South Korea

blockchain

South Korea to fund Blockchain Platform for Apartment Dwellers

The South Korean government has pledged USD 1.27 million in funding for a contact-free. Blockchain-based service platform for residents of the country’s apartments. Which operators say will allow residents to participate in electronic voting, manage parking spaces, etc. The South Korean Ministry of Science and ICT has selected a domestic company named Ksign as the […]

Bithumb

Bithumb Exchange Owns More Assets Than Its Customers

Leading South Korean exchange Bithumb’s own assets are, by a due diligence analysis, higher than the combined total of its customer holdings. The report was part of a recent audit conducted by Seoul-based auditor Jungin Accounting, according to Sports Seoul. The auditor found that the balance of both Bithumb’s own fiat (KRW) and crypto reserves […]

Blockchain Development Across South Korea

South Korean Government to Grant $3.2M to Blockchain Companies

Two South Korean ministries have announced their support for the blockchain industry in the country with plans to allocate up to $3.2 million in funding to local startups to encourage the use of such technology. The Ministry of Science and ICT (Information and Communications Technology) and the Ministry of Information and Communication Industry Promotion will […]

South Korea passes law to introduce permit system for crypto exchanges

South Korea Passes Law to Introduce Permit System for Crypto Exchanges

On 5th March, South Korea’s National Assembly passed a revised bill on the reporting and use of special financial transaction information, focusing on the introduction of a permit system for crypto exchanges. Accordingly, virtual asset operators such as crypto exchanges would have to report their operations to the Financial Intelligence Unit (FIU) under the Financial […]

Litecoin partners with MeconCash

13K ATMs in South Korea to Support Litecoin Withdrawal & Remittances

On Feb 28, the Litecoin Foundation announced a partnership with MeconCash to roll-out Litecoin to Korean Won (KRW) withdrawals and remittances from 13K ATMs in South Korea. The partnership will see LTC integrated onto MeconCash’s M.Pay payments platform. Litecoin will also be accepted as payment on MecoinCash’s retail platform MeconMall, and to pay for games […]

South Korea's NH Bank debuts Smasung backed blockchain ID system

South Korea’s NH Bank Debuts Samsung-Backed Blockchain ID System

A major blockchain identification project backed by South Korean tech giant Samsung is being rolled out for first commercial use. South Korea’s NongHyup (NH) Bank has introduced a blockchain-based mobile ID system developed within a tech consortium established by major local firms including Samsung Electronics and LG Uplus. According to the Feb 25th report by […]

Bithumb launches zero-fee transfers to global platform

South Korea’s Bithumb Launches Zero-Fee Transfers to Global Platform

South Korea’s largest cryptocurrency exchange, Bithumb, has announced it will take another step towards global expansion. To do that, it aims to strengthen integration with its international arm. On Feb 26, Bithumb launched a new digital asset transfer service between the South Korean exchange and Bithumb Global, a new international digital asset exchange released by […]

south korean tax policy association proposes two-step tax on cryptocurrency

South Korean Tax Experts Proposes 2-Step Tax on Cryptocurrency

South Korean tax experts have advised the Korean government to apply a low-level trading tax on cryptocurrency profits before subjecting citizens to a transfer income tax, according to a Business Korea report. The Korean government is expected to announce its tax reform plan in late 2020. The low-level trading tax was recommended because there is […]

South Korea's central bank exploring blockchain technology

Report: Bank of Korea Seeks to Deploy Blockchain in Bond Market

Global central banks are increasingly looking at blockchain technology as a tool to make interbanking processes more efficient and transparent. Following the World Bank’s exemplary experience of blockchain bond transactions, South Korea’s central bank is working on its own blockchain-based bonds. The report comes first in the press on Feb 18. Bank of Korea started […]