Web3 Cybersecurity Firm Zyber 365 Raises $100M in Funding

China Performs Well as Global Crypto Industry Employment Surpasses 190,000According to new data, the cryptocurrency industry has seen a remarkable surge in employment, with nearly 190,000 individuals currently working in the field as of July 2023, with China fairing particularly well despite its hostile approach to crypto.This figure represents a significant increase compared to pre-2020 employment statistics, marking the onset of the crypto frenzy. The data was produced via a report published by K33 Research, a Norway-based digital assets research and data analysis firm.Photo by Valentin Farkasch on UnsplashIndia leads in AsiaThe data highlights an over-representation of crypto workers in the Western world, with more than 50% based in North America and Europe. Within this figure, the United States alone accounts for 29% of the crypto workforce. In Asia, India emerged as the leading employer in the crypto industry, employing 20% of the regional workforce, primarily in developer-related roles. Surprisingly, despite China’s historically hostile stance on the crypto industry, it stands as the second-largest employer in Asia, employing 15% of the regional workforce.It’s also interesting that China has been found to account for such a sizable chunk of Web3-related employment when recent feedback from recruiters in Hong Kong suggest that the crypto licensing program rolled out in the autonomous Chinese territory has not yet resulted in a surge in employment. Recruiters maintain though, that this employment boost will come in due course.Most employment via exchangesDuring 2021, a period characterized by high prices and soaring company valuations, the crypto industry employed approximately 211,000 individuals, highlighting the industry’s rapid growth. Researchers from K33 found that around one-third of the crypto workforce is engaged in exchanges or brokerages, emphasizing the crucial role these entities play. Additionally, 26% of employees work for companies offering a diverse range of financial services related to cryptocurrencies.Interestingly, the study revealed that NFTs occupy only a small portion of the workforce, with only 6% of individuals involved in this field. On the other hand, 21% contribute their skills to blockchain protocols, analytics, and mining operations. The remaining 13% hold cryptocurrency-related jobs that do not neatly fit into any specific category. The researchers employed various methods, including LinkedIn searches, AI-assisted web searches, and manual mappings, to gather this data.Remote workingA notable trend in the crypto industry is the prevalence of remote work arrangements. Major crypto companies have opted for globally distributed workforces, capitalizing on jurisdictions with favorable regulations and lower tax rates. By establishing headquarters in these locations, but employing individuals remotely or establishing local offices worldwide, companies can reduce costs and eliminate logistical barriers.The significant growth in crypto industry employment reflects the expanding and maturing nature of the sector. As cryptocurrencies and blockchain technology gain wider acceptance, professionals from various backgrounds are entering the industry, contributing their skills to different sectors within the crypto ecosystem. The prevalence of remote work arrangements and the global nature of the industry allow talent to be sourced from around the world, transcending geographical boundaries.This upward trajectory in employment is likely to continue as the crypto industry evolves and continues to shape the future of finance and technology.

Korea’s Legislative Research Body Suggests Expanding Blind Trust System to Include CryptoThe National Assembly Research Service (NARS) of South Korea last Friday issued a report emphasizing the need to broaden the scope of the country’s blind trust system for public officials. Currently, this system primarily covers traditional stocks, but the report highlights the necessity of extending its coverage to include cryptocurrencies.Photo by O-seop Sim on PexelsPublic Service Ethics ActUnder the existing Public Service Ethics Act, public officials holding a rank of 4 or higher within the finance department of the Ministry of Economy and Finance and the Financial Services Commission are mandated to either divest themselves of stocks linked to their official duties and responsibilities or transfer them into a blind trust if the total value of these stocks exceeds KRW 30 million (about $23,000).Blind trustA blind trust is a mechanism through which a public official transfers their stock holdings to a trustee. Subsequently, the trustee handles these entrusted stocks by exchanging them for other assets and overseeing their management, administration, and disposition. Importantly, the original owner of the stock, who is the public official, is barred from participating in these aspects of the trust and is also kept uninformed about the trust property’s status or details.Debate over expansionThe current policy confines the blind trust framework exclusively to stocks. Nevertheless, there is an ongoing debate advocating for the inclusion of other assets, such as virtual assets and real estate, within its scope. The rationale behind this argument is that these types of assets can also potentially give rise to conflicts of interest. However, counterarguments have been raised, expressing concerns that extending the blind trust to these assets could excessively limit the property rights of public officials. Consequently, as of now, this broader application has not been implemented.Comparison with the USThe Korean blind trust system was inspired by the United States’ Ethics in Government Act of 1978, which does not limit the types of assets that can be included in a blind trust. In the US, a blind trust can encompass not only stocks but also bonds, mutual funds, virtual assets, and real estate. In light of this, the report recommends the expansion of the blind trust system to encompass virtual assets and real estate. This step is proposed to prevent conflicts of interest among public officials pertaining to a wider array of asset types.Enhancing trustee discretionMeanwhile, NARS also argued for broadening the trustee’s discretion in trust management to render the system more reasonable. This stems from the concern that the existing uniform property sale approach could lead public servants to incur losses. NARS has proposed potential solutions, such as extending the time limit for property sales or mandating the sale of only a portion of the assets, as viable options to address this issue.

Binance Set For Japanese Market Re-Entry With 34 Token ListingsBinance, the world’s largest cryptocurrency exchange, is gearing up to re-enter the Japanese market with a bang on August 14. According to a report published by local crypto media outlet Coinpost, Binance Japan is set to immediately list an impressive 34 tokens.The move will put Binance ahead of its domestic rivals, as the offering will be the most extensive in terms of the selection of tokens made available to Japanese customers.Photo by David Edelstein on UnsplashBNB token offeringIn addition to that, Binance intends to make its native token, BNB, available in Japan for the first time. Exchange tokens have proven to be controversial in recent times. In November 2022, FTX’s reliance on their native token FTT caused a run on the exchange which Binance started once it started to sell off the token. Similar concerns have been expressed ever since about a similar reliance within Binance relative to its BNB token.The expansion into Japan will likely prove a tonic for Binance, given the difficulties it has experienced in other markets recently. Regulatory pushback has forced Binance out of markets such as Germany, Belgium, the Netherlands, and Cyprus over the course of the past three months.The company has been actively working to comply with Japan’s regulatory environment. In a Twitter video posted in July, Changpeng Zhao (CZ), Binance’s Founder and CEO, expressed his excitement about re-entering the Japanese market. He praised Japan’s clear and progressive approach to crypto regulations, citing the well-established framework that dates back to 2017, as well as recent developments, including the opening up of crypto listing frameworks and the passing of stablecoin regulations in June.Roadmap to market re-entryBinance’s journey back into Japan started in November 2022 when it acquired 100% ownership of Sakura Exchange BitCoin (SEBC). The acquisition paved the way for Binance to be regulated by the Japan Financial Services Agency (JFSA). As part of this move, SEBC underwent a name change, rebranding itself as Binance Japan Inc. The company then announced in May its plans to re-enter the Japanese market.The re-entry comes after the JFSA had previously issued warnings in 2021 against Binance for operating in the country without proper registration. Now, with the acquisition of SEBC and its regulatory compliance, Binance has gained a foothold in the Japanese market once again.Binance Japan aims to provide a comprehensive suite of services to its Japanese customers. New users can access spot trading, Earn products, and the NFT marketplace, while existing customers can migrate to the local subsidiary starting August 14. The token offerings include a diverse range of assets, and the addition of BNB presents exciting opportunities for traders and investors in Japan.Rival exchanges such as Coinbase and Kraken have decided to halt their operations in the country as they struggled to adjust to Japanese market conditions. The move by Binance to re-enter Japan’s market will be closely watched to see if it can succeed where others have failed.