Prime Minister Chung Sye-kyung said the vaccine passport is built on blockchain technology to ensure security from possible identity theft.
Senior officials in South Korea have approved measures that will introduce a raft of new anti-money laundering provisions for digital currency companies.
South Korea’s biggest internet company Naver has joined the race to acquire a stake in Bithumb digital currency exchange.
The revised Financial Transactions Reports Act prohibits order book sharing, stating, “Cryptoasset providers may not allow customers to trade with the customers of other cryptoasset providers through alliances.”
The National Tax Service has identified some 2,400 suspected tax evaders relying on digital currencies to hide their assets, thought to amount to over KRW36.6 billion.
Shinhan Bank is hoping to collaborate with the central bank with the blockchain-powered platform, in order to assist with the development and rollout of a central bank digital currency in South Korea.
The Financial Services Commission has brought forward a new structure of penalties for exchanges that fail to properly implement anti-money laundering measures.
The new measures include enhanced Know-Your-Customer verification processes, as well as the introduction of new specialized blockchain intelligence technologies.
The South Korean startup bank is said to be experiencing rapid growth from its services, which senior executives think could see the bank turning a profit in 2022.
South Korea is reportedly bringing forward—yet again—plans for a tax on digital currency profits, which will see gains liable to a 20% tax.
Bithumb, considered to be one of the top digital currency exchanges in South Korea, is giving away free Bitcoin SV as part of its 7th anniversary celebrations.