South Korean President Yoon Suk Yeol has confirmed the country’s intention to invest $6.9 billion in supporting the local AI industry, and about US$1 billion will be used for semiconductor firms.
South Korea's plan to introduce digital skills will span five years and is geared toward deepening the talent pool and catch up with other competing jurisdictions for emerging technologies.
South Korea is setting up for a massive transformation, allocating a $526 million fund to integrate AI into critical industries, including education, workforce, finance, and healthcare.
The U.S. DOJ said it would continue to seek the extradition of Do Kwon to the United States, fearing that South Korea may give the Terraform Labs founder a lighter sentence for fraud and securities violations.
The People Power Party is luring voters with promises to defer the upcoming taxes by another two years to 2027 and prefers implementing regulations first.
A three-year license issued to virtual asset service providers (VASPs) in 2021 expires this year, and they have to renew it; South Korea’s FIU plans to use this opportunity to expel ‘unfit’ exchanges.
The new amendments will hand life sentences to any criminal that embezzles over $3.8 million, with the minimum time served for digital currency crime at one year.
Elsewhere, Hong Kong’s Treasury has proposed bringing OTC venues under the city’s regulations, arguing that they have been used to perpetrate ‘crypto’ fraud.
A study by two researchers found that most surveyed musicians see blockchain as a vital tool in safeguarding their copyrights and IPs but noted the tech's difficulty in entering the mainstream.
The Texas State Securities Board has settled with Abra, which consented to repay $1.8 million to 1,600 investors from the state, while Taiwan pursued the people behind the $6m fraud at ACE Exchange.
South Korea is shaping up to become a blockchain and IPv6 hub, with help from BSV blockchain experts, who attended the GBIC 2023 to discuss the country's digital transformation with emerging tech.
The move is aimed at curbing illegal outflow of investment and money laundering as Koreans purchase digital assets on offshore platforms, according to the Financial Services Commission.
