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Friday, December 15, 2017

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Hackers used ransom ware to demand for payment in the past but they are now infecting computers of many users and using them to mine virtual currencies.

Due to High Bitcoin Prices

15 December 2017 - 9:45am
Yoon Yung Sil

With the price of digital currencies having continuously been on the increase, hackers that are on the make are changing their attack methods. They used ransom ware, which encrypts people's important data through hacking and demand for payment, in the past. However, they are now infecting computers of many users and using them to mine virtual currencies.

According to security industry sources on December 14, hackers are recently making an attack to use people’s computers to mine digital currencies.

As the price of bitcoin has surged to 20 million won (US$18,365), an...

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NXC, the holding company of Nexon, Mgame and PATI Games are preparing for digital currency business.

Synergy with Gaming Business?

15 December 2017 - 9:30am
Yoon Yung Sil

Local game developers are entering the cryptocurrency market one after another. NXC, the holding company of Nexon, Mgame and PATI Games are preparing for digital currency business. The industry believes that such move is a strategic investment to create synergy with gaming business.

According to industry sources on December 14, PATI Games is planning to push into the virtual currency market based on subscribers of online game item trade sites – Item Mania and Item Bay. The company acquired a 37.32 percent stake in B&M Holdings, a holding company of Item Mania and Item Bay, in...

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Korean small investors who want to make a profit with a short-term investment have turned their eyes to digital currencies.Korean small investors who want to make a profit with a short-term investment have turned their eyes to digital currencies.

Due to Concerns over Stock Capital Erosion

14 December 2017 - 10:30am
Yoon Yung Sil

Concerns are being raised that the cryptocurrency market which recently seems to be overheating can encroach on the domestic stock capital. As small investors who want to make a profit with a short-term investment have turned their eyes to digital currencies, there is an outflow of capital which should be circulated in the stock market, including the KOSDAQ.

According to South Korea’s largest bitcoin exchange Bithumb, the amount of monthly virtual currency transactions came to 56.29 trillion won (US$51.91 billion) in November, up more than 182 times from 300 billion won (US$276.63...

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The South Korean government has decided to focus more on protecting consumers instead of implementing an all-out ban on cryptocurrency trades.

Restrictive Allowance

14 December 2017 - 9:15am
Yoon Yung Sil

The South Korean government has decided to focus more on protecting consumers instead of implementing an all-out ban on cryptocurrency trades after an emergency policy meeting on December 13. It plans to concentrate on “management” rather than blanket regulations. However, it is still unclear whether the decision will be able to control the craze for betting money on digital currencies. Some market experts also say that it can cause other problems as the government still hasn’t even defined what virtual currencies are.

In the discussions, some from the Ministry of...

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Global big players starts biting on the Samsung’s stakes in Hanwha Group’s chemical unit worth 1 trillion won (US$914.16 million).

Amid High Profile

13 December 2017 - 11:45am
Yoon Yung Sil

As Samsung Construction and Trading (C&T) and Samsung SDI are moving to sell their stakes in Hanwha Group’s chemical unit worth 1 trillion won (US$914.16 million), global big players starts biting. This shows a high profile in the petrochemical business, which has entered the “super cycle” along with memory chips.

According to investment banking (IB) industry sources on December 12, Samsung C&T and Samsung SDI, which own a 25.1 percent stake in Hanwha General Chemical, are planning to carry out a preliminary bid through Citigroup Global Market Securities that leads the sale...

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Controversy over regulation of cryptocurrency is heated up ahead of the Korean government’s decision on it.

Necessary Evil?

13 December 2017 - 10:45am
Yoon Yung Sil

The South Korean government is planning to ban crytocurrency trading as its negative effects increase. Some experts point out such regulations will cause South Korea to fall behind in the blockchain technology development competition and Industry 4.0. The others say the utility of virtual currencies has been exaggerated.

Hongik University business professor Hong Ki-hoon said, “The trade of bitcoins should be regulated to protect investors as the controversy over institutionalization of bitcoins are utilized by bitcoin speculators,” explaining the belief that the cryptocurrency will...

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The Korea Development Bank (KDB) will not only stop opening new virtual accounts for digital currency exchanges but also close virtual accounts opened from early next year.

Closing Virtual Accounts

13 December 2017 - 9:45am
Yoon Yung Sil

The Korea Development Bank (KDB) will stop all the businesses related to cryptocurrency transactions, including bitcoin, from January next year.

According to the KDB on December 12, the bank will not only stop opening new virtual accounts for digital currency exchanges but also close virtual accounts opened from early next year. In short, it is fundamentally impossible to sell and buy virtual currencies through the KDB. The bank has issued virtual accounts for cryptocurrency exchange Coinone from June last year.

An official from the KDB said, “With various side effects...

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Innocean’s acquisition of D&G will not only boost its sales but also expand its global markets.

For Global Sales Expansion

12 December 2017 - 10:45am
Yoon Yung Sil

Innocean, an affiliate advertising agency of Hyundai Motor Group, is seeking to acquire David & Goliath (D&G), a LA-based advertising agency responsible for Kia Motors America.

According to investment banking and advertising industry sources on December 11, Innocean began talks with D&G to hammer out the details for the acquisition from the second half of this year. An official from Innocean said, “Nothing is confirmed yet but it is true that we are in talks. We are proceeding with the negotiation with the goal of completing the takeover procedure by the end of this year...

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Mirae Asset plans to set up an innovation platform in where creative talents and innovative companies coexist in Pangyo, south of Seoul.

Platform for Innovation

12 December 2017 - 10:00am
Yoon Yung Sil

Mirae Asset will create 1.8 trillion won (US$1.65 billion) of funds and invest in the project to develop a mega fourth Industrial platform-based complex in Pangyo, south of Seoul.  

Mirae Asset Global Investments announced on December 11 that it will create real estate funds and enter into a real estate sales contract with Alphadom City, which currently builds the cutting-edge mixed-use center in Pangyo Stations, by the end of December. The company plans to set up an innovation platform in where creative talents and innovative companies coexist in Pangyo that is growing into an...

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Financial Services Commission (FSC) Chairman Choi Jong-ku stressed that the FSC will never approve exchanges of crytocurrencies nor introduce futures trading of them in a luncheon meeting with reporters in Seoul on Dec. 11.

Confirming Conservative Stance

12 December 2017 - 9:15am
Yoon Yung Sil

“I don't see bitcoin transactions as financial deals," Financial Services Commission (FSC) Chairman Choi Jong-ku said in a luncheon meeting with reporters in Gwanghwamun, Seoul, on December 11. "When they are considered financial deals, they can create various problems. So, they cannot be counted as institutionalized transactions. Naturally, the authorities never allow futures trading of such currencies." This is in stark contrast to the fact that the bitcoin futures have begun trading on a major exchange in the U.S., entering the institutional market in eight years after the launch.

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