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South Korean Job Seekers to Benefit from Digital Badges for License CredentialsSouth Korean job seekers will soon be able to enjoy the convenience of proving their license credentials with digital badges based on non-fungible tokens (NFTs).The South Korean Ministry of Employment and Labor has announced that its affiliate, the Human Resources Development Service of Korea (HRDK), plans to create a mobile application that supports virtual asset wallets. These wallets will allow citizens to conveniently store their HRDK-issued licenses in the form of digital badges.Photo by Gül Işık on PexelsNFT-based digital badgesThese digital badges, which are based on NFTs, will also serve as proof of certification for HRDK’s education and training courses. Decentralized identifiers (DIDs) based on blockchain technology will prevent forgery and counterfeiting and improve personal information protection. The incorporation of gaming elements within NFTs is expected to motivate citizens to engage in continuous learning.Chosen as this year’s state-led blockchain initiative last December, the digital badge project is supported by the Ministry of Science and ICT (MSIT) and the Korea Internet and Security Agency (KISA). HRDK aims to complete the transformation of its 18.5 million issued licenses into digital badges by the end of this year. The project also involves digitizing vocational training certificates issued by the Korea Employment Information Services (KEIS), which has an average annual issuance of 3.6 million certificates. Access to these badges will also be facilitated through not only state-managed mobile ID wallets but also private platform wallets.In the context of employment and career management, individuals have traditionally received paper certificates and had to deliver them to relevant organizations. This process often involved inconvenience, as it required in-person visits, mailing, or scanning. Moreover, individuals faced the hassle of repeatedly obtaining the same certificate due to expiration dates and storage concerns.Seamless certificate managementWith the introduction of the digital badge service, users will be able to download a mobile application on their smart devices. This app will enable them to access their national certificates, allowing them to view their qualification and training completion information at any time. Additionally, users will gain the convenience of instantly submitting or verifying their certificates remotely through their mobile devices whenever necessary.HRDK will further enhance its services through strategic partnerships with credentialing organizations from both the public and private sectors.Kim Young-joong, the Acting President of HRDK, emphasized the significance of national licenses and training certificates as objective measures of individuals’ performance and skills, underscoring their importance in the employment landscape. He further expressed HRDK’s commitment to ensuring customer satisfaction by leveraging cutting-edge technology and efficient data management practices to drive innovation in public services.

Korea’s Intragovernment Group Launched to Thwart Crypto-Related CrimesThe South Korean government has taken a significant step today in combating cryptocurrency crimes with the launch of a dedicated intragovernmental division. The newly established joint crypto-crime investigation division operates under the Seoul Southern District Prosecutors’ Office and comprises 30 skilled investigators from seven different government agencies.Photo by Daniel Bernard on UnsplashMulti-agency collaborationThese agencies are the Public Prosecutors’ Office, the Financial Supervisory Service (FSS), the Korea Financial Intelligence Unit (FIU) of the Financial Services Commission (FSC), the National Tax Service (NTS), the Korea Customs Service (KCS), Korea Deposit Insurance Corporation (KDIC), and Korea Exchange (KRX).The growth of the domestic crypto market in South Korea has been remarkable since the advent of cryptocurrency exchanges in 2014, attracting approximately 6.27 million individuals and reaching a valuation of 19 trillion KRW ($14.9 billion). Daily average trading volumes have surged to three trillion KRW, involving participants from various age groups, with individuals in their 30s and 40s constituting the largest share.Regulatory absenceHowever, the absence of adequate regulations has exposed customers to unfair practices in virtual asset trading. Although the recent passage of the Virtual Asset User Protection Bill at the National Assembly is encouraging, implementing comprehensive policies to safeguard crypto investors will take a significant amount of time.The risks associated with virtual asset investments are highlighted by the frequent delisting of cryptocurrencies from the nation’s top five exchanges. In the past two years, 1,053 cryptos have been delisted, and an additional 1,010 have been flagged as risky. The prevalence of unstable cryptocurrencies has resulted in high price volatility, incurring losses for investors. This volatile environment has also given rise to various crypto-related crimes, including unlawful listings, market manipulation, illegal foreign exchange trading, and pyramid schemes.Two teamsTo address these challenges, the joint crypto-crime investigation division is structured with two teams. The research and analysis team will study virtual asset issuers and distributors, identifying suspicious transactions. Virtual assets found to be fraudulent will be reported to the investigation team, which will then conduct thorough investigations and pursue legal action against problematic projects, while also recommending regulatory enhancements. Profits obtained through illegal means will be confiscated by the Seoul Southern District Prosecutors’ Office.The division’s main focus lies on virtual assets that have been rapidly delisted, those marked as risky, and those exhibiting significant price volatility. Committed to upholding fairness and transparency in the crypto industry, the joint crypto-crime investigation division will strive to protect market participants and make valuable contributions to the Korean economy.

UAE Accelerates Cross-Border Payments with JPMorgan’s OnyxFirst Abu Dhabi Bank (FAB), the largest bank in the United Arab Emirates (UAE), has ventured into the world of blockchain technology through a partnership with JPMorgan and its Onyx blockchain.Photo by Kamil Rogalinski on UnsplashFast tracking cross-border transactionsInternational financial transactions have long been afflicted by intricate procedures and snail-paced response times. These challenges have been particularly acute when it comes to cross-border payments. In response, FAB will utilize JPMorgan’s Coin Systems in order to expedite and streamline such cross-border payments.Powered by blockchain technology, JPMorgan’s Coin Systems advocates for swift transfers and settlements through a secure, distributed ledger. This collaboration between FAB and JPMorgan’s Onyx division was announced via a press release published on Tuesday (local time).The initiative represents FAB’s efforts towards leveraging cutting-edge technology, while improving and redefining the customer experience. While the initial testing phase was a success, it’s merely a prologue to FAB’s broader plans to utilize the technology for global transactional banking.With assets totaling AED 1.1 trillion ($312 billion) as of mid-2023 and laudable ratings from Moody’s, S&P, and Fitch, FAB maintains a significant presence in banking in the Middle East region.Onyx blockchainJPMorgan launched its Onyx blockchain in 2020 as a permissioned blockchain network. It is understood that the network processes daily transactions to the value of between $1 billion and $2 billion through partnerships established with banks in the Middle East, Europe, and India. Among the services offered by Onyx Digital Assets are tokenized US treasury bonds and mortgage-backed securities alongside its JPM Coin.JPMorgan is not alone in terms of top-tier banks and financial services firms who are delving into the world of blockchain. Rivals such as Citi announced its Citi Token Services product offering in September. It’s a blockchain-based service that utilizes tokenized deposits for the purpose of trading and providing liquidity.Meanwhile, payments firm Mastercard announced that it was performing testing on its Multi Token Network in June. For its part, JPMorgan has also been a participant in Singapore’s Project Guardian, a collaborative initiative led by the Monetary Authority of Singapore in conjunction with the financial services sector, centered on asset tokenization.Bahrani partnershipThis latest collaboration follows hot on the heels of JPMorgan’s partnership with another Middle Eastern bank last month. Bank ABC, which is headquartered in Bahrain, became the first Middle Eastern bank to utilize JPMorgan’s Onyx Coin Systems for faster cross-border payments.That initiative also had the support of Bahrain’s central bank. At the time of the launch of the collaboration, Central Bank of Bahrain Governor Rasheed Al Maraj stated:”After working closely with JP Morgan and Bank ABC over the past two years to experiment with cross-border commercial transactions between Bahrain and the US, leveraging the JP Morgan Coin System, we are pleased to witness the soft launch of this innovative banking solution by a Bahraini-based bank.”