Korbit and Shinhan Bank hold seminar to strengthen suspicious crypto transaction reporting

Ripple Exec: Clear Regs Helped Japanese Market Withstand Crypto WinterEmi Yoshikawa, the Vice President of Strategy & Operations at business-focused crypto solutions provider Ripple, has attributed the Japanese cryptocurrency market’s ability to withstand the recent crypto winter to well-defined regulations.©Pexels/WorldspectrumSecurity breach at Mt.GoxIn a recent interview with Korean blockchain media outlet Digital Asset, Yoshikawa noted that Japan implemented regulations on cryptocurrencies earlier than other countries, in part due to the 2014 security breach at the Tokyo-based Bitcoin exchange Mt.Gox that resulted in investor losses.The Mt.Gox exploit prompted revisions to the Payment Services Act, which now recognizes cryptocurrencies as a means of payment. Furthermore, the Financial Instruments and Exchange Act was revised in 2020 to give security tokens the same status as stocks. The Japanese government is also exploring the possibility of allowing the domestic circulation of foreign stablecoins.Although it took several years for companies to enter the market after the regulatory framework was established, the security token market has since expanded, with more businesses now participating.Yoshikawa credited the Japanese crypto market’s resilience during the recent global crypto winter to clear regulatory guidelines. The recognition of cryptocurrencies as financial instruments enabled the regulation of not only spot trading but also derivatives trading. Japanese exchanges are also required to hold customer funds separately in trust firms, ensuring investor protection. This regulatory environment allowed companies and investors to confidently enter the crypto industry last year.FTX JapanFTX Japan’s return of customer assets and resumption of withdrawals in February showcased the effectiveness of these clear regulatory guidelines. Among subsidiaries of the now-defunct crypto exchange FTX, FTX Japan is the only one to have returned customer assets thus far, Yoshikawa emphasized.While crypto regulations in some areas, such as taxation, remain insufficient, both the Japanese government and entrepreneurs agree that the Web3 industry should develop in a way that benefits the nation’s economy.Ripple’s projects in JapanYoshikawa said that Ripple views the Japanese market as one of its key markets. In 2016, the company formed a joint venture, SBI Ripple Asia, with Japanese financial group SBI Holdings. Through this partnership, Ripple collaborated with several Japanese financial institutions to launch RippleNet and provide liquidity to the payment service.Japan’s largest remittance technology firm, SBI Remit, has adopted RippleNet and Ripple’s own remittance system On-Demand Liquidity (ODL) to facilitate real-time payments between Japan and Southeast Asian nations. Yoshikawa underlined that Ripple is committed to supporting Southeast Asian workers in Japan who need swift and cost-effective international payments.

Further Setback for Luno With Loss of Top ExecGlobal crypto exchange Luno has been challenged of late, with job cuts, the closure of its presence in Singapore and now the loss of a key executive from the company.According to a report published by CNBC on Tuesday, the embattled crypto firm is losing Vijay Ayyar, its Vice President of Corporate Development and International. The setback follows an announcement last month by the company to withdraw its presence from the Singaporean market.Photo by Marten Bjork on UnsplashUnrelated to Singapore closureAyyar made the following comment via WhatsApp message: “I’ll be leaving Luno after 7 years at the company. Given the time I’d spent at Luno, it just seemed like it was time for another challenge.” It’s understood that Ayyar has confirmed that Luno’s move to exit Singapore (where he was based) was not related to his own decision to move on. Instead the top executive has said that he will be joining another company within the crypto and over-arching Web3 space.Luno management had previously outlined that its decision to exit Singapore formed part of an overall “evaluation of [its] global strategy and presence.” As part of its retreat from that South East Asian market, it withdrew its licensing application from consideration by the local regulator, the Monetary Authority of Singapore (MAS).At the time of that announcement, the company stated: “ It’s not a decision we’ve taken lightly. It’s always been our mission to put the power of crypto in everyone’s hands. This is still true.”Organizational changesThe company is clearly going through a period of adjustment from a staffing and resourcing perspective. Last month, Luno announced that its co-founder, Marcus Swanepoel, would be stepping down as CEO. Filling his boots in that role will be Luno’s Chief Operating Officer (COO), James Lanigan.This organizational upheaval follows a further setback in January, when the company announced a 35% cut in headcount. The decision for those job cuts was taken as a knock on reaction to what had been a very challenging trading environment for Luno and crypto companies generally during a year long crypto bear market in 2022.A troubled parent companyLuno’s difficulties have been further compounded given that it is a portfolio company of crypto industry conglomerate, Digital Currency Group (DCG). DCG had acquired the company in 2020. DCG also owns digital assets-focused financial services firm Genesis which filed for bankruptcy in January. It owes $575 million to Genesis in a scenario that places DCG itself in default risk.Genesis and DCG have recently entered into a 30 day mediation process in order to reach a resolution relative to creditors who participated in the Gemini Earn programme associated with the Gemini cryptocurrency business run by Cameron and Tyler Winklevoss.As yet DCG has not sought to sell off any of its portfolio companies which includes Grayscale, CoinDesk and Foundry. However, it’s understood that Luno has hired investment bank Canaccord Genuity in an effort to garner suitors who would be interested in investing in the company. This may be part of a plan to unburden the troubled DCG parent company.

Intella X Partners With Aptos Foundation to Accelerate Growth of Web3 GamingIntella X, the Web3 blockchain gaming platform developed by Neowiz, a South Korean gaming company, has forged a strategic partnership with the Aptos Foundation, an esteemed layer-1 blockchain entity.Photo by Shubham’s Web3 on UnsplashAptos’ expansion in KoreaDedicated to nurturing the growth and advancement of the Aptos Network, a community-centric layer-1 network, the Aptos Foundation operates grant programs designed to expedite the expansion of the Aptos ecosystem. Seizing this collaboration as a valuable opportunity, the foundation envisions expanding the network’s presence in the Korean gaming market.These two entities will be collaborating across various technological and business domains, with the goal of enhancing the Intella X ecosystem and fostering the success of its Web3 projects.Empowering newcomers in Web3Intella X’s mission revolves around establishing an accessible platform that guides newcomers into the Web3 landscape. Beyond its gaming offerings, Intella X stands as a decentralized exchange, NFT launchpad, and NFT trading platform.On the global stage, Intella X has taken proactive strides to amplify its ecosystem’s reach. Among its notable achievements is a recent alliance with Yield Guild Games (YGG), a DeFi-powered gaming guild boasting a user base of over 450,000 worldwide. The cooperation between these entities will delve into the integration possibilities of YGG’s soulbound reputation tokens into Intella X Wallet (IX Wallet), the dedicated Web3 wallet for the Intella X platform.