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Korea Customs Authority to Test Blockchain Clearance System for Imports, Exports

The Korea Customs Service (KSC) is reportedly due to test a blockchain-based system to verify data and shipments during imports and exports with over 50 companies domestically. According to the Korea Times, the KCS is developing a customs data platform powered by blockchain technology in an effort to boost enhance the efficiency of a customs-clearing The post Korea Customs Authority to Test Blockc...
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Exclusive: 200 Million Users Messaging Giant LINE Partners Blockchain Project ICON

ICON, the $1.6 billion blockchain project created by developers from South Korea, has secured an official partnership with LINE, Japan’s largest messaging app that supports more than 200 million monthly active users. LINE’s Entrance Into Cryptocurrency Exchange Market On January 31, CCN reported that LINE is set to launch a cryptocurrency exchange within 2018 with The post Exclusive: 200 Million U...
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South Korea Will Focus ‘Positive Aspects’ of Cryptocurrency, Soften Policy

South Korean regulators and officials are likely to relax their approach to regulating cryptocurrencies, starting with classifying them as ‘financial assets’. There’s a July deadline looming for G20 nations after policymakers called for recommendations for regulating cryptocurrencies, seen as ‘financial assets’ by the economic leaders from the world’s twenty largest economies. South Korea’s regula...
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UPbit Audit Confirms South Korea’s Biggest Cryptocurrency Exchange Not at Fault

A major accounting firm in South Korea has revealed results of an audit of UPbit’s cryptocurrency holdings, confirming that the exchange did not inflate its balance sheet and deceive investors. UPbit Investigation Results to be Released This Week An official police investigation into UPbit, the country’s largest cryptocurrency exchange, by the Financial Supervisory Service (FSS), The post UPbit Au...
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LG Subsidiary Launches Enterprise Blockchain Platform ‘Monachain’

The IT subsidiary of electronics giant LG has launched its enterprise blockchain platform that can be applied in a number of sectors including finance and manufacturing. Dubbed ‘Monachain’ by LG CNS, the in-house enterprise blockchain platform will reportedly focus its applicability in digital authentication, digital supply chain management, and digital currency, according to a Korea The post LG S...
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Korea’s Financial Watchdog to Join Crypto Exchange UPbit Investigation

The Financial Supervisory Service (FSS) of South Korea has joined the investigation into the country’s largest cryptocurrency exchange UPbit. FSS will assist the Korean Financial Intelligence Unit (KIU) and Financial Services Commission (FSC) in evaluating the balance sheet of UPbit and existing regulations on cryptocurrency exchanges. Liquidity Issue Earlier this week, CNBC’s Ran Neuner reported ...
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South Korea’s Biggest Cryptocurrency Exchange Investigated by Local Police, Market Drops

UPbit, South Korea’s biggest cryptocurrency exchange, was investigated by local police and 10 investigators after its headquarters in Seoul were raided. Chosun, the country’s biggest mainstream media outlet, reported that the South Korean authorities are suspecting UPbit of illicitly moving customer funds to the account of its executives. Investigation Ongoing On May 10, the Seoul The post South K...
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Ripple Powers Korean Crypto Exchange Coinone for Blockchain Remittance

South Korean cryptocurrency exchange Coinone is turning to Ripple for international remittances. Coinone Transfer, the retail remittance subsidiary of the namesake crypto exchange, will begin using Ripple’s enterprise blockchain network to power its soon-to-launch international remittance service for retail customers in the country. The remittance firm will use xCurrent, an enterprise blockchain s...
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Korea’s New Financial Watchdog Chief Envisions Stable, Less Speculative Crypto Market

The new head of Korea’s financial watchdog has doubled down on the anticipated effort of his agency considering a lenient approach to cryptocurrency trading. Yoon Suk-heun, an academic and reformist who was – this week – appointed as the governor of Korea’s Financial Supervisory Service (FSS), has had more to say about his own stance The post Korea’s New Financial Watchdog Chief Envisions St...
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Korea to Relax Cryptocurrency Curbs Under New FSS Chief

The incoming head of Korea’s primary financial regulator has reportedly confirmed that the authority will look to ease regulations on domestic cryptocurrency trading. Speaking to reporters on Sunday after being approved by President Moon Jae-in to lead the Financial Supervisory Service (FSS), new governor Yoon Suk-heun said the regulator will look at revising some regulations The post Korea to Rel...
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