Bithumb Live Files for Bankruptcy

KOTEC and Busan Techno Park Join Hands to Boost Technological Growth of Busan EnterprisesThe Korea Technology Finance Corporation (KOTEC) announced that it signed a cooperative agreement with Busan Techno Park on Monday at Busan Techno Park’s headquarters to support the growth of enterprises and offer financing for technological development. Under the agreement, KOTEC and Busan Techno Park have established a mutually beneficial system to jointly nurture and support tech companies based in Busan that are striving to commercialize data and blockchain technologies.Photo by Christopher Lee on UnsplashFostering tech innovation in BusanKOTEC is a non-profit government-affiliated institution aimed at financing innovative small and medium-sized enterprises (SMEs) for technology development. It offers services like credit guarantees, technology appraisal, equity investments, and technology transfers. Busan Techno Park is a regional industrial innovation institution for the southern port city of Busan, which operates a cooperative system among industrial, academic, and governmental agencies for the technological advancement of local companies.The two entities have committed to sharing information about companies that require financing for technological advancement — such as technological challenges that they may face — and promote joint projects related to technology investment and financing. They also aim to gather data resources for technology transfer, evaluation, and commercialization.KOTEC has marked Busan as a regulation-free special zone for companies that reside there. The demarcation of regulation-free special zones aims to foster the innovative and strategic development of a certain region. It is also operating a system under a regulatory sandbox preferential guarantee, which aims to facilitate accelerated market entry for businesses specializing in blockchain technology, maritime mobility, ammonia energy, and more.Empowering financing for technological advancementThe regulatory sandbox is a system run by the Korean government that exempts or suspends existing regulations for a designated amount of time for companies releasing new products and services and regulates them post-mortem if there is a problem. Under the sandbox policy, preferential guarantees refer to a technology guarantee fund that provides guarantees up to KRW 2 billion (approximately $1.5 million) for loans of facility funds to companies subjected to temporary approval and decreases the guarantee rate by up to 0.5%.In March, KOTEC was designated as a data appraisal agency by the Ministry of Science and ICT. Since then, the corporation has been implementing the data value plus guarantee — a product that determines the economic value of data and provides guarantees accordingly.“We will actively contribute to the government’s national tasks, including providing prioritized support for the cutting-edge future strategy industry. We will make even greater efforts to contribute to job creation and regional economic development,” said Kim Se-hyun, Head of KOTEC’s Busan-Gyeongnam Regional Office.

At the World Trade Organization’s (WTO) 13th Ministerial Conference (MC-13) in Abu Dhabi, a consortium of major global institutions including distributed ledger project IOTA came together to ink a landmark pact aimed at enhancing digital trade, including the tokenization of real-world assets. The agreement, termed the Teaming Agreement, signifies a collective effort to propel digital trade forward, emphasizing the creation of an open, non-profit and inclusive digital infrastructure for trade data sharing. The initiative involves IOTA’s recently-formed Abu Dhabi-based IOTA Ecosystem DLT Foundation.Photo by Belinda Fewings on UnsplashCapital pledgeThe Foundation has pledged an investment of $10 million towards early-stage startups focusing on digital trade and the tokenization of real-world assets (RWAs). These investments, to be unveiled publicly over the next few weeks, will support TradeTech or trade finance technology ventures and provide assistance to startups utilizing IOTA through an accelerator program. The signatories to the Teaming Agreement include esteemed organizations such as the World Economic Forum (WEF), the Institute of Export and International Trade, the Tony Blair Institute for Global Change (TBI), the IOTA Foundation, TradeMark Africa and the Global Alliance for Trade Facilitation (GATF). This collaboration brings together a diverse range of expertise and resources, blending tech and trade proficiency to streamline supply chains and customs procedures. More efficient cross-border tradeThe primary objective of the agreement is to foster collaboration and information sharing across global supply chains, with the aim of reducing barriers and enhancing inclusivity in international trade. By leveraging digital infrastructures, the coalition aims to minimize the time and cost associated with cross-border trade, thus promoting greater participation in global commerce. The timing of this agreement is particularly pertinent, given the multitude of challenges facing global supply chains. Threats such as attacks on shipping routes and the potential rise of protectionist policies underscore the necessity for enhanced information sharing and cooperation across trade networks. Trade Logistics Information Pipeline (TLIP)At the core of this initiative lies the Trade Logistics Information Pipeline (TLIP), a public global trade infrastructure developed by TradeMark Africa in collaboration with the IOTA Foundation. Leveraging open-source technology, TLIP facilitates seamless information exchange in international trade, promoting transparency and inclusivity while empowering participants to retain control over their data. The implementation of TLIP is expected to address challenges such as document loss, information discrepancies and fraud, thereby fostering a more efficient and secure global trade ecosystem. Commenting on the development, IOTA Co-Founder Dominic Schiener stated:"By investing in the future of TradeTech, we are not just facilitating smoother trade transactions; we are laying the groundwork for a more interconnected and efficient global trade ecosystem. Our collaboration with leading organizations through the TLIP is a testament to our commitment to innovation and excellence in this field." In a separate positive development for the IOTA project on Feb. 29, Jelle Millenaar, the co-founder of Impierce Technologies and a former IOTA software engineer, outlined that his company intends to develop a digital identity wallet on top of the IOTA Identity framework. The intention is to build a wallet that is compliant with digital identity regulation within the European Union.

In less than a year since Hong Kong regulators gave the green light to crypto exchanges, there's been a noticeable surge of interest among traditional financial institutions and brokerages eager to secure their digital asset licenses for trading.Photo by Florian Wehde on UnsplashTiger BrokersTiger Brokers, a Beijing-headquartered one-stop trading brokerage with nine million international customers, offers one such example. The firm upgraded its Type 1 Hong Kong Securities & Futures Commission (SFC) license in January to include crypto trading for professional investors and financial institutions based in Hong Kong. The move followed an uptick in interest from mainland China-based firms in Q4, 2023.In a recent interview with Cointelegraph, John Fei Zeng, the CFO and director of Tiger Brokers, revealed that the firm currently boasts 865,500 funded accounts in Hong Kong, managing $18.9 billion in assets. Zeng stated: "Residents of Hong Kong will be able to trade virtual assets such as Bitcoin and Ethereum alongside stocks, options, futures, funds, and ETFs [Through Tiger Trade]." He explained that as part of the firm's expansion plans, additional digital assets will be evaluated. HKMA guidance on crypto custodyAs a testament to the regulatory clarity that has attracted firms like Tiger Brokers, on Tuesday Hong Kong's central bank issued guidance for authorized institutions interested in offering custody services for digital assets. The Hong Kong Monetary Authority (HKMA) outlined comprehensive risk assessment procedures and emphasized the importance of robust policies, oversight, and resource allocation to manage custodial activities effectively. Notably, the HKMA's guidance seeks to address concerns stemming from recent industry mishaps, including the collapse of FTX, Terra and Three Arrows Capital (3AC), by mandating stringent safeguards to protect clients' digital assets from theft, fraud or misappropriation. Key requirements include independent systems audits, secure storage practices and transparent record-keeping, underscoring the regulator's commitment to fostering trust and stability in the digital asset ecosystem. Victory SecuritiesIn a similar move to that of Tiger Brokers, Victory Securities, another Hong Kong brokerage, secured a license from the SFC last November to offer crypto trading services for retail investors. The company reported a significant surge in virtual asset transactions and new customer acquisitions, prompting plans to introduce trading discounts to incentivize compliant and safe virtual asset trading services. Moreover, OSL, a licensed Hong Kong crypto exchange, joined forces with Interactive Brokers in November 2023, enabling the latter to offer bitcoin and ether trading to retail investors through its platform. Further underscoring the evolving regulatory landscape, crypto exchange Bybit submitted a retail trading license application in Hong Kong, indicative of the sector's continued growth and maturity. Nevertheless, navigating the regulatory framework isn't without its challenges. Web3 firms eyeing Hong Kong may need to invest up to $25 million in corporate infrastructure and compliance to secure licensing approval, reflecting the stringent requirements imposed by regulators. As Hong Kong continues to refine its regulatory framework and enhance investor protections, the stage is set for further collaboration between traditional financial institutions and emerging crypto players within the Chinese autonomous territory.