South Korean Administrative District Builds Blockchain-based ‘Proposal Evaluation System’

South Korea’s Yeongdeungpo-gu district has established a “Proposal Evaluation System” based on blockchain to improve the fairness and integrity of administrative procedures, according to a July 19 governmental press release. Yeongdeungpo-gu, an administrative district in southwest Seoul, will implement a smart administration through new technologies with the blockchain-based “Proposal Evaluation System” to improve the integrity, transparency, and reliability of the evaluation proposal process. The adoption of blockchain technology for administrative procedures aims to improve existing evaluation processes including real-time result disclosure, holding proposal review meetings, and publishing results of negotiations.…

38 Percent of South Africans ‘Wish They Had Invested in Crypto Before’

Pan-African financial services company Old Mutual Limited has released an annual Savings and Investment Monitor survey for South Africa, which polled respondents on awareness of and attitude toward cryptocurrencies in the country. The recent study revealed that respondents generally have a positive regard of digital currencies, with 38 percent of respondents agreeing with the statement “I wish I had invested in [crypto] before” and 71 percent agreeing that “You can make a lot of money with them.” However, 43 percent of respondents agreed with the statement “They are bad news,…

South Korea to Simplify Blockchain Investment With New Legislative Changes

South Korea regulators vowed to introduce friendly blockchain investment legislation in a meeting July 13, the latest chapter of an ongoing push to promote the technology nationally. At the 4th Vice Ministerial Meeting on “Growth through Innovation,” presided over by Vice Minister of Strategy and Finance Ko Hyoung-kwon, the government pledged to make it easier for blockchain businesses to enter the market. In order to promote job creation and support emerging technologies, the South Korean government plans to both “expand tax reduction for new growth engine investment and ease requirements…

South Korean Regulators to Introduce New Rules for Crypto and Blockchain

South Korean legislators have revealed drafts of bills intended to develop rules on cryptocurrencies, initial coin offerings (ICOs) and blockchain technology, The Korea Times reported July 11. Lawmakers will reportedly introduce the drafts at an extraordinary session of the National Assembly, which will take place from July 13 to 26. According to the Korea Times, representative Song Hee-kyung of the leading opposition Liberty Party Korea (LPK) has called for regulations on trading platforms in order to prevent money laundering, cybercrimes and personal data leaks. Representative Park Yong-jin of the ruling…

South Korea Legitimizes Blockchain Industry With Major New Classification Standards

The South Korean government is drafting major new industry classification standards for the domestic blockchain industry, local crypto news outlet The BChain reports Thursday, July 5. Three Korean ministries – the National Statistical Office, the Ministry of Science and Technology, and the Ministry of Information and Communication – are said to have been working since the end of last month to produce the final draft of a new blockchain industry classificatory scheme by the end of July.   The scheme will reportedly serve as a basis for policy making, notably aimed…

South Korea Reviews Its Stance on Crypto To Become Blockchain Haven

South Korea, the country that has been in the forefront of the crypto industry since the 2017 investor boom, is gradually changing its views regarding cryptocurrencies. While the lift on the ICO blanket ban was announced by the officials last month, the country has recently been vocal about its intention to lead the fourth industrial revolution, powered by blockchain initiatives. Brief history of crypto regulation in South Korea South Korea has been closely regulating the crypto industry. First, in July 2017, the government legalized Bitcoin as a remittance method, allowing…

South Korean Financial Watchdog Releases Stricter AML Guidelines for Virtual Currencies

South Korea’s top financial regulator has released a set of revised anti-money laundering (AML) guidelines for virtual currencies, according to a press release published this week. The press release notes that the Financial Services Commission (FSC) conducted on-site inspections of three domestic banks – Nonghyup, Kookmin, and Hana Bank – the results of which prompted the update to AML guidelines. The new guidelines note that cryptocurrency exchanges must conduct Customer Due Diligence (CDD) and Enhanced Customer Identification (EDD) to ensure the trade purposes and funding sources of users are legitimate.…

US and South Korea to Strengthen Joint Cooperation on Fourth Industrial Revolution

The US State Department and South Korea’s Ministry of Science and Technology (MSIT) have resolved to strengthen the two countries’ cooperation in advancing the Fourth Industrial Revolution, at a press conference held in Seoul today, June 22. The so-called Fourth Industrial Revolution has been characterized by the World Economic Forum (WEF) as a series of technological breakthroughs that “will fundamentally alter the way we live, work and relate to one another… [across] the global polity, from the public and private sectors to academia and civil society.” The WEF recognized blockchain’s…

South Korean Gov’t to Invest Over $200 Mln in Public, Private Blockchain Initiatives

South Korea’s Ministry of Science and ICT has announced a major Blockchain Technology Development Strategy that aims to raise 230 bln won (~$207 mln) by 2022, The News Asia reports today, June 21. 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. The…

South Indian State of Kerala to Use Blockchain Tech in Food Supply, Distribution

The government of the South Indian state of Kerala will use blockchain for food supply and distribution, local news outlet Business Standard reported June 17. The new project  is headed by Keralan think-tank the Development and Innovation Strategic Council (K-DISC), and will use blockchain, as well as Internet of Things (IoT) technology, in an attempt to make the state’s supply network for dairy products, vegetables and fish more efficient. Chairman of K-DISC, KM Abraham, told Business Standard that each component of the supply network would have a separate ID number,…