With the revised Specific Financial Information Act (SFIA) that regulates virtual asset providers (VASP) coming into effect in March, there is a temperature difference between Korean virtual asset services and overseas services.
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The Korean government supports blockchain companies to enter the global market and establishes a dedicated organization in charge of establishing standards for blockchain services.
Aprobit (www.aprobit.com) stops sharing order book with Bitfinex (www.bitfinex.com) "To comply with SFIA (Specific Financial Information Act)."
The real name verification service using the decentralized identity authentication (DID) of the blockchain company Coinplug (www.coinplug.com) was selected as an innovative financial service by the Financial Services Commission.
Blockchain is designed so that one data is simultaneously recorded on multiple distributed servers, and can only be accessed and entered through a verification and consensus system between them. Through this, it is possible to prevent thorough activation and manipulation of records by linking all vaccine-related data to the blockchain from the beginning of production and distribution.
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AuthorDongWon KWAK. Korea Venture Capital and Startup Expert. Archives
January 2023
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