South Korea‘s appellate court ordered Tuesday the seizure of 191 bitcoins, worth 2.4 billion won ($2.3 million), as of 11:15 a.m. earned by providing online pornography content, overturning a district court‘s rule in September 2017 that implied seizing cryptocurrency was unlawful.This is the first time a Korean court has recognized virtual currencies encrypted on distributed ledgers as a means of profit, and therefore subject to confiscation. This carries with it an acknowledgement t

The Korea Exchange, operator of the stock markets Kospi and Kosdaq, announced immediately after markets closed Tuesday a list of firms included on the new composite benchmark index KRX 300, ahead of its launch on Feb. 5. On the list were 305 firms. Of them 237 -- making up of 91.1 percent of the index’s market cap as of Friday -- were from the top-tier Kospi, while the other 68 came from the second-tier Kosdaq. The 305 companies were selected among the top 700 firms in market cap from both

South Korea on Tuesday began a real-name trading system for cryptocurrencies, after weeks of a transitional ban on all new accounts as part of the government’s move to curb covert speculative investment in virtual coins.Despite anticipation that aspiring investors would flock to open trading accounts on the first day, the number of bank customers remained in the average range. Some of the operators saw a connection delay in their online system as a number of conventional investors sought t

The Korea Herald is publishing a series of interviews on promising startups in the fintech industry. This is the ninth installment. — Ed.Robo advisers were invented in the early 2000s in the United States to achieve convenience in making extra returns by harvesting tax losses and rebalancing portfolios for investors.But bringing such convenience to retail investors in South Korea through the automated process was more painstakingly long, according to Jenna Lee, founder and chief executive

South Korea began a real-name trading system for cryptocurrencies Tuesday, banning the use of anonymous bank accounts in transactions to prevent virtual coins from being used for money laundering and other illegal activities.The real-name trading system is also part of the government's latest measures to curb speculative investment into virtual coins amid growing fears that a cryptocurrency bubble may be set to burst.About 3 million people in South Korea are estimated to have invested in cryptoc

With the stock market rallying, the number of stock accounts has surpassed 25 million with the first time in history, while the percentage of individual investors has topped 70 percent, data by Korea financial Investment Association showed Monday.Watchers pointed out that individual investors are seen moving more into the stock market as the regulations against real estate and cryptocurrency trades tighten.Simply put, about nine out of 10 economically active people are theoretically involved in

Both stock markets in South Korea, the Kospi and Kosdaq, rallied Monday to hit records, while the nation’s market operator vowed to improve Kospi operations and become more friendly to foreign investors this year. The top-tier Kospi closed at 2,598.19, up 0.91 percent from Friday, setting a new all-time high. The second-tier Kosdaq closed at 927,05, up 1.53 percent from the previous trading day, the highest in 16 years since March 2002. The Kospi topped 2,600 for the first time in history

Mirae Asset Daewoo, South Korea’s largest brokerage by net worth, saw its overseas stock value reach 4.1 trillion won ($3.8 billion) as of Friday, according to the firm Monday. The foreign stock value has jumped 3.5-fold since January 2017, when the firm‘s foreign stock assets were valued at 1.2 trillion won. The foreign stock asset portfolio by the securities firm took 57.8 percent of profits on average. Seven out of 43 overseas stocks recommended by the firm saw the price jump

Retail investors are flooding the stock market following a recent rally, with the number of new accounts and transactions moving up sharply, the Korea Financial Investment Association said Monday.As of Thursday, a record 25.06 million stock accounts were active. The number increased from November, when the secondary market, KOSDAQ, began to post strong gains. Some 170,000 stock trading accounts were added in October, which rose to 270,000 in November and to 220,000 in December. 280,000 accounts

South Korea's credit card spending surged dramatically in 2017 from a year earlier due to the extended Chuseok holiday and the "golden holiday" in May, industry data showed Monday.Credit card spending soared 10.8 percent to 605 trillion won ($568 billion) last year from the previous year, the Credit Finance Association said.The rising consumption is attributed to the April 29-May 9 golden holiday and the 10-day-long Chuseok holiday that began Sept. 30. Total card spending, including cr

Japanese cryptocurrency exchange Coincheck Inc. said it will use its own capital to reimburse customers who lost money in Friday’s $400 million theft.The Tokyo-based company will repay all 260,000 users impacted by the theft of NEM coins, at a rate of 88.549 yen (82 U.S. cents) for each coin, according to a statement posted on its website after midnight local time on Sunday. A total of 523 million coins were stolen, it said.“The timing of the reimbursement and the application process

Investors, cryptocurrency exchanges and banks in South Korea appeared to be confused Sunday over the government’s push to launch a real-name trade system of digital currencies as part of efforts to tighten its grip on the fast-growing and unfettered market.Starting Tuesday, cryptocurrency purchases using local currency will be allowed only for individual accounts registered under real names. Bank accounts of digital coin buyers using local currency and of cryptocurrency exchanges must be r

Stock values for stakeowners of biopharmaceutical companies nearly doubled over the past year, with Celltrion leading the pack, data showed Sunday.According to Chaebul.com, which tracks corporate records, 32 people each owned more than 100 billion won ($93.76 million) worth of shares in biopharmaceutical firms as of Friday's closing.Their stock values have risen 99.4 percent since Jan. 2 last year. Seo Jung-jin, chairman of Celltrion Inc., claimed 6 trillion won in shares after the stock pr

The lobby of South Korea's cryptocurrency exchange operators said Friday it will make efforts to ensure the government does not excessively restrict the trading of virtual currencies.The Seoul government has been striving to rein in the virtual currency frenzy in Asia's fourth-largest economy while contemplating a bill to ban cryptocurrency exchanges.Amid concerns over a bubble, the government last month banned the opening of new virtual accounts for cryptocurrency investors and required virtual

Looking at a smartphone app showing the prices of cryptocurrencies, Lee Jae-sung sighed. The 24-year-old university student bought 5 million won ($4,666) worth of a little-known cryptocurrency called Nxt last month.To date, the cryptocurrency has lost about 64 percent of its value, and Lee has been suffering from insomnia these days."I am repeatedly asking myself whether I should sell this at a loss, but I can't make a decision," Lee said.Lee is one of many young and Internet-savvy cry