Hong Kong Authorities Block Access to JPEX Amid Ongoing Investigation

DigiFT Unveils First Fully Regulatory-Compliant US Treasury TokenDigiFT, a pioneering decentralized exchange (DEX) for digital assets with a Singapore-based project team, has made waves in the financial landscape with the official launch of the DigiFT US Treasury Token.Photo by Karolina Grabowska on PexelsTradFi and blockchain convergenceThe company announced the launch of the Treasury token, known as “DUST,” via a press release on Thursday. It’s the first-ever fully regulatory-compliant US Treasury token issued on a public blockchain, signaling a powerful convergence of traditional finance and blockchain technology.DUST has the potential to be a game-changer in the crypto space, offering accredited and institutional investors an unparalleled opportunity to seamlessly invest in US Treasuries through a secure and transparent on-chain channel. One of its standout features is its backing by a single US Treasury note with a specific maturity date, instilling confidence and reassurance in investors seeking stable and reliable assets.Regulatory complianceThere are other tokenized treasuries in existence already. However, DigiFT differentiates its product through adherence to rigorous regulatory standards, ensuring that the tokenization process aligns with established financial norms.Henry Zhang, CEO of DigiFT, expressed his enthusiasm about this groundbreaking achievement:“The launch of DigiFT US Treasury Token represents our commitment to bring the best of both decentralized finance (DeFi) and traditional yield to investors.”He emphasized that DUST not only bridges the gap between DeFi and real-world assets (RWAs) but also upholds the highest standards of regulatory compliance.DUST’s innovative structure offers investors the flexibility to participate using US dollars or US dollar stablecoin (USD Coin). The product is accessible to all, given that it facilitates a minimum investment amount of 1 USD or USDC. To enhance accessibility further still, DUST ensures same-day settlement for investments below USD 50,000, contingent on liquidity conditions.Zhang emphasized the transformative potential of DUST, stating: “We believe that tokenization of RWAs is poised to become the future of investing, and DUST will support the wider adoption of digital tokens with its compliant features.”Rapid progressThe issuance of DUST tokens is overseen by Red Cedar Digital Pte. Ltd., an affiliate of DigiFT, with a yield to maturity (YTM) of 5.40% as of August 3, 2023. DigiFT’s journey began in 2020 when it became the first and only DEX to be accepted into the Monetary Authority of Singapore (MAS) FinTech Regulatory Sandbox.Since then, DigiFT’s list of achievements has grown exponentially. The platform successfully listed a tokenized corporate note from Diners Club (Singapore), which achieved full subscription at its initial offering.Additionally, a tokenized bond, backed by a Barclays 8% Perpetual Bond and custodied with a licensed global financial institution, reinforced DigiFT’s reputation for innovation. The platform’s regulatory-compliant access to Matrixdock’s Short-term Treasury Bill Token (STBT) further solidified its role in pioneering secure and transparent investment avenues.DigiFT’s product offering demonstrates that we are likely to see an ongoing blurring of the lines between blockchain-based innovation and traditional products in conventional finance over the next few years. As DigiFT continues to champion regulatory compliance and innovation, investors can anticipate even more transformative solutions that harmonize the best of both worlds.

ONEUNIVERSE Holds Second NFT Sale for Champions ArenaSouth Korean metaverse developer ONEUNIVERSE said Wednesday it is holding its second sale of non-fungible tokens (NFTs) in celebration of the upcoming release of its newest AAA Web3 game, Champions Arena.Photo by Stefan Gall on UnsplashFueling earningsThe NFTs, called Champion NFTs, will play a pivotal role in boosting the core Play-to-Earn (P2E) feature of the game. Players must possess Champion NFTs in order to earn victory points, or VPs, within the game’s central hub called the Arena. These VPs can then be converted to and distributed as Gala (GALA), the native token of the game’s publisher Gala Games.The amount of VP that a player can acquire depends on factors such as the quantity and ranking of the Champion NFTs in their collection, as well as their tier ranking. Hence, more Champion NFTs means more VPs.“We are delighted to meet the demand of gamers who are eager to purchase NFTs leading up to the official release of Champions Arena. Through this sale, our goal is to ensure that as many users as possible can experience one of the core functionalities of the game — earning — right from the initial launch,” said Choi Won-jong, Chief Business Officer of ONEUNIVERSE.Global launch and exclusive offersChampions Arena will launch globally at 5 PM PT on August 23 as a mobile and PC game with the exception of South Korea and select countries, according to Gala Games. The NFTs will be available for purchase on the Gala Games official website starting today until the launch. They will be packaged within “Champion Boxes” that contain one of 18 different playable Champions, including those in the highest tier of Legendary.There is also an exclusive 30% discount event running until 3 PM on August 21.

Korea Bolsters Crypto Oversight and Anti-Fraud EffortsThe Korean National Police Agency (KNPA) is planning to build a system that allows for the swift suspension of wallet addresses on Binance, the giant global cryptocurrency exchange, during criminal investigations, according to a report by news outlet Edaily. This move comes as Binance is in the process of acquiring Gopax, one of the five major crypto exchanges in South Korea.Photo by Pixabay on PexelsPolice and crypto exchangesThe KNPA met today with these exchanges (Upbit, Bithumb, Coinone, Korbit, and Gopax) and Binance to discuss this matter. In October last year, the KNPA signed a business agreement with the five exchanges to establish a crypto exchange compliance management system.The system serves as a tool for the police to search wallet addresses that are under investigation and determine which of the five exchanges is managing them. Operating 24 hours a day, the hotline enables them to swiftly request freezes and execute warrants. As of May of this year, the system has been utilized by 2,086 investigators.The police are currently working on expanding the system to incorporate Binance. Hence, the focus of today’s agenda is to introduce additional functionalities to the system that would allow the police to thoroughly examine wallet addresses on Binance and initiate freezes when necessary. Until now, the police have been making verbal requests via the hotline before issuing formal letters.In addition to addressing the integration of Binance into the system, the police will engage in discussions regarding enhancements to the compliance system for crypto exchanges and the management of the hotline. Looking ahead, their goal is to extend the application of the compliance system to encompass all 36 crypto exchanges operating in Korea at present.Financial authority bolsters probe unitMeanwhile, the Korean Financial Supervisory Service (FSS) held a press conference today to announce its plan for enhancing its capacity to combat the escalating prevalence of unfair trade practices. Particularly rampant in unregistered investment entities and social media chat rooms, these practices have prompted the FSS to take decisive action.To address this pressing issue, the FSS has devised a plan to bolster its investigative prowess. It intends to augment the manpower of its three investigation units, increasing the number of investigation officers from the current 70 to 95. Furthermore, the establishment of three additional teams is on the horizon, further strengthening the FSS’s investigative capabilities.The Special Investigation Team will fully dedicate its efforts to combating severe unfair trading practices that have the potential to cause substantial losses for investors. The Information Collection Team will employ a multifaceted approach to gather pertinent information. Through both in-person interactions and online activities, this team will diligently collect data essential to uncovering and addressing unfair trade practices. The Digital Investigation and Response Team will delve into the intricacies of emerging digital assets, including cryptocurrencies and security tokens. Their primary objective is to develop and refine investigative techniques specifically tailored to these novel forms of digital assets.In order to enhance its responsiveness to unfair trading practices, the FSS will introduce a new system for sharing investigative information with cryptocurrency exchanges. This collaborative effort aims to foster closer cooperation between the FSS, the prosecution, and the police, ensuring swift and effective responses to any instances of misconduct.The Korean financial authority has affirmed its commitment to working closely with relevant agencies to strengthen investor protection and promote transparency in the capital market. Additionally, it has warned investors to exercise caution and avoid falling victim to investment frauds or engaging in excessive leveraging that may result in substantial losses.