Avalanche Blockchain Developer Expands into India

Koscom Adds Crypto Market Data to Investment Data Platform CHECK Expert+South Korean financial IT company Koscom Corp. said Wednesday that it has started offering market data for virtual assets on its investment analysis information terminal service, CHECK Expert+. CHECK Expert+ provides a variety of information and news on foreign exchanges, bonds, overseas markets, and more to professional investors.Photo by Sajad Nori on UnsplashCross-platform data collectionStarting last month, Koscom has been combining the market price information of virtual assets that are scattered across the websites of four major domestic and foreign virtual asset exchanges into one platform on CHECK Expert+. By doing so, investors can now easily compare the current prices of different assets traded on multiple platforms.Cryptos compared with other assetsThrough the terminal, investors can also compare the performance of the popular cryptocurrency Bitcoin with other assets across exchanges such as KOSPI, KOSDAQ, S&P500, NASDAQ, and the US 10-Year Treasuries. This feature allows for more intuitive and straightforward performance comparisons.Given the fact that prices of the same asset can vary depending on the exchange, this service can provide investors with a broader perspective and allow them to make more informed decisions, Koscom said.“This is our first step into virtual asset-related market data services. Leveraging our experience in operating CHECK Expert+ and our expertise in processing capital market data, we aim to provide valuable investment information in the virtual asset market to our users,” said Hwang Sun-jeong, the Executive Director of Koscom.This move by Koscom reflects the growing interest and relevance of the virtual asset market in Korea, and CHECK Expert+ is expected to provide investors with valuable insights in the midst of a rapidly evolving financial landscape.

Japanese consumer electronics conglomerate company Sony appears to be gearing up for a cryptocurrency exchange relaunch following its acquisition of WhaleFin. That’s according to a press release published by Japanese public relations company PR Times. Last year, Sony bought Amber Group, a Singapore-headquartered digital asset and crypto financial services firm, which operates crypto exchange WhaleFin. It now appears that the company plans to revamp the local trading platform.  S.BLOX crypto exchangeAmber Group has been renamed to S.BLOX Co. A statement from WhaleFin confirmed the name change. The rebranding has occurred following the acquisition in August 2023 of Amber Group by Quetta Web, a wholly-owned subsidiary of Sony Group Corporation. It also outlined plans to upgrade the service in terms of user experience through a user interface (UI) design refresh. Furthermore, the service plans on releasing new applications going forward.  Part of the strategy is to leverage Sony Group businesses in order to further bootstrap the crypto exchange. Using this approach, the company believes that it can create new added value in cryptocurrency trading services.  The precise launch date of the renewed WhaleFin crypto exchange has yet to be announced. S.BLOX is registered with the Kanto Local Finance Bureau of the Ministry of Finance. Furthermore, it’s a member of the Japan Virtual and Crypto Assets Exchange Association (JVCEA), which oversees cryptocurrency trading within the Japanese jurisdiction from a regulatory and compliance perspective. The exchange business is understood to have a current capitalization of 1,708,179,531 yen (around $10.5 million).Photo by James Feaver on UnsplashWeb3 focusSony has made a concerted effort to expand its activity in the Web3 space. In March 2023, the company filed a patent that aims to enable players of Sony gaming products to access interactive Web3 gameplay. That application will focus on the use use of NFTs. A month earlier, Sony Network Communications, its internet provider division, partnered with the Astar blockchain development team in order to create an incubation program for startups who are working on decentralized autonomous organizations (DAOs) and NFT-based innovation. The same subsidiary partnered with Japanese blockchain firm Startale Labs last September in order to build Sony’s own public blockchain network. The CEO and founder of Startale Labs, Sota Watanabe, took to the X social media platform on July 1, clarifying that Startale’s external director will be heading up Sony’s new crypto exchange. While Sony has dipped its toe in the water previously relative to Web3 projects, this latest development will see it become more deeply involved in the crypto and Web3 space.  Amber Japan was bought out by crypto finance firm Amber Group in 2022 when it was known at that time as DeCurret. Last year, Bloomberg reported that Amber Group was working towards selling off the enterprise due to difficulties in navigating the strict regulatory environment it encountered within the Japanese market. In a related development, it emerged last month that leading Japanese crypto exchange bitFlyer had acquired FTX Japan, the Japanese subsidiary company of the failed global crypto exchange business.

South Korean internet giant Naver has announced that it is monitoring and removing blog posts that promote unregistered virtual asset service providers (VASPs).Photo by Pixabay on PexelsUnregistered status makes promotions illegalAccording to Digital Asset, a Naver official said the practice reflects the fact that unregistered VASPs are subject to criminal penalties, meaning advertisements or promotional content related to them could potentially violate the law. This marks the first instance of Naver publicly confirming its stance on advertising for unregistered crypto platforms. The official noted that this measure had already been implemented before the financial regulator issued a press release in December warning of the illegality of such activities. In December, the Financial Intelligence Unit (FIU) of the Financial Services Commission (FSC) said that referral activities promoting unregistered VASPs through blogs and social media constitute an illegal crypto business. The regulatory clarification prompted influencers on platforms such as Telegram and YouTube to discontinue referral promotions related to these exchanges. Google Play to remove unregistered exchangesIn a parallel move, Google has revealed plans to cease support for unregistered crypto exchange apps on its Google Play Store. Google Korea said the decision was made voluntarily to align with its operational policy of complying with regulations in different jurisdictions. As a result, unregistered platforms will be removed from the Korean market in accordance with the FIU's regulatory rules. Beyond marketing restrictions, scrutiny of crypto exchanges is intensifying as the FSC moves to strengthen oversight. The regulator is reportedly devising a rule that would hold platforms liable for hacking incidents under a strict liability framework, meaning liability could be imposed even in the absence of negligence. According to MTN News, the financial authority is considering penalties of up to 10% of a platform’s revenue for such incidents. However, industry participants have argued that the proposed regulation is excessively harsh. One crypto industry source highlighted the disparity, pointing out that the potential 10% fine is more than three times higher than the maximum 3% penalty imposed on traditional fintech companies. Traditional finance eyes stablecoinsAmid this regulatory tightening, the traditional financial sector is positioning itself within the stablecoin segment. Banks are reportedly discussing whether to seek permission to offer yields on stablecoins, provided these fiat-pegged assets are issued by bank-led consortia. Citing industry sources, Electronic Times Internet reported that the Korea Federation of Banks (KFB) recently held a closed-door meeting with member institutions. The agenda focused on a coordinated response to upcoming regulations governing won-backed stablecoins, which form part of the second phase of South Korea’s digital asset legislation. Discussions included a review of the KFB’s ongoing research into won-backed stablecoins, commissioned to McKinsey & Company. The report, currently at its midpoint and scheduled for release in early February, will examine the feasibility of bank-led stablecoin issuance and explore potential use cases. This move is widely seen as an effort by the banking industry to secure customers and liquidity early on, while protecting its competitive advantage as a group of traditional lenders. The push by traditional financial institutions into stablecoin-related sectors is becoming increasingly concrete. According to another MTN News report, Shinhan Securities has formed a strategic partnership with Etherfuse, a tokenization platform that converts real-world assets (RWAs) into digital tokens. The partnership aims to collaborate on the issuance of "stablebonds" backed by government bonds. The planned issuance will use the ticker KTB, with Shinhan Securities acting as a brokerage responsible for securing and managing the underlying assets rather than serving as the issuer. Similarly, Hana Financial Group has established a stablecoin consortium including BNK Financial Group, iM Financial Group, Standard Chartered Bank Korea, and OK Savings Bank. According to local media outlet News1, the participants plan to raise funds to establish a special-purpose company that will later issue a stablecoin.These developments come as financial authorities move to use legislation to restrict early-stage stablecoin issuance to consortia in which banks hold at least a 50% stake plus one share, citing concerns over market stability.