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Bithumb Resumes Post-Hack Operations

South Korea cryptocurrency exchange has announced today on a blog post that it will resume partial operations following a hack in March, in two days’ time on 17 May, this Friday. The exchange will begin operations with only three cryptocurrencies for the time being, allowing trading for Ripple (XRP), Bitcoin Cash (BCH) and EOS. This was intended to “minimize the …

South Korea to Repeal Crypto AML Laws, Seek Direct Regulations

South Korea to Repeal Crypto AML Laws, Seek Direct Regulations

A Coindesk Korea report says that the South Korean government has now decided to do away with the guidelines for Anti Money Laundering (AML) within virtual currency, and will instead introduce legislation to directly regulate cryptocurrency exchanges. Last week, the Financial Services Commission, the South Korean monetary authority, included the ‘Guidelines for Preventing Virtual Money Against Money Laundering’ in the …

Samsung’s $2.9 Million Investment in Custody Giant Ledger Shows Major Players Watching Crypto

South Korean Electronics Giant Samsung has announced a USD 2.9 million investment in the French crypto wallet maker Ledger. The investment firmly stakes Samsung’s claim as a cryptocurrency player after Samsung Ventures led a USD 4 million round in ZenGo, a startup developing keyless crypto wallets, amidst rumors that the company is also developing its own Ethereum-based Blockchain network with …

South Korean Gen X’ers Put $11,000 Average into Crypto

South Korean

According to a survey reported by Arirang TV, more than 7% of South Korean people have already invested in crypto. The poll was conducted by the Korea Financial Investors Protections Foundation, which interviewed around 2,500 Koreans between the ages of 25 and 64 at year-end 2018 in Seoul and five more cities in the country. The results indicated increasing popularity of …

South Korea Crypto Investors Spent $6,000 Average in 2018

South Korea Crypto Investors Spent $6,000 Average in 2018

The Korea Financial Investors Protection Foundation (KFIPF) has published a new report which shows that South Koreans who invested in cryptocurrency last year put aside an average of USD 6,000 per individual, as reported by Finance Magnates. The original news report in Korean referenced a survey from the Korea Financial Investors Protection Foundation, which was given to about 2,500 adults. Of …

Ex-Top 3 South Korea Exchange Closes Shop

Ex-Top 3 South Korea Exchange Closes Shop

Coinnest has announced that it has ceased operations in South Korea. Formerly the third largest cryptocurrency in the nation, it cited lowered demand for trading against a background of regulations and business interests, as the reason for this closure. A notice was posted this week on its website informing its users that it was no longer in operation, asking all …

South Korea Banks to Open Payment Network to Fintech Firms by December 2019

South Korea Banks to Open Payment Network to Fintech Firms by December 2019

Banks in South Korea have agreed to make their payment networks fully available to financial technology (fintech) firms by December this year, according to local news outlet Korea Bizwire. The move is seen as the latest in a government effort to encourage the development of modern payment technologies and foster a more competitive financial sector. Bank payment networks can only …

South Korea Expands Blockchain Pilot Expedition

South Korea Expands Blockchain Pilot Expedition

The South Korea Internet and Security Agency (KISA) has selected 32 companies to carry out 12 pilot blockchain-related projects in 2019, according to an official press release on the KISA website. The pilot, dubbed 2019 Blockchain Public Leadership Pilot Project, is expected to provide a nursery for innovative science expedition involving blockchain, its best practices, and application in different sectors …

Ethereum Co-Founder Says Time for South Korea to Deregulate Blockchain

Ethereum Co-Founder Says Time for South Korea to Deregulate Blockchain

Ethereum founder Vitalik Buterin has urged South Korean regulators to remove restrictive blockchain industry laws in a recent visit to the Asian tech powerhouse. Buterin was speaking to South Korean parliament members in a hope to overturn the government’s current stance which currently favors blockchain over Bitcoin and other cryptocurrencies, by its banning of ICOs. The Ethereum Canadian-Russian crypto entrepreneur …

South Korea Police Use AI to Capture $18 Million Crypto Scammers

North Korea's Unlikely Relationship with Crypt (1)

A local English newspaper, the Korea Joongang Daily, has reported the successful capture of cryptocurrency ponzi suspects by South Korean police, with the aid artificial intelligence (AI). The ponzi allegedly raked in over KRW 21.2 billion (USD 18.3 million) from victims over a period of six months last year. However, their run came to a decisive end after the Seoul …

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