When most people hear about buying Bitcoin (BTC) or other cryptocurrencies, they immediately think of the largest exchanges, most of which are located in Asia. Today, countries such as China and South Korea have become epicenters of blockchain innovation. However, in many countries, it’s still unclear whether cryptocurrencies are allowed, and if they are, what their status is. So, here’s how the regulation of the cryptocurrency market in Asia is shaping up and what should be expected from governments in the near future. China goes digital with the yuan Today, China is home to many cryptocurrency projects and exchanges, and …

On September 11, the head of the Seocho regional government proposed a blockchain-powered voting platform for residents, and praised the recent influx of crypto-related developments across the country. According to UpDown Korea, Cho Eun-hee, who is the local government leader of one of Seoul’s most affluent districts, believes that it is the “right time” to start using blockchain technology, “so any citizen can easily propose their opinions.” The official from Seocho called on the country to take on a greater role in our “rapidly changing modern society” in the wake of the coronavirus pandemic, referring to recent decentralized innovations as …

Data indicates that Coinone, a South Korean exchange, saw its user base rise by about 10,000 people per month after listing Kakao’s klaytn (KLAY) token in June. The token was listed after Kakao, a tech giant who runs the most popular chat app in South Korea, made crypto transactions a part of their messaging app, KakaoTalk. Shortly after launch, Kakao announced that their messenger’s new crypto wallet function had surpassed 100,000 users in less than a day. KLAY’s surge in value, which has more than tripled over three months, has led to rising volumes on other exchanges as well, the …

The government of South Korea has issued warnings to the public to avoid real life crypto meetups due to the “high risk” of catching coronavirus in the midst of a second outbreak in the country. Segye Ilbo reports the authorities not only warned about COVID-19-related fears but of the potential for “financial damages to consumers,” following reports about fraudsters holding meetups to attract people into multi-level marketing (MLM) schemes. One of the companies quoted by local media outlets is an “unregistered door-to-door sales company” called Muhan Group, which promotes a multilevel marketing investment opportunity allegedly based in cryptoassets. In reality …

The Korea Internet & Security Agency, or KISA, is the first public entity of South Korea to implement a blockchain-powered employee ID system through a smartphone app starting October. According to Yonhap, the agency will also issue tokens called “KISA Coin” to reward KISA’s best employees, enabling them to purchase snacks, beverages, and even office supplies. It is currently being pilot tested, with the expectation to make it available for the entire workforce. The new employee ID system will allow KISA’s workers to use near field communication technology, or NFC, by scanning QR codes to access their respective workplaces via …

A judge in the Seoul Central District Court dismissed two claims filed by individuals against the controversial crypto exchange, Bithumb. The individuals were seeking $126,000 and $38,000 respectively for damages related to a data breach incident back in 2017. According to Fn News, plaintiffs Hong and Seo (both named only by their surname) stated that they had lost money due to a phishing attack using private data that was extracted in a hack of Bithumb. The third claimant, Jang, was granted $5,000 to cover his total loss. This amount reflects a much lower dollar value than his initial $27,200 claim. …

Seoul police have reportedly raided Bithumb, the largest cryptocurrency exchange in South Korea. According to a report by local publication Seoul Shinmun, an intelligence crime unit at the Seoul Metropolitan Police Agency has reportedly conducted search and seizure investigations at Bithumb’s office in the Gangnam District on Sept. 2. As reported, the latest checks are purportedly connected with an ongoing police investigation involving Lee Jung Hoon, chairman of board at Bithumb Korea and Bithumb Holdings. The executive has reportedly been under investigation for alleged economic fraud involving the token known as BXA. The token was purportedly promoted as Bithumb’s native …

An upcoming film festival, hosted by the Gyeonggi Film School, will be held from September 25 to October 4. Recently, the festival announced its partnership with MovieBloc, a Blockchain-based media distribution platform. According to Fn News, the festival’s audience will be able to rate each film in real time in exchange for various tokens. Attendees will be able contribute in other ways as well, such as by providing foreign-language subtitles for various films, in return for additional token-based rewards. The online festival, which was developed in response to the COVID-19 pandemic, may be the first of its kind and could …

The South Korea-based CEO and executive director of a bogus crypto exchange have been jailed by a branch of the Supreme Court in Seoul for their roles in fraudulent trading activity on their platform. As reported by local media outlet Blockinpress, both executives from a trading platform called Komid had their appeals shot down by the court. One will serve three years, the other will serve two. Choi and Park, whose first names aren’t being disclosed by law enforcement, are accused of fabricating trading volume data for fake trades conducted on their platform. Doing so boosts reputation among the crypto …

South Koreans will soon be able to remotely open bank accounts requiring KYC verification using only their smartphones. According to an Aug. 26 announcement from ICONLOOP, the technology arm of South Korean blockchain network ICON, is partnering with Shinhan Bank to issue KYC compliance certificates. The bank is South Korea’s second-largest, with $375 billion in assets. The blockchain firm will allow customers to use its Zzeung mobile app’s blockchain-based decentralized identity (DID) technology to open bank accounts. Such compliance certificates allow users to bypass redundant KYC compliance processes to request service at Shinan Bank, the second largest in South Korea. …

South Korea’s third-largest cryptocurrency exchange, Coinbit, has been seized by police following fraud allegations. According to an Aug. 26 report by the Seoul Shinmun, 99% of transaction volume on the exchange was faked through wash trading. The Seoul Metropolitan Police searched and confiscated a number of properties, including Coinbit’s headquarters in the Gangnam district of Seoul. Coinbit’s owner, Chairman Choi Mo, and his management team are accused of inflating transaction volumes and manipulating token prices using a number of ghost accounts. Police estimate that the fraudulent activities netted over 100 billion won ($84.26 million) in total. The Seoul Shinmun was …

According to Asia Kyungjae, at least 44 employees of an unnamed South Korean Blockchain company recently tested positive for COVID-19. The employees have since been quarantined. The report states that the company is based in the southern Gwanak District of Seoul; a well-known hub for large tech companies. Some are concerned that this newly discovered hotspot could lead to a fresh wave of coronavirus patients in the country. We previously reported that Jeju Island, a tourism-heavy island in South Korea, now requires all visitors to use a Blockchain-based app to generate a decentralized identity for private and secure COVID-19 contact …