South Korea’s Kakao May List Its Klay Cryptocurrency on Chinese Exchange

South Korea’s Kakao May List Its Klay Cryptocurrency on Chinese Exchange

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.
South Korea’s BC Card Is Using KT’s Blockchain for Rewards Settlement

South Korea’s BC Card Is Using KT’s Blockchain for Rewards Settlement

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.
Korea’s SFC Chair Nominee Intends to Maintain Go-Slow Approach to Crypto

Korea’s SFC Chair Nominee Intends to Maintain Go-Slow Approach to Crypto

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.
Hong Kong’s HashKey Capital Invests in Terra’s Mining Token

Hong Kong’s HashKey Capital Invests in Terra’s Mining Token

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.
Largest Korean Exchange to Review Listings and Drop Failing Coins

Largest Korean Exchange to Review Listings and Drop Failing Coins

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.
Major Banks Back $7.4 Million Funding Round for Korean Blockchain Firm

Major Banks Back $7.4 Million Funding Round for Korean Blockchain Firm

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.
South Korea’s Woori Financial Teams up with Kakao’s Crypto Payments Group

South Korea’s Woori Financial Teams up with Kakao’s Crypto Payments Group

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.
Korean Crypto Exchange ‘Prixbit’ Shuts Down Over Banking Woes

Korean Crypto Exchange ‘Prixbit’ Shuts Down Over Banking Woes

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.
Malta Crypto Exchange Opened by Coinone to Close Next Month

Malta Crypto Exchange Opened by Coinone to Close Next Month

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.
South Korea’s ‘Bit-Island,’ Jeju, Redoubles Crypto Efforts After Losing Regulatory Bid

South Korea’s ‘Bit-Island,’ Jeju, Redoubles Crypto Efforts After Losing Regulatory Bid

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 Signs Music Streaming Platform to Crypto Payments Alliance

Terra Signs Music Streaming Platform to Crypto Payments Alliance

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 Bank Teams With Kakao’s GroundX for Blockchain Security Boost

Shinhan Bank Teams With Kakao’s GroundX for Blockchain Security Boost

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.
Bitcoin’s ‘Kimchi Premium’ Vanishes Again as Trading Range Tightens

Bitcoin’s ‘Kimchi Premium’ Vanishes Again as Trading Range Tightens

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 Invests in Blockchain-As-A-Service Company Bezant

Korea Prepaid Card Invests in Blockchain-As-A-Service Company Bezant

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.
South Korea’s SK Group Proposes Blockchain-Based Donation Platform and Two Tokens

South Korea’s SK Group Proposes Blockchain-Based Donation Platform and Two Tokens

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.
Korean Fintechs Are Creating a Blockchain for Trading OTC Securities

Korean Fintechs Are Creating a Blockchain for Trading OTC Securities

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.
South Korean Crypto Exchange Signs With Security Companies to Lock Down Tokens

South Korean Crypto Exchange Signs With Security Companies to Lock Down Tokens

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.
South Korean Watchdog Plans Direct Supervision of Crypto Exchanges

South Korean Watchdog Plans Direct Supervision of Crypto Exchanges

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 City of Seoul Will Create a Cryptocurrency for Citizen Rewards

The City of Seoul Will Create a Cryptocurrency for Citizen Rewards

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.
South Korea’s Shinhan Brokerage to Offer Blockchain-Based Securities Lending

South Korea’s Shinhan Brokerage to Offer Blockchain-Based Securities Lending

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.
South Korea Declares Partial ‘Regulation-Free’ Zone for Crypto Companies

South Korea Declares Partial ‘Regulation-Free’ Zone for Crypto Companies

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.
South Korean Financial Overseer Who Banned ICOs Abruptly Quits

South Korean Financial Overseer Who Banned ICOs Abruptly Quits

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.
South Korea Estimates 2-Year Losses from Crypto Crimes at $2.3 Billion

South Korea Estimates 2-Year Losses from Crypto Crimes at $2.3 Billion

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 Is Trying to Trademark ‘Samsung Coin.’ It’s Not Samsung

Someone Is Trying to Trademark ‘Samsung Coin.’ It’s Not Samsung

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 Eyes Launch of Crypto Exchange in South Korea

Binance Eyes Launch of Crypto Exchange in South Korea

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.