Klaytn Foundation Denies Embezzlement Allegations Involving KLAY

Academia, Industry Collaborate on Crypto Accounting Research in KoreaThe Korean Accounting Association (KAA) and Samil PwC, the South Korean member firm of global accounting company PwC, have joined forces to conduct collaborative research on accounting for cryptocurrency assets, according to a report by local news outlet Maeil Business Newspaper.Photo by Pixabay on PexelsCollaborative effortsUnder this newly formed partnership, the KAA’s crypto asset committee will work closely with Samil PwC to explore a wide range of crypto assets, facilitate the development of financial statements pertaining to these assets for businesses, and implement accounting policies that align with the characteristics of cryptocurrencies.Leading the crypto asset committee is Roh Hee-chun from Soongsil University, while Partner Lee Jae-hyeok from Samil PwC will participate in the study. Until 2028, this collaboration is poised to yield insights and findings on crypto asset accounting.First seminarThe committee is set to hold its first seminar on June 27, serving as a platform for knowledge exchange and fostering deeper understanding among industry professionals. Furthermore, the accountants involved anticipate publishing a paper in an academic journal next year.PwC’s Assurance Leader Oh Kee-won emphasized the accounting firm’s commitment to leveraging its extensive resources in order to produce outcomes that positively impact society.Meanwhile, KAA President-elect Kim Gap-soon highlighted the relative novelty of crypto asset accounting, acknowledging that there is much ground to be covered. The association aims to establish a solid foundation that offers optimal guidance in the field of crypto asset accounting.

Japan’s GMO Coin Announces Special SGB Airdrop for XRP HoldersGMO Coin, a prominent cryptocurrency exchange operating as part of the Japanese IT conglomerate GMO Internet Group, has unveiled a unique opportunity for XRP holders. Eligible GMO Coin clients who have previously invested in XRP will receive an exclusive airdrop of Songbird (SGB) tokens.Photo by Kanchanara on UnsplashSGB token distributionThe distribution of these SGB tokens is slated for completion by September 29, offering a promising opportunity for XRP enthusiasts. To qualify for this airdrop, customers must have held XRP in their GMO Coin accounts at 09:00 on December 12, 2020. The airdrop is also being extended to those utilizing crypto asset lending services on the platform.To take advantage of the opportunity, eligible clients will need to provide a snapshot of their XRP holdings. While the exact pricing mechanism for the distribution remains undisclosed, it will be revealed at a later date. Presently, SGB is trading at approximately $0.0045, according to Malaysian cryptocurrency data aggregator CoinGecko.GMO Coin has assured its clients that they are free to manage their XRP holdings as they see fit after submitting the necessary proof. The distributions will ultimately be converted into Japanese yen and made available to clients by the end of the month.Ripple’s mixed fortunesThis development comes in the wake of a roller-coaster year for XRP holders. Ripple’s native token experienced substantial price fluctuations in response to various developments and events.One noteworthy instance occurred in mid-July when XRP surged by more than 70%. This surge followed a favorable ruling in a legal dispute between Ripple and the United States Securities and Exchange Commission (SEC).While regulatory pushback has featured strongly in the US, Ripple has sought to expand its business elsewhere with the Asian region featuring within that strategy. In June, the blockchain-based payments firm obtained in-principle approval from the Monetary Authority of Singapore (MAS) to offer its services within the city-state.Earlier this month, Ripple struck a deal with SBI Remit Co., a subsidiary of Japanese financial services conglomerate SBI Group, to enable the remittance company to utilize Ripple’s XRP cryptocurrency as a bridge currency, connecting bank accounts in the Philippines, Vietnam, and Indonesia.Songbird networkThe Songbird network serves as a canary blockchain on the Flare layer one network. Essentially, the blockchain plays a crucial role in allowing the facility to enable network architecture testing on the Flare network, including the Flare Time Series Oracle, F-Asset systems, and StateConnector.GMO Financial Holdings, the parent company behind GMO Coin, bought a 10% stake in AWR Capital, a multi-strategy crypto hedge fund, in April. Following that investment, AWR became a market maker at GMO Coin. The Japanese exchange business is ranked ninth on Forbes Digital Assets’ list of the world’s largest crypto exchanges.As GMO Coin prepares to distribute SGB tokens to eligible XRP holders, this airdrop marks a great opportunity for relevant stakeholders. It showcases the platform’s willingness to reward its customers and foster engagement within the crypto community.

Japan’s Aozora Bank Plans Digital Currency LaunchGMO Aozora Net Bank, a Japanese commercial bank and a member of a Japanese corporate consortium comprising over 100 members, has unveiled plans to introduce a blockchain-based digital currency known as DCJPY.Photo by David Edelstein on UnsplashDCJPYAccording to Reuters, the blockchain-based digital currency is scheduled for launch in July of the upcoming year. DCJPY will be a Japanese yen-based stablecoin, underpinned by deposits and harnessing blockchain technology to enable instantaneous and seamless transactions. Unlike conventional transfer methods that rely on a bank’s data system, DCJPY circumvents this process via a blockchain network, leading to a reduction in associated costs.Efficient inter-company paymentsThe primary objective of Aozora Bank’s venture is to streamline payments between businesses. The incorporation of blockchain technology offers a secure, transparent, and efficient transaction framework. By adopting this digital currency, companies can experience the advantages of swift settlements while concurrently mitigating the financial outlays tied to traditional banking systems.This consortium recognizes the vast potential of blockchain technology and is seeking to harness its inherent benefits to enhance diverse business operations. With the upcoming launch of DCJPY, the consortium will effectively be promoting the use of blockchain-based digital currencies within Japan and catalyzing innovation within the financial sector. The project has the potential to bring about heightened efficiency, cost reductions, and an overall enhancement in the realm of financial transactions.Banking heavyweightsThis move by Aozora aligns with the global surge in interest and adoption of blockchain technology. The bank operates as a prominent member of a broader consortium, which encompasses a multitude of Japanese corporations. The consortium includes major players in Japanese banking, including Mitsubishi UFJ Financial Group (MUFG), Mizuho Financial Group, and Sumitomo Mitsui Financial Group. It has been meeting frequently to assess ways in which it can build a common settlement infrastructure for digital payments.MUFG is already deeply involved in blockchain-based innovation. The banking group has established its very own Progmat blockchain tokenization platform, which includes the Progmat Coin stablecoin platform.Last month, the bank announced a partnership with Binance which will endeavor to investigate the issuance of public blockchain stablecoins based on the Japanese yen. MUFG’s Progmat includes Mizuho as one of its clients on the blockchain platform.Stablecoin regulationThese recent announcements and Aozora Bank’s stablecoin plans follow the passage of a bill by Japan’s parliament earlier this year that restricts stablecoin issuance by non-banking institutions. The bill stipulates that only licensed banks, trust companies, and registered money transfer agents are permitted to issue stablecoins. Furthermore, it establishes a registration system for financial institutions planning to launch such digital assets, accompanied by anti-money laundering measures.A report published by Nikkei Asia earlier this year suggested that three Japanese banks, namely Shikoku Bank, Tokyo Kiraboshi, and Minna Bank, had all expressed the intention to issue stablecoins. In June, Japanese global information technology solutions company Fujitsu announced that it intended to launch a blockchain-based platform in conjunction with the Asian Development Bank.