Posts Tagged ‘South Korea’

Belarus Seeks South Korean Investors Interested in Blockchain and Fintech

During a recent visit to Seoul, the deputy foreign minister of Belarus Andrei Dapkiunas reportedly stated that Belarus endeavors to establish relations with Korean investors interested in “fourth industrial revolution” technologies, including blockchain and AI. According to Dapkiunas, Belarus has developed “groundbreaking state legislation” in the IT sector, and the country is “making innovative strides on […]

Inside Fintech Conference & Expo

Inside Fintech Conference & Expo explores Fintech 3.0, including Blockchain technology and other decentralized solutions for financial processes, and its impact on the global financial ecosystem. Hear from the finance industry’s most forward thinking individuals as they seek to leverage advances in technology to improve payments, investment strategies, mobile banking, navigate the world of regulation, […]

South Korean Financial Services Commission Announces Cryptocurrency Division

South Korean Financial Services Commission (FSC) has announced a substantial organizational reshuffle that will see a new cryptocurrency division created to oversee the crypto sector — the Financial Innovation Bureau. The organization will be dealing with far more than just cryptocurrency though, with oversight on policy initiatives relating to FinTech and big data. The Financial Innovation Bureau is […]

Korean Cryptocurrency Exchange Bithumb Loses More Than $30 Million in Hack

Seoul-based bitcoin exchange Bithumb said it had lost $31.56 million (35 billion won) worth of cryptocurrencies as the result of being hacked, the second cyberattack in two weeks to hit a major South Korean cryptocurrency exchange as safety concerns hamper the industry and weigh on prices. Bithumb has temporarily halted withdrawal and deposit services. The […]

Top South Korean court recognises cryptocurrency as asset

South Korea’s top court confirmed a previous appellate court order to confiscate the 191 bitcoins from a person named Ahn, worth 2.4 billion won (US$2.3 million) earned from running an online pornography website. In doing so the Supreme Court recognised cryptocurrency as an “asset with measureable value.” This marks the first time a cryptocurrency has […]

As China Softens Stance on ICOs, Huobi Exchange Announces $93 Million Blockchain Fund

Huobi, the world’s third largest cryptocurrency exchange, has reportedly teamed with other substantial Asian-based partners to launch a $93 million fund to invest in blockchain start-ups. The new fund will specifically be investing in blockchain start-ups in China and South Korea and is intended to encourage cooperation between blockchain initiatives between the two countries. Read […]

China rapidly embracing fintech while Korea trails behind

Korea’s fintech adoption rate is less than half of China, according to a fintech trend report released by the Financial Supervisory Service. The financial watchdog cited the “EY FinTech Adoption Index 2017” report from global consulting firm Ernst & Young to compare the fintech adoption rate among 20 major markets across the world. According to EY, […]

Corporations Bypassing Korean ICO Regulations With Overseas Subsidiaries

An increasing number of corporations in South Korea are establishing cryptocurrency and blockchain subsidiaries abroad due to restrictive regulations. They are seeking opportunities in countries like Japan, Switzerland, Singapore, and Gibraltar. For example, the parent companies of the two most popular chat apps, Line’s Naver and Kakao Corp, have established crypto and blockchain subsidiaries in Japan. Hyundai BS&C, […]

South Korean cryptocurrency executives detained

South Korean prosecutors have detained Kim Ik-hwan, chief executive of Coinnest, South Korea’s fifth-largest cryptocurrency exchange, and the head of another cryptocurrency exchange, along with two other executives at the exchanges for alleged embezzlement and fraud. Prosecutors raided three exchange operators including Coinnest last month and seized their books. They allege that the four executives […]

South Korea’s Capital Is Planning to Launch Its Own Cryptocurrency

The South Korean city of Seoul is developing its own cryptocurrency — the “S-Coin” — to be used in city-funded social benefits programs, says its mayor. The city will also create a fund to support the advancement of blockchain technology and related startups. Read more