Erasure of Personal Information in Blockchain

http://it.chosun.com/site/data/html_dir/2018/06/19/2018061900075.html Because the registered data cannot be erased nor modified in blockchain, it could infringe the rights of easure of personal information of the owner. According to EU GDPR Article 17, information should be removed once the purpose of gathering it is achieved or the owner of the information retracted the agreement. Also, Article 16 also …

Advertisements

Korean law is still unclear on ICO

http://news.hankyung.com/article/201805142466g At one South Korean ICO conference, a legal expert said the Korean law on cyptocurrency is still ambiguous. "We need to be prepared for all the future regulations, because uncertainties can continue due to the lack of relevant laws," he said. "All transactions need to be recorded with full transparency. It may be wise …

Three Common Pitfalls in Translating Whitepapers

The recent expansion of the crypto-economy has led to an explosive growth of initial coin offerings (ICO) around the world. Some people hail ICOs as the next generation funding mechanism for budding entrepreneurs who are no longer constrained by traditional venture capitals. In 2017 alone, the ICOs around the world raised nearly USD 5.6 billion. …

Opening Korean corporate bank accounts

For business/corporate bank accounts, it is far harder. You will need:   1)     business registration certificate from the Korean government (사업자등록증), 2)     Copy of corporation register (법인등기부등본) 3)     List of shareholders of the corporation (주주명부) 4)     Official proof of corporate seal (법인인감증명서) 5)     Original corporate seal/duplicate corporate seal (법인인감, 사용인감) 6)     Government issued ID for …

50K Rule – Sending money outside of South Korea

South Korea has a capital outflow rule that requires approval for money over USD 50,000  for individuals. A. Under $50,000 per year You can send to the U.S. without additional documentation/proof. (Source) B. Over $50,000 per year You must submit documentation showing how you obtained the money. (It is called, “취득경위 입증서류 or "Documentary Proof …