Coming every Sunday, the Hodler’s Digest will help you to track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions, and much more — a week on Cointelegraph in one link. Top Stories This Week US Charges 12 Russian Intelligence Officers With Crypto-Funded Election “Interference” The U.S. Department of Justice released an indictment this week that charged twelve Russian nationals with the intention to “interfere” in the 2016 U.S. presidential elections. According to the indictment, Russian officials from the government’s Main Intelligence Directorate mined cryptocurrencies like Bitcoin in …

South Korea regulators vowed to introduce friendly blockchain investment legislation in a meeting July 13, the latest chapter of an ongoing push to promote the technology nationally. At the 4th Vice Ministerial Meeting on “Growth through Innovation,” presided over by Vice Minister of Strategy and Finance Ko Hyoung-kwon, the government pledged to make it easier for blockchain businesses to enter the market. In order to promote job creation and support emerging technologies, the South Korean government plans to both “expand tax reduction for new growth engine investment and ease requirements for new technology support, including the blockchain technology investment support.” …

South Korean legislators have revealed drafts of bills intended to develop rules on cryptocurrencies, initial coin offerings (ICOs) and blockchain technology, The Korea Times reported July 11. Lawmakers will reportedly introduce the drafts at an extraordinary session of the National Assembly, which will take place from July 13 to 26. According to the Korea Times, representative Song Hee-kyung of the leading opposition Liberty Party Korea (LPK) has called for regulations on trading platforms in order to prevent money laundering, cybercrimes and personal data leaks. Representative Park Yong-jin of the ruling Democratic Party of Korea, Chung Tae-ok of the LPK and …

South Korea’s Lotte Global Logistics, a major Seoul-headquartered logistics and shipping firm, has joined the Blockchain in Transport Alliance (BiTA), FreightWaves reported Monday, July 9. The BiTA trade association was formed in 2017 to popularize and develop blockchain applications in the transport and logistics industries, as well as to establish industry standards for adoption of the technology. The alliance uses OriginTrail, a purpose-built protocol for supply chains based on blockchain, and counts around 400 participants as members. Lotte Global, for its part, is a full-service logistics provider, overseeing warehouse management, intermodal import/export terminals and customs clearance, parcel delivery, and moving …

South Korea’s relationship with the cryptocurrency industry has ebbed and flowed over the years. There has been a blanket ban on ICOs, set in September 2017, as well as strong rumours in January — that were eventually dismissed — that cryptocurrencies in their entirety would be banned. However, things have warmed up in the Asian country with talk emerging that South Korea is now looking to lead the way in the fourth industrial revolution. South Korea’s government seems to have realized how much potential there is in the blockchain and cryptocurrency space — catching up with its citizens, who contribute …

According to South Korean central bank the Bank of Korea (BOK), the outstanding balance of virtual currency accounts in domestic banks totalled $1.79 billion as of Dec. 2017, local news outlet Yonhap reported Friday, July 5. The BOK’s report considered the $1.79 billion (2 trillion won) figure to be relatively low, as it is equivalent to around 8 percent of the total deposits operated by the country’s brokerage houses -–– reportedly worth 26 trillion won ($23.27 billion).The report therefore suggested that crypto markets do not pose a threat to traditional local financial markets: “The amount of crypto-asset investment is not …

The South Korean government is drafting major new industry classification standards for the domestic blockchain industry, local crypto news outlet The BChain reports Thursday, July 5. Three Korean ministries - the National Statistical Office, the Ministry of Science and Technology, and the Ministry of Information and Communication - are said to have been working since the end of last month to produce the final draft of a new blockchain industry classificatory scheme by the end of July. The scheme will reportedly serve as a basis for policy making, notably aimed towards “blockchain promotion and regulatory frameworks,” and covers areas including …

Two Korean watchdogs have announced a joint probe into crypto exchange operators’ handling of personal data, local news outlet Chosun reports Monday, July 2. The agencies in question are the Korea Communications Commission (KCC) and the Korea Internet & Security Agency (KISA). The KCC and KISA will investigate potential infringements of data privacy rights by crypto exchange operators in conjunction with third party service providers - for example, smartphone apps designed for services such as real estate, shopping and travel. The probe will reportedly check the status of technical and administrative protection measures related to users’ personal data - covering …

South Korea, the country that has been in the forefront of the crypto industry since the 2017 investor boom, is gradually changing its views regarding cryptocurrencies. While the lift on the ICO blanket ban was announced by the officials last month, the country has recently been vocal about its intention to lead the fourth industrial revolution, powered by blockchain initiatives. Brief history of crypto regulation in South Korea South Korea has been closely regulating the crypto industry. First, in July 2017, the government legalized Bitcoin as a remittance method, allowing fintech companies to process up to $20,000 worth of South …

South Korea’s messaging app operator Kakao Corp. is considering offering a private placement to attract investors to develop their blockchain subsidiary, Bloomberg reports today, June 28. Kakao Corporation’s blockchain initiative, the Tokyo-based Ground X, was announced at the end of March as part of the messaging app operator’s new Kakao 3.0 business plan aimed at the wider Asian markets. Bloomberg writes that Ground X aims to release a test version in September, with the blockchain platform going live by the end of 2018. Jason Han, Ground X’s CEO, told Bloomberg the blockchain platform may be considering getting capital next month …

South Korea’s top financial regulator has released a set of revised anti-money laundering (AML) guidelines for virtual currencies, according to a press release published this week. The press release notes that the Financial Services Commission (FSC) conducted on-site inspections of three domestic banks - Nonghyup, Kookmin, and Hana Bank - the results of which prompted the update to AML guidelines. The new guidelines note that cryptocurrency exchanges must conduct Customer Due Diligence (CDD) and Enhanced Customer Identification (EDD) to ensure the trade purposes and funding sources of users are legitimate. If a business refuses or is unable to provide information …

Hacked South Korea crypto exchange Bithumb has lowered the estimated amount of money lost in the hack from 35 billion won (about $31 million) to 19 billion won (about $17 million), according to a support announcement Thursday, June 28. Bithumb first reported the hack on June 20, temporarily suspending all deposits and withdrawals. The South Korean Ministry of Science and Technology has since launched a probe into the causes behind the hack. Bithumb writes today that the “main reason” for lowering the loss estimation to $17 million is the “ongoing participation, support, and cooperation of the cryptocurrency exchanges and cryptocurrencies …