In 2018 KYC and anti-money laundering norms where imposed in Korea. Police and tax authorities bolstered their scrutiny of cryptocurrency exchanges, conducting raids to investigate alleged tax evasion, amid a spate of hackings. Korean banks that did business with exchanges also felt the heat.

Yet, from the ashes of the crypto craze, a blockchain boom has emerged in South Korea. There are already projects underway, backed by heavyweight local businesses, that could bring services built on blockchain platforms into the lives of almost every Korean. Beyond the private sector, government agencies are also embracing distributed ledgers, including a blockchain-based voting system. If successful, these projects would bring blockchain into the mainstream in one of the world’s most advanced economies, accordingly to Devjyot Ghoshal.

Salina Bo, CEO and Founder of KYCBench and Vice President of AA Union Capital is visiting Seoul and meeting some of the most powerful people in Korea, as well as our partners, SportsFix!

SportsFix, being part of the group with such giants as Total Sports Asia and Glory Kickboxing, determined new investment opportunity and Salina, as invited blockchain expert made a valuable impact to SportsFix as their advisor.

SportsFix establishes a partnership with KYCBench in order to stay compliant with new Korean and worldwide regulations, GDPR and ISO27001. As the cryptocurrency space is not fully regulated, SportsFix aims to create a secure data processing on the platform for our users which includes, but not limited to, compliance verification, fraud detection and personal data protection. This is a very important step in project’s security and willingness to combat any potential threats associated with criminal activities. Financial damage and sensitive data leaks can destroy reputation of any project; therefore SportsFix is engaging KYCBench with its extremely secure, fast and user-friendly KYC platform to establish seamless KYC process to its ecosystem participants.

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