South Korean police are probing a possible $8m crypto scam – after a group of 40 alleged victims complained they were tricked into buying a potentially worthless or non-existent cryptoasset.

A number of South Korean firms are preparing to launch security token offering (STO)-related services this year. And they are hopeful that regulators will give them the green light to get started this month.

The South Korean software giant AhnLab has released a crypto wallet – becoming the latest in a long line of the country’s IT players to move into the space.

The Financial Intelligence Unit (FIU) of the South Korean Financial Services Commission stated that it does not accept the virtual asset operator change report of Pay Protocol, the issuer of the virtual currency payment platform Paycoin, and believes that Pay Protocol does not meet the reporting requirements stipulated in the Specific Financial Information Act. The financial authorities ordered Paycoin to close related services before February 5th.

South Korean tax authorities have seized crypto from 5,741 citizens since 2020. Tax officials say the citizens in question were guilty of tax evasion or defaulting on tax bills.

A South Korean university says that it has become the latest institution in the country to introduce <a target="_blank" href="https://cryptonews.com/tags/blockchain/">blockchain</a>-powered mobile phone-based student IDs.

Several major <a href="https://coingape.com/glossary/crypto-exchange-2/">crypto exchanges</a> based in South Korea have announced the delisting of gaming platform token WEMIX. The crypto project had recently announced raising funds from companies including tech major Microsoft. The Digital Asset Exchange Joint Consultative Body, comprising five top exchanges in the country announced a date for delisting the token. The group included exchanges Upbit, Bithumb, Coinone, Korbit, and Gopax.