand It's a good question When this was a thing (the Kimchi premium), a few people posted here "look at the arbitrage profits, why isn't everybody making millions?". And the response was, "try it and see". Never did anybody post that it was a real opportunity they they were exploiting for profit Maybe there were traders making profits from this arbitrage, and they didn't boast about it The other response, "the BTC/KRW price a misquote based on using cross-rate arithmetic to convert from BTC/USD via USD/KRW and the official USD/KRW quote is a Korean Government fantasy Many developing countries do not have floating currency rates. For their own reasons, those governments make up a USD price, even though the price of private trades on the street in Seoul is completely different If the BTC/KRW price is calculated using a government-quoted USD/KRW intermediate, then it's not an accurate indicator of the actual KRW rate being paid for BTC in Korea Something similar is happening in Argentina at the moment Another possible explanation is to see that an arbitrage trading profit requires a low-friction cycle. That is, if the BTC/KRW rate is unusually high, the trader buys using USD in America, sells for KRW in Korea, sells KRW for USD, transfers USD to America, repeat In this flow, it's easy to see that the profit is swallowed by the "sell KRW for USD" step, because that's constrained by the official rate An alternative is: transfer KRW to America, sell KRW for USD. The problem with this is that Korea has capital export controls (this might also prevent moving USD from Korea to America) If a person can break those two friction points - selling KRW and exporting money from Korea - there's a profit by repeating the cycle for as long as the price discrepancy exists
> But those transactions have to eventually be reconciled on chain right? Not necessarily, *ever*. An analogy would be let's say you moved to Korea and converted all your USD to Korean Won (analogous to moving all your onchain BTC onto the lightning network). Now you participate in the Korean economy, only spending KRW back and forth, not touching USD (analogous to only ever transacting on the lightning network). "Eventually reconciling onchain" is like assuming everyone who moves from the US to Korea "eventually moves back to the US and converts all his KRW back to USD". But you can see how that doesn't have to be the case, right? People can stay there forever, keeping their wealth in KRW indefinitely. Just like people can keep their BTC in the LN indefinitely and participate in the bitcoin economy from there, without *ever* having to move it back onchain.
Still defending this dogshit KRW 🤡
It was because korean exchanges had a literal 20%+ premium on top of other exchanges. If you bought btc at 1k, you could sell it there for 1.2k equivalent in KRW. The only main issue was getting that KRW back into USD to play the spread. Knew a guy who was doing that and trying to buy as much BTC to sell on korean exchanges.
In international FX trading, there is a very real concept of "Non deliverable currencies" where sanctions mean you can't trade and actually settle in particular currencies. Think, KRW (Korean Won) BUT people want to trade the inherent volatility of these wildly swinging currencies... so they enter into derivative Fx spot/forward trades but pay a massive premium to have it settled in something like USD or EUR... So being a Fiat currency doesn't obligate anyone to accept it (at least at the macro scale) The TLDR for fiat for me, is a central bank issued exchange of value whereby the same central entity can print as much as they like. It's not entirely accurate, and largely reductive, but it captures the essence of it near enough
I made like 300% on a shitcoin named Krown in less than a year. Yeahp, I started with 3000KRW and ended up with 9000KRW. Happy days.
People like myself were really interested in 2012-2013. It was exciting. Saw stores accepting it and ATMs opening, a new currency but flexible... But the "tech" just couldn't scale, transactions often stuck or slow, fees everywhere...now, here in Korea the BTC ATMs, are gone, no one accepts it and tokens (coins) are purely used as an alternative to gambling, its looked down upon, We have instant free transfers of our own currency KRW or even USD just by clicking a name in messenger.(even blockchain use in apps is out of favor, our COOV covid app was the last one, everyone else has scrubbed their teams) At least in Korea its done, its been 10 years and its less abundant today than then. No one even casually mentions it anymore
Can’t even trade in KRW on Binance anymore. Would love to see that change 부산 힘내라!
tldr; South Korea’s Financial Supervisory Service (FSS) has intensified its investigation against local banks tied to foreign remittances from cryptocurrency exchanges. The regulator is reportedly investigating domestic and commercial banks after detecting a significant amount of illegal overseas remittance transactions. The amount of kimchi premium trading conducted could be around $6.5 billion (8.5 trillion KRW). *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Blue chips? More like Red chips! 
Very cool! But does it work with KRW account?
Where did it Al-go? 
Many of the GC members are very active with Hedera use cases. These include but are not limited to: * DLA Piper with their Toko securitization platform * Shinhan Bank working on a KRW-backed stablecoin * ServiceNow improving ERP auditability and transparency * Avery Dennison ensuring transparency of carbon consumption and sustainability impact in supply chains * Ubisoft supporting game tokenization with the Hedera Token Service
I have no clue. In the cashapp sub they were saying something about currency so I’m wondering if I convert the KRW to USD would it work? Idk but this is so stupid…
You can’t see clearly in Home Depot? 
That would be bananas 
**False.** [coindesk.com/policy/2021/12/03/south-korea-delays-plans-to-tax-crypto-to-2023/](https://www.coindesk.com/policy/2021/12/03/south-korea-delays-plans-to-tax-crypto-to-2023/) "Stocks investors would only pay taxes for gains over KRW 50 million (US$42,450), whereas crypto investors would have to start paying when they reach $2,122 in capital gains" [reuters.com/markets/europe/skorea-set-delay-crypto-taxation-by-one-year-begin-2023-2021-11-30/](https://www.reuters.com/markets/europe/skorea-set-delay-crypto-taxation-by-one-year-begin-2023-2021-11-30/) "Once the bill receives approval at the plenary session, the country will begin imposing 20% capital gains tax on any annual gains of more than \[$2,122\] earned from trading of cryptocurrencies beginning January 2023."
In KRW m8 not USD. Exchange rate is ~1000:1
Yoon pledged to raise the proposed threshold for capital gains taxes to kick in on cryptocurrency profits to KRW 52.4 million (US$42,450). Starting in 2023, a 20% tax is to be levied on crypto gains above KRW 2.5 million ($2,024) earned in under a year. Big fan over here.
Apes going bananas 
Foreigners haven't been able to trade on exchanges here that settle in KRW for a year or so now, and Gopax is BTC pairs only now, so either these were just old dead empty accounts (like mine is now, sob) or these Russians were trading alts for BTC on a tiny Indonesian-Korean exchange...for some reason? Shoulda used Binance my dudes. Even before Gopax had to shut down KRW trading I did all my trading on Binance and just used Gopax as a fiat onramp. Their trading fees are high, withdrawal fees are insane, and no USD stablecoins.
Your Daily Dose of Crypto : • Bitcoin dominance: 42.60% (+0.64%) • Cryptocurrency market cap: 1.679 Trillion Dollars (-4.25%) • BTC average transaction fee: $1.276 ( -2.56%) • ETH average gas Price: 46.81 Gwei (-15.595%) • Trading volumes between the Russian ruble and bitcoin increased to 9-month highs as the country's fiat currency plunged to record lows due to the fallout from the Ukraine invasion. • South Korea’s Ministry of ICT, Science, and Future Planning pledged 223.7 billion KRW ($186.7 million) to create a broad Metaverse ecosystem to support the growth of digital content and corporate growth within the country. • The European Commission announced to remove a number of Russian banks from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) messaging system, aimed at hindering Russia’s capacity to carry out cross-border payments. • The U.S. Department of Justice today revealed its indictment against Satish Kumbhani, the founder of defunct cryptocurrency platform BitConnect. According to the indictment, Kumbhani and his co-conspirators obtained approximately $2.4 billion from investors in a Ponzi scheme. • The Ukrainian government has reached out to the crypto community on Twitter for raising funds to support its civilians and troops. Ukraine has now started accepting Bitcoin, Ethereum and Tether as donations. • The tally of cryptocurrency donations sent to Ukraine's government and NGOs since the start of its armed conflict with Russia is nearing $19 million, including $1.86 million from one NFT collection • A decentralized autonomous organization has been formed to raise money for Ukrainian soldiers facing down the Russian army. • The parliament of the European Union is delaying a vote on a framework aimed at regulating cryptocurrencies amid concerns over proof-of-work mining. • Christine Lagarde, president of the European Central Bank (ECB), has called on lawmakers to approve a regulatory framework on crypto, hinting at potentially preventing Russia from getting around economic sanctions.
Good, it was unBearable 
Yoon Seok-youl's pledge to "to make the no-tax threshold for crypto gains the same as that for stocks (KRW 50,000 million or US$42,450)" sounds good. That's a model for the world to adopt.
tldr; All of South Korea’s presidential candidates have announced crypto-friendly stances in a bid to win over young voters ahead of the election next month. Real estate is the biggest issue on voters’ minds in South Korea now as young people under the age of 24 earn salaries of around KRW 2.6 million (US$2,176) a month and face expensive Seoul rent. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
What’s up Cro 
Why is Korean KRW so high in ranking? Russia, Brazil and India all have higher GDP. What does this imply? Are the BRICs currencies lower due to depreciated FX rate to USD?
tldr; Oops!Something went wrong. Something went wrong on the Bitcoin exchange. LTC-JPY BTC-ETH BTC-CAD BTC-KRW, ETH-RUB BTC-GBP BTC-AUD, BTC-EUR, and ETH-ETH are among the currencies that failed to send the correct message. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
It's crashing harder than its network 
​ 
That would be psyCRO. 
Maybe they just never meant USD. https://finance.yahoo.com/quote/BTC-KRW/
Such fowl language. 
It’s really about about concerns of age ratings. But why shouldn’t kids be able to earn monetary reward for hard work and dedication. Games aren’t easy and you should be rewarded for achievement. “Currently, prizes obtained from playing games in South Korea cannot exceed KRW 10,000 or $8.41 USD at a time”. That’s brutal.
I am heavily loaded on both sides! 😉 Whatever goes on with NuCypher in the KRW markets has definitely caught my eye.
Hedera and Korea's Shinhan Bank partner on KRW stablecoin pilot
Hold that L my man. They introduced ALGO/KRW pair.
You bought a wife? 
46 billion KRW a lifechanging amount for a country? What are you smoking?
> to make it more difficult to convert it to government-issued money First of all: which one of the 200+ government-issued monies is it about? If they manage to make BTC-->USD hard, then the route BTC-->KRW-->USD would still be open. So, that means that they need to put pressure on the Koreans to shut down BTC-->KRW by threatening to otherwise shut down the next leg, i.e. KRW-->USD. Hence, they would have to bully 200+ other governments into doing what they want, or else! Even amidst a kaka phonic flurry of incessant bullying, I cannot see how they will eventually manage to prevent leaks from occuring across all possible BTC-->XXX-->USD indirect conversion routes. Secondly, it will cause an increasing volume of crypto simply not to get converted. "Hey, here is 25,000 USDT. Figure out by yourself how to turn that into USD.", "Ok. No prob. I will leave it to the next guy to figure that out. If he wants my money, he'll also have to take USDT." Some people will specialize in conversion to fiat but most users will for reasons of convenience just circulate the crypto. It will certainly not prevent the user population from growing. Fiat will increasingly become associated with hassle and obnoxious bureaucratic ceremonies, until people no longer even want it.