China Makes History by Settling Cross-Border Oil Deal with Digital Yuan

South Korean digital marketing firm FSN has entered into a strategic alliance with Fingo Company, the operator of the music copyright platform Fingo, to jointly work on a tokenized securities project based on the recently raised funds, according to local news site Newsis on Monday (KST).Photo by Chris Liverani on UnsplashUnlocking synergiesThrough this partnership, FSN and Fingo aim to collaborate on a token securities project. As both companies have experience in leveraging IP, they are expected to apply their expertise to the new business. In particular, FSN operates several IP-based Web3 projects such as Sunmiya Club and Bellygom NFT through its subsidiary Finger Labs, through which the firm has been demonstrating its competitive edge. Fingo also owns a variety of content-based IPs and is cooperating with major domestic securities companies. The two firms’ business capabilities are thus expected to create great synergy in the market. Fingo’s service allows anyone to share revenue made from music, a concept referred to as music revenue sharing, which was once limited to creators or singers only. Last year, it took a step into the tokenized securities sphere by signing a business deal with Mirae Asset Securities, the country’s largest asset manager, to establish a token securities service and launch innovative financial investment products. FSN has been gearing up to take on this collaborative project, namely a recent success in raising a total of KRW 10 billion (approximately $7.5 million) in funding. The company explained that with this considerable funding paired with its knowledge of Web3 and blockchain technology and experience in collaborative partnerships, it will be equipped to settle into the tokenized securities market seamlessly. Charting new horizons"As we have secured large-scale funding under stable conditions, we expect to successfully pursue new businesses, including that in tokenized securities," FSN CEO Lee Sang-seok said. "We will steadily expand new businesses by establishing partnerships with companies with competitiveness in various areas, starting with Fingo Company, which has a competitive edge in tokenized securities and music IP," he said.

At the 16th Mint Annual BFSI Summit and Awards in Mumbai, Reserve Bank of India (RBI) governor Shaktikanta Das reiterated the central bank's cautious stance on cryptocurrencies, regardless of recent global developments. During the event, which was held on Thursday, Das took to the stage. He was asked if the approval of spot bitcoin exchange-traded funds (ETFs) in the United States gives legitimacy to cryptocurrency.Photo by rupixen.com on UnsplashUnwavering responseDas was unwavering in his response, maintaining that the RBI remains steadfast in its approach and opposition to cryptocurrencies. He stated: "The way we look at crypto remains unchanged, irrespective of who does what."  He emphasized that the RBI does not intend to emulate regulatory decisions made by other countries. Despite this global development, Das maintained the RBI's reservations, expressing concerns about the potential risks associated with venturing further into the cryptocurrency space. Favoring a crypto banLast month, officials from the Indian central bank told the Hindustan Times that the RBI believes that the Indian government should impose an outright ban on cryptocurrencies in India. One unnamed official stated:"The government cannot sidestep the RBI’s concerns while deciding on cryptocurrencies, as it is responsible for monetary stability in India and maintains price stability." Das acknowledged the potential of blockchain technology, the foundation of cryptocurrencies, highlighting its versatility for various applications. Both the central bank and the Indian government have encouraged the development of blockchain rather than crypto. Last year, an RBI-led initiative, the National Payments Corporation of India (NPCI), recruited blockchain expertise to further develop that project. However, he made it clear that the RBI's focus remains on strengthening governance and assurance in regulated entities, with an emphasis on early identification, close monitoring and effective management of risks. Citing ‘Tulipmania’Das cautioned against a “crypto mania,” drawing parallels to the historical tulipmania of the 17th century. He underscored the RBI's position that embracing cryptocurrencies could pose significant risks, echoing his previous warnings about the macroeconomic and financial stability risks associated with these digital assets. The governor emphasized the importance of instilling an appropriate risk culture within organizations, with active involvement from the board and senior management. Das stated that the RBI expects top officials and board members to play a more proactive role in risk management. India’s crypto community responded critically to the RBI governor’s comments. Ajeet Khurana, a Web3 growth investor, responded on social media, stating:”Dear RBI governor, I respect you a lot, and I don’t mind that you don’t like Crypto. Diverse points of view are healthy. Yet, using words like 'tulip mania' only gives the impression that you are out of touch with what is happening in Web3. My request, Sir, is that you update yourself.” Vivek Sen, the founder of Bitgrow Lab, wrote:”Dear RBI, First, don't club Bitcoin with ‘Crypto’. Secondly, Tulips did not experience an 80% drop on four occasions, and they recovered each time.”Despite opposition to cryptocurrencies in official circles in India, a report last year produced by Chainalysis found that India is leading the way in Asia in terms of grassroots adoption of cryptocurrencies. 

Military Bank (MB Bank), a subsidiary of Vietnam’s Ministry of National Defence and a top-five bank in Vietnam serving 33 million customers, has partnered with South Korea’s Dunamu to launch the Southeast Asian nation’s first domestic digital asset exchange. Dunamu is the operator of Upbit, South Korea’s largest cryptocurrency exchange. In a statement published on its website on Aug. 13, Dunamu outlined that the two companies had signed a memorandum of understanding (MOU) with the objective of forging a technical partnership to foster Vietnam’s virtual asset market. With that overarching aspiration, the companies plan to establish a digital asset exchange. The deal was signed on Aug. 12 at the Korea-Vietnam Business Forum, an event that was held at the Lotte Hotel in Seoul. Through Upbit, Dunamu has considerable experience and know-how in the crypto exchange business. Its purpose in this partnership is to bring that ability and Upbit’s technology to the establishment of a new exchange in Vietnam.Photo by Peter Nguyen on UnsplashDunamu CEO Oh Gyeong-seok commented on the development, stating: “Vietnam's potential is shown by the more than 20 million virtual asset holders, annual trading volume of more than $800 billion and the inflow of global top 5 blockchain assets.” The Dunamu CEO added that when Vietnam’s proven growth potential meets the Upbit model, it will provide an opportunity to go further than the creation of a crypto exchange, with the development and design of “the entire national digital financial infrastructure based on trust.” Growing and developing Vietnam’s digital financial marketThis aspiration was shared by Military Bank Chairman Liu Zongtai, who stated: “In the future, Vietnam and Korea, Military Bank and Upbit will work together to grow and develop Vietnam's digital financial market as reliable cooperation partners.” As well as sharing its technology and infrastructure, Dunamu will also advise the company on matters such as regulatory compliance and investor protection. Vietnam has previously been hailed as a market that is seeing a significant level of crypto adoption. According to Statista, the market is expected to experience significant growth in the coming years. Crypto user penetration has been forecast to reach over 21% by 2026. The Vietnamese government has also been putting things in order to accommodate crypto assets. In June, the Vietnamese National Assembly passed the Digital Technology Industry Law. The legislation goes some way in providing regulatory clarity, with the categorization of virtual assets and crypto assets. Last October, the authorities set out a blockchain strategy for the Southeast Asian nation, with the aspiration of achieving regional leadership relative to the digital assets sector by 2030. Upbit is a significant player in the crypto sector. According to CoinMarketCap data, it’s the fourth-largest spot exchange platform globally, measured in terms of trading volume. For the month of July, it achieved a trading volume of $110.21 billion, trailing Bitget at $126.05 billion and Bybit at $122.3 billion, while Binance led the market with $683.41 billion.