Japan’s Cryptoasset Group Proposes Self-Regulatory Reforms for IEO System

Starbucks Korea implements NFT initiative to boost sustainability effortsStarbucks Korea is set to take on several eco-friendly initiatives in the new year to promote the use of personal reusable cups, including an NFT wallet and a new tumbler coupon policy, according to local news outlet Newsis on Thursday (KST).Photo by Battlecreek Coffee Roasters on UnsplashNFTs and eco-friendly effortsIn a newfound development, the brand also said that it would start issuing NFTs through a new NFT wallet on its mobile app next month as part of its eco-friendly consumption campaign. Until now, NFTs have been widely utilized in fields like art, music and entertainment due to their ability to prove individual ownership of digital assets. Starbucks’ adoption of the technology is a significant step in its implementation into daily life, which will lead to an increase in the number of real-world use cases and an acceleration in the transition to the era of Web3.To celebrate the launch of the NFT wallet, Starbucks plans to hold a promotional event where customers who use a reusable cup for one beverage ordered via the Siren Order function will receive one Eco Stamp. Up to three stamps can be collected per day. These can be exchanged for various types of NFTs, which are categorized as Basic, Creative and Artist, and each customer can only own one.Starbucks’ NFTs will be minted in collaboration with Seoul-based art platform and gallery Print Bakery (PBG) and PBG exclusive artist DADAZ, featuring images of unique cups, tumblers and more.The franchise plans to hold an offline exhibition to showcase images of the NFTs as well as its achievements in corporate sustainability at the Starbucks Jongno R store located in Jongno-gu, central Seoul, early next month.Sustainable sipsThe coffee franchise is also known for offering a complimentary beverage voucher to customers who purchase a reusable cup or tumbler. Next month, this voucher will be renamed the Eco Tumbler Beverage Coupon, which customers can exchange for a tall-sized beverage of their choice. This policy is aimed at encouraging the use of personal cups and providing tailored benefits to customers who embrace sustainable options.This new introduction was partially driven by the steady increase in the number of personal cups used at Starbucks stores around the country over the past three years. The annual number of cases has risen from 17.39 million in 2020 to 21.9 million in 2021, then 25.3 million last year.This figure has spiked significantly this year in particular, with the cumulative yearly number reaching 26.7 million last month, surpassing last year’s total. If this trend continues until the end of the year, the estimated figure is expected to be around 29.6 million, representing a 17% increase compared to 2022.This upward trend is attributed to the immediate KRW 400 discount offered to customers who participate, as well as an alternative benefit where customers can earn one “Star”, or reward point, for each purchase that they make. Until last month, the total value of benefits that were distributed via these two systems — with one Star valued at KRW 500 — exceeded KRW 12 billion. The ratio of immediate discount and Star rewards in this value stands at 30% and 70%, respectively.Green commitmentStarbucks also plans to continue its No Single-Use Cup Day campaign, a collaboration with the Korea Zero Waste Movement Network that has been ongoing for the past five years. The brand dedicates the tenth of every month as a day without single-use disposable cups, giving out merchandise like mugs, tumblers, coffee ground planting kits and stickers. Since last year, various events have been organized to celebrate the day, such as coupons gifted to customers who use reusable cups the most. Approximately one million people have participated in these promotions since the campaign’s inception in 2018.Starbucks expressed its hopes that these initiatives would act as a catalyst for positive changes in local communities by encouraging the reduction of waste.

Dunamu Helps Adolescents Tell the Difference between Blockchain and BitcoinDunamu, the fintech company operating South Korea’s leading crypto exchange Upbit, announced on Thursday that its digital finance education program designed to help foster talent in digital finance amidst the current era of digitization and fintech has come to an end.Photo by Element5 Digital on UnsplashEmpowering digital finance literacy for the future generationDubbed “Duniverse” — a portmanteau of Dunamu and universe — the program was held from May to July for 4,100 middle school students throughout Seoul, Gyeonggi Province, and Incheon. The curriculum proved to enhance their understanding and literacy in digital finance.“Digital finance education for adolescents is essential in addressing various social issues, such as preventing financial accidents and income polarization,” said Lee Sirgoo, CEO of Dunamu.The first Duniverse program was held last year, hosting some 4,800 middle school students in vulnerable areas of Gyeonggi Province. Owing to the positive response, this year’s pool has been expanded to over 7,000 first-year middle school students in Seoul, Gyeonggi Province, and Incheon. In the first half of this year alone, a total of 4,120 students from 17 middle schools participated.The program featured lessons on the technologies of the Fourth Industrial Revolution, such as blockchain, NFTs, and metaverse, as well as basic financial knowledge. A total of eight sessions were led by a team of qualified instructors with years of experience in economic education. Dunamu employees also directly contributed to the review process of educational materials, the company said.Success recognized by students and teachers alikeIn a survey conducted by Dunamu targeting 435 participants, 93.1 percent of them expressed high satisfaction, stating that their understanding of digital finance improved. This portrays a meaningful upgrade from the answers of a previous survey conducted before the start of the program, where six out of ten respondents said that they had little knowledge about digital finance.They also reported that they now understand the difference between digital asset ownership and copyrights as well as blockchain and Bitcoin, and show interest when coming across digital finance-related content in the media.School teachers also praised the program for addressing blind spots in financial education and taking a proactive learning approach. “The students were able to learn about big data, ChatGPT, and more, which is especially valuable since such education for teenagers is still lacking. I believe it will help boost their competitiveness in the future job market,” said a teacher from Goam Middle School in Yangju, Gyeonggi Province.The teachers also approved of other topics that were covered, such as financial fraud prevention, to help teenagers avoid falling victim to financial scams. Suggestions were also made to expand teacher training courses.Upcoming programThis year’s second Duniverse program will be held from August to December for 2,712 middle school students in Seoul, Gyeonggi Province, and Incheon.Dunamu has continually devoted efforts to boosting social welfare and nurturing young talent. This includes “Dunamu Next Steppers,” a hope fund for young people with multiple debts, along with supporting emerging talents and artists with developmental disabilities in their participation in NFT projects.

Korea’s prominent crypto exchanges Bithumb and Korbit have recently resumed charging trading fees, local media outlet Edaily reported. However, these changes in fee policies are reinforcing Upbit’s dominant market position while downsizing Bithumb’s and Korbit’s market shares. Meanwhile, the local banks affiliated with crypto exchanges are benefitting from an uptick in fee revenue from the recent bitcoin boom. According to crypto data intelligence platform CoinGecko on Feb. 28, Upbit accounted for 77.4% of the local market share in crypto transactions, followed by Bithumb (20.43%), Coinone (1.73%), Korbit (0.35%) and Gopax (0.09%). Photo by Markus Winkler on UnsplashShifts in market sharesAs of March 2, the market shares of Bithumb and Korbit decreased by 8.59 percentage points and 0.21 percentage points, respectively. Conversely, Upbit’s dominance grew to 86.57%, up by over 9 percentage points. A Korbit official said it’s too early to pass judgment on Korbit’s market performance, as the exchange’s policies on trading fees could change depending on the market sentiment. The person added that CoinGecko tracks only eight types of tokens traded on Korbit and does not cover all the transactions on the exchange.  Bithumb had previously benefited from charging no fees, driving up its market share to as high as over 40% in December. Following the decision to impose a fee of 0.04% on Feb. 6, however, the exchange has been experiencing a drop in transaction volume. Korbit also reinstated trading fees last Thursday, roughly four months after eliminating them on Oct. 10 as a promotional move. However, it's worth mentioning that the newly introduced trading fee is 0.07%, which is lower than the earlier rate of 0.2%. Meanwhile, Gopax currently exempts fees for users who trade BTC, ETH, XRP and USDC.  No local regulations on fees for crypto transactions At the moment, there are no local regulations on fees for crypto transactions, leaving the task of setting such fees to individual trading platforms. It is known that crypto exchanges in other countries, such as the U.S., set their own rates as well.