Newly Published CoinGecko Index Tracks Alleged Crypto Securities

3D Avatar Platform GoodGang Labs Joins Finschia as Joint Mainnet OperatorGoodGang Labs, a Singapore-based metaverse platform developer, is set to become a joint operator of the public blockchain mainnet Finschia, as reported by South Korean news agency Yonhap.The Finschia mainnet was launched by Line Tech Plus, a blockchain business subsidiary of Tokyo-based messaging app developer Line Corporation. It has been operated by the Finschia Foundations, a non-profit organization established in March in Abu Dhabi, United Arab Emirates.Photo by GuerrillaBuzz on UnsplashAdvancing Finschia’s governanceGoodGang Labs’ participation as a joint operator of the mainnet came as part of the Finschia Foundation’s establishment of a new consortium to advance its governance structure. Along with GoodGang Labs, many esteemed companies have joined as governance members to collaborate on operating the mainnet. These companies include Japanese telecom giant SoftBank, NFT platform operator LINE NEXT, blockchain infra-service provider A41, crypto firm AhnLab Blockchain Company, CeDeFi protocol Neopin, quantitative trading firm Presto Labs, and GameFi-oriented platform MARBLEX.GoodGang Labs specializes in developing technology that utilizes artificial intelligence (AI) to translate users’ facial expressions and behaviors into real-time 3D avatars. Leveraging this technology, the company is currently piloting Kiki Town, a 3D avatar communication platform.Finschia-based NFT projectsWith its involvement in Finschia, GoodGang Labs will allow various Finschia-based NFT projects to have access to the company’s services including the Kiki Town platform. FNSA, the base coin of the Finschia ecosystem, is currently listed on cryptocurrency exchanges Bithumb, Bittrex, Huobi, and Gate.io, according to crypto data tracking website CoinMarketCap.Ahn Doo-kyung, Co-Founder and CEO of GoodGang Labs, said that this partnership demonstrates the company’s capabilities during times of limited investment opportunities. He stated that GoodGang Labs will showcase a profit-generating platform that enables users to express their emotions through avatars and share their knowledge and experiences.The members of GoodGang Labs have acquired their tech expertise from notable entities such as SNOW, a subsidiary of South Korean tech behemoth Naver, and Meta, the parent company of Facebook. The company has received investments from Naver D2 Startup Factory, a startup accelerator; Naver Z, the operator of metaverse platform Zepeto; and Kakao Investment, the venture capital subsidiary of another Korean tech giant, Kakao.

Upbit D Conference participants share insights on Web3 and blockchainBlockchain specialists from 29 countries gathered on Monday (local time) at Upbit D Conference (UDC) 2023 in Seoul to explore capital markets in the forthcoming Web3 era. This era is characterized by user-controlled, communal data management, a notable shift from the Web2 space where major tech corporations held dominant control over data.Organized by Dunamu, the operator of South Korea’s Upbit cryptocurrency exchange, the conference featured 39 experts, focusing on the transformative potential of blockchain technology in this new internet phase.Photo by Shubham Dhage on UnsplashAsset tokenization and investment opportunitiesAccording to a report by the Asia Business Daily, one of the key speakers at the conference, Wally Yu, a Solutions Architect at San Francisco-based Chainlink Labs, delved into how cross-chain solutions and asset tokenization could add to the financial industry. He explained that Chainlink’s Cross-Chain Interoperability Protocol (CCIP), designed to connect various blockchains, is only beginning to reveal its capabilities in integrating with traditional financial markets. Yu pointed out the growing interest from banks in tokenizing their conventional assets and transferring them to the blockchain. This move, he suggested, could lead to increased liquidity and open up new investment opportunities.Yu also compared the current DeFi market to traditional sectors like stock, real estate, and derivatives, noting DeFi’s relatively smaller scale. However, he underlined blockchain’s transparency as a key advantage over traditional markets, where transparency is often lacking. According to Yu, the adoption of blockchain by traditional financial firms could address longstanding issues more effectively.Looking ahead to the Web3 era, Yu envisioned a scenario where different tokens are interconnected, potentially bringing an estimated $900 trillion worth of assets onto the blockchain. This, he believes, would significantly enhance liquidity in the financial markets.From Web2 to Web3During the conference, Korean mobile network provider SK Telecom’s (SKT) Vice President, Oh Se-hyun, outlined the company’s forward-looking strategy to transition its 30 million subscribers from Web2 to Web3. She highlighted SKT’s search for high-value markets to expand its business scope, underscoring the company’s active efforts in constructing Web3 infrastructure. This strategic pivot aligns with their vision for the upcoming Web3 era.SKT, which established its Web3 division in 2017, initially engaged in developing a private mainnet. However, the company has since shifted its focus towards services aimed at boosting customer engagement, such as custody, web and app services. Oh emphasized the need for Web3 wallets to support a diverse range of assets and decentralized applications (dApps), but she stressed that ease of use is paramount. She views that these wallets will serve as gateways for customers entering the blockchain space.SKT has developed and is improving its own Web3 wallet, dubbed Wallet T. Oh shared her belief that the future of financial business models will pivot from traditional and big-tech banks to those based on public chains. In preparation for this shift, SKT is contemplating strategies to embrace blockchain-based Web3 services.Crypto regulationThe conference also touched on the potential integration of virtual assets within regulatory frameworks. There’s growing anticipation in the market for the approval of spot bitcoin exchange-traded funds (ETFs) by the United States Securities and Exchange Commission, especially following the inclusion of asset manager BlackRock’s proposed spot bitcoin ETF in the Depository Trust and Clearing Corporation’s (DTCC) clearing-house eligibility file.Emily Parker, Executive Director at CoinDesk, mentioned that a spot bitcoin ETF is on the horizon in the U.S. She anticipated that such a development would not only boost cryptocurrency prices but also positively impact the market for non-fungible tokens (NFTs). Echoing this sentiment, Oh Se-hyun from SKT predicted that the approval of a spot bitcoin ETF could unlock access to a $30 trillion market.SKT’s Oh also addressed the complexities surrounding the regulatory landscape for cryptocurrencies. She acknowledged the challenge facing authorities in developing these regulations all at once, highlighting the gradual progress in this area. She cited the outcome of Ripple’s lawsuit in the U.S., which resulted in Ripple’s XRP tokens being classified differently for different investors: as a security for institutional investors but not for retail investors. Additionally, Oh pointed to the upcoming Markets in Crypto-Assets Regulation (MiCA) in the European Union, slated for implementation in December 2024. She emphasized that the establishment of such regulatory guidelines brings clarity and reduces uncertainty, which can be reassuring for businesses operating in the crypto space.Providing further insights into this matter, Kim Gap-rae, a senior researcher at the Korea Capital Market Institute (KCMI), spoke about the importance of regulatory clarity in the cryptocurrency sector. He pointed out that it’s more crucial for governments to have clear regulations rather than focusing on the extent of regulation. Understanding new regulatory or legislative trends is essential for governments as they look to develop new infrastructures.According to Kim, a potential spot bitcoin ETF approval in the U.S. could prompt South Korea to consider a similar approval. However, he noted that Korea currently lacks a regulatory framework for Bitcoin custody, which could lead to a competitive environment among crypto companies in the country. Kim believes that a deeper understanding of custodian regulations will enable better adaptation to new types of ETFs and foster their growth in Korea.

Binance Collaborates with Thai Police to Bust $277 Million Crypto ScamIn a crackdown on cryptocurrency-related crime, Binance, the world’s largest global exchange, has partnered with Thailand’s Royal Thai Police to aid them in dismantling a major criminal network behind a crypto scam.Photo by Dan Freeman on UnsplashOperation “Trust No One”According to a blog post published by the exchange, the operation, code-named “Trust No One,” has not only resulted in the arrest of five key members of the syndicate but has also seized assets worth a staggering $277 million. Importantly, the operation is likely to offer restitution opportunities for more than 3,200 victims.Binance collaborated closely with the Cyber Crime Investigation Bureau (CCIB) and the United States’ Homeland Security Investigations (HSI) to combat these illicit activities. Police Lieutenant Colonel Thanatus Kangruambutr, an inspector at CCIB, expressed his appreciation for Binance’s involvement, underscoring the exchange’s role in the fight against scams and cybercrimes.Successful collaborationsTigran Gambaryan, Binance’s Head of Financial Crime Compliance, reaffirmed the exchange’s commitment to partnering with authorities worldwide to restore trust in the digital asset ecosystem. This operation adds to Binance’s growing list of successful collaborations in its efforts to combat crypto-related crimes, following the recovery and freezing of $450,000 in stolen assets linked to the Curve Finance hack in 2022.In a separate case, Binance’s investigative team played a pivotal role in exposing a major cryptocurrency scam orchestrated by an extensive network of international criminal organizations. This investigation resulted in the arrest of suspects across 30 different locations in Bangkok and the provinces of Samut Prakan and Udon Thani. Binance provided critical information that facilitated these arrests, even sending an investigator to Thailand to support the process of obtaining arrest warrants.This collaborative effort empowered the Royal Thai Police to confiscate illicit assets, which included 16 opulent residences, 12 high-end vehicles, and 16 million Thai Baht (approximately $440,000) in cash.Notably, Binance’s proactive cooperation with law enforcement agencies has yielded an impressive average response time of just three days, surpassing the customary response times of traditional financial institutions. Taking to X (formerly Twitter), the company stated: “Our recent support helped [the Royal Thai Police] to conclude two separate investigations, leading to the arrests of criminals behind major crypto scams.”Ongoing issueCryptocurrency scams have been on the rise in Thailand, posing a substantial financial threat to its residents. Last month Thai authorities detained five foreigners due to their involvement in a $76 million crypto-related scam.In August, Thailand’s Ministry of Digital Economy and Society (MDES) issued Meta (the company behind Facebook) with a warning due to what it deemed to be an inadequate response by the social media giant in Thailand to the prevalence of crypto-related fraudulent ads on the platform.Binance has been active in collaborating with law enforcement in various jurisdictions to combat crypto-related crime. Over the last three years, the exchange has actively cooperated with and provided assistance in more than 103,000 law enforcement investigations worldwide.Although Thailand has witnessed a surge in cryptocurrency-related scams, the collaborative efforts between the Royal Thai Police and Binance serve as a commendable model for addressing these challenges going forward.