Huobi Rebrands as HTX to Mark Tenth Anniversary

Woori Bank Joins Forces with Samsung Securities and SK Securities to Pioneer Security Token MarketWoori Bank has recently forged a memorandum of understanding (MOU) with Samsung Securities and SK Securities, aiming to swiftly venture into the security token market in anticipation of the forthcoming institutionalization of security tokens in South Korea, according to local news outlet Dailian.Photo by Anna Evlanova on UnsplashKorea’s regulatory pathway for security tokensIn February, the Financial Services Commission unveiled guidelines for regulating the issuance and distribution of security tokens. This initiative aligns with the South Korean government’s broader goal of driving innovation in digital finance. Following this, the National Assembly conducted a public hearing on the proposed legislation. Additionally, the Financial Supervisory Service organized an informative session discussing the updated application procedure for investment contract securities and the corresponding examination protocols. As a result, the outlines of the regulatory framework are beginning to take on a more defined form.Compliance with regulatory frameworkWoori Bank President Byung-Kyu Cho, Samsung Securities President Chang Seok-hoon, and SK Securities CEO Kim Shin were present at the signing ceremony. During this event, the three financial institutions agreed to embark on their collaborative efforts to explore business models for security tokens in compliance with the regulatory framework. Their aims include constructing the infrastructure for security tokens and validating distributed ledgers, as well as forming Finance 3.0 Partners (F3P), a collaborative consortium dedicated to formulating investor protection measures.Three entities’ individual endeavorsWoori Bank has undertaken extensive preparations to make its foray into the security token market. In an effort to swiftly adapt to the changing legal dynamics surrounding security tokens, the bank has established a dedicated division and is operating a task force responsible for devising strategic approaches, with participation from Woori Financial Group’s affiliates. By partnering closely with the securities firms, Woori aims to leverage its wealth of corporate finance expertise to identify innovative business models.Samsung Securities has successfully concluded its own functional verification of the security token platform. Furthermore, the company has secured the technology necessary to connect blockchain wallets and securities accounts. These efforts will contribute to providing stable services. Samsung is also anticipating the utilization of security tokens as a fresh avenue for financing, collaborating with various enterprises to discover their practical applications. Through these endeavors, the company intends to offer attractive and stable investment products to its clientele.SK Securities stands out as the sole Korean securities firm to have established an account management system for security tokens, with the intention of seeking designation as an innovative financial service by the Financial Services Commission. Initiatives chosen as innovative financial services are granted regulatory exemptions. SK Securities has partnered with a variety of fractional investment firms to spearhead the research and development of security token issuance and distribution systems. It also plans to collaborate with experts in the domains of finance, technology, and content. This joint effort aims to build the infrastructure necessary to create a financial ecosystem that welcomes diverse participants and creates new value.An F3P official highlighted that this tripartite partnership would facilitate the alignment of their members’ security token products with regulatory guidelines. The person also mentioned their commitment to swiftly establishing a top-notch platform and ecosystem that will help position them as market leaders.

Emerging as one of the world’s major crypto hubs, the United Arab Emirates (UAE) is set to host Abu Dhabi Finance Week, described as the region’s largest financial and investment event, in the capital next month. Scheduled to take place from Dec. 8 to 11, the conference will feature leading figures from both traditional finance and the crypto industry. Notable speakers from traditional finance include Bridgewater founder Ray Dalio, Morgan Stanley International CEO Clare Woodman, and Franklin Templeton CEO Jennifer Johnson. Representing the crypto sector will be Binance CEO Richard Teng, Solana Labs CEO Anatoly Yakovenko, Circle CEO Jeremy Allaire, among others.Photo by Saj Shafique on UnsplashHashed, ADGM host Web3 policy talksAmong the partners for the four-day event is Seoul-based venture capital firm Hashed, which opened its Abu Dhabi office last year. The expansion followed its partnership with Hub71, the city’s global tech ecosystem, which aims to help more Korean startups expand into the Emirates. According to South Korean news outlet News1, Hashed, jointly with Abu Dhabi Global Market (ADGM) Emerging Tech, will host the Web3 Leaders Roundtable. The event will feature two sessions: one exploring next-generation digital infrastructure, where artificial intelligence and blockchain converge with the real economy, and another focusing on digital asset regulations, particularly how policies can be designed to balance innovation with oversight. Bybit courts UAE talentAbu Dhabi’s growing appeal as a hub for digital asset businesses is also underscored by crypto exchange Bybit’s recent participation in the annual NYU Abu Dhabi Career Fair. Concluding on Oct. 30, the event marked the trading platform’s first talent outreach initiative in the UAE. The participation comes after Bybit obtained a full virtual asset platform operator license from the Securities and Commodities Authority (SCA) last month. The occasion gave Bybit an opportunity to engage with students and recent graduates. The growing adoption of cryptocurrency in the country is reflected in Du’s launch of a crypto mining service aimed at individual users. As one of the UAE’s two major telecom operators, Du is leveraging its nationwide data centers to allow residents to rent the necessary computing power on a subscription basis to mine digital assets, according to a report by the Emirates-based newspaper The National. Du’s cloud platform powers user miningJasim Al Awadi, Du’s chief information and communications technology officer, said the new service is powered by Cloud Miner, a platform introduced last year under the company’s sub-brand Du Tech. He explained that as the service evolves, users will gain access to a calculator that estimates their potential monthly Bitcoin earnings. Du also intends to continue enhancing and expanding its mining-as-a-service offering. The launch coincides with a period of volatility in the crypto market. On Nov. 5, Bitcoin fell below the $100,000 mark for the first time since June 23, dropping to $99,992.01 against USDT on Binance before recovering to above $103,000. 

Several South Korean crypto-only exchanges have long been struggling to keep their business afloat due to their prolonged weak performances. The local news outlet Etoday reported that the persistent underperformance of these local crypto exchanges is mounting pressure on their corporate operation and management, resulting in them shutting down their businesses. The situation hinders them from meeting the requirements set by the Financial Intelligence Unit (FIU) of the Financial Services Commission (FSC).  Their inability to generate sufficient revenue, due to faltering token trading volumes, makes complying with the FIU guidelines a daunting task.Photo by Anne Nygård on UnsplashCascading closure of crypto exchanges According to crypto industry insiders, local crypto-only exchanges including Cashierest, Coinbit, Huobi Korea, Probit and Tennten have announced their service closure as early as the second half of last year. On Nov. 6, Cashierest announced it was shutting down its services, with Coinbit following suit in the same month. The cascading closure announcements from crypto exchanges raised concerns about their potential harm on investors.  In an effort to protect crypto investors, the FIU has released a statement that local crypto exchanges are obliged to meet the requirements of the FIU in compliance with the Virtual Asset User Protection Act, despite their closing of services. Furthermore, the regulator said finalizing business closure requires due assessment by the FIU.  "Virtual asset service providers (VASPs) must notify their users of the closure and explain how to reclaim their assets at least one month before the business closing date. They must also support users to withdraw their assets for at least three months before closing," the FIU stated.  Struggling to meet FIU requirements However, some point out that it would be challenging for near-bankrupt crypto exchanges to run a customer service center for more than three months. Some exchanges allow users to deposit and withdraw their assets until their closure, as they would under normal conditions, but charge additional fees afterward. "It is very demanding to operate customer services when we're seeing no actual gains," one exchange official said.  It has been found that some crypto exchanges failed to register a change in their business state with the FIU, which is mandatory in the event of business location or contact changes, under the Financial Transaction Reports Act.  When Etoday reporters visited the offices of some of these crypto exchanges, they were met with empty rooms. One person who is familiar with the matter said, "The exchange has moved its office to another location and is scheduled to resume service in March."