Further Trials Required Before Determination of eHKD Launch Date

Bunzz expands Web3 enterprise services in JapanSingapore-based company Bunzz, one of the largest dApp development platforms in the Asian region, has expanded its enterprise service offering to include the introduction of a specialized hackathon service geared towards developers in Japan.Photo by Jezael Melgoza on UnsplashWeb3 hackathon serviceThe new service offering, disclosed by the Singaporean startup via a press release published on Tuesday, follows on from a successful seed funding round that injected $4.5 million into the company. Bunzz is introducing a specialized hackathon service exclusively tailored for developers in Japan.The new service from Bunzz is designed to provide comprehensive support to projects and companies in planning and hosting hackathons, with a keen focus on meeting the unique needs of the Japanese developer community.Bunzz offers a suite of services that includes assistance in creating hackathon concepts, formulating effective marketing strategies for Japanese developers and providing extensive support throughout the entire hackathon process — from logistical arrangements to technical guidance and judging assistance. The hackathon-related service offering includes hackathon planning and design, marketing and promotion and management support.Capitalizing on Japanese Web3 growthThis expansion is not just an arbitrary move. The dApp development platform has taken note of Japan’s strong inclination towards embracing Web3 services. With that, it’s looking to capitalize on that market development.With Japan known for its openness to adopting new technologies, Japanese firms are actively seeking opportunities to integrate Web3 solutions into various facets of their operations. Back in April, the Japanese authorities published a whitepaper on Web3 titled “Web3 for All: The Future of the Digital Economy in Japan.” The objective of that whitepaper was to formulate a roadmap that could lead to the fostering of innovation when it comes to Web3.In September, Japan took a step towards allowing startups to raise capital from venture capital firms using digital assets instead of equity. The nation’s robust interest in decentralized applications and technologies has set the stage for Bunzz’s innovative offering. Added to that, Kenta Akutsu, Bunzz’ Co-Founder and CEO, is Japanese, and that may also have played into the decision to target the Japanese market in this instance.‘Bunzz for Enterprise’Earlier this month, Bunzz launched “Bunzz for Enterprise.” As part of that initiative, Bunzz offers consulting and system development support to companies attempting to enter the Web3 domain. The firm claims to have at its disposal over two hundred smart contract templates, made available to platform users via its Smart Contract Hub.In June, the fledgling Web3 platform launched a developer tool called DeCipher in an effort to assist developers in their approach to smart contract documentation, making that process more streamlined and efficient.Through this latest service offering, Bunzz is attempting to extend a warm invitation to projects and companies eager to tap into the skills and potential of Japanese developers through hackathons. This initiative presents an excellent opportunity for engagement with a community that purports to be deeply invested in Web3 and enthusiastic about exploring new technological frontiers.

Gyeonggi-do Province Mandates Senior Officials to Report Crypto HoldingsSouth Korea’s most populated province which encircles Seoul has taken a proactive step towards regulating virtual assets by notifying the legislation of an amendment to the code of conduct for public officials. As reported by local news outlet Yonhap News Agency, the Gyeonggi-do province will gather public comments on the amendment until July 25.Photo by Ryoo Geon Uk on UnsplashProvincial levelUnder the revised code of conduct, Gyeonggi-do officials will be prohibited from engaging in property transactions or investments related to virtual assets, using any virtual asset information acquired during the course of their duties. Provincial officials are also forbidden from providing virtual asset information to others to aid their property transactions or investments.Implementation next monthThe amendment compels public officials whose duties involve crypto-related projects, as well as high-ranking officials with an obligation to report their wealth, to declare their virtual assets. Once reviewed by the Ordinance and Rules Review Committee early next month, the amendment will be implemented immediately.National levelA Gyeonggi-do official explained that the decision to preemptively amend the code of conduct regarding virtual assets was made in anticipation of the implementation of the revised Public Service Ethics Act. This act, passed during the National Assembly’s plenary session in May, mandates high-level government officials to report their virtual assets and is set to become effective on December 14.Gyeonggi-do’s crypto surveyGyeonggi-do has been active in taking measures related to crypto assets. In a recent announcement, the province revealed its plan to conduct a survey among residents, aimed at hearing their experiences with unfair virtual asset trading practices. The survey is scheduled to run from August to November and was prompted by a growing number of residents suffering unfair losses from crypto investments amidst an economic slowdown.

Korea considers legal recognition of virtual assets as trust assets for investor protectionSouth Korea’s Ministry of Justice (MOJ) is assessing whether customers’ virtual assets on cryptocurrency exchanges should be legally recognized as trust assets. This classification would give users priority in claiming their virtual assets in case of an exchange’s bankruptcy, thus strengthening investor protection. There’s a noted concern about potential disputes in such bankruptcy situations, as users’ digital assets are typically considered to be in the custody or storage of these platforms.Photo by Daniel Bernard on UnsplashLegal study by Seoul National UniversityAccording to a Tuesday report by local news outlet ChosunBiz, citing industry and legal sources, the MOJ has initiated a legal study on this subject. The research is being conducted by the Seoul National University R&DB Foundation, which started the project earlier this month.Through this study, the MOJ is expected to examine the legal classification of cryptocurrency as property. This review is significant because, for cryptocurrencies to be held in a trust, they must be legally recognized as property. Meanwhile, the upcoming Virtual Asset User Protection Act, set to come into effect next July, mandates that only cash deposits made by users be segregated from the assets of the exchange itself.In Korea, under the current provisions of the Capital Markets Act, virtual assets are not recognized as being held in a trust. Instead, staked cryptocurrencies are seen as being under custodial management or storage. In such arrangements, only a debtor-creditor relationship concerning virtual assets is acknowledged, differing from the legal framework of a trust.Prioritization of rightsIf a cryptocurrency exchange becomes insolvent and enters liquidation, the current legal framework could end up prioritizing the rights of the exchange’s creditors or shareholders over those of the crypto investors. This situation has faced criticism for its inadequate protection of investors. However, if the crypto assets were considered to be held in trusts, it would enable users to acquire “rights to foreclose outside bankruptcy.” This means users would have the right to receive priority reimbursement for their crypto assets, offering them a higher level of protection in the event of an exchange’s bankruptcy.Regarding this development, an official from the MOJ said that while the study is a fundamental legal review focused on exploring ways to protect users through the application of trusts for various cryptocurrency transactions, including those involving decentralized finance (DeFi), it is too early to provide specific details at this stage.