According to the Ministry’s official announcement, the new initiative will foster 10,000 blockchain industry professionals and 100 companies, and will expand and commercialize six existing blockchain pilots with the Ministry’s backing.
These pilots aim to leverage blockchain technology for real estate, online voting, shipping logistics, livestock record management, customs clearance, real estate, and international e-document distribution.
In addition, the Korean government will back the development of BaaS (Blockchain-as-a-Service), to allow small and medium-sized enterprises to implement blockchain solutions efficiently.
Although recent crypto news from South Korean has been focused on reports of the theft of $30 mln from South Korea’s leading crypto exchange Bithumb, wider developments in the country’s crypto and blockchain industry this spring have been more positive.
That same month, the South Korean government revealed a positive reorientation for domestic crypto and blockchain legislation, suggesting it plans to make domestic Initial Coin Offerings (ICOs) legal again.
In the latest crypto mansion sell-off, Hilton and Hyland, the real estate firm chaired by Rick Hilton, the father of reality TV celebrity Paris Hilton, has announced that the sale of a 16th century Roman mansion will be conducted on the blockchain.
Industry experts and lawyers discussed whether companies should issue security tokens in a panel debate at real estate-focused event BitcoinCRE on June 14. Part of London Tech Week, the event looked at regulations across the world and happened hours before Ether was declared ‘not a security‘ by the SEC.
South Korea’s financial watchdog has committed to issuing clear rules for institutional crypto investment, with a phased rollout starting in April. South Korea‘s Financial Services Commission is moving forward with plans to allow institutional investors into the crypto market, with…
South Korea’s central bank is reportedly set to launch a real transaction test for its central bank digital currency this month, involving 100,000 consumers and seven banks. South Korea is set to begin real-world testing of its CBDC in March,…
ELX crypto surged by as high as 68% in the past 24 hours of trading ahead of a listing on South Korean crypto exchange Bithumb. According to data from CoinGecko, Elixir’s (ELX) rallied to an all-time high of $0.726 on…
South Korea’s Financial Intelligence Unit wants to strengthen anti-money laundering measures, specifically by enhancing ways to monitor crypto transactions. On March 5, the FIU revealed a number of strategies to prevent money laundering at the AML Inspection Trustee Council, according…
The Seoul Southern District Prosecutors’ Office has launched a formal joint investigation unit that exclusively tackles crypto-related crimes and fraud cases. According to a report by Aju News, the department is named the Seoul Southern District Prosecutors’ Office-run Joint Investigation…
Police in Jeju, South Korea, are investigating the murder of a Chinese national believed to have been killed during a cryptocurrency transaction. Jeju West Police Station announced that four Chinese nationals—two women and two men, including one in his 60s…
South Korea plans to gradually allow corporations to begin trading crypto, according to the latest announcement by the Financial Services Commission. On Feb. 13, the SFC released a press release in which it outlined a phased lift on a ban…
