The Walton Blockchain Institute was launched earlier this month by radio frequency identification (RFID) and Internet of Things (IoT) supply chain management company Waltonchain.
The South Korean government is planning to regulate local crypto exchanges like banks to ensure criminals do not utilize cryptocurrencies to finance illicit operations.
During an Anti-Money Laundering Policy Advisory Committee meeting, the Korea Financial Intelligence Unit (FIU) said they will oversee crypto exchanges and will impose the same regulations that are currently in place for banks.
LG CNS, a subsidiary of of South Korean electronics giant LG, has been chosen by the Korea Minting and Security Printing Corporation (KOMSCO) to establish South Korea’s first public blockchain platform.
LG CNS provides information technology (IT) services including consulting,
The Korea Federation of Banks (KFB), a national banking group in South Korea, will be launching a blockchain identity verification platform in July.
Called BankSign, KFB said the platform will enable retail domestic banks to improve a decades-old verification system with digitization in both online and mobile banking.
Philippines-based investments holdings company IP Ventures has teamed with South Korean insurer Hanwha Life Insurance to establish a regional blockchain network.
Founded in 2005, IP Ventures is an investment holding company focused on the Internet and new media space. Its strategy has been to invest in or incubate value-adding companies in high-growth industries and prepare them for an eventual liquidity event such as a trade sale or initial public offering (IPO).
South Korea’s Supreme Court has ruled that cryptocurrency can be seen as property with economic value that can be subject to forfeiture in criminal cases.
On Wednesday, the top court upheld an appellate court ruling that 191 bitcoin ($1.4 million at press time) should be confiscated from a person named Ahn,
The National Assembly of South Korea has officially made a proposal to allow domestic initial coin offerings (ICO), but with stricter investor protection controls.
In September 2017, the Financial Services Commission (FSC), South Korea’s financial regulator, prohibited domestic companies and startups from participating in ICOs.
Bithumb, South Korea’s largest cryptocurrency exchange, has banned trading in 11 countries that are considered as high-risk jurisdictions by the Non-Cooperative Countries and Territories (NCCT) Initiative.
In an announcement on Monday, Bithumb said that to prevent its platform from being used to launder money and finance criminal activities,
LG CNS, a subsidiary of of South Korean electronics giant LG, has launched its own blockchain platform.
LG CNS provides information technology (IT) services including consulting, system integration, network integration, business process outsourcing, and information technology outsourcing. Currently, LG CNS is Korea’s largest IT service provider and has implemented a number of large-scale public IT infrastructure projects.
South Korean cryptocurrency exchange Upbit was reportedly raided by local police and ten prosecutors on suspicion of fraud.
According to local news outlet Chosun, authorities searched Upbit’s offices in the Gangnam-gu district on Thursday and Friday. The exchange is suspected of fraud for allegedly faking its balance sheets and deceiving investors.