Korea’s Crypto Exchange Group Hires Data Security Professor as Advisor

Puzzle Monsters Wins Investment from CRIT Ventures for Web3 Game ExpansionSouth Korean blockchain game developer Puzzle Monsters has secured an investment from CRIT Ventures, a venture capital subsidiary of Com2uS Group, during its recent Pre-A investment round. The amount hasn’t been disclosed.The investment comes as part of CRIT Ventures’ efforts to expand its investment portfolio with promising companies specializing in Web3 content and platforms.“Through CRIT Ventures’ investment, we look forward to honing our game development expertise and securing a faster and more meaningful gateway to the blockchain infrastructure and community,” said Yang Jin-hwan, CEO of Puzzle Monsters.Photo by Precondo CA on UnsplashAbout Puzzle MonstersPuzzle Monsters is known for its away-from-keyboard massively multiplayer online role-playing game (AFK MMORPG) called “Idle Ninja Online,” which began incorporating blockchain technology at the end of 2021 and earning popularity among users.The developer’s mounting success can be accredited to its creative game ideas and a keen understanding of market trends. Its other flagship game, Ninja Survivors Online, is also enjoyed by many users both domestically and overseas.“We want to present better products to the market, both in terms of gameplay and blockchain integration,” CEO Yang emphasized.Boosting the market for Web3 gamingCRIT Ventures’ parent group Com2uS has been focusing on leading the Web3 market with various games and game platforms that are based on the XPLA blockchain mainnet. It has also recently launched the immersive online community space SPAXE in Com2uS’s all-in-one metaverse service Com2Verse. Earlier this year, Com2Verse partnered with Microsoft Korea to apply artificial intelligence technology to the metaverse.Com2uS additionally unveiled plans to onboard Puzzle Monsters’ current and future games onto XPLA, aiming to create maximum synergy.

Samjong KPMG, the South Korean division of global accounting firm KPMG, is gearing up to host a seminar on virtual assets. The event is scheduled for Jan. 5 (KST) and is organized in partnership with Xangle, a Web3 data intelligence platform. Earlier this month, the two entities agreed to collaborate in exploring on-chain data relevant to crypto accounting.Photo by Markus Winkler on UnsplashGrowing crypto marketRecently, there has been a notable increase in the crypto market activity in South Korea, with the daily trading volume of virtual assets surpassing KRW 10 trillion (approximately $7.8 billion), equivalent to approximately $7.8 billion. In response to this burgeoning market, South Korea is looking forward to the implementation of the Virtual Asset User Protection Act in July. Additionally, last week, the country’s financial regulators issued the final version of new guidelines for cryptocurrency accounting and disclosure. In light of these recent developments in South Korea's crypto market, the event organized by Samjong KPMG and Xangle aims to bring together crypto entrepreneurs to discuss strategies for adapting to the new corporate regulations concerning accounting, disclosure and internal control. This seminar will provide an opportunity for stakeholders in the crypto industry to prepare for the upcoming regulatory changes, ensuring compliance and effective management in this evolving financial landscape.From market forecast to taxationIn the upcoming seminar, a series of talks are slated to shed light on the shifting landscape of the cryptocurrency market. The first presentation will feature Junwoo James Kim, Co-CEO of Xangle, who is set to present a forecast for the cryptocurrency market in the next year.  Following Kim's presentation, Park Jong-baek, a Partner at law firm Bae, Kim & Lee, will take the stage. Park's expertise in legal matters will guide the audience through the current and forthcoming regulatory trends in virtual assets. Meanwhile, Choi Yeon-taek, Director at Samjong KPMG, will address the practical aspects of the recently released guidelines for cryptocurrency. His discussion will focus on their application in corporate accounting, disclosure and internal control. Xangle’s Co-CEO Lee Hyun-woo will highlight the importance of complying with disclosure rules for virtual asset information, focusing on aspects like circulating supply. Furthermore, Samjong KPMG’s Director Kim Byung-kook will address taxation issues related to virtual assets.Accounting transparency and investor protectionAccording to a report by local news outlet The Maeil Business Newspaper, Park Sung-bae, the head of the virtual asset business consulting division at Samjong KPMG, expressed optimism about the upcoming seminar’s potential impact. He hopes that the event will play a significant role in fostering a healthy cryptocurrency market. The focus will be on changing regulations that aim to enhance accounting transparency and protect investors, underlining the importance of adapting to these changes. Echoing Park's sentiments, Lee from Xangle emphasized the importance of clear and well-defined regulations for the cryptocurrency market, given that such regulations enhance transparency and help maintain the overall health of the crypto ecosystem. He highlighted that despite various challenges and concerns, the crypto market has continued to grow. Lee expressed his hope that the seminar will be particularly beneficial for individuals and organizations involved in Web3 projects, aiding them in navigating and understanding the evolving regulatory environment.  

In a global effort to bolster regulatory control over the cryptocurrency sector, Asian nations feature prominently among 17 jurisdictions globally, who have implemented tighter cryptocurrency regulations in 2023. That’s the view expressed by blockchain analytics firm TRM Labs in a report published on Monday.Photo by CARTER SAUNDERS on Unsplash2023 notable for regulatory tighteningThe increased scrutiny comes on the heels of several crypto meltdowns in 2022, including the collapse of major platforms like Terraform Labs, Celsius, BlockFi and FTX, resulting in a market rout that wiped out trillions of dollars in value. The subsequent year witnessed an extraordinary surge in regulatory measures globally, with governments prioritizing consumer protection in the volatile crypto space. TRM Labs' report indicates that the jurisdictions strengthening consumer protection measures accounted for 80% of the 21 studied, representing 70% of global exposure to cryptocurrencies. As the crypto ecosystem grappled with the aftermath of the FTX collapse at the beginning of 2023, regulatory actions surged, shaping a transformative year for the industry. The TRM Labs report emphasizes that nearly half of the jurisdictions tightening crypto regulations in 2023 prioritized increasing consumer protection measures. Additionally, international organizations, including the G20, Financial Action Task Force, Financial Stability Board, International Monetary Fund and the International Organization of Securities Commissions, played a role in shaping global frameworks and policy recommendations for cryptocurrency regulation. While prominent regulatory moves included the European Union's implementation of the Markets in Crypto Assets Regulation (MiCA) in June, Asian countries were particularly active in rolling out regulatory controls and measures relative to digital asset markets.  Stronger measures in SingaporeSingapore, recognized as an early adopter of crypto regulation, took significant steps in November to curb retail speculation in cryptocurrencies. The city-state’s central bank and financial regulator, the Monetary Authority of Singapore (MAS), brought in these restrictions following a year-long public consultation process, together with a review of cryptocurrency platforms. The country set itself apart from other jurisdictions by becoming one of the first to finalize rules governing stablecoins. That regulatory action included the establishment of a comprehensive framework relative to stablecoin operations. South Korea and Australia increased scrutiny of the cryptocurrency sector, contributing to the global trend of regulatory tightening. Hong Kong licensingHong Kong introduced a new licensing regime for centralized crypto exchanges, aligning with its goal to become a global hub for virtual asset businesses. Following its major initiative in October 2022 to support the virtual asset sector, it has since implemented a mandatory licensing regime for centralized crypto exchanges, allowing them to accept retail investors. Eleven companies, including OKX, one of the largest exchanges by trading volume, have submitted applications for the license in the city. In December, Hong Kong followed Singapore’s lead, by proposing stringent rules for stablecoin issuers, prohibiting unlicensed companies from selling stablecoins to the city's retail investors through regulated channels or actively marketing their tokens within the city. These rules are considered challenging for stablecoin issuers and may potentially deter major stablecoin operators like Tether and USDC from entering the city, according to experts. As Hong Kong solidifies its regulatory stance, it positions itself alongside other major players, contributing to the global evolution of cryptocurrency oversight.