South Korea Toughens Crypto Mining Chips Import Requirements

South Korea to Toughen Inspections of Crypto Mining Chip Imports

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  • South Korea toughens crypto mining chips importation requirements.
  • The country states that crypto mining poses high electrical power consumption and fire hazard

South Korea: Yesterday, Wednesday 18th April, the Korean Customs Service (KCS) published an information stating that mining chips for digital currency have been included into the current list of items that must meet some certain legal requirements for importation. These requirements include safety and sanitation certifications.

As a result, crypto miners in South Korea will possibly find it more difficult soon to import mining chips into the country. According to Kyunghyang, a local media outlet, South Korea took up this new measure after its border control agency observed that the amount of crypto mining equipment imported into the country is increasing. The local media reported that between last year November and December alone, about 454 importations of cryptocurrency mining chips which worth about 1.3 bln Korean won (approx. $1.2 mln) were recorded by the KCS the report said.

This is due to the significant electrical power consumption and excessive heat emission associated with these crypto mining chips, the use of these mining chips has raised concerns at the KCS as to whether the chips bring a high possibility of fire hazards. Consequently, the report stated that the KCS will investigate the safety issues surrounding imported crypto mining chips based on the existing radio legislation, and also the safety requirements for electronic goods put out by the National Radio Research Agency – a government body that sets standards for related regulations.

This heightened requirement comes at the time when both public and private sectors within the country are making drastic moves to stop reportedly illegal mining activities, especially in public spaces due to the growing concern over high electrical power consumption and fire hazard.

As reported by earlier this month, South Korean police apprehended 14 people from 13 firms in South Korea who are illegally making use of cheap electrical supply from industrial complexes for cryptocurrencies mining. And, last August, Yongsam Market, also placed a ban on cryptocurrency mining in the stores with claims that it poses safety risks and increases utility bills.

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