South Korea’s largest foreign exchange bank — Korea Exchange Bank (KEB Hana Bank) — has announced that it has filed 46 patent applications for business models related to blockchain, business technology news website ZDNet reports on Feb. 13. KEB Hana Bank, a part of the Hana Financial Group (HFG) — one of the largest bank holding companies in South Korea — has completed 46 patent applications for methods and systems for purchasing overseas products, systems and methods for electronic contracts and methods and systems for providing digital asset services using blockchain. The publication underlines that some of the filed patents …

The South Korean city of Busan has signed a Memorandum of Understanding (MoU) with blockchain company Hyundai Pay, according to a press release published on Feb. 12. According to the announcement, South Korea’s second most populous city after Seoul and Hyundai Pay, a company that developed a blockchain platform and a cryptocurrency wallet, will cooperate in order to promote the growth of startups and jobs in Busan. The MoU specifies plans to relocate the Hyundai Pay headquarters to Busan and to create needed fintech infrastructure. The MoU also aims to revitalize the blockchain industry through “contribution to the development of …

South Korean cryptocurrency exchange Bithumb will open a new platform in the United Arab Emirates (UAE), local news outlet The Financial News reported Feb. 12. The UAE-based platform is reportedly to be developed in partnership with Abu Dhabi-based firm Nvelop and will function as a springboard for Bithumb to expand into other countries in the Middle East. Nvelop itself is a joint project from Abu Dhabi-based E11 Investment Fund and Taiwanese venture capital outfit Trill Ventures Group, Financial News reports. The joint venture was reportedly established to fund and develop blockchain initiatives in the Middle East and North Africa. “The …

The Seoul Metropolitan Government, South Korea, has issued letters of appointment to its Blockchain Governance Team set to integrate blockchain technology with the city’s administration services. The news was announced by blockchain networks firm ICON on Feb. 8. The Seoul Blockchain Governance Team was formed by the Metropolitan Government, with the aim of investigating the benefits of blockchain in the city’s administration across several areas, including digital document verification and sub-contract payment. The team reportedly consists of 100 participants between the ages of 21 and 77, including university students, corporate employees, developers, and others. Within the initiative, the team members …

South Korea's major virtual currency exchange Bithumb has officially launched an over-the-counter (OTC) trading desk under the Ortus brand, according to a press release published on Feb. 7. Hong Kong-based entity Bithumb Global Limited owns the rights to the Ortus brand, which specializes in services for institutional investors. After completing Know-Your-Customer and Anti-Money Laundering inspections, institutional investors will be able to utilize Ortus services, including monitored funds transfers and access to an OTC trading desk. OTC trading is an option for institutional investors looking to perform large-volume trades, as it allows them to conduct direct trades between each other as …

Major global crypto exchange Huobi has reported a 100 percent growth in trading volume in 2018 over the 2017, according to a press release shared with Cointelegraph on Feb. 7. The Singapore-headquartered company has reportedly expanded its staff from 400 employees in early 2018 to more than 1,300 people by 2019, with 15 offices in 12 countries and regions, as Huobi CEO Leon Li told Cointelegraph. Huobi’s over-the-counter (OTC) trading desk has reportedly become one of the most traded OTC platforms worldwide, while the recently launched service Huobi Cloud has managed to enter in more than 100 partnerships over six …

South Korea’s central bank issued a warning over central bank digital currencies (CBDCs) a week after saying it would not introduce one itself. The development was reported in local news outlet Yonhap News Agency, Feb. 7. CBDCs, which are also known variously as state-backed or government-backed digital currencies, involve a blockchain-based version of a country’s fiat currency either replacing or circulating in tandem with paper notes and coins. A number of governments are currently examining the feasibility of using a CBDC, while South Korea formally decided against the measure in late January. The decision came as a result of a …

South Korea’s conservative political party, the Liberty Korea Party (LKP), has declared their aim to use blockchain technology in four major areas, according to an official announcement published on Jan. 31 . The LKP, previously known as the Saenuri Party, is currently the second-largest party within the South Korean national legislature, occupying more than one third of the 20th National Assembly seats. As of 2015, the LKP includes more than 3 million members. The party intends to enter a new era of open digital democracy by implementing blockchain technology, according to their press release. The initiative aims to make information …

One of largest Japanese trading companies has officially announced the start of a proof-of-concept (PoC) aimed to develop a blockchain traceability system, according to a press release published on Feb. 1. Itochu Corporation, a general trading company and one of the five largest companies in Japan, is developing a blockchain traceability system that will allow buyers and sellers to record the date, time, location and other transaction details on blockchain through a smartphone app. The PoC will use the Indonesian-based firm Pt. Aneka Bumi Pratama’s natural rubber supply chain, a company that processes and produces crumb rubber and is fully …

The Seoul Metropolitan Government has launched the Seoul Blockchain Governance Team to explore the benefits of blockchain in administrative services, Yonhap News reports Jan. 31. According to the report, the members of the team are researching the potential of blockchain applications in various government services, including online voting system. Specifically, the working group intends to address systems of integrated management, digital document verification and automatic sub-contract payment. The team consists of 100 employees between the ages of 21 and 77, including developers, association executives, project makers, corporate representatives as well as students, Yonhap reports. Earlier today, Cointelegraph reported that South …

Blockchain tech firm and Bitcoin (BTC) mining manufacturer Bitfury plans to launch several mining facilities in Paraguay, according to a press release published Thursday, Jan. 31. Bitfury has partnered with South Korean peer-to-peer knowledge commons research firm Commons Foundation to launch a series of transaction processing sites that will use Bitfury’s BlockBox AC mobile data centers in Paraguay. The project is part of a larger initiative from Commons, dubbed “Golden Goose,” that aims to “expand cryptocurrency and blockchain innovation in Spanish-speaking countries,” the press release reports. As per the announcement, the mining facilities in Paraguay will account for about 200,000 …

South Korea will continue to ban initial coin offerings (ICOs) in the country, state financial regulator the Financial Services Commission (FSC) confirmed in a press release Jan. 30. Unveiling the results of a survey undertaken from September 2018, the body said it had discovered that firms conducting ICOs were making use of foreign jurisdictions, but still raising funds from South Korean nationals. South Korea formally banned ICOs in September 2017, citing lack of stability and ease of manipulation as cause to stop citizens from buying cryptocurrency tokens. “If there is an unlawful act, a third party has to intervene, but …