Tagged: south korea

South Korean Fintech Breakthrough: Apps to Access Decentralized Foreign Exchange Rates Compiled by Local Banks via Chainlink Integration

CenterPrime, a private Hyperledger based blockchain platform with access to the South Korean Open Banking API, is now sharing foreign exchange (FX) rate data from large Korean banks to Chainlink’s decentralized oracle network. Participating banks include Hana Bank, Shinhan Bank, Nonghyup Bank, and Industrial Bank… Read More

Private Blockchain Blocko Expands Partnership with Samsung

Private blockchain platform Blocko has been selected as one of Samsungs Blockchain Wallet D-App Sourcing Partners’ using the Aergo Blockchain. Blocko already has an existing relationship with Samsung in Korea. Blocko is a strategic technology partner for Aergo, having already deployed over 38 large-scale private… Read More

South Korean Digital Asset Investors Might Have to Pay Up to 20% in Taxes on Capital Gains from Crypto Trading

South Korea’s private sector members have revealed that the nation’s citizens may have to pay as much as 20% of their cryptocurrency earnings in taxes. The country’s lawmakers have said that virtual currencies are like electronic or digital certificates of economic value that may be… Read More

South Korean Blockchain Project ICONLOOP Acquires $5 Million in Additional Investments, After Receiving Capital from $100 Million K-Growth Fintech Innovation Fund

South Korea’s ICONLOOP, a company that developed its own blockchain-powered engine, loopchain, which is used for various Internet services, has reportedly acquired KRW 6 billion (appr. $5 million) in additional investments.  The company has secured a total of KRW 16 billion (appr. $13.4 million) in… Read More

AhnLab, a Leading South Korean Software Security Firm and Several Others Join MyIDAlliance, an Organization Establishing a Blockchain based Digital ID Ecosystem

Six new partners have joined South Korea’s MyIDAlliance, a leading collaborative organization focused on establishing a blockchain-based digital ID ecosystem that places “MyID” at the center. Leading security firm “AhnLab”, payments provider “NHN KCP”, electronic trade and logistics firm “KTnet”, exchange lending Delio, AI and… Read More

CBDCs: South Korean Reserve Bank Appoints Legal Team to Explore Feasability of Issuing a Digital Currency

South Korea’s reserve bank has reportedly appointed a six-member legal advisory team to look into the feasibility and potential benefits of issuing a central bank digital currency (CBDC). The Korean central bank’s advisory group includes three university professors, two legal experts, and a senior official… Read More

New Proposal Recommends Multi-Currency CBDC including Chinese Yuan, Japanese Yen, South Korean Won, Hong Kong Dollar

Many developing and developed countries across the globe are considering or already developing and testing their own central bank digital currencies (CBDCs). China might be creating an East Asia virtual currency platform, according to a report from the Nikkei Asian Review. The new currency might… Read More

South Korea’s $100 Million K-Growth Fintech Innovation Fund to Provide Funding to Blockchain Project, ICONLOOP

ICONLOOP, ICON’s technical partner, has reportedly been chosen to receive funding from K-Growth’s $100 million Fintech Innovation Fund. Markus Jun, founder and CEO of ICON’s Accelerator Partner and Seoul Launchpad of ICXStation, HyperConnector (online accelerator for the ICON ecosystem), noted via Twitter that one of… Read More

Smart Stamp Software Developer 12CM Partners South Korea’s Largest Search Engine Provider, Naver, to Launch Cloud-Powered Fintech Platform

12CM (pronounced One-two-cee-em), the “smart” stamp software platform provider and a member company of the Born2Global Center, has partnered with Naver Business Platform (NBP). 12CM has reportedly been an active Born2Global Center member for the past couple of years. Through the partnership, 12CM will work… Read More

Blockchain Education: South Korea’s Suseong University Establishes DLT and Artificial Intelligence Training Center

  The Suseong University in South Korea will be working with the Korea Artificial Intelligence Association (KORAIA), in order to establish a blockchain or distributed ledger technology (DLT) and AI-focused campus in Daegu, a city located in the country’s North Gyeongsang province. Local media outlet… Read More

South Korea’s Fintech Sandbox Secures $111 Million in Capital, Expected to Create 380 New Jobs

  South Korea’s Fintech sandbox program has reportedly acquired $111 million in funding. The initiative is expected to create 380 new jobs, locally. South Korean officials confirmed that the financial technology regulatory sandbox had secured KRW 136.4 billion in capital, and that they’re expecting the… Read More

Exit Scam? Blockchain Project Loom Network Appears to be “Dead,” Developers Abandon it After $45 Million ICO

The Loom Network, a platform-as-as-service (PaaS) blockchain initiative, appears to have an extremely uncertain future. Based on investigations and comments from social media users, there’s no real proof of a live or active project being supported by the developers of the Loom Network. According to… Read More

Majority of Cryptocurrency Users Worldwide Support Taxation of Digital Asset Transactions: Survey

A new survey performed by Childly, a South Korean digital asset wallet developer, has revealed that two-thirds, or 66%, of respondents, support the idea of taxing cryptocurrency transactions. The poll of over 5,750 digital currency users, based in different countries throughout the world,  found that… Read More

Upbit Announces Expansion of Partnership With Chainalysis to Support Broader Asia Pacific Region

Korean cryptocurrency trading platform Upbit has reportedly expanded its partnership with Chainalysis, a blockchain analysis company, to provide support across the broader Asia Pacific (APAC) region. According to the duo, Upbit APAC will also use Chainalysis KYT (Know Your Transaction) to ensure safe, secure trading experiences… Read More

South Korean Government Says Blockchain Represents a “Golden Opportunity” for $1.6 Trillion Economy

South Korea’s government has argued that the blockchain or distributed ledger technology (DLT) sector represents a “golden opportunity” for the $1.6 trillion economy. The nation’s authorities are calling on private sector firms to take advantage of the potential of DLT-based platforms. As reported by local… Read More

Bithumb Announces Integration With Blockchain-Based Digital ID Organization MyID Alliance

South Korean cryptocurrency exchange Bithumb announced on Tuesday it has integrated with blockchain-based digital identification organization, MyID Alliance. Bithumb claims it is the first Korean virtual asset exchange to implement the distributed identification (DID) service performed by the organization. Bithumb Korea will notably participate as… Read More

South Korean Government to Contribute Up to $3.2 Million to Develop Local Blockchain and DLT Projects

Government agencies in South Korea have announced their plans to support the nation’s blockchain or distributed ledger tech (DLT) sector. They will reportedly contribute up to $3.2 million in capital to local firms to help integrate the technology into various platforms. The South Korean Ministry… Read More

South Korean National Assembly Introduces Amendment to Officially Bring Cryptocurrencies Under Country’s Legal System

The South Korean National Assembly introduced an amendment on March 5, 2020 which will officially bring decentralized cryptocurrencies under the $1.5 trillion economy’s legal system.  The amendment, as drafted, makes changes to the established Act on Reporting and Use of Specific Financial Information, in order… Read More

US Department of Justice Charges Two Chinese Nationals with Laundering $100 Million in Cryptocurrency from South Korean Crypto Exchange Hack

The US Department of Justice (DOJ) has charged two Chinese nationals with laundering more than $100 million in cryptocurrency as part of an exchange hack orchestrated by North Korean perpetrators, according to a release. The laundering allegedly took place between December 2017 and April 2019…. Read More

South Korea’s Tax Authorities Recommend Imposing a Low-Level Trading Tax on Capital Gains Made from Cryptocurrency Transactions

South Korea’s tax authorities have advised the nation’s government to impose a low-level trading tax on capital gains made from digital currency trading before requiring Korean residents to pay a transfer income tax.  South Korea’s government will be introducing its new tax reform plan later… Read More

Send this to a friend