Yes24 Teams Up with KPC to Establish Digital Content Distribution Ecosystem

Fair Square Lab to Develop Blockchain-Based Shareholder Meeting PlatformSouth Korean Web3 technology company Fair Square Lab announced on Friday that it is in the process of developing a blockchain-based platform for holding electronic shareholder general meetings. The firm said that it has applied for two patents for technologies related to blockchain-based electronic shareholder meetings. One is related to their operation methods and systems, and the other is associated with the utilization of voting rights tokens.Photo by Benjamin Child on UnsplashEmpowering shareholdersIn shareholder general meetings, many minority shareholders are often unable to attend in person, thereby finding it difficult to effectively exercise their opinions or rights during the decision-making process of a company. Fair Square Lab’s pending patents aim to address this issue by enabling more shareholders to easily participate in shareholder meetings through an electronic medium. Utilizing blockchain technology would also ensure the integrity and security of voting processes.Fair Square Lab’s growing portfolioWith this latest development, Fair Square Lab is now poised to possess a total of eight blockchain-related patents. Its other patents encompass areas like managing wallets in the blockchain network, generating wallet addresses for security token platforms, and preventing erroneous transfers of security tokens on a blockchain network. The company said that it is continuously working to secure intellectual property rights for its blockchain business, including design patents and its own trademark.“We have been consistently striving to secure intellectual property rights by linking research and development with the core blockchain technologies that we have accumulated over the years. We plan to obtain a total of 12 core technology patents by the end of this year,” said Jake Kim, CEO of Fair Square Lab.

Terraform Labs civil trial proceeds with confidential filingsSingaporean blockchain development firm Terraform Labs, the creator of the failed Terra blockchain protocol, has reached an agreement on a protective order in their ongoing civil case with the United States’ Securities and Exchange Commission (SEC).Photo by Thomas Habr on UnsplashData shielded from public disclosureThe decision, sanctioned by the U.S. District Court Judge Jed Rakoff in the Southern District of New York on Wednesday, ensures that materials marked as confidential by the involved parties will remain shielded from public disclosure. The court is obligated to seal any discovery filings labeled confidential ahead of the trial.Judge Rakoff conveyed his likelihood of denying requests to unseal these confidential documents, although the order did not delve into the specific rationale for maintaining their confidential status beyond citing “good cause.” The finalized agreement on this protective order took place on Dec. 18, with legal representatives from both the SEC and Terraform Labs, including co-founder Do Kwon, giving their consent. Kwon, presently detained in Montenegro, faces potential extradition to the United States or South Korea.Pivotal momentThe depegging of Terraform’s stablecoin TerraUSD (UST) from the U.S. dollar marked a turning point in the cryptocurrency sector. This event is believed to have significantly contributed to the crypto market downturn in 2022, as it had a knock-on effect on countless other crypto businesses and platforms that were over-exposed to the flawed algorithmic currency.That chain of events led to the SEC taking action after the fact. However, it has subsequently also pursued a much criticized “regulation by enforcement” policy relative to the crypto sector. To that end, the Commission has pending cases against Coinbase, Ripple, Kraken and Binance, among others.In February, the SEC accused Terraform Labs and Do Kwon of conducting a multi-billion dollar crypto asset securities fraud by offering and selling unregistered securities. As proceedings have unfolded, both Terraform and the SEC have traded unsuccessful attempts to obtain summary judgment.Far-reaching consequencesThe ongoing SEC vs. Terraform civil case carries potential far-reaching consequences in terms of legal precedents within the cryptocurrency sector. In a separate ruling in August, the court allowed Terra to issue subpoenas to FTX entities as part of FTX’s bankruptcy proceedings. Judge Rakoff, in November, accepted confidential materials from Jump Crypto Holdings for discovery in this case.Troubled crypto lender Genesis Trading has also been tangled up in the proceedings with the courts directing it to comply with a subpoena initiated by Terraform Labs. The outcome of this case is poised to offer essential legal guidance for numerous companies operating in the crypto space.The SEC’s regulatory approach toward cryptocurrency firms in the United States has been subject to considerable debate and criticism. The commission’s alleged “regulation by enforcement” strategy, especially in dealings with major players in the crypto industry, has drawn accusations.While many in the U.S. have been unhappy with “regulation by enforcement,” the upside is that over the longer haul, the courts will be able to eventually furnish the regulatory clarity that the SEC refuses to provide. The ongoing scrutiny of regulatory approaches and the outcomes of cases like Terraform Labs vs. SEC will undoubtedly shape the future legal landscape of the cryptocurrency industry.

U.S.-based crypto startup Ondo Finance, a financial infrastructure firm that concerns itself with the tokenization of real-world assets (RWAs), has officially revealed its intention to expand into the Asia Pacific (APAC) area, with the inauguration of its first office in the region. In a press release published by the company on Sunday, Ondo clarified that the expansion is a direct response to the escalating interest in digital assets throughout Asia. That interest the company attributes to factors such as a flourishing crypto community, shifting regulatory environments and a growing appetite for exposure to U.S. assets.Photo by Florian Wehde on Unsplash40% market shareAt present, Ondo Finance holds a 40% share of the global market where tokenized RWAs are concerned. That market share has been driven by its three main tokenized product offerings: OUSG, designed for exposure to U.S. Treasuries; OMMF, facilitating exposure to U.S. money market funds; and USDY, positioned as a yield-bearing alternative to traditional stablecoins. These products serve as a conduit for global investors to access U.S.-based asset classes in tokenized form, aligning with the rising trend of digital asset adoption. To spearhead its APAC expansion initiative, Ondo Finance has appointed Ashwin Khosa as the vice president of business development in the region. Khosa brings nearly a decade of experience in Hong Kong-based institutional business development, having worked with multinational financial services company Citi, alongside key crypto firms such as Tether and its sister company, Bitfinex. His expertise encompasses both on-chain finance and a profound understanding of the APAC market. Khosa stated: “The team is top-notch and the mission of bringing real world assets onchain is extremely important. I look forward to working closely with partners in the region to help investors gain access to this next generation of high-quality assets.” Founded in 2021 with roots tied to the Goldman Sachs Digital Assets team and supported by leading venture capitalists including Founders Fund, Pantera Capital and Coinbase Ventures, Ondo Finance is looking to solidify its position as a dominant force in this newly emerging market on the back of nearly 40% of the global market share in tokenized securities. Nathan Allman, the founder and CEO of Ondo, expressed his excitement about the expansion, stating:“We’re very excited about our expansion into APAC. There is an active and rapidly growing crypto community and an appreciation for the type of high-quality exposure to US assets that our tokens provide.” Suspected token dumpIn a related development on Monday, on-chain sleuths have presented data that may indicate a sell-off of $11 million worth of ONDO tokens, the project’s native token. 20 million tokens were sold, with the suggestion that the token unit price fell in tandem with that market activity. Earlier on Monday, the token traded at $0.3062. At the time of writing, it's trading at $0.25. This expansion into the APAC region follows a string of pivotal developments for Ondo, including the revelation of its strategic roadmap and partnerships within the Ondo ecosystem. Additionally, the Ondo Foundation has introduced a points program and a proposed unlocking of its ONDO token, marking an integral part of the company's ongoing growth and development.