Huobi Co-Founder Acquires 10 Million CRV Tokens

The Label Foundation is working with global electronics conglomerate LG Electronics to rollout its Web3 music streaming service, Tracks, on LG Smart TVs, according to an article by Bitcoinist on Monday (KST). The platform’s TV app will be available for free on the latest LG Smart TV models that support webOS22 and 23.Photo by Blaz Photo on UnsplashReinvented music streamingTracks is a music streaming service that allows users to enjoy free high-quality music and artistic visuals through their TVs. The platform leverages Web3 technology to offer a variety of rewards based on the amount of time spent listening. In particular, the Label Foundation aims to make Tracks easily accessible to Web2 users around the world to serve as a bridge between Web2 and Web3. “With the upcoming launch, numerous TV owners will be able to enjoy music for free, which resonates deeply with Label’s ethos, championing universal music accessibility without financial boundaries. We are happy that our collaboration with LG Electronics made this a reality,” Label Foundation said. Rapid riseSince its launch in July, Tracks has gained substantial popularity among younger generations, with its mobile app amassing over 150,000 users worldwide and more than 10,000 daily active users. The Label Foundation attributes this success in user acquisition to its user-centered approach, as opposed to the content provider-centered approach of traditional music streaming services.  As part of its monetization efforts, Tracks will also integrate a free advertising supported streaming television (FAST) service in the near future, which will allow users to access content like television programming and films without subscription fees.

South Korea to Revive Tech Exports with Metaverse, BlockchainThe South Korean Ministry of Science and ICT revealed today a strategy to enhance the country’s tech exports. The plan includes leveraging the potential of the metaverse and blockchain as promising export items.Photo by Pixabay on PexelsEmphasis on the digital sectorIn response to the recent decline in exports, the strategy seeks to establish new sources of growth by prioritizing the digital sector, which has historically been a key driver of Korea’s exports. Recognizing the complex challenge posed by the global economic slowdown and other factors, all government ministries are collaborating to counteract the export slowdown.The plan leverages South Korea’s digital capabilities and implements proactive measures to adapt to evolving export trends, including the recent advancement of generative artificial intelligence (AI) tools and the acceleration of digital transformation. By tapping into emerging markets and nurturing innovative companies, the government strives to diversify its export portfolio and strengthen its position in the global market.Despite achieving a record high of $248.8 billion in tech exports in 2022, Korea has faced year-on-year declines since July 2022 due to the global economic downturn. The semiconductor sector, which accounts for more than half of the nation’s tech exports, has been particularly sluggish. Nevertheless, the rise of new tech markets driven by significant technological advancements, such as ChatGPT, and the global push for digital transformation offer opportunities to overcome the current export slump.Emerging marketsAgainst this backdrop, the government is committed to backing the development of products that resonate with the evolving export landscape. It is eyeing emerging markets, notably the Middle East, Southeast Asia, and Latin America, recognizing their fertile grounds for the swift adoption of evolving tech trends, fueled by their substantial youth populations. Furthermore, the government plans to provide policy-level support to tech companies.Government supportUnder this plan, the government will identify promising companies and offer assistance, including consultation and guidance on product commercialization. It will also support metaverse companies participating in overseas projects by covering localization development costs.In the blockchain field, comprehensive support, including technology verification, consulting, and marketing, will be provided to those working towards international standardization for NFTs and their overseas commercialization.As part of this initiative, exhibition rooms will be established on metaverse platforms like ZEPETO and IFLAND in September. These platforms will provide opportunities for innovative firms to showcase their products. At the same time, the plan will facilitate interaction between Korean companies and overseas buyers through online and offline events to boost exports.

Kazakhstan shuts out 980 non-compliant crypto exchanges in 2023Kazakhstan has implemented stringent measures in 2023 when it comes to regulating the crypto sector, resulting in the closure of 980 crypto exchanges that failed to comply with government regulations.That’s according to a press release published by the Central Asian country’s Financial Monitoring Agency (FMA), the state entity responsible for anti-money laundering (AML) policy. These measures, taken over the course of the year, were highlighted during the 39th Plenary Week of the Eurasian Group (EAG) in the resort city of Sanya, in Hainan province in China.Photo by Kuralbek Djumagaziev on UnsplashCombating money laundering threatsThe seminar served as a platform for participating countries to exchange experiences, with an emphasis on leveraging advanced technologies, including artificial intelligence, to effectively combat emerging threats related to money laundering and terrorist financing. The Kazakhstani delegation played a leading role in discussions on virtual assets.Ruslan Ostroumov, the Head of Kazakhstan’s Financial Monitoring Agency, showcased the country’s legislative regulations and robust measures to combat the illegal turnover of digital assets. Ostroumov reported the blocking of 980 illegal cryptocurrency exchange platforms in the current year. Additionally, nine investigations into illegal exchange operations, amounting to $36.7 million, have been initiated, accompanied by ongoing preventive measures.Registration process complexityWhile the seminar’s organizers commended Kazakhstan for its proactive stance against financial crimes in the virtual assets space, the country’s crypto laws have added complexity to the registration process for exchanges.In November, the Kazakhstani authorities blocked local access to the Coinbase website due to potential violations of the country’s digital asset legislation. This decision aligned with the law on digital assets, effective since February 2023, which prohibits the issuance and trading of digital currencies and cryptocurrency exchange businesses without proper licensing.While challenges remain for crypto platforms within Kazakhstan, some have been successful in their efforts. In May, crypto derivatives trading platform Bybit was successful in gaining approval to offer its services within the country. Binance followed suit in June, securing preliminary approval. Other platforms such as CaspianEx, Biteeu, ATAIX, Upbit, Xignal and MT have been granted permission to conduct trade in Kazakhstan.In December 2020, Kazakhstan formally legalized cryptocurrency mining, and on May 6, 2021, the National Bank of Kazakhstan announced plans to issue a “digital tenge,” their version of a central bank digital currency (CBDC). Various CBDC-related projects have followed. In September, the National Payment Corporation, an entity which will be responsible for CBDC development, was launched. The same month, the National Bank of Kazakhstan entered into a collaboration with financial messaging service SWIFT to work on an interoperable CBDC connector.For the most part, these comprehensive regulations and the issuance of a CBDC signify Kazakhstan’s broader acceptance and adaptation to the cryptocurrency landscape. Authorities internationally are trying to find a balance between adequate regulation and enabling innovation to take place. Kazakhstan is no exception, and with that, there are bound to be challenges as regulatory frameworks are optimized and tweaked along the way.