Daegu Recruits First Cohort of Youth Blockchain Startup School

South Korea is holding a joint two-day conference with the Organization for Economic Co-operation and Development (OECD) on Monday to discuss digital finance in the member countries of the Association of Southeast Asian Nations (ASEAN).  Held in partnership with Korea’s Financial Services Commission (FSC) and the Korea Institute of Finance (KIF), the event was titled “OECD-FSC-KIF Roundtable on Digital Finance in ASEAN.” The roundtable intends to bring together many financial experts and high-ranking regulators worldwide, sharing the trend of digital financial frameworks in the ASEAN region while seeking solutions to emerging risks following financial digitalization.  Photo by Evangeline Shaw on UnsplashTwo-day event focusing on digital assets and AI The first day focused on the global market trend relative to digital assets such as central bank digital currency (CBDC) and virtual assets. FSC Vice Chairman Kim So-young, KIF Chairman Lee Hang-yong and OECD Director for Financial and Enterprise Affairs Carmine Di Noia delivered opening remarks, followed by discussion sessions joined by expert panelists. Among the first day’s roundtable agendas were: “Digital assets, CBDCs, tokenization and DLT-based finance: the Asian perspective,” “The limits of DeFi in terms for financial inclusion: Lessons from ASEAN,” “DeFi and crypto assets in ASEAN and beyond” and “Cyber-security in the financial sector.”  The second day focuses on leveraging artificial intelligence (AI) in financial sectors, with sessions titled “Artificial intelligence in Finance: the Asian perspective” and “Generative Artificial Intelligence in Finance in Asia and ASEAN.”  South Korea’s commitment to bolstering global financial cooperation During the roundtable, the FSC Vice Chairman Kim vowed to strengthen global financial cooperation with ASEAN countries. “(We) will continue strengthening our cooperation with other global partners, including ASEAN countries and international organizations, to share latest trends in finance and maintain our system in line with the international regulation norms,” said Kim. 

The blockchain gaming realm witnessed another milestone moment as "Heroes of Mavia," the mobile gaming sensation backed by Vietnam-based Skrice Studios, set the stage for a token airdrop on Tuesday, according to an announcement by the studio. Top free mobile game on AndroidJust days since its launch on both Apple and Android platforms, "Heroes of Mavia" has surged past the milestone of 1 million downloads, with an impressive 230,000 daily active users already immersed in its captivating world. Garnering acclaim as the top free mobile game on Android devices in China and dominating the Google Play store charts in Nigeria, the game's ascent continues with high rankings in Poland, Finland and Canada on Apple's App Store, according to Skrice Studios. While the quest to propel blockchain gaming into the mainstream remains a formidable challenge, "Heroes of Mavia" is already carving a path to success. Joining the ranks of ambitious gaming ventures vying for mainstream acclaim, including "Star Atlas," "Illuvium" and "Shrapnel," its promising trajectory is marked by its early triumphs.Photo by LinkedIn Sales Navigator on Pexels100,000 benefit from airdropA grand total of 100,000 players have earned eligibility for today's token airdrop of the MAVIA token, with a generous allocation of up to 6,250,000 tokens available for claim, representing 2.5% of the total token supply of 250 million. With a valuation soaring to $100 million, Skrice Studios stands as a testament to its remarkable growth since its last funding round two years ago, which saw an infusion of $2.5 million led by Crypto.com Capital. The studio's ascent was further fueled by a $5.5 million seed round in 2021 spearheaded by Binance Labs. In total, Skrice Studios has amassed $9 million in funding, as disclosed in its latest statement. The studio's enduring appeal has attracted notable venture capital firms keen on blockchain gaming, evidenced by its seed round in January 2022. Led by Binance Labs, that round also saw participation from esteemed investors such as Genblock Capital, Delphi Digital, Mechanism Capital, Alameda Research and Animoca Brands, among others. In a strategic move to ensure the sustainability and vitality of its in-game economy, "Heroes of Mavia" officially enlisted in Machinations’ Game Economy Health Monitoring Service. The Machinations platform can be harnessed to design and predict game economies and systems for play-to-earn blockchain games. Drawing parallels to the iconic Clash of Clans, "Heroes of Mavia," captivates players with its strategic depth, emphasizing base building, resource management and immersive tactical combat. The highly anticipated "Heroes of Mavia" token commenced trading at 7 a.m. ET on Tuesday on major exchanges such as Bybit, KuCoin and HTX, debuting with a unit price of $1.83. As of the latest update, the token is trading at $3.62, signaling a promising start to its trading journey. Blockchain gaming emerged through projects such as Axie Infinity, developed by Vietnam’s Sky Mavis. Engaging gameplay didn’t factor in the first play-to-earn iteration. However, through projects like Heroes of Mavia, 2024 could prove to be very different. 

Korea to introduce more effective guidelines for crypto listing and delistingThe South Korean cryptocurrency industry is expected to see standardized guidelines for listing and delisting cryptocurrencies on trading platforms by the first half of next year, according to a report by local news outlet ETnews. This move is a response to the current self-regulatory guidelines among cryptocurrency exchanges, which have been found inadequate in effectively managing the listing and delisting of digital currencies.Photo by Mathew Schwartz on UnsplashA dedicated task forceThe Financial Supervisory Service (FSS) in South Korea has reportedly initiated a task force dedicated to creating standardized rules and regulations for cryptocurrency listing and delisting. This team includes both government officials and experts from the private sector.An official from the FSS noted that the task force is aiming to present the final version of the guidelines to the National Assembly before the implementation of the Virtual Asset User Protection Act in July of next year. Operating under the oversight of the financial regulator, these standardized guidelines are expected to enhance their effectiveness and aid crypto businesses in maintaining self-regulation.Frequent listing and delistingThe decision by the Korean financial authorities to formulate these guidelines was prompted by the frequent listing and delisting of cryptocurrencies on trading platforms, which pose risks and cause confusion for customers. An earlier report from the Financial Services Commission’s Financial Intelligence Unit (FIU) highlighted that the number of tokens listed in the first half of 2023 increased to 169, up from 95 in the first half of 2022, while the number of delisted tokens rose from 78 to 115.The WEMIX controversyThe cycle of listing, delisting, and relisting cryptocurrencies has sparked controversies, with WEMIX serving as a notable example. WEMIX is the native token of blockchain gaming company Wemade’s Wemix blockchain network. In December, WEMIX was collectively delisted by the Digital Asset eXchange Alliance (DAXA), which includes South Korea’s top five crypto exchanges: Upbit, Bithumb, Coinone, Korbit, and Gopax. The reason cited was Wemade’s breach of disclosure rules regarding token distribution.However, in a turn of events, Coinone relisted WEMIX on its platform in February this year. Following this, DAXA established self-regulatory guidelines concerning the relisting of tokens. Despite these guidelines, Gopax also proceeded to relist WEMIX earlier this month. As a result of this move, DAXA criticized Gopax for not complying with the self-regulatory guidelines. Gopax faced a restriction on its voting rights within the alliance for three months, and a cautionary note was issued against them.An industry insider noted that despite the efforts of DAXA, their self-regulation measures for cryptocurrency trading services, including the listing process, have not been particularly effective. However, the upcoming rules are expected to be more impactful as they will be in line with the forthcoming Virtual Asset User Protection Act.