dYdX Foundation CEO Shares the Importance of Korean Developers of the Cosmos Network

South Korean Job Seekers to Benefit from Digital Badges for License CredentialsSouth Korean job seekers will soon be able to enjoy the convenience of proving their license credentials with digital badges based on non-fungible tokens (NFTs).The South Korean Ministry of Employment and Labor has announced that its affiliate, the Human Resources Development Service of Korea (HRDK), plans to create a mobile application that supports virtual asset wallets. These wallets will allow citizens to conveniently store their HRDK-issued licenses in the form of digital badges.Photo by Gül Işık on PexelsNFT-based digital badgesThese digital badges, which are based on NFTs, will also serve as proof of certification for HRDK’s education and training courses. Decentralized identifiers (DIDs) based on blockchain technology will prevent forgery and counterfeiting and improve personal information protection. The incorporation of gaming elements within NFTs is expected to motivate citizens to engage in continuous learning.Chosen as this year’s state-led blockchain initiative last December, the digital badge project is supported by the Ministry of Science and ICT (MSIT) and the Korea Internet and Security Agency (KISA). HRDK aims to complete the transformation of its 18.5 million issued licenses into digital badges by the end of this year. The project also involves digitizing vocational training certificates issued by the Korea Employment Information Services (KEIS), which has an average annual issuance of 3.6 million certificates. Access to these badges will also be facilitated through not only state-managed mobile ID wallets but also private platform wallets.In the context of employment and career management, individuals have traditionally received paper certificates and had to deliver them to relevant organizations. This process often involved inconvenience, as it required in-person visits, mailing, or scanning. Moreover, individuals faced the hassle of repeatedly obtaining the same certificate due to expiration dates and storage concerns.Seamless certificate managementWith the introduction of the digital badge service, users will be able to download a mobile application on their smart devices. This app will enable them to access their national certificates, allowing them to view their qualification and training completion information at any time. Additionally, users will gain the convenience of instantly submitting or verifying their certificates remotely through their mobile devices whenever necessary.HRDK will further enhance its services through strategic partnerships with credentialing organizations from both the public and private sectors.Kim Young-joong, the Acting President of HRDK, emphasized the significance of national licenses and training certificates as objective measures of individuals’ performance and skills, underscoring their importance in the employment landscape. He further expressed HRDK’s commitment to ensuring customer satisfaction by leveraging cutting-edge technology and efficient data management practices to drive innovation in public services.

Binance co-founder and former CEO, Changpeng Zhao (CZ), has partnered with the authorities in the Central Asian republic of Kyrgyzstan to provide advice on crypto regulation and the development and adoption of blockchain technology. It’s understood that CZ has signed a memorandum of understanding (MOU) to this effect with the National Investments Authority (NIA), a state authority that falls under the direction of the President of the Kyrgyz Republic. The NIA promotes foreign direct investment, assisting foreign companies in developing business opportunities within Kyrgyzstan. Photo by Abai K on UnsplashCrypto & blockchain ecosystem developmentIn a statement published on X on April 3 by the President of the Kyrgyz Republic, Sadyr Zhaparov, the president outlined that in accordance with the MOU, the parties will cooperate on the development of the crypto and blockchain ecosystem. Breaking that down further, the president said that this cooperation will involve the provision of technical, infrastructural and technological support and expertise. Additionally, it will involve collaboration towards the implementation of related educational initiatives. Zhaparov added: “This cooperation marks an important step towards strengthening technological infrastructure, implementing innovative solutions, and preparing highly qualified specialists in blockchain technologies, virtual asset management, and cybersecurity. In light of the rapid global evolution of digital technologies, such initiatives are crucial for the sustainable growth of the economy and the security of virtual assets, ultimately generating new opportunities for businesses and society as a whole.” ‘Crypto adoption one country at a time’CZ reacted to this X post by the President of the Kyrgyz Republic, stating: “Kyrgyzstan. Crypto adoption, one country at a time.” He also remarked that this event had brought Zhaparov to X, given that this was his first post on the platform, with an account registered last month. Steve Milton, co-founder and CEO of Web3 wallet project Fintopio and a former Binance marketing executive, commented on the development. Milton stated that Kyrgyzstan is a forward-thinking country, while interpreting CZ's involvement as a step that will help move adoption forward. Additional advisory activityIn another X post, CZ provided details on his advisory activity. He stated: “I officially and unofficially advise a few governments on their crypto regulatory frameworks and blockchain solutions for gov efficiency, expanding blockchain to more than trading. I find this work extremely meaningful.” Reports emerged in January that Malaysian Prime Minister Datuk Seri Anwar Ibrahim had discussed digital finance policy matters with CZ. The Binance co-founder said that those discussions revolved around digital asset regulation and risks related to such assets. Furthermore, cross-border collaborations and collaborations between industries were discussed. In December CZ met with the King of Bhutan. Prior to that visit, he posted a link to an article on X that outlined that the Kingdom of Bhutan has accumulated in excess of $1 billion in Bitcoin. At that time, the Binance co-founder said that many nation states will use Bitcoin and other cryptocurrencies as reserve assets. In the past, commentators have identified Kyrgyzstan as having considerable potential for crypto mining, given ample hydroelectric generation within the mountainous country. However, crypto mining tax receipts as of the end of last year suggest that crypto mining still remains a niche activity in the Kyrgyz Republic.

Korea and Japan Collaborate to Develop Accounting Standards for Virtual AssetsThe Korea Accounting Institute (KAI) announced today that it held a bilateral meeting yesterday with the Japanese Financial Accounting Standards Foundation (FASF) to discuss devising accounting standards for virtual assets. Among the attendees were high-level officials of the FASF, including Yasunobu Kawanishi, Chair of the Accounting Standards Board of Japan.Photo by Shubham’s Web3 on UnsplashConsensus on establishing standardsBoth parties agreed on the importance of establishing accounting standards for virtual assets. These standards should be practical and easy to follow, ensuring that they offer sufficient information to readers of financial statements.Reciprocal sharing of progressKAI is in the process of revising the Korean version of the International Financial Reporting Standards (K-IFRS) to require companies to disclose information related to virtual assets within the annotations of their financial statements. This mandatory disclosure of virtual asset-related details was announced by the Korean Financial Services Commission last month, with implementation scheduled for January of next year. This significant update was a topic of discussion in the meeting. Similarly, the FASF reciprocated by sharing its own progress and advancements.This meeting was arranged in light of the deepening relations between the two nations. The close collaboration between the two groups is poised to give Korea momentum to broaden its global presence. Moving forward, the accounting bodies of both countries are committed to continuing their cooperative efforts.