South Korea

This year started as a promising new chapter for the cryptocurrency market. A Bitcoin halvening, a global pandemic, and seven months later have made 2020 a completely different year for the industry than what anyone expected. There are plenty of reasons to remember 2020 for many years from now. This year, the cryptocurrency community could go down as the one with some of the most representative regulatory changes in history. Today, we take a closer look at the 2020 cryptocurrency…

China wants to go global over its quest for cryptocurrency predominance as it has proposed a digital currency that would be based on a basket of currencies including the Chinese yuan, Japanese yen, South Korean won and Hong Kong dollar. The proposed pan-Asian digital currency is planned by the private-sector to rival Facebook’s Libra and challenge the USD’s supremacy. A report by the Nikkei Asian Review on June 14 noted that the proposed digital currency is backed by China. The plan to create an…

Nascent technologies such as blockchain and artificial intelligence are changing the way we do things as they have what it takes to improve our daily activities. On May 22, Suseong University in South Korea reached a deal with the Korea Artificial Intelligence Association (KORAIA) for the creation of a blockchain and AI campus in Daegu. The deal will give birth to a new department to teach AI, big data, and cloud-based technology at the university based in Daegu, says local…

Currently, things are not so good in Asia’s cryptocurrency space. This is such that BitMEX Japan stopped operating in recent times due to the newly amended cryptocurrency regulations in the Japan Payment Services Act. Likewise, the termination of Bitberry (in South Korea) was because of blockchain industry uncertainties. Singapore's authority brought cryptocurrency under AML rules in February, thereby leading the cryptocurrency payment provider CoinPip to close down. Recently, Min Kim of ICON Foundation (based in South Korea) featured in a podcast. He discussed cryptocurrency…

People have been considering Asia as the world’s cryptocurrency hub for a long time now. There has been remarkable growth in the cryptocurrency domain in nations such as Japan, Singapore, South Korea, and China. China is in the last stages of creating a central bank digital currency (CBDC), thereby proving that the continent has placed itself ahead of others regarding digital assets. Recently in a podcast, Adam Traidman, the joint founder of one of the pioneering Bitcoin wallets on the app store (BRD) spoke about China’s digital Yuan and…

Recently, South Korean wallet provider known as Childly carried out a survey. Over 5,750 cryptocurrency users across the world were involved in the poll. The results revealed that 66 percent of respondents support cryptocurrency asset taxation. Likewise, it showed that one out of five cryptocurrency users do not support digital asset taxation. Generally, the survey showed that the cryptocurrency community is warm towards taxation. Forty-eight (48) percent of the respondents said it is mandatory to tax cryptocurrency assets; hence, they…

The current global economic trouble is shifting attention to blockchain technology. Before now, some governments have been considering and looking into how to deploy the technology in some sectors. Interestingly, the government of South Korea has noted that the blockchain market stands for a “golden opportunity” for the country. The government is admonishing private sector firms in the country to exploit this potential. On Apr. 17, Fn News released a report which noted that the Vice Minister of Strategy and Finance,…

Binance enters the Korean market with Binance KR, a trading platform deploying Binance Cloud Following the launch on April 1, users will be allowed to register and deposit digital assets such as BTC, ETH, BNB, and BKRW  Binance continues accusation spree with a nearly finalized deal to acquire digital currency data aggregator CoinMarketCap  On March 31, 2020, Binance exchange revealed plans to launch Binance KR, a cryptocurrency exchange platform, to serve the Korean users on April 2, 2020. User registration…

KT Corporation, the giant South Korean telephone company, has launched a platform for contracts dubbed KT Paperless. The blockchain technology-based KT Paperless will be a document integration platform that will allow its users to formulate and distribute contracts. It will serve as their storage point from where they can see activities such as opening, signing, or alterations on the contracts, using the timestamp technology. Users can also confirm whether they sent documents, confirm the receipt and viewing times, and notices…