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  • Coin Marketcaps
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  • Crypto
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  • Web 3
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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Snoop Dogg’s Telegram NFT Drop Sold Out in Half an Hour

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    Gear Runner Integrates with Meta Arena to Deliver Gamified Real-World Activity and Move to Earn for GameFi Fans

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    ETH Daddy Discusses Ethereum and AI

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    What Is Copy Trading in Crypto? A Beginner’s Guide

    What Is Copy Trading in Crypto? A Beginner’s Guide

    A Step-by-Step Guide for Risk-Takers

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    What is Spot Trading in Crypto? A Beginner’s Guide to How It Works

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    Crypto Risk Management Strategies for Trading (2025)

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    What Is Crypto Staking? How to Earn Crypto by Holding It

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    What is Dollar-Cost Averaging (DCA) in Crypto? A Beginner’s Guide

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    What are Rollups in Crypto? ZK Rollups and Optimistic Rollups Explained

  • Analysis
    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

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    An SBF Testimony Could Add ‘Decades’ to His Prison Sentence, According to Lawyer – Here’s Why

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Home Blockchain

KakaoTalk’s Klip Wallet Adapts to South Korea’s Stricter Crypto Rules

July 10, 2024
in Blockchain
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KakaoTalk’s Klip Wallet Adapts to South Korea’s Stricter Crypto Rules
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South Korea’s messaging app KakaoTalk has announced a reduction in functionality for its integrated crypto wallet, Klip. This move aligns with the country’s upcoming Virtual Asset User Protection Act, set to take effect on July 19.

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KakaoTalk launched Klip within its ecosystem on June 4, 2020, offering users easy access to featured dApps like THETA.tv Korea. Users received TFUEL, which could be converted to Klaytn-based “Beans” tokens, developed by Theta Labs. The platform, developed by Ground X, provides users with a unique opportunity to use crypto assets within the messaging app.

Recent reports indicate that GroundX, in preparation for complying with South Korea’s new crypto regulations, has applied for a virtual asset service provider (VASP) license. While KakaoTalk has opted to scale back Klip’s functionality, the platform aims to mitigate the risks associated with the Virtual Asset User Protection Act.

As a result, Klip within KakaoTalk has suspended crypto services, and users can no longer view token balances or initiate token transfers. However, customers can still use Klip’s standalone app, launched in July 2022, for crypto services.

South Korea has announced the upcoming implementation of its first law on crypto user protection on July 19. With this new act, South Korea plans to systematically review 1,333 altcoins over six months, eliminating the possibility of a “mass delisting.” In connection with the new regulatory norms, 29 crypto exchanges, including Upbit, Bithumb, and Gopax were ordered by the regulators to assess their tokens in compliance with the law.

See also  Is ‘hands-off’ undercollateralized lending possible? Wildcat thinks so

In short, KakaoTalk is adjusting to the new rules by making Klip less crypto-centric. But crypto fans in South Korea can still use Klip’s separate app for their digital currency needs. It is a sign of the changing times as the country gets ready for stricter crypto regulations.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Tags: AdaptsCryptoKakaoTalksKlipKoreasrulesSouthstricterWallet

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