Korean Telecommunications Firms Ramp Up ESG Efforts with NFTs

Crypto Exchange Korbit Raises Daily KRW Deposit Limits From 300K to 5MKorbit, one of the leading cryptocurrency exchanges in South Korea, raised the daily deposit limit for its customers as of 16:00 KST on September 25. This move aligns with the early implementation of the operation guidelines of real-name bank accounts for cryptocurrencies, which is scheduled to be introduced in January next year. Korbit collaborates with Shinhan Bank, utilizing its real-name accounts to facilitate Korean won transactions.Photo by manseok Kim on PixabayUser protection and AMLThe operation guidelines have been established to fortify the protection of virtual asset users and to bolster efforts against money laundering. Financial authorities, the Korea Federation of Banks, and cryptocurrency exchanges have collaborated to initiate these measures at every local exchange starting next January. Meanwhile, exchanges are obliged to maintain reserves in their banks beginning this month, ensuring they are poised to provide compensation for involuntary losses in the event of hacking incidents or system failures.Investor inconvenience and market confusionSince the introduction of the real-name bank account system in 2018, banks and crypto exchanges have had different terms of use and user protection measures, leading to varied deposit and withdrawal limits as well as reserve levels across different exchanges. These inconsistencies have resulted in inconvenience to customers and have sown confusion in the market. In response, the entities in question have agreed to implement a shared set of guidelines for real-name bank accounts from January next year.Daily limit of KRW 300K to KRW 5MWith the implementation of these guidelines, Korbit has elevated the current daily deposit limits from KRW 300,000 (approximately $222) and KRW 1.5 million to KRW 5 million. Moreover, once the bank authenticates the user’s transaction purpose — for instance, purchases of KRW 5 million or more in virtual assets in a month following the initial KRW deposit — and verifies the source of the funds, the constrained account can transition to a standard account. This adjustment allows the daily deposit and withdrawal limit of up to KRW 500 million.The limitations associated with constrained and standard accounts apply solely to fund transfers between the crypto exchange and the bank. When holders of Shinhan accounts initiate fund transfers to accounts in other banks, the limitations imposed by Shinhan continue to apply.Oh Sejin, CEO of Korbit, expressed enthusiasm that the higher deposit limit enabled by the new guidelines would improve investor convenience and draw in new customers. He added that the crypto exchange is committed to collaboration with Shinhan Bank, aiming to enhance user protection and anti-money laundering (AML) measures.

Asian Firms Feature in Ledger’s Institutional Trading OfferingCrypto hardware storage device provider Ledger has recently introduced the Ledger Enterprise Tradelink network with the participation of a number of well-known Asian crypto platforms.Through its Ledger Enterprise Tradelink offering, Ledger aims to provide a robust and open trading platform specifically designed for institutional investors. The company announced its move into the institutional trading technology market via a blog post published to its website on Wednesday.Photo by Kanchanara on UnsplashMeeting institutional needsThis platform aims to meet the unique risk management and regulatory requirements of institutions seeking to participate in the cryptocurrency market.Given recent events, such as the bankruptcy of the FTX crypto exchange, market participants are increasingly seeking transparency and alternatives to traditional vertically integrated crypto exchanges. There are also concerns regarding the future of market infrastructure in light of the recent lawsuits filed by US regulators against major exchanges like Binance and Coinbase.Sebastien Badault, the VP of Metaverse & NFTs at Ledger, highlighted these concerns and emphasized the importance of addressing them. He explained that the Ledger Enterprise Tradelink network enables a seamless connection between custodians, OTC brokers, and exchanges, allowing traders to execute trades without having to hold funds on the exchange itself.This unique feature serves to minimize the risks associated with centralized exchanges. Badault further predicted that as regulations evolve, fund managers will likely be required to distribute their risk across multiple custodial partners, making the Ledger network an appealing solution.Asian partnershipsTo bring the enterprise-grade platform to life, Ledger has partnered with several prominent crypto exchanges and broker firms. These include international companies like Bitstamp, Uphold, CEX.IO, Wintermute, Coinsquare, NDAX, Damex, Flowdesk, and YouHodler. Additionally, Asian platforms feature strongly, represented by the likes of Seychelles-headquartered crypto exchange Huobi, Singapore-based platform Crypto.com, and Thailand’s Bitazza, a digital asset platform.Other participating companies comprise of Komainu, a digital asset custodian backed by Japanese financial services company Nomura, Tokyo-based institution-facing crypto finance firm, Crypto Garage and Hong Kong’s Kryptodian, a digital asset custodian.Other international partners include digital asset custodians TetraTrust and Etana. The partnership depth that Ledger has put in place with its Ledger Enterprise Tradelink product ensures that firms utilizing the network are not locked into a single custodial provider.Crypto.com President & COO, Eric Anziani, praised Ledger’s innovative Trading Operation technology, emphasizing its role in enhancing security and fostering a regulation-friendly landscape for institutional trading. The collaboration with Ledger enables Crypto.com to participate in the Ledger Enterprise Tradelink network, expanding their offerings for institutional clients and strengthening their position within the market.Ledger Enterprise offers real-time tracking of collateral balances and operational status for all participants, providing enhanced transparency and operational efficiency. Furthermore, the platform boasts zero transaction fees, making it a cost-effective solution for institutional investors, as highlighted in the press release.This initiative by Ledger aligns with the industry’s growing demand for regulatory compliance and effective risk management solutions. Consequently, Ledger’s entrance into this space marks an important milestone in facilitating institutional participation and driving further adoption of cryptocurrencies.

Hong Kong Launches Web3 InstituteThe Institute of Web3 Hong Kong has recently been established with the aim of promoting and developing Web3 technologies, including blockchain and other decentralized technologies. That’s according to a report that was published by the Hong Kong China News Agency (HKCNA) last week.©Pexels/Zetong LiPromoting Web3 developmentThe Institute of Web3 Hong Kong aims to promote the development of Web3 technologies by providing education, research, and development support to individuals and organizations interested in these technologies. It will also serve as a platform for collaboration between different stakeholders in the Web3 ecosystem, including developers, entrepreneurs, investors, and regulators.The institute is being led by Joseph Yam, the former Chief Executive of the Hong Kong Monetary Authority (HKMA), and is expected to play a key role in the growth and development of Web3 in Hong Kong and beyond.Yam is well-known for his expertise in financial regulation and has been a strong advocate for the adoption of blockchain technology in the financial industry. In his new role as the head of the Institute of Web3 Hong Kong, he is expected to use his experience and knowledge to promote the adoption of Web3 technologies in Hong Kong and the wider Asia-Pacific region.Developing financial centerThe establishment of the Institute of Web3 Hong Kong is seen as a significant development in the growth of the Web3 ecosystem in Hong Kong. Hong Kong is already known for its strong financial industry, and the adoption of Web3 technologies could further enhance the city’s position as a leading financial hub in the region. The institute’s focus on education and research will also help to develop a skilled workforce that can support the growth of the Web3 industry in the future.The institute is expected to work closely with the Hong Kong government and other stakeholders to create a regulatory framework that supports the growth and development of Web3 technologies. This is important, as regulatory uncertainty is often cited as a barrier to the adoption of blockchain and other decentralized technologies.Precursor to investmentThe establishment of the Institute of Web3 is also expected to attract more investment in the Web3 industry in the region. The institute’s focus on education and research will help to create a favorable environment for startups and other organizations that are developing Web3-based applications.While China has not been a crypto-friendly region in recent years, there are increasing signs that Chinese officials are content to see Hong Kong develop as a hub for Web3-based technologies while keeping the sector under much stricter control within mainland China. Chen Dong, Deputy Director at the Liaison Office of the Central People’s Government in Hong Kong has publicly praised Hong Kong’s push to become a regional center for Web3 innovation. Meanwhile, Li Feng, the Chairman and CEO of China Mobile, has been installed as the non profit’s honorary chairperson.The establishment of the Institute of Web3 Hong Kong is a significant development in the growth and development of Web3 technologies in the Asia-Pacific region. The institute’s focus on education, research, and collaboration will help to promote the adoption of Web3 technologies and create new business models in various industries. With the leadership of Joseph Yam, the institute is expected to play a key role in the growth of the Web3 ecosystem in Hong Kong and beyond.