Asia Blockchain Updates 2019.11.25

Korea Mint Corporation released NEW AML solution based on Blockchain, New “Special Financial Act” for Crypto is on the way, Two major crypto project, $ONT and $LINK teamed up.

Asia Blockchain Updates 2019 by Amy Kang
by Amy Kang

The Korea Mint Corporate, KOMSCO Unveiled “Blockchain AML Tech Solution”

Min Chae Chun, chief technology officer of KOMSCO Released the new solution for AML

KOMSCO has unveiled the anti-money laundering security technology solution.

On Nov 22nd, KOMSCO held a “The briefing session for 2019 anti-counterfeiting security technology” at the Korean Chamber of Commerce and Industry in Seoul to introduce its new security solutions, including 7 new technologies developed by the Korea Mint Corporation and 2 technologies from its SME partners. A total of nine new technologies has been unveiled on site.

Among these 9 tech solutions, the blockchain-based tech solution called “Mobile Local Gift Vouchers Integrated Management” will also be released to the public. A mobile local love gift Voucher based on the blockchain technology can be purchased with a smartphone application and can purchase goods or services through its voucher QR codes in any shop.

In addition, KOMSCO will also introduce “Emergency Disaster network anti-hacking security technology’ that can transmit texts safely from information hacking in an emergency or disaster situation.

New “Special Financial Act” on Crypto Exchanges has been Passed by Korea Government

Act on Reporting and Use of Specific Financial Transactions is on the way.

The so-called “Act on Reporting and Use of Specific Financial Transactions (Special Financial Act)” has been passed by the National Assembly’s Political Affairs Subcommittee, and the “ACT” is waiting for the final decision by the National Policy Committee of Korea.

Meanwhile, the blockchain, the cryptocurrency industry is welcoming the government’s decision.

The “Special Financial Act” reflects some criteria agreed by the International Fund Laundering System (FATF), including business reporting, granting anti-money laundering obligations, and penalties for not establishing supervisory means.

The “Act” was revised to reflect much of the industry’s opinion on the basis of the amendment proposed by Kim Byung-Wook and Democrats in March this year.

According to the “Special Financial Act”, Firstly, the definition of an individual operating a virtual asset-related act has been changed from a ‘Performing digital assets business company’ to a ‘Digital assets business Operator’.

The former regulation that explained a business license of a company that has no information security management system (ISMS) certification can be canceled immediately has been replaced with a six-month grace period since the ISMS certification has been filed.

The “Special Financial Act” also specifies the conditions for issuance of real-name verification deposit and withdrawal accounts (real name accounts) required by the cryptocurrency exchanges to report to the authorities, but the National Assembly and the relevant authorities will decide on the specific conditions closely.

Ontology Partners with Chainlink to Improve the Oracle Issue

Ontology and Chainlink teamed up

A well known Chinese Blockchain Platform Project, Ontology has rolled the sleeves up for improving the crucial issues of the Oracle system.

The Oracle problem is the lack of reliability of the information that occurs when importing external data onto the blockchain.

According to the official announcement, Ontology announced on Nov 25th that it will partners with the distributed Oracle Network, Chainlink to solve Oracle problems.

Chainlink is a blockchain middleware project that connects external data with smart contracts on the blockchain. Ontology said that it will securely import data from outside the blockchain through Chainlink and make Ontology’s smart contracts more robust.

The main goal of the Ontology is providing more various data to developers around the world. Ontology plans to reduce the Oracle problem so that developers can safely handle data on blockchain. Jesse Liu, Ontology’s marketing director, said, “We’re working with Chainlink to improve the network environment and bring more developers to the ontology network.”



Product designer, turning conceptual ideas into reality with logic and feelings for us, Based in the UK

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