SK Geo Centric Launches Korea’s First Blockchain-Based Plastic Recycling Platform

Crypto Travel Rule solutions provider CODE obtains ISO/IEC 27001 certificationCODE, a Travel Rule solutions provider and joint venture co-founded by Korean cryptocurrency exchanges Bithumb, Coinone and Korbit, announced on Tuesday (local time) that it has obtained ISO/IEC 27001 certification for information security management systems (ISMS).Photo by Scott Graham on UnsplashEnhanced cybersecurity and operational resilienceThe ISO/IEC 27001 is a standard by which companies can develop, implement, maintain and improve their ISMS to carry out robust risk management, cybersecurity and operational excellence as required by institutions like the European Union’s General Data Protection Regulation (EU GDPR).“CODE will provide a service environment that encourages confidence in our corporate members and the overall market starting with the acquisition of this information security management system certification,” said Lee Sung-mi, CEO of CODE.Consecutive effortsAs a Travel Rule solutions provider, CODE has been ramping up efforts to strengthen its compliance and information security capabilities. The company’s ISO/IEC 27001 certification comes shortly after it obtained ISO 37301 certification from the Korea Compliance Initiative (KCI). ISO 37301 is a standard for compliance management systems (CMS) that assesses organizations based on their compliance with laws, regulations, codes of conduct and more to exercise good governance, transparency and accountability.

Incheon City Surveying Residents for Blockchain-Based Public ServicesIncheon Metropolitan City is surveying its residents to gather their opinions on the prospect of transforming the city into a thriving blockchain hub, according to a press release.The survey comprises 14 questions, delving into various aspects such as individuals’ experiences with public services, their perspectives on blockchain technology, and their specific needs pertaining to blockchain-based urban services.Photo by Lei Jiang on UnsplashUnderstanding the publicThe objective of this survey, which began yesterday and will run until June 30, is to discern the public’s preferences and requirements concerning blockchain-based services. As an incentive for participation, 100 lucky respondents will have the opportunity to win coffee shop gift cards. The outcomes of this survey are anticipated to play a pivotal role in shaping the city’s four-year plan for establishing a blockchain hub, with an estimated cost of 14 billion KRW ($10.8 million).Other promotion effortsIncheon has been taking a range of blockchain promotion initiatives, including dedicated educational programs and international conferences. Recently, the city hosted Incheon Metanomics 2023, an event that featured distinguished speakers from renowned companies such as global crypto exchange Binance, online game platform Roblox, and chip manufacturer AMD.Furthermore, Incheon Metropolitan City is collaborating closely with Incheon Technopark (ITP) to offer tailored support programs specifically catering to blockchain startups. These initiatives encompass funding for technology development as well as accelerator programs, all aimed at nurturing the growth and success of emerging blockchain ventures.Son Hye-young, the head of the city’s data industry division, underlined the growing importance of blockchain technology in shaping the future economy and the overall industrial ecosystem. Incheon is dedicated to fostering a business-friendly environment where its residents can tangibly experience the benefits of technological advancements firsthand.

South Korea's Democratic Party of Korea (DPK) plans to introduce a bill this week aimed at establishing a legal framework for digital assets, according to Edaily. The move is part of the party's ongoing efforts to advance its crypto policy agenda ahead of the upcoming presidential election. The proposed law would define the legal status of digital assets and set rules for their issuance, distribution and listing. The bill is expected to keep the requirement for Korean won-pegged stablecoin issuers to obtain authorization with a minimum reserve of 5 billion won ($3.58 million), a key point of debate.Photo by Brady Bellini on UnsplashA DPK official stated that the bill has been drafted and is set to be introduced to the National Assembly this week, following feedback from internal subcommittees. Most of the provisions remain consistent with last month’s draft, but final comments are still being collected on stablecoin reserve requirements, which have been a major point of discussion. Defining digital assetsThe bill defines digital assets as "electronic records with economic value based on blockchain technology" and establishes a regulatory framework for issuers, exchanges and custodians. Key provisions include permitting initial coin offerings (ICOs) and creating a digital asset committee under the Financial Services Commission (FSC). This committee would oversee legal framework design, market monitoring, and policy promotion. Additionally, an industry association will establish a separate committee to oversee token listing practices, ensuring consistent listing standards across exchanges. The most contentious part of the draft has been the regulations for won-based stablecoins. It classifies stablecoins as digital assets akin to fiat currency, requiring a minimum reserve of 5 billion won and authorization from the FSC. It also mandates real-time reserve disclosures, secure asset custody and quarterly reporting. Divide over stablecoin reserve requirementOpinions on the reserve requirement are divided. Some industry insiders argue that the 5 billion won threshold is too high, creating a barrier for startups. Others believe a minimum capital requirement is necessary due to stablecoins' role in payments and their potential as currency substitutes. Lee Jung-yup, president of the Blockchain Law Society, stressed that stablecoins must maintain a basic level of trust, warning that those failing to meet the 5 billion won threshold could become prone to insolvency or fraud. However, Lee acknowledged concerns about the centralized regulatory approach led by financial authorities and the potential for market dominance by large corporations. He suggested exploring the creation of an independent regulatory body for cryptocurrencies, warning that overly strict regulations could stifle domestic digital finance innovation amid growing global competition. Crime surges with market growthWhile regulations continue to evolve, crypto crimes are also rising sharply amid the expanding digital asset market. According to Segye Ilbo, South Korean police arrested about 2,100 individuals for crypto-related offenses last year—17 times more than in 2017, when data collection began. The total losses from such crimes now exceed 1 trillion won ($714 million) annually. Since the election of U.S. President Donald Trump, known for his crypto-friendly stance, Korea's crypto market has experienced rapid growth. This surge has raised concerns about an increase in fraud targeting investors chasing quick profits.