Archive | South Korea

South Korean Crypto Circles Criticize Tax Perks Exclusion

The recent decision to exclude South Korean cryptocurrency exchanges from the proposed tax benefits for “New-Growth Technologies” has been met with significant backlash from three leading blockchain associations. Controversial proposal The South Korean Ministry of Small and Medium-sized Enterprises (SMEs) has ruled that cryptocurrency trading platforms are to be treated in the same ilk as […]

South Korea’s $4.4B Innovation Plan Gives Blockchain Fiscal Support

The South Korean Ministry of Economy and Finance has announced that the government will be investing KRW 5 trillion (USD 4.4 billion) into innovative industries in 2019, including blockchain technology. Major increase The press release from 13 August, ‘Growth through Innovation Investment Plan’, reveals the rationale behind a KRW 2 trillion increase in investment from […]

China and South Korea Pledge More Money to Blockchain Research

South Korea will invest heavily in emerging technologies in 2019, one of which is blockchain technology. The move was announced by the country’s Finance Minister, Kim Dong-yeon, during a recent cabinet meeting. As part of its plan to spearhead innovative growth, the government will invest $4.4 billion in eight sectors which it views as critical […]

South Korea Plans Special Crypto Zone Status for Jeju Island

The South Korean island of Jeju sees itself as a potential crypto haven and has requested that the government allows it special crypto zone status. The island’s governor made the request at a meeting with Kim Dong-yeon, Korea’s finance minister and deputy prime minister for the economy, and other government officials in an attempt to […]

South Korea Plans Blockchain Youth Development Program

South Korea has announced plans to launch a blockchain-focused training initiative targeted at emerging talent from the country’s younger demographic. The young participants will benefit from a six-month blockchain and technology training course covering a variety of emerging sectors, with the primary goal being stated at decreasing youth unemployment while matching individuals with job opportunities […]

South Korea Blockchain Association Presses for Regulation Efforts

The South Korean Blockchain Enterprise Promotion Association (BEPA) is demanding for the government to speed up blockchain and cryptocurrency adoption and regulation efforts. Time for urgency A report from a local news outlet, Korea Joongang Daily, has said that the association filed this demand to curb the government’s focus on “negative short-term side effects” and instead […]