Indian government claims Binance isn’t tax compliant

Korea Information Certificate Authority Dives into NFT Domain with New Platform LaunchKorea Information Certificate Authority (KICA), a South Korean certification service provider, has recently ventured into the NFT domain through its new platform, Web3id.kr.Photo by Choong Deng Xiang on UnsplashNFT domainsNFT domains function as user-friendly addresses that simplify the cumbersome 42-character cryptocurrency wallet address. As part of this new initiative, KICA partnered with the Web3 identity platform, Unstoppable Domains, in February to facilitate the creation of NFT domains specifically for the South Korean market.An official from KICA emphasized the versatility of NFT domains, noting that a single domain can act as a distinctive username across various dApp platforms. To celebrate the debut of Web3id.kr, KICA is conducting a promotional event between August 17 and September 16. At the end of this event, 100 lucky participants, chosen randomly from those who promote Web3id on their social media accounts, will be awarded credits. These credits can then be redeemed at Unstoppable Domains for an NFT domain.From Web2 to Web3KICA, with its 24-year legacy, has been a frontrunner in offering Web2 authentication services such as public key infrastructure (PKI) and biometric solutions, emphasizing its prominence in the Know Your Customer (KYC) authentication sector. The firm is currently ramping up its efforts to stay ahead in the evolving Web3 space. A testament to this is its recent acquisition in August of Digitalzone, a digital certificate solution provider that holds a market share of over 50% in the domestic certificate sector for universities and hospitals.

The Korea Insurance Institute (KII), an incorporated association that trains insurance professionals, has initiated a phased process to become South Korea's first institution to hold Bitcoin (BTC), while the national tax agency is moving to enlist private crypto custodians following a recent security breach, local media reported.Photo by Kanchanara on UnsplashThe non-profit KII has established a digital asset review committee to establish internal regulations for managing cryptocurrencies as institutional holdings, Yonhap Infomax reported. The move is designed to prepare for an upcoming legal framework governing Korean won-backed stablecoins. While retail crypto investment is legal in South Korea, corporate and institutional participation remains tightly restricted. However, the institute noted that KII could still acquire digital assets through an existing regulatory channel, as non-profit organizations are permitted to hold crypto wallets. The newly established committee will draft guidelines covering crypto operations, risk management, accounting and tax standards, and internal controls. Once the regulatory framework is in place, KII plans to spend its stablecoins to acquire BTC and Ethereum (ETH). Ha Tae-keung, president of KII, said the launch of the digital asset review committee could mark a new milestone for innovation in asset management within the finance and insurance industry. He added that the institute would seek to serve as a working model for a new financial system shaped by artificial intelligence and digital assets. Tax agency seeks custodians to manage cryptoIn parallel government developments, the National Tax Service (NTS) is pushing to select custody providers to manage confiscated digital assets as early as the first half of this year, according to a ZDNet Korea report.  The policy shift follows a security breach late last month, when confiscated cryptocurrency was stolen on two occasions after a mnemonic seed phrase was inadvertently disclosed in an NTS press release detailing on-site asset seizures from tax evaders. To prevent future breaches, an NTS task force launched earlier this month is developing comprehensive manuals for the confiscation, storage, and sale of digital assets. The group is also developing criteria for selecting custodians, including security standards, company size, and required insurance coverage under the Virtual Asset User Protection Act. A source familiar with the matter told ZDNet Korea that the NTS is assessing security standards and other key criteria ahead of selecting a custodian, adding that not all providers meet the strict requirements for government appointment. The NTS task force is also preparing to set up a dedicated digital assets division to oversee crypto issues, with final details to be determined in consultation with the Ministry of the Interior and Safety. 

The Busan Port Authority (BPA) recently announced its plan to deploy a blockchain-based transshipment monitoring system known as Port-i at the port of Busan, located in the southern part of South Korea, according to local news outlet Financial News. The Port-i system is designed to streamline the management of transshipment cargo for shipping companies at Busan Port, which handles about 12.4 million twenty-foot equivalent units (TEUs) annually. The system is set for a pilot phase in January 2025, with plans to expand it to all shipping companies using the port by the second half of 2025.Photo by Christopher Lee on UnsplashEnhancing efficiency and profitability in shippingWith Port-i, shipping companies will be able to track ships and cargo through the Chain Portal, Busan Port’s integrated logistics platform. Port-i will provide a unified view of berth schedules across all terminals at the port, addressing the current issue where companies have to separately check ship and cargo statuses and independently identify berth schedules at different terminals. The BPA expects that the Port-i service will allow shipping companies to manage transshipment cargo more efficiently, improve ship loading rates and potentially increase profits. Blockchain for coffee quality controlIn addition to the Port-i initiative, Busan is also exploring other uses of blockchain technology for industrial development. The city recently set up the Busan Coffee R&D Lab, backed by the Ministry of Science and ICT, as reported by Metro.  This facility aims to use blockchain to create a platform that enhances the logistics of coffee sourcing and production, including a system that assigns unique identification to coffee products. It will provide reliable data required to control taste and quality. By integrating blockchain with artificial intelligence and advanced logistics techniques, Busan is positioning itself at the forefront of the coffee industry with innovative business models.