State-Owned Newspaper to Launch NFT Platform in China

Korean Crypto Exchange Alliance Reveals Standardized Regulation GuidelinesThe Digital Asset eXchagne Alliance (DAXA), consisting of five leading cryptocurrency exchanges in South Korea, today revealed standardized regulation guidelines, according to a report by news media The Asia Business Daily.Photo by Nick Fewings on UnsplashStandardized guidelinesTwo important documents — the standardized internal control framework and the code of conduct and ethics — were released by DAXA today. These documents were developed based on data provided by financial investment firms and member exchanges. Reviewed by DAXA members and advisors, this documentation represents a significant milestone as it is the first of its kind to address the unique characteristics of the crypto industry. The establishment of unified rules and regulations through the collaborative efforts of the member exchanges stands as a commendable achievement.Internal control frameworkThe internal control framework consists of five parts, encompassing a total of 68 articles. These parts cover general provisions; governance of virtual asset service providers (VASPs); organization and standards for internal control; compliance officers and internal control system management; and compliance details.Code of ethicsThe code of conduct and ethics comprises five chapters with 24 articles. These chapters focus on general provisions, customer ethics, employee ethics, corporate management ethics, and societal ethics.DAXA Vice Chairman Kim Jae-jin expressed optimism that these guidelines will serve as a valuable reference for all VASPs, fostering the development of a fair, trustworthy, and globally competitive crypto market.DAXA’s websiteLast month marked the launch of DAXA’s official website, and their YouTube channel has been active since January. The alliance is made up of five member exchanges: Gopax, Bithumb, Upbit, Korbit, and Coinone. At the helm of the alliance is Chairman Lee Sirgoo, who concurrently serves as CEO of Dunamu — the company operating Upbit, the largest cryptocurrency exchange in the nation.

Finger Labs Embarks on Web3 Content Distribution Project through NFT Marketplace XclusiveFinger Labs, the blockchain subsidiary of South Korean digital marketing giant FSN, announced today the launch of a Web3 content distribution project through its non-fungible token (NFT) marketplace Xclusive, according to local news outlet Newsis.Photo by GR Stocks on UnsplashBTS-inspired dramaTo make this project a reality, Finger Labs has joined forces with CRB Media in a strategic partnership aimed at enhancing content publishing, promotion, and distribution. Their first collaboration is a drama series called “YOUTH,” which draws inspiration from BTS’ album “The Most Beautiful Moment in Life: Young Forever.” The partnership between the two entities will allow Finger Labs to gain access to CRB Media’s copyrighted content materials and design resources required for effective marketing.NFT marketplaceXclusive, launched as a beta service last year, serves as a secondary market for NFTs and a launch pad for a wide variety of projects, contributing to the expansion of the NFT sector. In preparation for Xclusive’s official introduction, Finger Labs has been diligently working on developing user-friendly functions to fuel the growth of the Web3 ecosystem. The company explained that the Web3 content distribution project represents a major milestone in the expansion of innovative businesses.Sharing revenuesFinger Labs looks forward to addressing issues faced by traditional content distribution platforms, especially in the wake of the rise of over-the-top (OTT) media services. By leveraging blockchain technology, the Web3 content distribution system will introduce decentralization, enabling network participants to claim their share of revenues. The system will pave the way for decentralized content consumption practices like trading or lending of video access rights, which will be unveiled when the first content YOUTH goes live.Kim Dong-hoon, CEO of Finger Labs, emphasized that the surge in popularity of OTT platforms has presented challenges for content distributors. In response, Finger Labs aims to utilize new technologies to reshape content distribution, nurturing a new cultural landscape. Kim expressed excitement over their first collaboration, YOUTH, whose global recognition will provide momentum to the company’s initiative.

Huobi Rebrands as HTX to Mark Tenth AnniversaryIn a move marking its 10th anniversary, Seychelles-registered cryptocurrency exchange Huobi has decided to rebrand itself as “HTX.”Rebranding confusionIn crypto-centric discussions on social media, the decision has sparked controversy and raised eyebrows, drawing comparisons to the now-defunct exchange FTX.The announcement of Huobi’s rebranding to HTX was made on Wednesday. According to the company, the new name is a combination of symbolic elements. The “H” represents the first letter of “Huobi,” the “T” is a nod to Justin Sun’s blockchain project Tron, and the “X” stands for the exchange itself.Alternatively, some interpret “HT” as a reference to the exchange’s native Huobi Token (HT), while the “X” symbolizes the Roman numeral for 10, commemorating the company’s 10th anniversary. Huobi’s new slogan accompanying the rebranding is “HTX, Just Trade It.”Before the official announcement, Huobi changed its social media account names to align with the new brand. The exchange’s Twitter handle is now HTX_Global, and its official Telegram group is named “HTXglobalofficial.” As of the time of writing, the website domain still retains the original Huobi name.Photo by Kate Trysh on UnsplashFTX comparisonsThe rebrand immediately drew attention on social media. In one of a range of similar comments, a user lined up the Huobi logo next to that of FTX and wrote: “I think I’ve seen this movie before.” Although a matter of speculation, there has been some chatter on social media in recent weeks, questioning the health of the Huobi business. It didn’t help the firm that in August, rumors swirled that some of the company’s executives were subject to an investigation by Chinese authorities.This isn’t the first time a crypto-related entity has seemingly borrowed part of its name from FTX. In January, the founders of the collapsed cryptocurrency hedge fund Three Arrows Capital announced plans to raise $25 million for a proposed crypto exchange called “GTX.” Huobi’s rebrand has amused some FTX creditors who had faced criticism from some in the crypto sector for wanting to resurrect the business while maintaining the same branding.In early August, Huobi refuted reports suggesting insolvency and the arrest of senior executives by Chinese authorities. Additionally, the exchange had previously been ordered to cease operations in Malaysia following regulatory actions by the country’s securities regulator in May.International marketing effortHuobi’s rebranding to HTX has undoubtedly stirred debate and curiosity within the cryptocurrency community. Justin Sun, an advisor to the project, stated at a media briefing at Token 2049 in Singapore that the HTX brand will be marketed towards Huobi’s international English-speaking users.Sun said: “It’s very hard for foreigners, Westerners, to pronounce ‘Huobi’… It doesn’t make any sense to them,” Sun said, explaining that the word Huobi means fire and coin in Chinese. “That’s why we rebranded as HTX for international branding.”As the crypto industry continues to evolve, it remains to be seen how this new identity will impact Huobi’s reputation and standing in the market. Regardless, the crypto world is known for its surprises, and Huobi’s marketing move serves as a reminder that the industry is in constant flux, filled with unexpected developments.