South Korea’s “Bit-Island” Jeju announced the Blockchain Hub City Development Research Service on Aug. 13. An island with blockchain ambitions Local news outlet JejuDomin reported on Aug. 14 that Jeju announced the Blockchain Hub City Development Research Service on Aug. 13. Furthermore, the author of the report stated that cloud services provider Tilon will carry the research. Per the report, the budget meant to cover the costs of the project amounts to 175 million won (nearly $145,000). In April local news outlet BusinessKorea reported that Busan — South Korea’s second most populous city — has been picked over Jeju as …

As the appeal of cryptocurrency has grown, so has the opportunity for scammers to part naive investors from their money. 2019 has been no exception, with cryptocurrency and blockchain forensics company Ciphertrace dubbing it “the year of the exit scam.” Exit scams are not a new phenomenon, with a 2018 report conducted by Statis Group revealing over 80% of initial coin offerings (ICOs) in that year to have been fraudulent. Here, Cointelegraph explains exit scams and how to spot them, as well as a look at some of the biggest scams that have been discovered by various researchers. What are …

Blockchain payment system and stablecoin issuer Terra has added South Korean music streaming platform Bugs to its e-commerce alliance. As CoinDesk reported Aug. 14, there are now 25 partners in the Singapore-based company’s South Korea-focused payment ecosystem. The Terra Alliance uses payment solutions provider CHAI as its front-end. CHAI incorporates a mobile payments app which connects to 15 major local banks. Terra’s blockchain-based platform then sits in the background, linking payments to e-commerce sites. Terra co-founder Daniel Shin said that the platform is smoother than the legacy payment systems in South Korea, “The value chain for payments is convoluted. There …

South Korea’s oldest bank, Shinhan Bank, partnered with two other companies to develop a blockchain-based security solution. Korea’s Shinhan bank to enhance security with blockchain According to a report published on Aug. 14 by local news outlet The Korea Times, Shinhan Bank signed a memorandum of understanding with financial technology startup Ground X and blockchain developer Hexlant to develop a blockchain security system. Per the report, the deal will see the institution’s partners jointly develop a Private Key Management System for its banking services. Ground X is the blockchain unit of South Korean messaging giant Kakao, and is reportedly expected …

A soon-to-launch cryptocurrency derivatives exchange has raised $4.3 million from major investors such as the cryptocurrency platform Coinbase and the investment firm SV Angel. The exchange Blade is scheduled to launch in three weeks’ time. Blade’s funding and plans come by way of a TechCrunch report on Aug. 12. The report notes that in particular, Blade is aiming to provide trading for cryptocurrency-based perpetual swap contracts with three new improvements. First, the perpetuals contracts will be drawn up using standard, simple contracts. Second, the perpetuals will use Tether’s stablecoin USDT for settlement and margins. Third, trades can be leveraged up …

South Korean internet giant Kakao Corp has launched a teaser page for its forthcoming cryptocurrency wallet, Klip. According to a report from News1 Korea on Aug. 12, Kakao has made the wallet teaser page available as part of the “More” tab on its messaging app KakaoTalk — the platform into which the real wallet will eventually be integrated. 50 million active users will have access to the wallet The Klip wallet — developed by Kakao’s blockchain subsidiary, GroundX, will allow users to store the Klaytn they earn online. With a focus on supporting applications such as finance, content creation and …

South Korean holding company SK C&C has unveiled plans for a donation platform that is based on a Ripple blockchain fork. Moreover, the platform will support a stablecoin linked at a 1:1 ratio to the won, as well as a utility token. South Korean news daily Chosun reported about the company’s initiative on Aug. 9. According to the report, the donation platform is still strictly in the planning phase. SK C&C head Lee Sun-min explained that issues with regulation and infrastructure development present barriers to launching their proposed platform: "Since SK is a company, we cannot pursue profits in won …

South Korea’s state-backed financial IT firm Koscom will develop a blockchain-powered platform for trading unlisted securities. Koscom to launch blockchain-based unlisted shares trading service in H2 2019 Launched by South Korea’s Ministry of Finance and primarily backed by the Korea Exchange, Koscom plans to launch its blockchain-based platform for unlisted securities in the second half of 2019, local newspaper The Chosun Ilbo reported on Aug. 6. According to the report, the initiative six local companies and organizations are participating in the initiative, including Koscom, KEB Hana Bank, Hana Financial Investment, Daejeon Technopark, Amicus Lex, and a local association of accelerators. …

Singapore-based cryptocurrency exchange Bitholic has changed its name to Bithumb Singapore this month. Bithumb, for its part, is known as a cryptocurrency exchange based in South Korea. Local media News1 Korea shared the announcement in a report on Aug. 8. According to the report, the name change is part of an overseas expansion for Bithumb; however, the paper notes that Bithumb’s equity structure remains unknown. According to the announcement, the exchange’s name change occurred sometime this month. Moreover, a Bithumb official reportedly confirmed with the outlet that “Bitholic plans to launch a coin trading business under the name of Bithumb …

Major South Korean cryptocurrency exchange Coinone has partnered with cybersecurity audit company CertiK and disclosures company Xangle to provide more safety and transparency for their crypto investors. Coinone shared news of the recent partnerships in an announcement on Aug. 7. According to their announcement, CertiK and Xangle will provide public disclosure information as well as smart contract audit information, respectively. For Xangle, the report states that their disclosures will provide protection for crypto investors as well as making projects more transparent. These disclosures could include information about new tokens, changes in a project’s business model, token governance and the volatility …

In a bid to transform into a blockchain smart city, Seoul, South Korea is planning to launch its own digital currency by November 2019. To facilitate engagement in the city’s governance As Australian finance-focused media outlet Finder reported on Aug. 7, the South Korean capital is looking to release a native city-wide digital currency dubbed S-coin, the objective of which will be to encourage citizens to participate in governance, facilitate cooperation between citizens and collect information. People will receive S-coins when using public services or fulfill their citizenship obligations such as paying taxes and participating in public surveys. S-coin is …

The Financial Intelligence Unit (FIU) of South Korea's Financial Services Commission has revealed plans to bring cryptocurrency exchanges under its direct regulation. On Aug. 7, Business Korea reported on the FIU’s decision to shift away from its current practice of regulating crypto exchanges indirectly by providing administrative guidance to domestic banks. A shift away from indirect regulation In order to bring crypto exchanges into the country’s regulatory system, an FIU official revealed on Aug. 6 that the South Korean government will introduce a crypto exchange licensing system, as recommended by the Financial Action Task Force (FATF). This will reportedly enhance …