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The special zone has built several blockchain-based products and applications for use by the general public. These include B Pass, a blockchain-based ID service, Busan Digital Voucher, a local currency circulation-boosting service based on its digital ledger, the Citizen Safety Report, and B-Fresh, a seafood logistics service. Source
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The South Korean central bank has indicated that initial coin offerings (ICOs) will be allowed under the Digital Assets Framework Act, according to a local news report. That comprehensive legislation is expected to be introduced in 2023 and implemented the following year. The Bank of Korea (BOK) discussed ICOs in comments
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Binance is helping the South Korean city of Busan “grow crypto adoption within the city and beyond.” The global crypto exchange will also support the development of the city’s blockchain ecosystem and the Busan Digital Asset Exchange. Binance Signs MOU With Busan City Cryptocurrency exchange Binance announced Friday that it has
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Yong-beom Kim, the former First Vice Minister of the Korea Ministry of Economy and Finance, has been appointed as the CEO of Hashed Open Research, the research arm of Seoul-based venture capital firm Hashed. Source
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Samsung Securities is among seven large South Korean securities companies that have applied for government approval to create a virtual assets exchange, according to a report in South Korean publication Newspim. The companies aim to create a corporation to open an exchange in the first half of next year. Newspim
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Mirae Asset Securities and Samsung Securities are among the seven firms, the newspaper reported citing anonymous industry sources. Mirae has established a subsidiary under its affiliate Mirae Consulting, which is hiring technical staff for various cryptocurrencies and non-fungible tokens, while Samsung is studying how to enter the blockchain-based security tokens
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The South Korean financial intelligence unit is taking action against 16 foreign cryptocurrency exchanges for operating illegally in the country. “For illegal business activities of unregistered entities, maximum of 5 years of imprisonment or up to KRW 50 million of fines can be imposed,” the regulator said. 16 Foreign Crypto Exchanges
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Unregistered cryptocurrency exchanges operating in South Korea could see their services grind to a halt as the Korea Financial Intelligence Unit (FIU) takes action against 16 foreign-based firms.The FIU has notified its investigative authority that 16 virtual asset service providers have been carrying out business without the necessary registrations. Major
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A South Korean town near Seoul has been successfully operating a pilot program that allows police to seize crypto from the exchange accounts of individuals with delinquent traffic fines.Gunpo, a city of about 275,000 in the northwestern Gyeonggi province was selected by the national government to execute the pilot program
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