Cryptocurrency investors in South Korea will be fined for refusing to convert their virtual accounts into real-name ones, financial authorities said Sunday.The move comes as South Korea is scrambling to rein in the virtual currency frenzy in Asia's fourth-largest economy, including preparations for a bill to ban cryptocurrency exchanges at home. According to the authorities, cryptocurrency traders will be allowed to convert their virtual accounts into real-name ones within this month, but those

South Korean stocks are expected to move in a tight range next week as investors await a mixed bag of economic data at home and abroad ahead of the corporate earnings season, analysts said Saturday. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,496.42 points on Friday, inching down 0.04 percent from a week ago. Local stocks got off to a strong start on Monday thanks to an upbeat mood on Wall Street, but slumped for three consecutive sessions as flagging tech heavyweigh

Moody's Investors Service on Friday revised up the outlook for Emart Inc.'s Baa2 rating to stable from negative due to the company's improved financial situation."The change in Emart's rating outlook to stable from negative reflects its improved financial leverage in 2017, and our expectation that such deleveraging will continue into 2018, primarily owing to a decrease in adjusted debt," Moody's Vice President and Senior Credit Officer Wan Hee Yoo said in a statement. The rating a

South Korea’s government came under fire Friday for sending out confusing policy signals on bubble-prone cryptocurrency transactions, vexing investors and paralyzing market functions.While the Ministry of Justice reiterated its latest pledge to seek for the shutdown of cryptocurrency operators, the presidential office Cheong Wa Dae and the Ministry of Strategy and Finance put the brakes on drastic actions in an attempt to steady the market.“The shutdown of (cryptocurrency) exchanges,

Local IT firms and academics raised concerns on Friday that the government crackdown on cryptocurrency trading may adversely affect the blockchain sector, the core technology of such transactions.The justice ministry on Thursday moved in on the virtual currency market that has become overly speculative, with regulators currently unable to keep pace with developments in areas such as security against hacking, money laundering and other potential abuses. The ministry said it will legislate bans on

The main opposition Liberty Korea Party on Friday criticized the government for confusion in its approach to curb cryptocurrency trading, citing it as a sign of policy ineptitude. On Thursday, Justice Minister Park Sang-ki said the government is working on legislation that includes a complete shutdown of all virtual currency exchanges in the country. But the presidential office Cheong Wa Dae said later that no decision has been made yet over the shutdown, amid growing complaints from disgruntled

Finance Minister Kim Dong-yeon said Friday that relevant ministries need to hold more consultations over the justice ministry's plan to ban cryptocurrency exchanges, but the government will continue to take actions against speculative investment in virtual coins. The remarks by Kim came a day after Justice Minister Park Sang-ki told reporters that the ministry is preparing for a bill to ban cryptocurrency exchanges at home. "The issue of shutting down (cryptocurrency) exchanges, t

South Korea’s Woori Bank announced Wednesday a temporary restriction on use of its debit cards and other services for the Lunar New Year from Feb. 15 to Feb. 18, via its official homepage. The local bank apologized for the inconvenience. The restriction on Woori debit cards will begin at 12:01 a.m. Thursday, Feb. 15 and prolong until 11:59 p.m. on Sunday, Feb. 19.  Woori Bank added that customers will still be able to use their credit cards, but not debit cards. Also, long- and short-

Cryptocurrency markets at home and abroad responded quickly and radically Thursday on signals by South Korea’s Ministry of Justice that it would seek to shut down all exchanges for digital assets.In a press conference Thursday, Justice Minister Park Sang-ki said the government was drawing up a bill against overheating in the virtual currency market, perhaps even intending to ban cryptocurrency trades in Korea completely.  “Cryptocurrency trade in Korea is similar to speculation

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South Korea’s financial regulators have inspected banks that have opened virtual accounts for corporate customers amid concerns that such accounts could be exploited as a loophole to attract new investors for cryptocurrencies, an official said Wednesday. Regulators have banned banks from offering virtual accounts, which are needed to sell or buy cryptocurrrencies, to individual customers, in the latest measure to help prevent speculative investment for virtual coins. However, virtual bank

Decentralized messenger app operator e-Chat warns all-out cryptocurrency ban may lead to flight of blockchain industry

South Korea’s top financial regulator on Monday called on banks to act as “gatekeepers” in monitoring cryptocurrency-related transactions, elaborating on the need to set off a nationwide survey Monday on banks that have provided virtual accounts for the transactions. “Concerns are rising as banks have kept mum about money flows for illegal use, instead of taking the role of gatekeepers,” said head of the Financial Services Commission Choi Jong-ku in a press conferen

Kakao Bank, South Korea‘s leading direct bank by transaction volume, denied news reports Monday that it is looking to turn to corporations to diversify its customer group, currently solely composed of retail customers. Earlier Monday, the online-only bank was reported to have revised its terms and conditions in December to allow for business entities to open checking accounts through its mobile platform, with interest rates settled quarterly. Kakao Bank said Monday the revision was meant t