The move has been possible thanks to the partnership with GroundX, a blockchain subsidiary of Kakao Corporation, the source says. Citing the report in Hanguk Kyungjae, the source says subscribers will be able to receive 10% of their monthly subscription price in crypto tokens KLAY. Moreover, users who install Klip wallet in their KakaoTalk app will get additional rewards.  

Klip is a cryptocurrency wallet in the Korean chat app KakaoTalk. The project started in June last year and reached 0.75 million users across the globe in March of this year.

KLAY token ranks #18 with a market cap of around $8 billion on CoinMarketCap.com. Moreover, it has a listing on such crypto exchanges as Bittrex, Liquid, OKEx, and Gate.io, per CoinMarketCap.com data. It is trading at around $3.27 at the time of writing.

Klaytn, Kakao’s blockchain project behind the cryptocurrency KLAY, has recently become the first public platform besides Ethereum to be integrated with OpenSea. The integration of Klaytn with the largest NFTs marketplace will allow users to purchase and sell NFTs powered by Klaytn using KLAY tokens.

The post Subscribers of Hanguk Kyungjae will receive crypto tokens appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

According to CoinJournal, crypto exchanges must comply with anti-money laundering standards to avoid penalties. Those standards will come into effect on April 20. Otherwise, providers could expect penalties between 30 million won (around $26,000) and 100 million won (around $88,000), the source says.

To prevent money laundering, the government will require all crypto exchanges to cooperate with banks. This is to ensure that clients trade using accounts under their real names, writes Cointelegraph. However, meeting the new compliance regulations could be very costly. In addition, using the services of third parties could cause privacy concerns.

Following the introduction of the new regulations, which took effect today, March 25, crypto exchange OKEx decided to discontinue its operations in South Korea. According to Forkast News, its users must withdraw their funds from the exchange by April 7 to prevent themselves from losing their holdings.  

Earlier this month, the National Tax Service (NTS) caught 2,416 individuals who were evading paying taxes by hiding their income in cryptocurrency. The total earnings not reported reached over 36 billion won (more than $32 million).

The post South Korea introduces stricter regulations for crypto businesses appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.