South Korea

KB Kookmin, South Korean biggest bank sets to launch crypto custody service for cryptocurrencies including BTC and ETH. Local news reported that KB Kookmin filed a trademark application for KB Digital Asset Custody (KBDAC) with the Korean Intellectual Property Office. According to the Korean Intellectual Property Office, the bank applied for KBDAC as a trademark that relates to investment, advisory, and trading of cryptocurrencies. The office says that trademark registration takes a minimum of six months and a maximum of…

Chainalysis, the blockchain analytic company, announced the successful deployment of its investigations solution, Chainalysis Reactor, with Bithumb Exchange.  The announcement follows the South Korean National Assembly’s vote last week in favor of amending the Special Financial Transactions Information Act. The Chainalysis Reactor is an investigation software linking crypto transactions to real-world entities. The feature allows crypto businesses and law enforcement agencies to tackle criminal activities, including fraud and money laundering on the blockchain. In this case, Bithumb will use Chainalysis…

A full parliamentary Assembly session in South Korea has passed an amendment to the Act on Reporting and Use of Specific Financial Information. This is according to a local news report In light of this amendment, the trading of crypto can now be incorporated into the South Korean legal system for it is legitimate. South President Jae-in Moon has signed it paving the way for the bill to become law of the land. The approval process should begin in about…

Recently, Nonghyup announced the launch of the first commercial application of a blockchain-powered mobile identification system. The report states that the Initial DID Alliance developed the solution.  The Initial DID Alliance is a decentralized identity consortium hosted by the Korean Ministry of Science and ICT and the Korea Internet and Security Agency (KISA). Tech giants such as Samsung, LG, and SK Telecom would back the identification system. Other consortium members include Hyundai Card, Woori Bank, Cj Olive Networks, and Koscom,…

The Litecoin Foundation announced that it was partnering with MeconCash to allow LTC to be withdrawn in Korean won (KRW) at over 13,000 ATMs in the country. The announcement was made on the 28th of February 2020. This partnership gives LTC holders access to quick cash while being able to send remittances from overseas to South Korea. According to the terms of the partnership, LTC will be integrated into MeconCash’s M.Pay payments platform. The LTC coin shall be an acceptable…

South Korea finance officials plan to implement a twenty percent tax on income from cryptocurrencies. Currently, definite laws to tax crypto profits do not exist in the country. A report by Korea Herald stated that the country’s ministry of economy and finance had authorized the office of income tax to look into a taxation plan, which made people speculate that the authorities could classify gains from crypto trading as other income. As per the government official, the finance ministry is…