Korean Blockchain Firm Ozys Achieves ISMS Certification for Data Security

The governor of South Korea's Financial Supervisory Service (FSS) met with the United States Securities and Exchange Commission (SEC) Chair Gary Gensler, according to Korean media outlet Newsis. The meeting took place during FSS Governor Lee Bok-hyun's business trip to the U.S. The meeting with the SEC chair was pre-arranged earlier this year, as previously reported by crypto media CoinNess.  Governor Lee reportedly had high-ranking meetings with officials from the SEC and Commodity Futures Trading Commission (CFTC) between May 14 and May 16. Photo by Daniel Bernard on UnsplashDuring his meeting with the SEC chair, Governor Lee discussed various financial and cryptocurrency regulatory issues including the recent approval of spot Bitcoin ETFs, and reaffirmed the need for close cooperation between two countries in such oversight efforts. In particular, the two regulators came to an agreement to reinforce cooperation in investigation into unfair trading practices associated with securities and virtual assets. He also met with CFTC Chairman Rostin Behnam to share the recent trends regarding virtual asset legislation in the U.S. and agreed to strengthen information sharing between the two countries. The details of the meeting agendas remain confidential, as mutually agreed upon by the two supervisory organizations.   International financial regulatory cooperation Governor Lee’s latest meetings with U.S. financial regulators followed his attendance at the meeting for the Group of Central Bank Governors and Heads of Supervision (GHOS) held in Basel, Switzerland, on May 13. The GHOS is the oversight body of the Basel Committee on Banking Supervision (BCBS).  During the GHOS meeting, participants reached a consensus on the urgency of swiftly implementing Basel III, a set of bank regulation standards. Two-thirds of member countries are set to partially or completely adopt Basel III by the end of this year.  Furthermore, the member countries agreed to postpone the implementation of the Prudential Treatment of Banks' Exposures to Cryptoassets to Jan.1, 2026, considering the regulatory framework is currently under amendment.  

Report Reveals Global Trends and Online Discourse on Crypto Travel RuleCODE, the only Travel Rule solution provider in South Korea, together with blockchain consulting firm Catalyze Research, published a report that sheds light on global trends in Travel Rule legislation and popular online keywords associated with the Travel Rule. The Travel Rule is a set of guidelines that virtual asset service providers (VASPs) and financial institutions are obligated to observe in order to counteract money laundering and terrorist financing. These guidelines require these entities to share information about both the sender and the recipient of cryptocurrency or financial transactions.The authors of this report gathered online comments related to the Travel Rule from January 1, 2019 to July 31, 2023. They conducted this analysis across news outlets, media platforms, online forums, and various social media channels, encompassing over 200 countries and 150 languages.Photo by Volodymyr Hryshchenko on UnsplashKey events driving discussionsAccording to the report, online discussions concerning the Travel Rule intensified around the time of several key events. These events include the enforcement of the Travel Rule in South Korea in March 2022, the approval of the Markets in Crypto-Assets Regulation (MiCA) and Transfer of Funds Regulation (TFR) by the European Union in April 2023, endorsements of the Travel Rule by G7 countries in Japan in May 2023, and the subsequent implementation of the Travel Rule in Hong Kong and Japan in June 2023.Notably, South Korea, Japan, and France experienced the most substantial surges in Travel Rule-related discussions during the first half of 2023. In South Korea, comments were prompted by a lawmaker’s scandal related to cryptocurrency trading. Meanwhile, Japan and France observed a rise in comments linked to the enforcement of their respective local Travel Rule regulations in the second quarter.Negative market responsesIn addition, markets responded more negatively than positively to the tightening of Travel Rule regulations. The concerns about the market contraction were stronger than the positive outlook on the advantages of preventing money laundering.Lee Sung-mi, CEO of CODE, highlighted the growing significance of Travel Rule solution providers in ensuring the compliance of virtual asset service providers (VASPs) with the regulatory demands of various jurisdictions. Particularly, with the Financial Action Task Force (FATF), G7 nations, and the EU at the forefront, countries have been making noteworthy strides in Travel Rule implementations since 2023, she further noted. Lee emphasized CODE’s commitment to aiding its member VASPs in adhering to Travel Rule regulations by delivering secure and convenient services that align with the evolving global regulatory landscape.

Sei Labs, the development firm behind the layer one Sei blockchain, has recently secured a total of $50 million in strategic funding rounds. The funding was raised from investors such as Jump, Distributed Global, Multicoin, Asymmetric, Flow Traders, Hypersphere, and Bixin Ventures.This funding will be used to accelerate Sei Labs’ growth and expand its presence in the Asia-Pacific region. The firm is seeking to position Sei as the fastest Layer one blockchain for trading, while driving the development of the digital asset ecosystem worldwide. Asia-Pacific market demandAccording to the firm, there’s a growing demand for innovative blockchain solutions in the Asia-Pacific region and it aims to solidify its presence in that market. Sei Labs’ mission is to build the best infrastructure for trading by offering chain-level optimizations for decentralized exchanges and trading apps that aim at performance and scalability.The project has been growing rapidly during its development phase, with over 120 teams already deploying on Sei ahead of the mainnet launch. This indicates strong developer support. Furthermore, Sei’s latest public testnet, which went live on March 13th, has already attracted over 3.6 million unique users and processed over 35 million transactions in less than a month, showcasing the robustness and scalability of the Sei blockchain.Sei Labs aims to tap into the vast market opportunities in the Asia-Pacific region and provide cutting-edge trading infrastructure to meet the needs of the rapidly evolving digital asset landscape. With the additional funding and strategic partnerships in place, Sei Labs is well-positioned to further enhance its offerings and drive its expansion plans in the Asia-Pacific region. Bitget investmentOne of the strategic partners that Sei Labs has locked in is Seychelles-based Bitget, a leading crypto derivatives exchange platform. Bitget has invested $20 million in the company, and the two companies will collaborate to build a new decentralized exchange (DEX) that will integrate with Bitget’s existing trading platform. This new DEX will be built on Sei’s high-performance Layer 1 blockchain, offering users fast, secure, and low-cost trading.Bitget’s investment in Sei Labs will also help to strengthen the company’s ecosystem, which aims to provide users with a comprehensive suite of services for trading and managing digital assets. Bitget is committed to supporting Sei Labs’ mission to build the best infrastructure for trading, and the collaboration between the two companies is expected to bring new and innovative products to market. Foresight Ventures partnershipAnother strategic partner that Sei Labs has locked in is Foresight Ventures, a venture capital firm that focuses on investing in innovative technology companies. Foresight has invested $10 million in Sei Labs, and the two companies will collaborate to drive the development of the digital asset ecosystem worldwide.The investment from Foresight will help Sei Labs to accelerate the adoption of its blockchain technology and expand its global reach. The collaboration between the two companies will also enable Sei Labs to benefit from Foresight’s expertise in technology investments and its global network of contacts.Sei Labs’ success in securing $50 million in strategic funding rounds highlights the growing interest in blockchain technology and its potential to disrupt traditional industries. Sei Labs is well-positioned to take advantage of this trend and become a dominant player in the blockchain industry. The company’s efforts will pave the way for more innovative solutions that will drive the global digital asset ecosystem forward.