Ozys Expands into Japanese Web3 Ecosystem Through Partnership with GensoKishi

Korbit, one of South Korea’s leading crypto exchanges, has recently conducted an education session on anti-money laundering (AML) for its employees, local tech media outlet ZDNet Korea reported.  Held in the office lounge of Korbit, the session was led by Hwang Seok-jin, an expert in financial crime and anti-money laundering regimes. A professor at the Graduate School of International Information Protection of Dongguk University, he has served as a compliance officer and a consultant at Digital Asset eXchange Alliance (DAXA), a group consisting of five leading cryptocurrency exchanges in South Korea.  Photo by Viacheslav Bublyk on UnsplashEmphasis on the Virtual Asset User Protection Act  Mr. Hwang informed Korbit’s employees about the upcoming Virtual Asset User Protection Act, effective July, highlighting guidelines for investor protection, prohibitions against unfair transactions and the financial regulators’ authority and oversight. The session especially focused on explaining the Virtual Asset User Protection Act, given that the Act would deeply influence many departments of Korbits ranging from the accounting and finance unit handling customer deposits to blockchain-related units responsible for the custody of virtual assets.  Korbit maintains a no-negotiation policy that bars projects from interacting with exchange employees prior to their tokens being listed. This policy enhances the transparency of Korbit’s evaluation process, ensuring that the exchange assesses projects impartially, without third-party influence or external pressures. After listing an asset, Korbit conducts quarterly risk assessments on all crypto assets traded on the platform. Additionally, it plans to adopt a stricter approach to internal controls to enhance customer protection, in line with the upcoming enactment of the Virtual Asset User Protection Act. 

The South Korean port city of Busan yesterday convened a meeting to reaffirm the city’s commitment to establishing a blockchain-specialized cluster in the region.  The meeting took place at the Busan Technology Innovation Center located in Busan International Financial Center (BIFC), attended by Busan Vice Mayor for Economic Affairs Kim Kwang-hee, the Korea Internet & Security Agency Director Lee Sang-joong, Busan Technopark Chairman Kim Hyung-gyun and representatives of companies stationed at the BIFC. Photo by Dane Kim on Unsplash$15 million investment by 2026In a bid to foster blockchain technology companies in the region, the local government has outlined plans to invest a total of KRW 20 billion, or over $15 million, in the blockchain cluster project for the next three years until 2026. The Busan government and the central government are each responsible for providing half of the project’s investment fund. Starting off, KRW 6.2 billion will be allocated this year. Among the project’s main objectives are identifying local startups with high potential for blockchain technology integration, facilitating their connections with VCs for fundraising and promoting the project’s achievements. Participating companies are set to share their annual performances this upcoming December.  Most importantly, the city aims to attract blockchain companies to the region, lay business foundations for them and transform the city into a blockchain industry hub.  Ambition to become a global blockchain hub Vice Mayor Kim said the city will keep supporting local blockchain startups so that these entrepreneurs can settle down in Busan, with the aim of turning the city into a global blockchain hub. 

CPLABS and Protocol Capital to collaborate on blockchain-enhanced autonomous driving in QatarKorean blockchain development firm CPLABS (formerly known as Coinplug) announced on Wednesday (local time) that it has signed a memorandum of understanding (MOU) with Qatar-based company Protocol Capital to collaborate on blockchain-driven ventures in the Middle Eastern country.Protocol Capital is known for partnering with institutional clients and delivering bespoke solutions to investors in sectors such as real estate, energy, construction, and manufacturing.Photo by Lucca Belliboni on UnsplashBlockchain and autonomous drivingThrough this agreement, the two companies aim to execute projects that leverage and champion blockchain technology, with initiatives including an autonomous driving pilot project. They also plan to register with Qatar’s Tasmu Digital Valley, established by the Ministry of Transport and Communications (MoTC) and the Qatar Free Zones Authority (QFZA), as part of their collaborative efforts towards Qatar’s National Vision 2030.CPLABS plans to integrate its blockchain platform and upcoming 2024 Web3 portal into the autonomous driving pilot project. This move will grant the Korean firm an avenue to offer identity verification and payment services, further broadening its footprint in the finance and information communications technology (ICT) sectors.”As a dedicated Web3 tech firm, CPLABS possesses around 320 blockchain patents both domestically and internationally. Its projects encompass areas such as decentralized identifiers (DIDs), decentralized finance (DeFi), security token offerings (STOs), non-fungible tokens (NFTs), and decentralized autonomous organizations (DAOs).Commenting on this joint effort, Uhr Joon-sun, CEO of CPLABS, stated that the company aims to deliver Web3 platforms that connect Korea with the global community.