South Korea news-Page 59
New Partnership Announced Between Korea University and Huobi Subsidiary
Korea University is teaming up with the South Korean subsidiary of crypto exchange Huobi for “industry-academia” cooperation in the field of blockchain development, Seoul Daily reports, June 12. The agreement between one of South Korea’s most prestigious universities and Huobi Korea seeks to bridge academic research of the innovative technology with products useful for the industry. According to Seoul Daily, the head of Korea University’s Cryptography Center at the Graduate School of Information Security Professor Kim Hyung-jung said they hoped “to be able to conduct empirical research not only on [the] academic aspects of blockchains, but also on realistic applications …
Blockchain / June 12, 2018
South Korean Banking Group to Launch Blockchain-Powered ID Verification Platform
A group of South Korean commercial banks will launch a blockchain-powered customer ID verification platform in July 2018, local news outlet Korea JoongAng Daily reports today, June 12. According the report, the Korea Federation of Banks (KFB) will launch their “BankSign” identity verification system to be used in both online computer-based and mobile banking. According to Korea JoongAng Daily, the move is intended to replace the 20-year old public verification system that is reportedly notorious for its complexity and inefficiency. Park Chang-ok, a manager at the department of deposit services and payment systems at KFB, explained that banks’ new blockchain …
Blockchain / June 12, 2018
South Korean Crypto Exchange Bithumb Cleared by Government
After a three-month long investigation, the South Korean government finds no evidence of wrongdoing at the Bithumb crypto exchange, local media report June 8. Bithumb is currently the largest cryptocurrency in Korea and the seventh largest in the world by trade volume, according to data from Coinmarketcap. According to reports, the investigation into the exchange began on January 10 and was conducted by multiple government agencies, including the National Tax Service (NTS), Financial Services Commission (FSC) and Korea Financial Intelligence Unit (KFIU). The government, which described the investigation as intense and extensive, mounted a search and seizure operation on the …
Bitcoin / June 8, 2018
Samsung Unveils Blockchain Platform to ‘Enhance Competitiveness’ of Finance Businesses
South Korean electronics giant Samsung is launching its own blockchain platform Nexfinance for finance-related businesses, the company announced in a press release June 4. Samsung SDS, the corporation’s IT arm, confirmed the platform would cater to digital finance businesses looking to transform their structures using cutting-edge technology. Yoo Hong-jun, Vice President of finance business at Samsung SDS commented: “Samsung SDS is planning to launch its digital finance business through Nexfinance, a digital financial platform that combines proven technology and new technology. It will be a companion to solve the troubles of the organization." In addition to blockchain, Nexfinance will also …
Blockchain / June 5, 2018
Hodler’s Digest, May 28-June 3: South Korea Get Back Into Crypto, China Embraces Blockchain
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 South Korea Contemplates Lifting ICO Ban South Korea — which has given the crypto community more than its share of FUD since it began banning ICOs and anonymous trading months earlier — is now considering re-legalizing Initial Coin Offerings in the country. The change of heart reportedly comes as the National Assembly seeks …
Blockchain / June 3, 2018
Crypto Exchange Huobi Jointly Launches $93 mln China-South Korea Blockchain Fund
Huobi, the world’s third largest cryptocurrency exchange by trade volumes, has entered into a partnership to launch a $93 mln China-South Korea investment fund for blockchain companies, the China Money Network reported yesterday, June 1. Huobi, together with Chinese investment firm NewMargin Capital and South Korean securities firm Kiwoom Securities Co., Ltd., will use the $93 mln fund to invest in blockchain startups and foster collaboration between the two countries. A third company, South Korean Mirae Asset Financial Group, will also reportedly join the initiative as an investor. The news comes just a day after Huobi’s rival Binance, currently the …
Blockchain / June 2, 2018
South Korea: Government Committee Plans to Make ICOs Legal Again
South Korea plans to pursue the road to re-legalizing initial coin offerings (ICOs), local news media reported May 29, citing government officials. According to Business Korea, a National Assembly committee dedicated to studying the so-called ‘Fourth Industrial Revolution’ said it would seek to enhance the legal “basis” of cryptocurrency in the country, part of which would be reversing the ICO ban which the government enacted in September 2017. “We need to form a task force including private experts in order to improve transparency of cryptocurrency trading and establish a healthy trade order,” the publication quotes the committee as saying during …
Bitcoin / May 29, 2018
Korean Customs Service to Develop Full-Scale Blockchain Customs Platform
The Korean Customs Service (KSC) has signed an MoU with the Korean operator of Malltail to develop a blockchain-based customs platform for the e-commerce industry, local media outlet Chosun reports today May 29. Malltail is the leading consumer parcel forwarding service to Korea, with reportedly over one mln users. Its Korean operator, Korea Center, will be tasked with business and technical development of the blockchain-based customs platform, which is to be operated by the KCS for seven Malltail distribution centers across the US, Japan and Germany. The company anticipates that once the technology is implemented at full-scale, the process for …
Blockchain / May 29, 2018
S. Korea: Financial Regulator ‘Sympathizes’ With Demands to End Crypto-Blockchain Regulatory Split
A South Korean blockchain researcher has criticized the government’s approach to regulation of the technology at the 2018 Seoul Financial Forum, local media reported May 29. Addressing the head of South Korean regulator the Financial Supervisory Service (FSS) Lee Geun-woo, Park Sung-joon, head of the Blockchain Research Center at Dongguk University, said adopting different approaches to cryptocurrency and blockchain was futile. One, he argued, cannot exist meaningfully without the other: “In the digital asset trading market, virtual currency and blockchains can not be separated because they need the appropriate means of payment.” Lee Geun-woo responded by saying: "I sympathize with …
Blockchain / May 29, 2018
Bithumb Crypto Exchange Bans Accounts From 11 Countries
Bithumb cryptocurrency exchange will ban users from eleven countries starting May 28 as part of new anti money laundering (AML) practices, according to an official announcement. In a press release issued May 27, Bithumb confirmed that citizens of states comprising the Non-Cooperative Countries and Territories (NCCT) initiative will no longer be able to use its services. The exchange is currently the fifth largest in the world by trade volume, according to Coinmarketcap data. New account applications will be refused from Monday, while any extant accounts will disappear by June 21. Explaining its decision, Bithumb said it was acting as part …
Bitcoin / May 28, 2018
Cases Of Illegal Bitcoin And Cryptocurrency Mining: Chicken Farms And New York
In the US, China, and South Korea, many individual cryptocurrency miners and large-scale mining centers were cracked down for conducting illicit operations. For example, in April 2018, cryptocurrency miners in South Korea were arrested for illicitly utilizing cheap electricity to produce cryptos. Chicken farm in South Korea In South Korea, places such as chicken farms and factories in development restricted areas are provided with electricity at cheaper rates by the government to help struggling industries and support innovative technology-focused initiatives. The government is stricter with the usage of electricity in these areas and consistently monitors the inflow of energy into …
United States / May 17, 2018
Subsidiary of Korean Search Giant Naver Launches Blockchain Venture For Decentralized Apps
Line Plus, the mobile platform subsidiary of Japan’s most popular messaging app Line, has launched a joint blockchain initiative - Unchain - with crypto platform Icon, Cointelegraph Japan reports today, May 16. In the beginning of April, Line Plus had also released its blockchain affiliate Unblock in South Korea, in order to integrate blockchain tech into Line’s cross-market system. Line is itself a subsidiary of South Korean search engine giant Naver, but is based in Tokyo to avoid competition from Kakao. Line’s press release notes that Unchain will work with Unblock to bring Line’s blockchain mainnet and its DApps closer …
Blockchain / May 16, 2018