Tagged: south korea

May 23, 2020 @ 9:13 pm By Omar Faridi  |  

  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

May 20, 2020 @ 11:33 pm By Omar Faridi  |  

  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

May 10, 2020 @ 4:57 pm By Omar Faridi  |  

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

May 2, 2020 @ 8:30 pm By Omar Faridi  |  

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

April 26, 2020 @ 10:32 pm By Samantha Hurst  |  

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

April 19, 2020 @ 10:15 pm By Omar Faridi  |  

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

April 15, 2020 @ 11:23 am By Samantha Hurst  |  

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

March 18, 2020 @ 11:36 pm By Omar Faridi  |  

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

March 5, 2020 @ 11:37 pm By Omar Faridi  |  

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

March 2, 2020 @ 11:56 pm By JD Alois  |  

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

February 26, 2020 @ 11:07 pm By Omar Faridi  |  

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

February 26, 2020 @ 8:59 pm By Omar Faridi  |  

The South Korean government reportedly set up a help desk in Singapore in January 2020, in order to support Korean Fintech firms, as they continue to expand their business operations into Southeast Asia. This, according to Korea’s financial regulator, the Financial Services Commission (FSC). The… Read More

February 25, 2020 @ 10:19 pm By Omar Faridi  |  

Europe has had a solid year in terms of total Fintech funding as it secured $58.1 billion in capital last year, which is significantly greater than the $43.4 billion the industry acquired back in 2018 – according to a recent report from Big Four auditing… Read More

February 11, 2020 @ 8:42 am By Samantha Hurst  |  

Pelican, a global provider of AI-powered payments and financial crime compliance solutions for banks and corporates, announced on Tuesday it has expanded its global sales reach by partnering with CMSoft Co., Ltd in South Korea. According to Pelican, the new strategic partnership will enable the company… Read More

February 7, 2020 @ 5:09 pm By Omar Faridi  |  

The Pohang University of Science and Technology (POSTECH) in South Korea is planning to issue diplomas and certificates that are stored and managed on a blockchain-based platform. Due to the current coronavirus threat, the Korean university thinks it’s not safe anymore for students to get… Read More

January 17, 2020 @ 9:15 am By Cali Haan  |  

Korean cryptocurrency trading platform Upbit reinstated deposits January 13th after shutting them down in late November in response to a $50 million USD hack. Deposits have now been restored following an upgrade to the exchange’s wallet system, the exchange writes in a notice. Customers will, “need… Read More

January 13, 2020 @ 9:49 am By Cali Haan  |  

A Korean YouTube cryptocurrency promoter was badly beaten by two attackers in his apartment elevator early Friday morning, Coindesk Korea reports. Kyu-hoon “Spunky” Hwang sustained non-life threatening injuries but was rushed to hospital and remains hospitalized at the time of writing. According to Coindesk Korea, Hwang… Read More

January 10, 2020 @ 2:44 pm By Omar Faridi  |  

Bithumb, South Korea’s largest digital asset exchange, might invest over $8 million into the nation’s regulatory sandbox program and ecosystem. Through its subsidiary GCX Alliance, Bithumb’s management has shown intent to invest up to 10 billion Korean won (appr. $8 million) into Korea’s regulatory free… Read More

January 2, 2020 @ 9:15 pm By Samantha Hurst  |  

South Korea officials are reportedly causing some confusion with the latest drafted legislation that will tax individual crypto profits. According to Cointelegraph, South Korea’s officials stated that under current law, the government cannot impose income taxes on individual profits that are from cryptocurrency transactions. South… Read More

January 2, 2020 @ 4:45 pm By Omar Faridi  |  

South Korea’s government aims to continue to support the development of its Fintech industry. The nation’s authorities have launched regulatory sandboxes and are assisting internet-based banks in establishing their operations. However, a recent survey reveals that South Korea still needs to make significant improvements in… Read More