Posts in category

south korea


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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Cryptocurrency exchanges in South Korea may soon lose eligibility for significant tax benefits currently granted to smaller companies. A proposed revision to the existing tax law, announced by the South Korean government on Monday, would exclude crypto exchanges from the category of startups or small and medium enterprises (SMEs) that can claim a tax cut …

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A senior executive at South Korea’s Financial Services Commission (FSC) has called on politicians to pass a bill regulating domestic cryptocurrency exchanges with urgency in order to counter lax security in the industry. In an interview with Bloomberg, Hong Seong-ki, head of the virtual currency response team at the FSC, said: “While crypto markets have seen …

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KT Corporation, one of the two largest telecoms companies in South Korea, has launched a proprietary blockchain network, aiming to apply the technology across areas including ID verification, data roaming and energy trading. According to a report from CoinDesk Korea, the firm revealed its KT Network Blockchain on Tuesday, boasting a throughput of 2,500 transactions …

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South Korea’s Financial Services Commission (FSC) has revealed it is setting up a department dedicated primarily to cryptocurrencies and blockchain. The FSC said the new department – dubbed the Financial Innovation Bureau – will focus on developing policy-making initiatives for the domestic blockchain and fintech industry, The Korea Times reported on Thursday. An FSC official was cited as …

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The South Korean government has announced a plan to revise the current tax rules to widen benefits for companies that focus on the development of nascent technologies, including blockchain, as part of the country’s push for innovation growth. Announced Wednesday, after a meeting of ministers from eight government agencies working on economic policy, tax rates are …

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A South Korean government-funded organization has submitted a blockchain-related patent application to the U.S. Patent and Trademark Office (USPTO), public documents show. The application, which was submitted by the Electronics and Telecommunications Research Institute (ETRI) on January 10 of this year, details a blockchain-powered system for managing data that belongs to public organizations. More specifically, …

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South Korea’s National Assembly is reportedly set to witness a whirlwind of legislative efforts around cryptocurrencies in the coming days. Between July 13 and 26, members of a number of Korean political parties are expected to submit bills focused on regulating cryptocurrencies, initial coin offerings and blockchain, according to a report from The Korea Times. Among …

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The company behind OK Cashbag, the oldest and most popular mileage point program in South Korea, is mulling a plan to convert cash points accumulated by its users into cryptocurrency. Operated by SK Planet, the e-commerce arm of communication giant SK Telecom, OK Cashbag point was launched in 1999 to reward users who purchased goods …

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South Korea’s financial regulators have amended the anti-money laundering rules that apply to cryptocurrency exchanges in the country, requiring domestic banks to tighten up monitoring of related bank accounts. According to an announcement from the Financial Services Commission (FSC) on Wednesday, the amendment – which will be in effect for a year – means domestic …

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The past two weeks have seen two South Korean exchanges get attacked and robbed, sparking commentary and critique among the country’s local cryptocurrency community. It began with the Coinrail hack on June 9. At the time, the popular South Korean cryptocurrency exchange tentatively announced a “cyber intrusion” that saw the loss of $40 million worth of cryptocurrencies. …

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A new cryptocurrency exchange from South Korea has leaked critical information about 19 users on its platform, which could put some $620,000 worth of a cryptocurrency at risk. According to a report from CoinDesk Korea on Monday, an employee of Bitkoex, an exchange launched in May, posted in a Kakao group chat on last Friday …

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The South Korean government will invest 10 billion Korean won (or $9 million) to support blockchain development in the country, with plans to carry out six pilots using blockchain technology. According to a report from CoinDesk Korea, the country’s Ministry of Science and ICT published a blockchain development strategy on Thursday. The agency said the government plans to …

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South Korea’s Bithumb cryptocurrency exchange said Thursday that it may be able to reduce the financial damage arising from a multi-million dollar hack earlier this week. In an update on its website, the firm said that although it has reported losses equivalent to $31.5 million to the Korea Internet & Security Agency (KISA), it may ultimately …

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South Korea’s central bank has announced that it does not plan to launch its own digital currency over fears it could destabilize the economy. According to The Korea Times on Monday, the BoK said that issuing a central bank digital currency (CBDC) could pose a “moral hazard” by adversely affecting monetary policy and its implementation, and possibly …

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A national banking group in South Korea is to roll out a blockchain-based ID verification system for domestic commercial banks in just weeks. According to a notice revealed on Monday by the Korea Federation of Banks (KFB), the new system – dubbed BankSign – is scheduled to be launched in July following a testing phase …

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