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.
With Washington tightening the screws on North Korea’s crypto-funded nuclear weapons programme, South Korea says it’s open to rethinking its own sanctions playbook. During a recent interview, South Korean Vice Foreign Minister Kim Ji-na told local media that “coordination between…
Binance is facing renewed scrutiny from South Korean lawmakers after a parliamentary hearing this week reignited calls for the exchange to compensate victims of GOPAX’s failed GoFi deposit program. South Korean lawmakers are intensifying pressure on Binance to fulfill a…
Binance holds a 67% stake in Gopax, acquired in February 2023. A $4. 3 billion US settlement eased regulatory concerns in South Korea. Gopax faced a $47 million liquidity shortfall linked to Genesis Global Capital.
Binance is finally making progress with its South Korea re-entry after over two years of delay, as authorities have reopened their review of the exchange’s long-stalled takeover of local crypto exchange Gopax.
Hwang Jung-eum, a South Korean actress and K-drama star, was handed a suspended prison sentence for embezzling $3 million from her agency to invest in cryptocurrency. According to a report from local media outlet Korea JoongAng Daily, Hwang has been…
South Korean regulators have moved to quell a brewing risk in crypto exchanges. The new regime bans high-risk leveraged loans and institutes a strict 20% interest cap, citing serious concerns over investor protection and market stability. On September 5, South…
South Korea’s Bithumb experienced a technical outage that caused significant damages to users who relied on the app for trading activities. The platform stopped working for 1 hour and 40 minutes.
