South Korea’s Kakao is looking to list its cryptocurrency on an exchange but it may not be able to list the token domestically, according to a report from News1, a Korean news service.
While the company is now looking at two exchanges for the possible trading of Klay—one in China and the other in Korea—the government may prevent it from choosing a platform in the home country. News1 quoted an anonymous official as saying that Kakao is just too big to ignore and that it would be difficult to allow the trading.
BC Card, the largest payments processor in South Korea, says it is using blockchain technology to settle rewards points, according to an Aug. 27 report in the Chosun Ilbo.
The underlying technology is being provided by KT, the country’s No. 2 telecom company and majority owner of BC Card.
With a KT Hyperledger Fabric-based offering, BC Card is processing the ordering and exchanging of points paid out by affinity partners, VIP points and vouchers.
The nominee for the chairmanship of Korea’s top financial regulator on Monday indicated that he would maintain current policy and policy direction in terms of cryptocurrencies and crypto exchanges.
Eun Sung-soo’s comments, which were delivered in written form to a parliamentary committee ahead of his Thursday confirmation hearing for the top post at the Financial Services Commission (FSC), suggest that uncertainty will remain and that most activity will continue for some time in legal and regulatory gray areas.
Terra, the stablecoin and payments network creator initiated by a coalition of Asian e-commerce giants, has received an investment from Hong Kong’s HashKey Capital, according to a press release.
The investment was not in the form of equity but via the purchase of Terra’s Luna, a mining token which trades on Bittrex and Bitrue and is used to maintain the value of the Terra stablecoin.
Bithumb will start reviewing its cryptocurrency listings on a monthly basis, becoming the second South Korean exchange this month to update its listing policies.
The audits will determine whether the crypto exchange’s listed coins and tokens are eligible for continued trading, according to a story by Yonhap New Agency. The reviews will be undertaken by the newly formed Listing Eligibility Deliberation Committee, starting from September.
Blocko, a South Korean blockchain firm working on enterprise applications of the tech, says it’s raised 9 billion Korean won (around $7.44 million) in an Series B+ round.
According an announcement on Thursday, Blocko said Korea’s oldest bank, Shinhan, as well as KEB Hana Bank, LB Investment and Dadam Investment took part in the round.
Woori Financial Group, one of South Korea’s largest banking companies, has agreed to work with Ground X in developing blockchain financial services.
Group Chairman Chairman Son Tae-seung made the announcement on the 21st at the company’s headquarters in central Seoul, some reports said. Further detail appeared in Shin-A Ilbo, CoinDesk Korea, and other publications.
South Korea’s Prixbit cryptocurrency exchange has officially closed down.
In a website post dated Aug. 9 and entitled ‘Prixbitend,’ the exchange declared it would cease operations. The move was subsequently reported by local press.
“Due to negative internal and external influences, management difficulties could not be overcome and normal operation became impossible,” the founder wrote.
CGEX, a Malta-based exchange opened by South Korea’s Coinone less than a year ago, is shutting down.
The exchange posted an announcement last week saying that all services would be terminated on Sept. 18 at 2:50 UTC. After that date, customers will no longer be able to log in, and deposits and withdrawals will no longer be possible. CGEX added that all records would be destroyed, other than those that have to be retained by law.
After losing out to Busan in the competition to be declared Korea’s blockchain “regulation-free” zone, Jeju Island is redoubling its efforts to stay in the game, according to a report in the Jeju Island Daily News.
Terra has added another partner to its payment provider alliance.
The Singapore-based, South Korean-focused blockchain provider and stable coin issuer has agreed to work with Bugs, a South Korean music streaming service. Bugs is the latest addition to the Terra Alliance, a group of ecommerce companies for which Terra provides payment services.
Shinhan, one of the oldest and largest banks in South Korea, has partnered with two fintech firms to build a new security system using blockchain tech.
For the effort, the bank has sign an agreement with GroundX, the blockchain subsidiary of messaging app provider Kakao, and blockchain developer Hexlant, according to an article from The Korea Times on Wednesday.
The spread between the price of bitcoin on South Korean and U.S.-based crypto exchanges, which returned in June and hit 16-month highs, has disappeared once again.
A measure of how much more South Koreans pay for bitcoin, the spread, known colloquially as the “kimchi premium,” has reached remarkable levels, peaking at 54.
Korea Prepaid Card has made a major investment in Singapore-based Bezant, becoming the blockchain developer’s second largest shareholder. The news comes from an announcement on Bezant’s website.
The terms of the deal were not disclosed and the exact split is being kept confidential by agreement between the two companies, according to the the release.
Since April 2019, Bezant has been offering Blockchain-as-a-Service (BaaS) using Hyperledger Fabric technology.
The SK Group, one of the largest conglomerates in South Korea, is creating a blockchain-based donation platform, reports IT Chosun, the technology publication of the Chosun Ilbo. The company also proposed two new tokens have been proposed in the design of the platform.
According to the report, SK Corporation C&C, the group’s IT arm, made the announcement today at a conference on the blockchain and social impact.
A blockchain platform for the trading of unlisted securities is being developed in South Korea, according to a report in the Chosun Ilbo.
The goal is to take transactions that are now expensive, slow and insecure and make them efficient and accessible to a wider range of investors. Six local participants are involved in the project, including Koscom—the IT arm of Korea Exchange—KEB Hana Bank, Hana Financial Investment, Daejeon Technopark, Amicus Lex—a startup—and an association for accelerators.
Coinone has signed deals with CertiK and Xangle to improve security and enhance disclosure, according to an announcement from the company.
The number three Korean crypto exchange says that it will be working with Xangle on investor protection and project transparency. With CertiK, it will be focused on the security of the code, technology verification, and project information security.
A South Korean financial watchdog under the Financial Services Commission (FSC) is planning to more closely supervise cryptocurrency exchanges.
The agency in question, the Financial Intelligence Unit (FIU), has said it will directly regulate crypto trading platforms, which currently are indirectly controlled via guidance given to banks, says a report in Business Korea on Wednesday.
The Seoul Metropolitan Government will establish its first blockchain-based administrative services in November, according to a report in the Korean-language blockinpress.
At a conference held last month and attended by city officials and representatives of the private sector, specifics of the roll out were discussed, with timelines and goals established. The meeting seemed to revive an initiative that had lost some momentum since first being announced late last year.
Shinhan Financial Investment will soon be offering peer-to-peer (P2P) stock lending via the blockchain.
When the new service is introduced this year, individuals will be able to borrow and lend securities with other individuals directly, rather than going through an intermediary. The Economic News and other local Korean media reported the news.
Securities lending and borrowing transactions are normally inefficient and expensive for anyone but larger investors.
Busan has been declared a “regulation-free” zone for blockchain development by South Korea’s national government, a move long expected but now formalized as part of a larger liberalization push.
Zug, Switzerland is said to be one of the models for the zone.
The Ministry of SMEs and Startups announced on July 24 that the second largest city in the country by population will host a wide range of blockchain offerings related to finance, public safety and tourism, though it stopped short of fully opening the market and allowing for international-level crypto initiatives, according to the Korea Herald.
The head of South Korea’s Financial Services Commission (FSC) abruptly resigned last week, according to a July 18 report from The Korea Times.
Former Chairman Choi Jong-ku reportedly left his office one day in advance of his second anniversary, amid a period of governmental reorganization.
He told reporters he resigned “before the expected reshuffle” to “widen the scope” of President Moon Jae-in’s search for new cabinet members.
Nearly 2.7 trillion won ($2.3 billion) have been lost to crimes involving cryptocurrency in the last two years, according to South Korean government data.
Figures provided by the country’s justice ministry on Sunday indicate that losses from crypto scams, Ponzi schemes, embezzlement and illegal exchange transactions came to 2.
Someone in South Korea appears to be trying to take advantage of Samsung’s blockchain efforts by nabbing the “Samsung Coin” trademark.
According to filings with the Korean Intellectual Property Office (KIPO), an application to register the trademark in both English and Korean was submitted on July 10 by an individual called Kim Nam-jin.
Binance, the world’s top exchange by trading volume, is considering launching a branch in South Korea, according to reports.
Changpeng “CZ” Zhao confirmed the possibility to local news source Block In Press on Tuesday, saying (via translation) that the firm is “working with local partners, but we do not know the details.”
However, according to a report by CoinDesk Korea, a business entity dubbed Binance LLC has been established in the country, with the director listed as Jiho Kang of BXB Inc.
Кто знает подойдет ли этот кошелек для постоянного приема в сатоши? Я просто майнить не решился, но написал несколько ботов для того, чтобы они собирали с кранов монеты. Я так понял, что это веб-кошел...