Korea Moves To Limit Crypto Mining Chip Imports

April 19, 2018 4:00 pm Published by

South Korean cryptocurrency miners may soon find getting foreign-made mining chips imported into the country more difficult after new legal requirements for their importation were imposed, CoinDesk reported Wednesday.

Data published by the Korean Customs Service (KCS) shows the chips must meet strict safety and sanitation certifications required for importation, the report said.

The KCS noted the increasing amount of cryptocurrency miners imported into South Korea, according to a report from Kyunghyang Wednesday.

The report cites figures from November and December 2017 in which the KCS noted imports of 454 mining chips at an estimated value of 1.3 billion Korean won ($1.2 million), the report said.

Because of their significant electricity consumption and associated heating byproduct, CoinDesk reported, the use of miners raises concerns at the agency over whether they bring a high possibility of fire incidents.

As a result, the report said the agency will look at the safety issues around imported cryptocurrency miners based on the existing radio legislation, as well as the safety requirements for electronic goods put out by the National Radio Research Agency – a government body that sets standards for related regulations, CoinDesk reported.

The increased technical scrutiny comes at a time when public and private sectors in South Korea have moved to halt allegedly illegal mining activities, especially in public spaces because of concerns over high electricity consumption and fire risk.

WN.com, Jack Durschlag

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