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Korean government to seize crypto for unpaid child supportStarting next year, the South Korean government is set to begin seizing virtual assets such as bitcoin from parents who are obligated to pay child support but fail to do so.Photo by Bonnie Kittle on UnsplashKorea Credit Bureau to assist in crypto seizuresAccording to a report by local news outlet Dailian, the Child Support Agency (CSA) of the Korean Institute for Healthy Family (KIHF), which operates under the Ministry of Gender Equality and Family, announced on Wednesday (local time) a partnership with the Korea Credit Bureau (KCB). This collaboration will empower the agency to confiscate virtual assets from parents who are delinquent in paying child support.Since 2015, the CSA has been offering emergency child support for approximately a year to low-income single parents who have not received payments from non-custodial parents. In this process, the agency initially pays the child support on behalf of the non-custodial parents and subsequently pursues reimbursement from them. This system ensures that the immediate needs of the children are met while still holding non-custodial parents accountable for their financial responsibilities.Before July 2022, the CSA was required to initiate lawsuits against non-compliant parents to recover child support payments. However, since then, the agency has been authorized to directly pursue reimbursements by following the compulsory national tax collection process.Challenges in enforcing child support paymentsDespite these improved measures, the government still encountered challenges in enforcing child support payments. Some non-compliant parents have resorted to earning income under other people’s names or deliberately concealing their properties, including virtual assets, to evade their child support obligations.Against this backdrop, the recent partnership between the CSA and the KCB is a strategic move to enhance the enforcement of child support payments. This collaboration will grant the CSA access to KCB’s virtual asset management system. With this access, the CSA will be able to efficiently search for and seize the cryptocurrency holdings of non-compliant parents.Jeon Joo-won, the head of the CSA, underlined the significance of the agency’s collaboration with the KCB. She pointed out that utilizing KCB’s financial transaction data will improve the CSA’s enforcement of child support payments. Jeon also emphasized that the mutual support between the two agencies will serve as a foundation for promoting social values, highlighting the broader societal impact of their combined efforts to ensure responsible child support compliance.

Spotlight on Daegu as Blockchain Strategy Forum ApproachesThe 2023 Blockchain Strategy Forum is set to take place in the South Korean city of Daegu on May 26, according to an announcement from crypto exchange operator Flata EX.Photo by Shubham Dhage on UnsplashDiscussing strategic initiativesThe conference, jointly hosted by the city’s industry promotion institute Daegu Technopark, local newspaper Daegu Shinmun, and Flata EX, will invite leading experts from the blockchain industry to discuss strategic approaches and initiatives related to blockchain technology.Incorporating blockchainThe primary focus of the conference will be to deliberate upon development and promotion strategies that can contribute to the growth of the Daegu economy. Special emphasis will be placed on discovering strategies for integrating blockchain technology into areas such as environmental, social, and governance (ESG) management, and administrative processes, thereby fostering a culture of innovation.Diverse panel of expertsA diverse mix of participants from academia, legal, and government sectors are expected to attend the event, engendering a comprehensive dialogue on the subject. Key attendees will include Hwang Suk-jin, Chairman of the Korean Association for NFT; Jeong Jae-wook, a digital assets attorney at Joowon Law; and Ryu Dong-hyun, the head of Daegu City’s AI and Blockchain Department Division.Beyond virtual assetsAn official from Flata EX told Korea Economy TV that the upcoming forum will offer valuable insights into how blockchain technology can foster innovative work environments. The official added that the discussion will extend beyond the blockchain’s usage in virtual assets and delve into its potential to transform administrative systems and procedures.

Intella X Joins Hands with Chainlink Labs to Enhance SecuritySouth Korean gaming company Neowiz announced Wednesday that its blockchain gaming platform, Intella X, has forged a partnership with Chainlink Labs, the founder of the Chainlink blockchain oracle network, to further solidify its position as a secure and transparent blockchain gaming platform.Chainlink’s decentralized oracle network connects data both within and outside of the blockchain — also referred to as on-chain and off-chain — which enables developers to build Web3 applications with access to real-world data and off-chain computation across any blockchain.Photo by Shubham Dhage on UnsplashEnhancing security and transparencyThe joint collaboration aims to apply Chainlink Labs’ on-chain and off-chain data connection technology to Intella X. By doing so, they plan to enhance the security of Intella X’s various services, including blockchain games and non-fungible tokens (NFTs).To ensure transparency within its blockchain gaming platform, Intella X will utilize Chainlink Labs’ verifiable random function technology to generate random values during game operations without compromising security or usability, supporting fair gameplay for all users.Scaling the platformAdditionally, they are considering technical collaborations to increase the platform’s scalability by using Chainlink Labs’ Cross-Chain Interoperability Protocol, which enables connectivity between different blockchain networks through a single interface.Operating on the Polygon blockchain platform, Intella X offers various in-house platform services, such as its decentralized exchange (DEX) and its NFT launchpad and marketplace. The platform has also soft-launched the Android and web versions of its IntellaX Wallet — a Web3 wallet for Web2 and Web3 gamers — and is ready to expand its ecosystem.