Colt Technology Partners With Singapore’s AsiaNext

South Korea, Chainalysis Collaborate to Thwart North Korea’s Crypto CrimesSpecial Representative for Korean Peninsula Peace and Security Affairs Kim Gunn from the Ministry of Foreign Affairs held a meeting with Investigations VP Erin Plante and Korea Country Manager Paek Yong-khi of Chainalysis, a New York-based blockchain analysis company, according to the Ministry’s press release.Photo by Pixabay on PexelsGrowing North Korean crypto theftsSpecial Representative Kim and the Chainalysis representatives discussed response measures against North Korea’s increasing virtual asset theft and money laundering activities. Both sides recognized the severity of North Korea’s illegal cyber activities, which not only jeopardize national security by funding nuclear and missile development, but also threaten the establishment of a healthy cryptocurrency ecosystem.Chainalysis has been tracking North Korea’s illicit virtual asset operations and providing analytical information to a range of organizations, including law enforcement agencies and financial authorities.Special Representative Kim expressed gratitude for the private sector’s role in analyzing and monitoring North Korea’s crypto theft and money laundering activities. Both parties concurred on the importance of public-private cooperation to strengthen countermeasures against illegal cryptocurrency activities as North Korea’s techniques have become increasingly sophisticated.Plante also appreciated the South Korean government’s initiative in thwarting North Korea’s illicit cyber activities. These measures include imposing independent sanctions on North Korean hacker organizations and tech personnel and establishing a working group with the United States to counter North Korean cyber threats.Korean police and ChainalysisIn addition to its collaboration with the Ministry of Foreign Affairs, Chainalysis has been working with another Korean government agency. It was recently reported that the Korea National Police Agency (KNPA) is intensifying its efforts to enhance its expertise in investigating digital asset-related crimes. To achieve this goal, the KNPA is encouraging its officers to obtain certifications provided by Chainalysis.

Despite interest expressed by a Japanese lawmaker earlier this month for Japan to establish a strategic Bitcoin reserve, the country’s prime minister has declined to offer support for the idea.Photo by Su San Lee on UnsplashInsufficient informationJapanese crypto media outlet CoinPost reported on Dec. 26 that the country’s prime minister, Shigeru Ishiba, refrained from endorsing the notion of a Japanese strategic Bitcoin reserve on the basis that he and his government lack sufficient information on the subject. With that, Ishiba feels that it’s “difficult for the government to express its views” on the matter. The Japanese prime minister was prompted to offer his views on the subject having been queried by Japanese Member of Parliament (MP), Satoshi Hamada. During a question and answer session earlier this month, Hamada cited the United States and Brazil as examples of states that are currently considering the addition of Bitcoin as a reserve asset.  The Japanese lawmaker suggested that policymakers in those countries were leaning towards the consideration of Bitcoin as a hedge against economic risks, and that on that basis, he believed that the Japanese government should give the use of Bitcoin as a national reserve asset consideration. Hamada stated: “I think Japan should follow the example of the United States and consider turning some of its foreign exchange reserves into crypto assets such as Bitcoin.” Ishiba has responded by stating that his government lacks sufficient information relative to this “movement of introducing Bitcoin reserves that the United States and other countries are proceeding with.” Additionally, the Japanese government maintains that stability and liquidity are of paramount importance when it comes to the country’s foreign exchange reserves. With those factors in mind, it believes that Bitcoin is incompatible due to its price volatility. Unsustainable debt levels Some proponents of Bitcoin suggest that it offers a way forward for countries that have developed an unsustainable level of debt. In an X post published on Dec. 27, Thomas Jeegers, chief financial officer (CFO) at Swiss Bitcoin-only app enterprise Relai, set out a case for Bitcoin on that basis. Jeegers outlined that the United States has a debt of $36 trillion, accounting for 120% of gross domestic product (GDP).  He describes the Japanese scenario as being considerably worse, where the country’s debt accounts for 200% of GDP. Jeegers forecasts that the trajectory is unsustainable, with debt having grown “far beyond manageable levels.” The Relai CFO warns that the financial world is at breaking point and “it’s not a matter of 'if' but 'when' the system buckles under its own weight.” Earlier this month, investment manager VanEck published a report claiming that a strategic Bitcoin reserve could facilitate the U.S. in reducing its national debt by up to 36% by 2050. Like Japan, Russia has also decided against a strategic Bitcoin reserve. Although Finance Minister Anton Siluanov pointed towards Bitcoin’s unit price volatility being an issue, he is open to reassessing the matter in the future.

Cultural content company Com2uS Holdings announced Monday that XPLA, its layer 1 blockchain, is now supported by on-chain content (OCC) aggregator Gall3ry. Photo by GuerrillaBuzz on Unsplash"We are pleased with the recognition of our technology and ideas, and with our collaboration with global mainnet XPLA," said Joseph Lee, CEO of Gall3ry. "We plan to provide various experiences based on our decade of expertise in the IP industry." Empowering multifaceted ownershipGall3ry offers an OCC tokenizer solution that converts off-chain data into on-chain tokens – mainly NFTs – boosting user engagement and revenue while building Web3 communities. It ultimately gives NFT holders a sense of true ownership because they can personalize their social identities and build connections with other users through their assets. In particular, they can display their NFT artwork on the Gall3ry platform to share with the community, which can lead to increased communication and engagement on social media platforms, thus lowering the barriers to entry for NFTs. Elevating gaming experiencesBy supporting the XPLA blockchain, users on XPLA can now experience an innovative and improved Play-to-Own (P2O) aspect of their favorite games. Now that Gall3ry’s solution is linked to XPLA, NFT holders will be able to experience more active and vibrant connections with each other, moving away from the now outdated concept of one-dimensional ownership on XPLA. "This partnership is a significant collaboration for XPLA and our NFT marketplace X-PLANET," said Paul Kim, Team Leader at XPLA. "It will provide new and diverse ways for holders to utilize their NFTs."