KOTEC and Busan Techno Park Join Hands to Boost Technological Growth of Busan Enterprises

Korea Joins OECD’s CARF initiative to enhance crypto tax complianceThe South Korean Ministry of Economy and Finance issued a press release to declare the country’s involvement in the Crypto-Asset Reporting Framework (CARF). This program, developed by the Organization for Economic Co-operation and Development (OECD), is designed to promote tax compliance and combat tax evasion in the realm of cryptocurrency. The initiative brings together 48 countries and jurisdictions, such as France, Germany, Japan, the United Kingdom and the United States.Photo by Nataliya Vaitkevich on PexelsTarget year of 2027In the joint statement released on Nov. 10, the participants of the CARF expressed their commitment to its widespread and timely implementation, aiming to enhance the effectiveness of the regime. They plan to align their domestic laws and enforce agreements by 2027, the year targeted by the OECD for exchanging relevant information. The statement also encouraged other jurisdictions to participate in this global effort.Updating laws and activating agreementsKorea’s commitment to international cooperation, as indicated in the joint statement, shows its intention to update domestic laws and activate exchange agreements. This preparation will pave the way for the exchange of crypto-asset transaction information to commence in 2027, adhering to the OECD’s proposed timeline. Such a step is anticipated to significantly contribute to the broad implementation of the CARF. The Economy Ministry stated that Korea is committed to ongoing participation in international efforts aimed at preventing tax evasion and enhancing tax transparency.In September, during a tax administration forum in Seoul, experts suggested that Korea’s potential participation in the OECD’s CARF would require more than just legislative amendments. They highlighted the necessity for Korea to develop a cooperative system involving both virtual asset service providers (VASPs) and regulatory authorities, explaining that this approach would ensure a smooth and effective implementation of the CARF in Korea.

U.S. authorities seize crypto tied to Asian ‘pig butchering’ scamThe United States government has taken control of digital currency valued at approximately half a million dollars from an account linked to a Chinese individual implicated in a Reuters investigation into a crypto-investment fraud originating from Southeast Asia.Photo by Growtika on Unsplash‘Pig butchering’According to Reuters, U.S. officials have disclosed that the seized assets are connected to a crypto-investment scam known as “pig butchering,” where fraudsters manipulate unsuspecting individuals they encounter online, convincing them to invest in fraudulent crypto schemes.The unsuspecting scam victim (the pig) is conned by scammers into handing over money with the promise of an outsized return. Once funds have been handed over, the vast majority of victims are unable to recover their money.According to a document filed by U.S. authorities in federal court in Massachusetts, the U.S. Secret Service confiscated the crypto in June from an account registered to Wang Yicheng. At the time of the seizure, the digital currency was valued at around $500,000. The funds were traced back to a victim in Massachusetts who had initially fallen prey to the scam.In a recent Reuters article, Wang was identified as a businessman who cultivated relationships with members of Thailand’s law enforcement and political elite while serving as the vice president of a Chinese trade group based in Bangkok. The report outlined that a crypto account in Wang’s name had received over $90 million in recent years, with at least $9.1 million linked to a crypto wallet associated with pig-butchering scams, as reported by U.S. blockchain analysis firm TRM Labs.Multi-million dollar scamsOne case highlighted in the report involved a California man who was scammed out of approximately $2.7 million, funds that were channeled into the account in Wang’s name. Another example cited in the U.S. court filing detailed a resident of Cambridge, Massachusetts, who was allegedly defrauded of about $478,000 worth of crypto, which ended up in two crypto accounts, one of which belonged to Wang.The U.S. court filing, part of a civil forfeiture action, seeks court approval to take possession of assets linked to the alleged crime. While no criminal charges have been filed, Acting U.S. Attorney Joshua Levy emphasized the use of civil forfeitures to recover funds stolen through crypto fraud schemes, highlighting law enforcement’s adaptability in the face of cryptocurrency transactions’ seemingly elusive nature.Crypto scammers sanctionedIn a related development, authorities in the United Kingdom reported on Friday that individuals operating pig butchering crypto scams in Myanmar, Cambodia and Laos had been sanctioned, in a move coordinated with their counterparts in the U.S. and Canada, alongside the United Nations Human Rights Organization.Many of these cases are understood to involve human trafficking, where individuals are illegally detained and forced to work on pig butchering crypto scams.

Hyosung TNS and APoT Join Hands to Promote NFT Portal ServiceSouth Korean IT infrastructure and financial solutions provider Hyosung TNS announced that it is teaming up with APoT Platforms, a company specializing in developing blockchains for real-world assets (RWAs), to promote NFTtown — Hyosung TNS’ portal service dedicated to providing information, news, and educational content on NFTs.Photo by Andrey Metelev on UnsplashBringing real-world assets to blockchainAPoT Platforms is equipped with technology that is able to embed data on RWAs, such as artwork and luxury goods, thereby connecting them to the blockchain. The company also maintains an extensive network of collaborative relationships with various NFT artist organizations and communities both domestically and abroad.Hyosung TNS plans to bring APoT’s artist network to NFTtown, allowing users to easily access information regarding NFT artists and their works.The two companies will also work together on other efforts, including introducing NFT artworks, digital product transfers, and events for NFT holders.NFT art exhibitionAs the first step of their collaboration, they plan to exhibit and sell works by renowned NFT artists such as Han Kwang-suk, Quiet Eye, and HAN (Han Sun-ok) this month at the Lotte Department Store Ilsan’s Spazio We;R Gallery.