South Korea to Double Blockchain Trials Next Year

South Korean government made one step closer to blockchain
05 September 2018   506

South Korean authorities will allocate twice as much funds to finance blockchain projects in the next year, reports CoinDesk.

Representatives of the Korean Internet and Security Agency(a subdivision of the Ministry of Informatization and Communications) reported plans to significantly increase the number of blockchain projects, most of which are targeted at the public sector.

In the next year, we are considering expanding blockchain pilot projects in the public sector to 12, and plan to support more than three private-led blockchain national project.

Min Kyung-sik

Head of blockchain, KISA

In addition, for such projects, the agency will increase up to 10 billion South Korean won (about $ 9 million) budget for the next year. Also, $ 9 million of the funds of a separate fund will be used, which are planned to be mastered in 2018-2019.

The blockchain projects selected by the Ministry specialize in the management of supply chains in livestock, customs, online voting, real estate, electronic document management and logistics. This year the agency allocated $ 3.76 million for these projects.

The results of the current projects will be known in November. In December, the agency will hold a blockchain hackaton to select ideas for new projects.

Binance to Partner with Chainalysis for AML

Use of Chainalysis KYT solution will allow to compile with KYC- and AML-norms and also simplify the process of opening bank accounts
18 October 2018   96

The largest exchange by daily trading volume Binance uses software from Chainalysis, called Chainalysis KYT [know your transaction], to monitor real-time transactions and identify transfers related to criminal activity. This is stated in a joint press release.

Cryptocurrency businesses of all sizes face the same core challenge: earning the trust of regulators, financial institutions and users. We expect many to follow Binance's lead to build world-class AML compliance programs to satisfy regulators globally and build trust with major financial institutions.

Jonathan Levin

Co-Founder and COO, Chainalysis

Thus, the use of software from Chainalysis not only guarantee compliance with the KYC- and AML-norms, but also simplify the process of opening bank accounts.

By working with Chainalysis, we are able to continue building a foundational compliance program that enables the next phase of our growth. Our vision is to provide the infrastructure for a blockchain ecosystem and increase the freedom of money globally, while adhering to regulatory mandates in the countries we serve.

Wei Zhou

CFO, Binance

Chainalysis KYT release was held in April.