Posts in category

south korea


The South Korean government will make a decision in November on whether it will allow initial coin offerings (ICOs) again in the country, a top-level official has said. Hong Nam-ki, head of the office for government policy coordination, told lawmakers during the National Assembly’s annual audit on government actions that regulators in the country have …

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Park Won-soon, the mayor of Seoul, has revealed a five-year plan to invest $108 million to make the South Korean capital a smart city powered by blockchain. In a speech during his visit to Zurich, Park announced last week that his Blockchain Urban Plan for 2018–2022 will cover 14 public services in five areas, with …

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The chairman of Korea’s National Policy Committee has called for the legalization of initial coin offerings (ICOs), provided that a regulatory framework is put in place. According to a report from CoinDesk Korea on Tuesday, Min Byung-Doo, who is a member of the country’s governing Democratic party, said that, with token sales becoming a global …

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Korea Investment Partners (KIP), the largest venture capital firm in South Korea, is investing in its first blockchain startup. Announced Tuesday, KIP is investing an undisclosed amount of money into Temco, a blockchain-based startup that aims to revolutionize supply chain management systems for small- to medium-sized businesses (SMEs) using blockchain technology. Specifically, according to Temco’s website, …

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LG Uplus – a South Korean cellular carrier owned by the nation’s fourth largest conglomerate, LG Corporation – is launching a blockchain-based overseas payment service. Announced Sunday, the trial effort will see the company working with partners in Japan, Taiwan and the U.S. to offer users of the three mobile services cheaper and faster payments …

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South Korea’s customs authority is looking to adopt Samsung’s blockchain tech as the backbone of a decentralized customs clearance system. Samsung SDS, the conglomerate’s IT arm, said on Friday that the Korea Customs Service has inked a memorandum of understanding (MoU) that will see Samsung’s Nexledger blockchain utilized for the new platform. Forty-eight domestic institutions, …

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South Korean financial watchdogs are contacting domestic blockchain startups as part on an investigation into initial coin offerings (ICOs). According to an exclusive report from CoinDesk Korea, the probe is causing jitters among the firms over whether it could ultimately lead to some form of sanctions if firms are considered to have broken rules on token sales. …

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The South Korean government is literally doubling down on its effort to trial blockchain in the public sector, adding more projects and increasing available funds for 2019. The Korea Internet & Security Agency (KISA) – a sub-organization of the Ministry of ICT – has said it is aiming to increase the number of blockchain pilot projects …

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The governor of South Korea’s Jeju island is maintaining his push to turn the autonomous region into a blockchain and initial coin offering (ICO) free zone. On Thursday, South Korean provincial governors hosted a meeting with President Moon Jae-in to discuss job creation in the country. In his remarks, Governor Won Hee-ryong of the Jeju province …

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Yet another stablecoin is attracting big investors. Announced Tuesday, the founder behind a $1.4 billion startup unicorn called TMON is revealing he has raised a $32 million seed round to build a stablecoin called Terra. But while a number of startups have deployed stablecoins – cryptocurrencies engineered to track the price of another asset, usually fiat …

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Bithumb, one of the largest cryptocurrency exchanges in South Korea, is reportedly renewing its contract with the country’s Nonghyup Bank – a move that will allow the firm to once more accept new account registrations. Korean news agency Yonhap reports on Wednesday that Bithumb and Nonghyup are planning to sign the contract on Aug. 30 …

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South Korean cryptocurrency exchange Bithumb made net profits of 39.34 billion won (about $35 million) in the first half of this year, despite a rough June for the firm. Vidente, a video equipment maker that owns 10.55 percent of Bithumb and 10 percent of its holding company, revealed the financial data to a South Korean financial regulator …

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A group of judges, lawmakers and industry experts in South Korea are forming a new group aimed to discuss legal issues surrounding blockchain technology. Called the Blockchain Law Society, the group is holding its founding conference on Aug. 24 in the Seoul Central District Court, during which participants will discuss both regulatory issues around blockchain …

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The South Korea government will invest over $880 million next year in order to boost the development of innovative technologies including blockchain. According to a government release on Tuesday, South Korea’s deputy prime minister Kim Dong Yeon hosted a ministerial meeting on Aug. 13 to address the administration’s investment plan for innovation growth in the …

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Several blockchain associations in South Korea are pushing back against a government plan they fear will stifle industry innovation. The groups are objecting to a proposal aired by South Korea’s Ministry of SMEs and Startups on Monday for an amendment to the country’s existing venture business law that would, if enacted, exclude cryptocurrency exchanges from the category …

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South Korea’s Jeju island is seeking to become a free zone for initial coin offerings (ICOs) – a plan, if approved, would allow crypto projects to conduct token sales in the self-governing province despite the country’s tough stance on the issue. Korean news outlet JoongAng Daily reported on Monday the governor of the Jeju province …

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A publicly traded biotech giant based in South Korea is turning to blockchain to allow it to share genetic data without risk of hacking or infringement of patients’ privacy. Macrogen, a DNA sequencing service provider with headquarters in Seoul, said in a press release on Monday that it is working with Big Data firm Bigster to develop …

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Trading volume at one of the world’s largest cryptocurrency exchanges has plummeted by 40 percent in three days after it temporarily stopped opening new user accounts. South Korea’s Bithumb exchange – which suffered a $31 million hack in June – said in a blog post on July 31 that it will suspend the opening of …

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South Korea’s financial watchdog is advocating for a blockchain-based stock trading system. The Financial Supervisory Service’s (FSS) appeal was part of a new study published by the agency on Thursday, which was first reported on by Korea JoongAng Daily. The study reportedly encourages South Korean regulatory agencies and companies to collaborate on the development of …

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Korean police are investigating a cryptocurrency startup claiming to be selling treasure from a sunken ship, the Korea Joongang Daily reported Tuesday. Authorities are reportedly looking into Shinil Group, which claims to have found a Russian shipwreck from the early 1900s, for possible fraud charges. The company launched its own cryptocurrency, which investors bought with …

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