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South Korea’s Democratic Party Leader, Lee Jae-myung, has vowed to approve spot Bitcoin ETFs (exchange-traded funds) if elected president, as BlackRock’s IBIT ETF notches 16 straight days of net inflows.  Along with the promise to approve Bitcoin ETFs, Jae-myung also announced on May 6 that he would back other pro-crypto measures as part of a broader initiative to provide more investment opportunities for Korea’s youth ahead of the June 3 election. “I will create a safe investment environment so that young people can [build] assets and plan for the future,” Lee said in Korean, according to The Korea Economic Daily. Ruling Party Also Promises To Back Crypto Lee also said that he would legalize spot crypto ETFs, lower transaction fees and put more consumer protection measures in place.  Lee is the favorite to win the upcoming election with 42% support, according to a survey conducted by Korea’s National Barometer Survey. South Korea...

Do Kwon’s extradition to the US has been rejected by Montenegro’s Appellate Court after it upheld the High Court’s ruling that he should be extradited to South Korea. The appeals court shared the announcement, which appears to be final, today.  It said, translated from Montenegrin, “There was no appeal against the aforementioned decision, so the decision of the High Court in Podgorica, in the part in which extradition is allowed in a shortened procedure at the request of the Republic of Korea, is legally binding.”  The court deemed that the High Court correctly established the legal conditions for both the US and South Korea to petition for Do Kwon’s extradition and that South Korea’s request had arrived first .   Montenegro PM Milojko Spajić may have met with Do Kwon, report Read more:  Do Kwon can’t leave Montenegro , but owes the US millions This may mean the end of back-and-forth rulings in the extradition of the Terraform founder. Protos reported in ...

US prosecutors are set to challenge the Montenegrin High Court’s decision to send Do Kwon to South Korea, raising the potential for another U-turn in the Terraform Labs founder’s extradition process.   On Thursday, the court approved Kwon’s extradition to South Korea with even Kwon’s lawyers admitting that it was his most likely destination on March 23.  However, the US Justice Department told Bloomberg the same day that it will also continue to pursue Kwon’s extradition. It said, “The United States appreciates the cooperation of the Montenegrin authorities in ensuring that all individuals are subject to the rule of law.” Do Kwon and his ever-changing extradition status Kwon’s extradition proceedings started back in March 2023 following his bodged escape to Dubai. Since then, his extradition has been repeatedly appealed, approved, and appealed again, with its stat US changing at least seven times since November 2023.  Do Kwon documents reveal astounding stupid...

Klaytn (KLAY) and Finschia (FNSA) are looking to merge to create a new chain as they look to dominate Asia’s Web3 market. The integrated blockchain will be compatible with Ethereum EVM and Cosmos (CosmWasm). Klaytn, the dominant blockchain for Web3 in South Korea and with significant traction in Singapore and Vietnam, has its eyes fixed on taking over the Asian market with a mega merger involving Finschia, a leading public blockchain in Japan.  Finschia blockchain was previously LINE blockchain. In an announcement on Tuesday, Klaytn said it had submitted a governance proposal to merge its metaverse and GameFi-focused network with Finschia to “create Asia’s largest Web3 ecosystem.” “ The integrated blockchain will inherit and connect Web3 assets based on LINE and Kakao messengers, creating a robust ecosystem with over 250 million user touchpoints in Asia, ” the Klaytn Foundation noted. A new token PDT Should the pr...

Participants will be restricted to using the CBDC only for payment, without an option to store, exchange or send it to other users. The Bank of Korea (BOK) — South Korea’s central bank — has said it will invite 100,000 Korean citizens to purchase goods with deposit tokens as part of its central bank digital currency (CBDC) pilot. The testing will start “around September to October” of 2024 and last for three months.  According to a Korea Times report from Nov. 23, participants will be restricted to using the CBDC only for payment, without an option to store, exchange or send it to other users. The goal of the pilot stage is to evaluate the feasibility and effectiveness of issuing and distributing the currency. The BOK will also collaborate with the Korea Exchange to integrate its new digital currency into a simulation system for carbon emissions trading to test the feasibility of delivery versus payment transactions. The BOK statement cited by the newspaper said: “[...] The pilot pr...

Shin currently faces multiple fraud charges, specifically concerning allegedly hiding risks associated with investing in the in-house tokens by Terraform Labs. A local court in South Korea denied the prosecutor’s request to issue an arrest warrant for Terraform Labs co-founder Shin Hyun-Seong, also known as Daniel Shin. This was the second attempt made by South Korean authorities to reign in Shin following the recent arrest of Do Kwon — Terra’s other co-founder. On March 23, Kwon was arrested at Podgorica airport in Montenegro while attempting to use fake documents to fly abroad. The Seoul Southern District Prosecutors Office took advantage of this situation and, on March 27, requested an arrest warrant for Shin, citing his involvement in cashing in illicit profits from Terra (LUNA) and TerraUSD (UST) sales. However, the Seoul Southern District Court denied the request while citing unconfirmed allegations and the unlikeliness of Shin being a flight risk or destroying evidence, acco...