Hashed, one of South Korea’s largest crypto asset fund managers, has raised $120 million to fund new blockchain ventures in the so-called “protocol economy.” The funds were raised via Hashed Ventures Inc., a new entity that will oversee the deployment of the nine-figure investment. The company has yet to disclose its backers, though a spokesman indicated that some of South Korea’s largest IT companies are involved. In the announcement, the company said: “Hashed plans to invest heavily in domestic and overseas startups that want to realize the'protocol economy,' which has recently emerged as a hot topic, as well as technology …

A subsidiary of global conglomerate LG will participate in the mainnet launch of a Vietnamese hybrid blockchain project, KardiaChain. LG CNS, an IT and consulting subsidiary of LG Corporation, has partnered with KardiaChain to act as a validator for its upcoming mainnet launching in late December. According to a Dec. 17 announcement, LG CNS will be validating KardiaChain mainnet alongside major Vietnamese companies like multinational conglomerate Geleximco, global tech business HPT Vietnam and taxi business Mai Linh Group. As part of the partnership, KardiaChain will also work with LG CNS to combine their blockchain with LG CNS’s own blockchain protocol …

A crypto payments network has unveiled a range of new use cases for its flagship token — expanding its global footprint even further. Electroneum customers can now purchase top-ups for mobile data and airtime in more than 160 countries worldwide. Among the latest nations where the service has gone live include Australia, Cuba, Japan, Namibia, Lebanon and Belgium, underlining the company’s ambition to achieve an international presence. Meanwhile, Guinea Bissau has become the fifth African country where electricity top-ups can be bought from within the Electroneum app. A partnership has also been struck up with a new third-party supplier, unlocking …

South Korean authorities have charged executives of what was once the country’s third-largest cryptocurrency exchange, Coinbit, over market manipulation allegations. According to news outlet News1, prosecutors are preparing a case against Coinbit chairman Choi Mo and two unnamed executives on charges of fraud and forgery connected to market manipulation following a recommendation from the Seoul Metropolitan Police Agency. The police said that the three allegedly used ghost accounts from August 2019 to May 2020 to inflate transaction volumes and manipulate token prices on the exchange. The police searched and confiscated a number of properties associated with Coinbit in a series …

The South Korean government has officially postponed a new tax regime on cryptocurrency gains until 2022. According to Yonhap on Dec. 1, the planning and finance committee of South Korea’s national assembly passed amendments to the country’s tax laws wherein a new cryptocurrency tax regime will come into effect in January 2022. On Nov. 25, the legislature suggested delaying the adoption of a cryptocurrency income tax rule to Jan. 1, 2022 instead of October 2021. The decision will provide local crypto businesses with more time to adapt to new tax laws. The newly passed amendments stipulate that investors in South …

The South Korean National Assembly is planning to delay the implementation of new income tax laws on cryptocurrency gains following appeals from industry bodies. According to a Nov. 25 report on Korean-language news site DongA, the 20% tax, originally due to be imposed from October 2021, will now not come into force until Jan. 1, 2022. The delay is intended to give digital currency exchanges time to implement the changes required to incorporate the new tax infrastructure. As Cointelegraph reported, the new tax structure for cryptocurrencies was announced in July this year and amounts to a 20% tax on any …

Bithumb, the largest cryptocurrency exchange in South Korea, is preparing to close some of its offices due to the ongoing COVID-19 pandemic. According to an official announcement on Nov. 23, Bithumb will be temporarily suspending its offline support center in Gangnam to prevent the spread of COVID-19. Bithumb noted that the number of domestic confirmed cases of the coronavirus disease has increased, causing local authorities to adopt more preventive measures. Bithumb’s support center in Seoul will be closed on Nov. 24 until further notice. In the meantime, Bithumb will operate an online customer support center. Bithumb has been actively posting …

Major financial services corporation China UnionPay, an analog to card providers like Visa and Mastercard, has partnered with the South Korean payment provider Danal to launch a cryptocurrency-supporting digital card. Danal’s crypto wallet Paycoin and its crypto token of the same name will be the interface for the new, prepaid mobile card. Paycoin has indicated that users will be able to use both the card and Paycoin to pay for goods and services at over 30 million UnionPay merchants across 179 countries and regions. Danal’s PayCoin is a blockchain-based asset that has been in circulation since 2019. It has a …

According to a Nov. 3 announcement from South Korea’s Financial Services Commission, or FSC, virtual asset service providers within the country will no longer be able to handle any digital assets that present a high money laundering risk. These updates were made as part of the guidelines under the Special Payment Act — regulation which specifically covers the legality of cryptocurrencies in South Korea. The FIU specifically called out “dark coins”, which are privacy-oriented cryptocurrencies, for having transaction records that are reportedly difficult for the group to trace. This could potentially affect the usage of privacy coins such as Zcash …

There has been a hot political debate underway on who should take responsibility for countering North Korean hacks targeting South Korean cryptocurrency exchanges. Recently, South Korea's financial watchdog made it clear that they do not see this issue as any of their business. According to Fn News, the Financial Services Commission, or FSC, has replied to a written inquiry from the National Assembly’s Political Affairs Committee on October 23. The FSC says that they’re not responsible for the crypto stolen during attacks from hackers sponsored by the Kim Jong-un’s regime, such as Lazarus Group, on crypto exchanges. Per the report, …

The South Korean telecom giant SK Telecom has announced it will issue its first digital wallet for blockchain-powered digital certificate storage and management with the approval of the Ministry of Public Administration and Security. According to NewsTomato, SK’s Wallet is compatible with the ministry’s own Government24 digital certificate initiative, which promotes the use of electronic certificate issuance and distribution systems in South Korea in the wake of the COVID-19 pandemic. SK Telecom’s digitalized public certificates include copies of resident registration cards, health insurance qualification certificates, immigration certificates, among other documents previously issued on paper and signed by hand. They will …

Line, a Tokyo-based subsidiary of the South Korean internet search engine company Naver, is building a platform for developing central bank digital currencies, South Korean news agency the Chosun Ilbo reported on Oct. 19. Sources familiar with the matter reportedly told Chosun Ilbo that Line aims to support the development of a so-called “customized CBDC.” The messaging company is discussing the application of its blockchain-based CBDC platform with several central banks in major Asian countries, according to the report. Line executives said that they cannot disclose the exact countries that are considering the platform’s application. A Line spokesperson told Cointelegraph …