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Tag Archives: Koreas

Blockchain Among Targets of South Korea’s $4.4 Billion Domestic Investment Plans for 2019

South Korea announced it would “nurture” eight sectors of the domestic economy, including blockchain, by investing 5 trillion won (about $4.4 billion) next year, local media outlet Yonhap reports Monday, August 13. According to the results of a meeting involving the country’s finance ministry, the government opted to increase the amount spent on areas such as blockchain, big data and ...

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South Korea’s Science Ministry Announces Six-Month Blockchain Youth Training Initiative

The South Korean government is set to launch a program dedicated to fostering young talent in emerging areas including blockchain on August 10, a press release confirmed today, August 9. The 2018 Innovative Growing Youth Talent Concentration Project is the second installment of the initiative following a successful inaugural round, which ran June 11 through July 10. It is hosted ...

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Korea’s Crypto Exchanges are Backed by the Country’s Biggest Bank and Internet Firm

South Korea’s two largest crypto exchanges UPbit and Gopax are backed by the country’s biggest bank and internet company Shinhan Bank and Kakao. Importance of Shinhan Bank’s Involvement The vast majority of investors in South Korea are already well aware that the country’s major crypto exchanges are financed and operated by some of the largest conglomerates in South Korea. Korbit ...

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South Korea’s Largest Bitcoin Exchange Passes Government Audit With Flying Colors

South Korea’s cryptocurrency situation is slowly becoming a lot more clear. Despite initial concerns regarding the Upbit exchange’s investigation, the company successfully passed an audit by local financial authorities. There is no proof of any wrongdoings, and Upbit was not involved in any trading manipulation. Upbit Receives the Green Light It is good to hear Upbit has done nothing wrong. ...

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Korea’s Financial Watchdog Calls for Stock Trading on a Blockchain

South Korea’s primary financial watchdog has backed the use of blockchain technology as the core infrastructure for trading stocks in the country. First reported by domestic news publication Korea Joongang Daily, the Financial Supervisory Service (FSS) has advocated the use of blockchain for stock trading in a report focused on the subject released on Thursday. In a significant backing of ...

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Formerly Korea’s Biggest Crypto Exchange Bithumb Resumes Deposits, Influx of Capital Expected

Bithumb, South Korea’s biggest crypto exchange as of May, is officially resuming deposits and withdrawals on August 4, after a month of freezing the platform. Potential Impact of Restoration of Bithumb’s Operations In June, Bithumb experienced a $40 million hacking attack which led to the loss of investors’ funds, falling victim to a major security breach for the third time ...

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South Korea’s Financial Watchdog Calls for Integrated Blockchain System for Stock Trading

South Korea’s Financial Supervisory Service (FSS) has advised local regulatory agencies and companies to work towards developing an integrated blockchain system for stock transactions, according to an official report published August 2. The FSS undertook a detailed analysis of international stock exchange operators’ use of blockchain technology to date, focusing on existing initiatives in the U.S., Japan, UK and Australia, ...

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Korea’s Regulator Calls for ‘Urgent’ Crypto Laws amid Security Concerns

South Korea’s primary financial regulator is urging lawmakers to hasten the country’s first regulatory bill for the cryptocurrency sector amid fears of substandard security in the industry. Hong Seong-ki, head of the virtual currency response team at South Korea’s Financial Services Commission (FSC), has joined the chorus among authorities and lawmakers seeking to regulate the cryptocurrency sector by stressing the ...

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South Korea’s Second-Largest Mobile Operator Unveils Its Blockchain Network

There are quite a few companies which are building their own proprietary blockchains. As is always the case when ventures like these come to market, one has to wonder whether they can live up to expectations. KT Corp, one of South Korea’s leading mobile carriers, has unveiled a commercial network which uses blockchain technology. KT Corp Has High Expectations for Blockchain ...

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