Customs officials in South Korea have tightened the standards applied to cryptocurrency mining chip imports, adding them to a list of products that must meet certain basic specifications before they can be imported.
The South Korean tech giant is reportedly working on transitioning to a blockchain-based system to manage their global supply chain.
Cryptocurrency exchange Bithumb kicked off the second day of the Deconomy 2018 with an overview of South Korea’s growing cryptocurrency market, considered to be the largest in the world.
Kim Il-hwan, CEO of South Korean cryptocurrency exchange Coinnest, was arrested in Seoul on allegations of embezzling customer funds.
South Korea’s Fair Trade Commission came down hard on a handful of cryptocurrency exchanges, telling the operators their contracts didn’t provide the necessary consumer protection required by law.
The nChain chief scientist took the stage at the Deconomy 2018 blockhain forum in Seoul to debunk the myths perpetuated by Blockstream, which were designed to take away the power of Bitcoin and basically tell everyone that it needed to be fixed.
Mining itself is certainly not illegal, but several people were arrested in South Korea for allegedly trying to take advantage of the system to reduce their expenses and gain inflated values.
Huobi supports 100 different digital currencies and trading on about 208 markets. The Singapore-based exchange boasts of an “investor protection fund” that is designed to quickly reimburse investors for any losses.
Regulators in South Korea could be ready to publish cryptocurrency tax guidelines as early as June, according to reports.
Bithumb has announced its plans to open up the platform and allow its users to use cryptocurrency at more than 8,000 stores by the end of this year.
A number of cryptocurrency associations from South Korea, Russia and China have decided to file a class action lawsuit against internet advertising companies and social platforms that have decided to ban cryptocurrency and ICO advertisements.
The Upbit Crypto Index will be the first index in South Korea. Upbit plans on offering a total of four indices, with the first three coming online in April.
