Tag Archives: south korea

The popular Bitcoin exchange Bithumb in South Korea has reportedly been raided by the authorities. This happened because of fraud allegations.Bithumb Accused of Fraud by South Korean PoliceAccording to a report by a local news outlet, the Intelligent Crime Investigation Unit of the Seoul Police authorities raided South Korea’s largest cryptocurrency exchange Bithumb. The authorities raided the company’s headquarters on Wednesday (September 2, 2020), under allegations of fraud.Bithumb earlier...

One of the significantly technologically developed cities in South Korea is aiming to expand its payments programs through digital gift certificates based on blockchain technology. One of the goals is to educate the elderly on contactless payments.Giving The Elderly A More Simplified Payment ProcessAccording to a recent news report, the new establishment of South Korean Seongnam city would be accessible through a mobile app. The main idea is reaching out to its elderly residents and getting...

The large South Korean bank KB Kookmin Bank plans to launch a cryptocurrency custodial service for its clients. The new feature will be available after a partnership with the blockchain venture fund Hashed, the digital asset trading platform Cumberland Korea, and the smart contract security audit firm – Haechi Labs.Crypto Custody For KB Kookmin Bank ClientsThe blockchain-based fund revealed the new partnership in a recent announcement, which will aim to enhance the “emerging market for...

The tentacles of the TRON ecosystem continue to extend their reach across the globe. The latest endeavor has seen TRON join forces with MeconCash, making TRX and JST exchangeable for Korean Won at cash points across the country.More than 13,000 ATMs will support the crypto-fiat swaps as TRON seeks to seal its status as versatile digital cash for the people.TRON Arrives at South Korean ATMsTRON and its native TRX currency have broad support across Asia, where Justin Sun can be found actively...

Blockchain utilization is continuously rising in various countries across the world, a recent report revealed. It outlined that US-based companies have been awarded the most substantial number of patents for blockchain endeavors, but the Chinese multinational giant Alibaba is the single entity to receive the most.Blockchain Patents Across The MapThe report from the China Patent Protection Association (CPPA) examined data from 2014 to the middle of 2020 regarding the number of blockchain...

The operator of the South Korean cryptocurrency exchange Bithumb plans to take the company public via an initial public offering (IPO), local reports indicate. To be successful, however, Bithumb has to overcome certain challenges, including taxation issues and investment protection.Bithumb Considers Another IPOAccording to the report from today, Bithumb Korea has selected the capital market company Samsung Securities as a listed host and has started the development work necessary for an IPO....

A local report indicates that South Korea’s Minister of Finance and Economy believes that the country should impose a tax on cryptocurrency trading and investing. He added that South Korea has been discussing with other countries the introduction of a new digital law.South Korea To Impose Tax On Crypto?The Asian country has been rather indecisive regarding whether or not to tax cryptocurrency profits. At the start of the new decade, the Ministry of Economy and Finance said that the existing...

A popular blockchain security company finally revealed who was the sender of last week’s Ethereum transactions with abnormally high fees.Reportedly, it’s a small South Korean cryptocurrency exchange that pays little to no attention to its security protocols.The BackstoryLast week, CryptoPotato reported on two transactions with abnormally high fees that took place on Ethereum’s network. Both of them were sent out from the same address. The first carried 0.55 ETH and paid a fee of 10,668 ETH,...

Despite the lacking demand as of yet, the Bank of Korea (BOK) has set up a legal advisory group to review any legal issues before possibly launching a central bank digital currency (CBDC) in the future.BOK To Review Legal Matters Around CBDCAccording to a local report from today, South Korea’s central bank has established a group consisting of a six-member panel. Among those are law professors and legal practitioners, including lawyers and BOK’s legal policy office. They will provide...

Seoul’s Court has ordered the “freeze” of all crypto wallets, security deposits, and stock accounts of an individual allegedly involved in child pornography. The decision came after a petition demanded from prosecutors.Cho Ju-bin, The Suspected Head Of Nth Room On TargetAs announced, the Seoul Central District Court Criminal Settlement Division 30 (led by trial chief Lee Hyun-woo) froze 15 crypto wallets of the alleged manager of Telegram channel Nth Room, Cho Ju-bin, who has been under...