Coinone Hires Former FSS Official as Head Auditor

Binance co-founder and former CEO, Changpeng Zhao (CZ), has partnered with the authorities in the Central Asian republic of Kyrgyzstan to provide advice on crypto regulation and the development and adoption of blockchain technology. It’s understood that CZ has signed a memorandum of understanding (MOU) to this effect with the National Investments Authority (NIA), a state authority that falls under the direction of the President of the Kyrgyz Republic. The NIA promotes foreign direct investment, assisting foreign companies in developing business opportunities within Kyrgyzstan. Photo by Abai K on UnsplashCrypto & blockchain ecosystem developmentIn a statement published on X on April 3 by the President of the Kyrgyz Republic, Sadyr Zhaparov, the president outlined that in accordance with the MOU, the parties will cooperate on the development of the crypto and blockchain ecosystem. Breaking that down further, the president said that this cooperation will involve the provision of technical, infrastructural and technological support and expertise. Additionally, it will involve collaboration towards the implementation of related educational initiatives. Zhaparov added: “This cooperation marks an important step towards strengthening technological infrastructure, implementing innovative solutions, and preparing highly qualified specialists in blockchain technologies, virtual asset management, and cybersecurity. In light of the rapid global evolution of digital technologies, such initiatives are crucial for the sustainable growth of the economy and the security of virtual assets, ultimately generating new opportunities for businesses and society as a whole.” ‘Crypto adoption one country at a time’CZ reacted to this X post by the President of the Kyrgyz Republic, stating: “Kyrgyzstan. Crypto adoption, one country at a time.” He also remarked that this event had brought Zhaparov to X, given that this was his first post on the platform, with an account registered last month. Steve Milton, co-founder and CEO of Web3 wallet project Fintopio and a former Binance marketing executive, commented on the development. Milton stated that Kyrgyzstan is a forward-thinking country, while interpreting CZ's involvement as a step that will help move adoption forward. Additional advisory activityIn another X post, CZ provided details on his advisory activity. He stated: “I officially and unofficially advise a few governments on their crypto regulatory frameworks and blockchain solutions for gov efficiency, expanding blockchain to more than trading. I find this work extremely meaningful.” Reports emerged in January that Malaysian Prime Minister Datuk Seri Anwar Ibrahim had discussed digital finance policy matters with CZ. The Binance co-founder said that those discussions revolved around digital asset regulation and risks related to such assets. Furthermore, cross-border collaborations and collaborations between industries were discussed. In December CZ met with the King of Bhutan. Prior to that visit, he posted a link to an article on X that outlined that the Kingdom of Bhutan has accumulated in excess of $1 billion in Bitcoin. At that time, the Binance co-founder said that many nation states will use Bitcoin and other cryptocurrencies as reserve assets. In the past, commentators have identified Kyrgyzstan as having considerable potential for crypto mining, given ample hydroelectric generation within the mountainous country. However, crypto mining tax receipts as of the end of last year suggest that crypto mining still remains a niche activity in the Kyrgyz Republic.

Sejong Telecom to showcase real estate STO platform at 2023 Blockchain Grand WeekSejong Telecom announced that it is participating in the upcoming 2023 Blockchain Grand Week from Wednesday to Thursday in Seoul to showcase BBRIC — its blockchain-based security token offering (STO) service that tokenizes real estate profit rights — while securing business partners in the process.Photo by Precondo CA on UnsplashLeveraging blockchain technology in real estateBBRIC is built and operated on distributed ledger technology, which protects investors by digitizing their real estate profit rights and recording them on the ledger. This customizable solution enables enterprises to operate and manage the life cycle of an STO, including token issuance, investment product sales, investor deposits and transactions.Corporate clients can seamlessly integrate BBRIC into their respective services or platforms to issue and trade security tokens, calculate dividends, conduct settlements and organize shareholder meetings. They can also securely manage tokens and digital wallets based on smart contracts.“Our technology-intensive STO solution will be a great help to companies that are preparing STO-related projects,” said Park Hyo-jin, head of Sejong Telecom’s marketing strategy division.Bringing BBRIC to the massesThe 2023 Blockchain Grand Week — hosted by the Ministry of Science and ICT and jointly organized by the National IT Industry Promotion Agency (NIPA), the Korea Internet and Security Agency (KISA) and the Institute of Information and Communications Technology Planning and Evaluation (IITP) — aims to promote the value of blockchain technology in enhancing trust in the digital age.Additionally, Sejong Telecom plans to introduce BBRIC at SoftWave, the largest software exhibition in Korea, set to take place at the end of this month. This follows the company’s presentation at the Busan Blockchain City Conference, which showcased the feats of technological innovation in regulation-free zones. Sejong also seeks to expand its network and accelerate the commercialization of its service.The company will also share updates on its submission for a proof of concept (PoC) project to the NIPA. This project involves building a blockchain-based platform for issuing and distributing security tokens and integrating systems for the utilization of mineral resources.Sejong Telecom also recently partnered with enterprises like Hyosung TNS and KOREIT to promote BBRIC and expand the products and services available on the platform.

Cheongju City Targets Cryptocurrency to Recoup Unpaid TaxesSouth Korea’s Cheongju City, located 112km south of Seoul, has announced today that it will tackle local tax delinquents, focusing on the confiscation of their virtual assets.Photo by Karolina Grabowska on PexelsTax debtors owing over KRW 1 millionTo address this challenge, Cheongju City has requested records of cryptocurrency holdings for 8,520 individuals, each owing over KRW 1 million ($747) in local taxes, from seven cryptocurrency exchanges, including Upbit and Bithumb. The city’s plan is to seize and then liquidate these cryptocurrencies to recover the pending tax amounts.This move is facilitated by the amended Act on Reporting and Use of Specified Financial Transaction Information. Under this act, virtual asset service providers (VASPs) must uphold obligations such as confirming the identity of their customers and notifying authorities of dubious transactions. Moreover, the city is keenly monitoring the transfer of virtual assets, focusing particularly on those owned by individuals with unresolved tax dues.Legal groundsIn 2018, the South Korean Supreme Court ruled that virtual assets are recognized as intangible yet legitimate assets, which can be subject to confiscation. It is this ruling that empowers Cheongju City to act against tax arrears by seizing cryptocurrencies.Last year, Cheongju City scrutinized the crypto records of 16,000 individuals and successfully recouped KRW 68 million in taxes from 17 defaulting taxpayers. Cryptocurrencies of those still evading their tax responsibilities remain under confiscation.A city official said that Cheongju will take firm and swift action to collect delinquent payments from those who conceal assets or are repeat offenders.