Busan Blockchain Special Zone Gears Up with Expert-Led Operations Committee

South Korea Advances Crypto Disclosures Bill for LawmakersThe floor leader of the ruling political party in the South Korean Assembly is urging faster implementation of a new bill that will require Korean politicians and senior government officials to make a declaration of any crypto-related holdings.The bill was already in the works but is now picking up speed, and likely to be brought into effect earlier than expected. That’s according to a local report published by Yonhap news agency. The bill is being finalized against the backdrop of a particularly poignant political controversy.Photo by rawkkim on UnsplashPolitical controversyLawmaker and former Democratic Party of Korea opposition party member Kim Nam-kuk is at the center of a political fuss, and with that, intense scrutiny relative to his interaction with crypto-assets. Kim reportedly held 800,000 WEMIX tokens in early 2022, with a value in the region of 6 billion Korean won (around $4.5 million).Existing legislation provides for a need for Korean politicians to disclose their investments and wealth. However, that provision has not caught up with the digital asset era. Virtual assets had been an exception which lawmakers are now rushing to remedy.Once news of Kim’s crypto holding emerged, it led to suspicion and accusations of insider trading. The politician had made a number of crypto trades during the time in which he was actively working on digital asset legislation. As the controversy gathered more attention, it led to the offices of two of the country’s leading crypto exchanges, Bithumb and Upbit, being raided. Records related to Kim’s crypto trading activity were seized.Bringing forward enforcement dateThe bill that will remedy circumstances like the one that has arisen as a result of Kim’s crypto trading activity is being put forward by Yun Jae-ok, the floor leader of the ruling party. It had originally been scheduled to be implemented in December, but Yun is looking to have the bill amended so that the enforcement date of the proposed legislation takes place in two months.“Given the current high level of public interest, especially regarding lawmakers, it’s not appropriate to enforce the law six months later after the promulgation,” Yun told Yonhap news agency. It’s understood that Yun has asked the leader of the Public Administration Committee to put forward the modified version of the law.The legislative process in South Korea requires initial drafting of the bill, followed by the proposed legislation being scrutinized by a number of relevant committees, inclusive of the Legislation and Judiciary Committee. An assembly debate follows, and beyond that, it’s expected that there will be a vote on the legislation, which has been scheduled for Friday.Should the bill be carried following the vote, the approved bill then proceeds to the President. So long as it is not vetoed, it is presented to the public and becomes law.On an international basis, financial interest disclosure requirements are common. Taking the US and the UK as examples, both jurisdictions require their politicians to disclose financial holdings. However, it would appear that South Korea is about to enact an advanced form of such legislation comparatively, as currently in both the US and UK, there is no specific provision requiring politicians to disclose crypto holdings.

Unprecedented surge in trading volumes on HashKey exchangeHong Kong-based cryptocurrency exchange HashKey has experienced an unprecedented surge in daily trading volumes over the course of the past week, reaching approximately $4.5 billion, a notable increase from its usual levels.Photo by Jungwoo Hong on UnsplashToken rewards programThe surge, highlighted in a report published by The Block on Monday, occurred on Friday, and is being attributed to the company’s token rewards program, according to a spokesperson from HashKey Group.A HashKey Group spokesperson clarified that the surge in volumes was a result of the company’s recent HSK rewards campaigns, which involve the distribution of HSK tokens or EcoPoints. Introduced in April, these incentives were designed to encourage trading activity on the platform. The spokesperson emphasized the company’s commitment to operating within the regulatory framework, stating:“At HashKey, we operate strictly within the regulatory framework, and any actions of misconduct are not tolerated.”Last Thursday, HashKey issued a post on X (formerly known as Twitter), detailing one of its incentive campaigns. The post announced the introduction of a DOT/USD trading pair and encouraged users to explore additional ways to earn through ongoing campaigns. Despite receiving only 15 likes, the post aimed to attract users with the promise of HSK rewards for logging in, trading and participating in the platform’s campaigns.Licensing approval in AugustHashKey had obtained the first license to offer retail crypto trading in Hong Kong in August under the new regulatory regime, with an upgrade of its type 1 and type 7 licenses. Officially opening to traders on November 1, it quickly garnered attention in the crypto community. In the same month, it also launched an app, offering full mobile trading capabilities.While daily trading volumes on Sunday dropped to $275 million, still higher than the usual levels but closer to the volumes recorded in its initial month, the significant spike on Dec. 1 was particularly noteworthy. Comparatively, Binance, the world’s largest crypto exchange, recorded $11.3 billion in volume over the past 24 hours.Wash trading ruled outSpeculation arose on X regarding the possibility of wash trading contributing to the sudden surge in volumes. Wash trading involves intentionally matching a large number of orders to create artificial trading activity. However, HashKey’s spokesperson dismissed these claims, stating that no misconduct has been detected.Justin d’Anethan, Head of Business Development in Asia for Keyrock, a crypto market-making firm, commented on the situation, stating:“Many people in the crypto space assumed wash trading was taking place… But it’s almost unbelievable.”He noted that if one wanted to appear more active, it would be done gradually, rather than in a single surge.Market sentiment and trading volume trendOver the course of the past 24 hours, the Bitcoin unit price has surged from $39,500 to almost $42,000, with Asian trading believed to have contributed significantly to that trading momentum. The overall crypto market capitalization has reached $1.5 trillion for the first time since early 2022. Bitcoin trading volume over the past 24 hours hit $39 billion, with a bitcoin market dominance rate of 51%.

Shinhan Bank Advances into Metaverse with the Launch of Shinamon Season 3According to a report by local news media Dailian, Shinhan Bank, a prominent financial institution in South Korea, has made a stride in its metaverse endeavors. The bank announced yesterday the launch of Shinamon Season 3, a metaverse platform, accompanied by a series of celebratory events to mark its implementation.Photo by Richard Horvath on UnsplashMerging financial & non-financial realmsShinhan Bank claims it is the first Korean bank to independently develop a metaverse platform. With the launch of Shinamon Season 3, the bank has merged the financial and non-financial realms, providing customers with access to a user-friendly platform that offers fun and engaging experiences.In Shinamon Season 3, Shinhan Bank has enhanced its financial services by replacing mobile gifts with reward points and providing additional benefits to customers who make transactions through the bank.Personalization and enhanced servicesAfter gathering customer feedback over the past two seasons, Shinhan has made enhancements to the platform’s environment and interface. Additionally, they have introduced the ability for customers to personalize their characters’ costumes. Looking ahead, the bank intends to leverage NFT wallets to help customers reach other platforms.To celebrate the release of Shinamon Season 3, Shinhan Bank is organizing special events that will grant rewards to customers who join the metaverse. Participants of Shinamon Season 3 who engage in daily quests will have an opportunity to win enticing prizes, including electronic devices, free fried chicken coupons, and reward points.A Shinhan Bank official said that customer feedback was given top priority in the preparations for the launch of Shinamon Season 3. The official added that will continue to reflect customer needs and integrate a diverse range of financial services. This approach aims to create a metaverse platform that closely resonates with real-life experiences, making it more relatable for customers.