Planetarium Labs opens pre-registration for Nine Chronicles M

Kazakhstan shuts out 980 non-compliant crypto exchanges in 2023Kazakhstan has implemented stringent measures in 2023 when it comes to regulating the crypto sector, resulting in the closure of 980 crypto exchanges that failed to comply with government regulations.That’s according to a press release published by the Central Asian country’s Financial Monitoring Agency (FMA), the state entity responsible for anti-money laundering (AML) policy. These measures, taken over the course of the year, were highlighted during the 39th Plenary Week of the Eurasian Group (EAG) in the resort city of Sanya, in Hainan province in China.Photo by Kuralbek Djumagaziev on UnsplashCombating money laundering threatsThe seminar served as a platform for participating countries to exchange experiences, with an emphasis on leveraging advanced technologies, including artificial intelligence, to effectively combat emerging threats related to money laundering and terrorist financing. The Kazakhstani delegation played a leading role in discussions on virtual assets.Ruslan Ostroumov, the Head of Kazakhstan’s Financial Monitoring Agency, showcased the country’s legislative regulations and robust measures to combat the illegal turnover of digital assets. Ostroumov reported the blocking of 980 illegal cryptocurrency exchange platforms in the current year. Additionally, nine investigations into illegal exchange operations, amounting to $36.7 million, have been initiated, accompanied by ongoing preventive measures.Registration process complexityWhile the seminar’s organizers commended Kazakhstan for its proactive stance against financial crimes in the virtual assets space, the country’s crypto laws have added complexity to the registration process for exchanges.In November, the Kazakhstani authorities blocked local access to the Coinbase website due to potential violations of the country’s digital asset legislation. This decision aligned with the law on digital assets, effective since February 2023, which prohibits the issuance and trading of digital currencies and cryptocurrency exchange businesses without proper licensing.While challenges remain for crypto platforms within Kazakhstan, some have been successful in their efforts. In May, crypto derivatives trading platform Bybit was successful in gaining approval to offer its services within the country. Binance followed suit in June, securing preliminary approval. Other platforms such as CaspianEx, Biteeu, ATAIX, Upbit, Xignal and MT have been granted permission to conduct trade in Kazakhstan.In December 2020, Kazakhstan formally legalized cryptocurrency mining, and on May 6, 2021, the National Bank of Kazakhstan announced plans to issue a “digital tenge,” their version of a central bank digital currency (CBDC). Various CBDC-related projects have followed. In September, the National Payment Corporation, an entity which will be responsible for CBDC development, was launched. The same month, the National Bank of Kazakhstan entered into a collaboration with financial messaging service SWIFT to work on an interoperable CBDC connector.For the most part, these comprehensive regulations and the issuance of a CBDC signify Kazakhstan’s broader acceptance and adaptation to the cryptocurrency landscape. Authorities internationally are trying to find a balance between adequate regulation and enabling innovation to take place. Kazakhstan is no exception, and with that, there are bound to be challenges as regulatory frameworks are optimized and tweaked along the way.

1st-Generation, a leading firm in the blockchain sector based in Daegu, South Korea, has signed a memorandum of understanding (MOU) with global cryptocurrency exchange Tapbit, according to an article published by South Korean news outlet Tokenpost on Tuesday (KST). Through this MOU, 1st-Generation expects to further accelerate its growth through active participation and advancement into the global blockchain industry.Photo by Chris Liverani on Unsplash"As the global blockchain industry continues to grow at a rapid pace, we aim to create an ecosystem where we can make a positive impact through cooperation," said Lee Jun-hyuk, CEO of 1st-Generation. Pioneering the future of blockchainWith its advanced technology and outstanding expertise in the blockchain field, 1st-Generation has registered with the Financial Supervisory Service (FSS) under the name "1st Generation Group". The company is focused on providing innovative solutions globally, effectively utilizing blockchain technology based on advanced IT experience. Tapbit’s statisticsFounded in 2021, Tapbit is a global exchange with a user base that exceeds six million users worldwide. In particular, it is currently ranked 38th on CoinMarketCap’s top cryptocurrency derivatives exchange list with a 24-hour derivative trading volume of about $8 billion as of this writing. In addition, it is also working on creating crypto Travel Rule solutions through cooperation with domestic exchanges.

As cryptocurrencies continue to captivate South Korea, the world of ordinary digital asset investors is set for its primetime debut. Today, major broadcaster MBC is scheduled to premiere “To the Moon,” a new television drama that explores the risks and rewards of crypto investing. In crypto slang, “to the moon” refers to expectations of a sharp price surge, a phrase often used by traders to signal bullish sentiment. The series, airing Fridays and Saturdays, is an adaptation of Jang Ryujin’s 2021 novel of the same name, with an English edition released on June 19 of this year. It chronicles the lives of three young women who, despite landing what most would consider solid positions at a confectionery company, find their ambitions stifled by economic realities. Confined to small studio apartments and seeing little room for advancement, they turn to the volatile world of cryptocurrency as their pathway to upward mobility. The publisher describes these burnt-out protagonists’ journey as one that oscillates between humor and despair.Photo by Kanchanara on UnsplashEthereum’s rally and rising optimismIn the original novel, the plot is ignited when one of the women achieves a significant windfall by investing in Ethereum (ETH), inspiring her colleagues to join the fray. What follows is a familiar tale for many investors. They experience a period of wild price swings and respectable profits, only to see their winning streak abruptly halted by a severe market downturn. At the time the book was published in April 2021, ETH traded at roughly $2,100. Today, by contrast, CoinMarketCap data shows the asset trading at $4,543.14, more than doubling since the book’s release. Support for this bullish outlook comes from well-known market voices. Tom Lee, Fundstrat founder and chairman of ETH treasury firm Bitmine, told CNBC that Ethereum (ETH), Bitcoin (BTC), and the Nasdaq 100 would benefit most if the Federal Reserve cut rates, predicting a strong rally in the next three months. He made these comments before the Fed’s actual move, a quarter-point rate cut announced at its Sept. 17 Federal Open Market Committee (FOMC) conference. In a separate Fox Business interview, VanEck’s CEO echoed this view, saying ETH will emerge as the leading asset as banks adopt blockchain for stablecoin transactions. Data also points to growing strength. According to Token Terminal, the supply of Ethereum-based stablecoins has recently reached an all-time high of $168 billion. This milestone is largely attributable to the fact that over half of the entire stablecoin supply now operates on the Ethereum network, underscoring its foundational role in the digital economy. Talent drain and security risksStill, there are headwinds that could slow Ethereum’s ascent. A recent survey by Protocol Guild, an independent funding group for Ethereum core developers, revealed a compensation gap that threatens the network's long-term health. The survey found that Ethereum core developers are receiving external job offers with a median salary of $300,000—more than double the $140,000 median they currently earn for maintaining and upgrading the network. Protocol Guild has noted that this disparity could precipitate a talent exodus, potentially slowing future development. Security has been an ongoing concern, with ETH often targeted by hackers. In a reminder of the sector's vulnerabilities, the crypto exchange Bybit reported a theft of 401,000 ETH in February, an amount valued at roughly $1.5 billion at the time. The U.S. Federal Bureau of Investigation later identified the exploit, one of the largest in crypto history, as the work of the North Korean hacker known as “TraderTraitor.” "To the Moon" is set to air at a time when its themes of innovation and risk are playing out in the real world of crypto. The industry is riding a wave of institutional adoption and high valuations, but it's also facing a talent crunch and security concerns. These dynamics continue to keep digital assets on investors’ radar in South Korea and beyond.