Hanwha Group Abandons Blockchain Ventures Amid Regulatory Pressure

Hanwha Group, one of South Korea's largest business conglomerates, has liquidated its blockchain-focused subsidiaries in both South Korea and the United States. The decision was announced in a correction to the company's half-year report, which revealed that Hanwha's total number of subsidiaries now stands at 859, up from 846 at the start of the year.

The two blockchain units, Enterprise Blockchain Inc., were part of Hanwha's earlier forays into blockchain technology. The group had invested in pilot projects and partnerships, but the recent move signals a scaling back of its blockchain ambitions.

Hanwha's decision may be seen as a prudent response to South Korea's tightening regulatory environment for digital assets. The government has implemented stricter reporting requirements for exchanges and signaled a cautious approach to corporate participation in the sector.