South Korea

Various developers are trying to make money using other people’s or company’s popular names and brands. As we talk right now, there is a person in South Korea that is trying to prey on Samsung’s blockchain ultramodern plans by ripping off the Samsung Coin brand. The person behind this move has been identified as Kim Nam-jin.

The Asia region is known for its contradictory relationship towards blockchain technology plus cryptocurrency and its decentralized nature. Some countries such as China, Japan, Singapore, Hong Kong, South Korea, etc., embrace it for its innovativeness and disruptive potential, while others try to strictly regulate or even ban it.

Government officials and legislators in South Korea are now revising their crypto regulation and the ICO ban, as reported by ZDNet Korea.

Its now confirmed that the Galaxy S10 supports crypto. With its headquarters based in South Korea, Samsung, an electronic conglomerate, has officially entered the blockchain and cryptocurrency industry after announcing a variety of new electronic products ranging from foldable phones to new wearables.

The national authorities have developed a new vision regarding initial coin offerings (ICOs). The investigation process into Korean crowdfunding platforms took nearly 3 months to form a thorough understanding of the fintech market in the country. As a result, it turned out that many companies have bypassed the ICO ban by moving business overseas.

Recently, the Ministry of Economic Development in Italy, headed by Luigi di Maio, selected 30 high-level experts to form a blockchain technology development committee.

Authorities in South Korea arrested 9 drug dealers who sold narcotics through an obscured online platform using crypto, according to a report by Korea Herald. The office of Seoul Central District Prosecutor revealed on December 23, 2018, that the purported criminals used the darknet and even developed a website purposely to sell drugs.

Shinhan Bank, the second biggest financial institution in South Korea, is in the middle of launching a blockchain technology-based system developed to lower the rate of human error. This initiative was reported on Monday, December 10, 2018, by The Korean Times.

The Philippines beseeched Japan, Australia, South Korea to invest in its 'Cryptocurrency Valley of Asia.' CEZA declared this plan last week.