The South Korean Supreme Prosecutors' Office (SPO) has announced the establishment of a task force to fight cryptocurrency-related fraud and crimes. The development was reported by the Korean Broadcasting System (KBS), one of the largest national public broadcasters, in an article published on Tuesday, March 5. The new task force will be responsible for the investigation — under the SPO’s authority — of fraud, illegal money laundering, crimes and other illegal activities within the fields of fintech and cryptocurrency. The decision to create a special task force is a response to the significantly increasing number of fraud cases and crimes …

South Korean crypto company Enjin Wallet has reportedly been appointed by Samsung to back a blockchain wallet in its new Galaxy S10 smartphone, anonymous sources told Asia Crypto Today on Monday, Feb. 25. The anonymous interlocutors provided an image to the outlet that was purportedly posted by Tworld — Korea’s second largest telecom company. The screenshot shows the Enjin wallet being used in the Galaxy S10 for Ethereum (ETH) transactions. The image also features Enjin coin (ENJ) and Basic Attention Token (BAT) — an Ethereum-based token used in digital advertising. Enjin Wallet reportedly used in Samsung blockchain keystore. Source: asiacryptotoday.com …

Coinbin, the South Korean cryptocurrency exchange that took over hacked exchange Youbit, has filed for bankruptcy owing users almost $30 million, correspondence from the company confirmed on Feb. 20. Coinbin, which acquired Youbit in 2017, is closing operations as the result of embezzlement from a senior executive, local media including English-language resource Business Korea subsequently reported. “We are preparing to file for bankruptcy due to a rise in debt following an employee’s embezzlement,” the publication quoted CEO Park Chan-kyu as saying. According to available information, the figure in charge of cryptocurrency management is at the center of the scandal, having …

An official at South Korea’s sole securities exchange operator, the Korea Exchange (KRX), says the bourse is closely eyeing developments from United States regulators in regard to Bitcoin (BTC) exchange-traded funds (ETFs). The official, reportedly speaking on condition of anonymity, was cited by local English-language daily The Korea Herald on Feb. 20. ETFs are securities that track a basket of assets proportionately represented in the fund’s shares. They are seen by some as a potential development that would herald the widespread adoption of crypto as a regulated and passive investment instrument. The U.S. Securities and Exchange Commission (SEC) has to …

Huobi Korea, the South Korean branch of the world’s sixth largest crypto exchange, has recently strengthened its anti-money laundering (AML) protections, according to a press release shared with Cointelegraph on Feb. 21. According to the statement, Huobi Korea, which launched its services in 2018, has reviewed its deposit and withdrawal processes and fiat-to-crypto oversight. The company will closely monitor any transactions that might seem suspicious, the press release notes. In addition to that, Huobi Korea says it will regularly update its fraud detection system algorithms. Moreover, the exchange is set to launch an inter-exchange hotline in order to prevent identity …

South Korea's largest wireless carrier, SK Telecom (SKT), is partnering with the world’s fifth largest telecoms firm, Germany’s Deutsche Telekom, to develop a blockchain-based mobile identification solution. The news was reported in a press release from SKT on Feb. 21. A Memorandum of Understanding between the two firms is to be formalized during the Mobile World Congress (MWC) 2019, which kicks off on Feb. 25 in Barcelona, Spain. The collaboration will see SKT and Deutsche Telekom’s R&D unit, T-Labs, develop a commercialized, blockchain-powered mobile identity solution that can be used for applications such as access control, dealings and contracts. SKT …

South Korea’s largest telephone company, KT Corporation, plans to launch a blockchain-as-a-service (BaaS) platform next month, local news outlet iNews24 reported on Feb. 21. KT reportedly revealed the concept to interested business clients at a presentation this week. The firm says it wants to increase the accessibility of blockchain technology locally. The platform comes as KT continues its blockchain offerings via a dedicated Blockchain Center, which launched a commercial network in July of last year. “The KT BaaS platform will lower barriers to entry into the blockchain sphere and build an ecosystem that can grow with its partners,” iNews24 quotes …

The Seoul Metropolitan Government has announced plans to invest more than $1 billion in blockchain and fintech startups by 2022, according to the official announcement published on Feb. 18. According to the release, the South Korean capital’s government plans to use the “Seoul Innovation Growth Fund” for startups that have various investments problems with Series A funding rounds. The fund, launched last year, will primarily focus on startups related to blockchain and fintech industries. The Seoul Metropolitan Government announcement underlines that the average investment per company in London and Silicon Valley is approximately $6-7 million, while in Korea, it is …

Hyundai Commercial — a financial services subsidiary of leading South Korean automobile manufacturer Hyundai — has announced a partnership with American tech giant IBM to modernize its business model using blockchain. The news was announced on Feb. 13 at IBM’s annual tech and business conference “IBM Think 2019” in San Francisco, California. Hyundai Commercial is reportedly “a corporate finance company that provides leasing and financial services for commercial vehicles and construction equipment.” The partnership with IBM will focus on using open source Hyperledger Fabric blockchain technology to create a new supply chain financing ecosystem for the Hyundai Commercial network. Network …

South Korean internet giant and messaging app operator Kakao Corp has published its Q4 2018 report that covers blockchain and AI operating expenses, Korean news website ZDNet reports Thursday, Feb. 14. According to ZDNet, in Q4 2018 Kakao’s consolidated operating income was 4.3 billion Korean won ($3.8 million). At the same time, the company’s operating expenses related to new businesses, such as blockchain and AI, was 65 billion won ($57.5 million), which reportedly led to a net loss for the whole period. As cited by local media News1 Korea, executive vice president at Kakao Bae Jae-hyun confirmed that, despite the …

South Korea’s leading telecommunications company, KT Corporation, has been selected to develop a local cryptocurrency in the South Korean city of Gimpo, local media outlet ZDNet Korea reports on Feb. 14. The crypto — dubbed “K token” — will reportedly be introduced in April, after a pilot project is carried out next month, the report states. The city plans to issue 11 billion won (over $9.7 million) worth of the currency per year, which includes budgets for various social services and development projects. The blockchain-based currency will reportedly only be available for use at merchants in the Gimpo area. As …

The IT arm of South Korean tech giant Samsung announced it had developed technology to speed up blockchain transactions, the company confirmed in a press release on Feb 14. Presenting at the ongoing IBM Think 2019 conference in San Francisco, Samsung SDS said its new technology, Nexledger Accelerator, had already passed testing with Hyperledger Fabric. “In order to improve transaction processing speed, which is a key consideration in applying blockchain technology, Samsung SDS has developed its own Nexledger Accelerator, which can be applied to Hyperledger Fabric,” the press release explained: “Samsung SDS tested the Nexledger Accelerator in Hyperledger Fabric last …