SK C&C to Spearhead Establishment of Korea’s First Alternative Trading System

Foblgate adds D’CENT and Trust as supported external walletsSouth Korean cryptocurrency exchange Foblgate will allow users to register the external digital wallets D’CENT and Trust on their accounts, offering more options for managing and trading crypto assets, according to local news site Etoday on Tuesday (KST).Photo by Shubham’s Web3 on UnsplashD’CENT is a hardware wallet that safeguards users’ assets through a robust security system employing biometric technology, encrypted storage, firmware authentication and security certification. It supports some 3,000 cryptocurrencies and allows users to create up to 80 addresses in a single wallet. Trust, on the other hand, is a one-stop Web3 wallet where holders can trade and swap crypto, earn rewards, manage NFTs and enjoy various decentralized applications (dApps). Like D’CENT, it is known for securing customer assets and privacy.“By providing support for external wallets, we are striving to enhance user convenience, respond to various demands and create a safe and convenient trading environment on Foblgate,” Ahn Hyun-jun, CEO of Foblgate, emphasized.Travel Rule requirementsAs per the Travel Rule under Korea’s Act on Reporting and Using Specified Financial Transaction Information, any user who wants to transfer cryptocurrencies worth more than KRW 1 million (approximately $775) via a personal wallet must register that wallet beforehand. The Travel Rule refers to the Financial Action Task Force’s (FATF) Recommendation #16, which outlines that VASPs must share certain personal information about customers — including names and account numbers — when facilitating crypto transactions that exceed a certain amount. This is aimed at preventing money laundering and other illicit activities.Expanded optionsFoblgate currently supports several other external wallets as well, including MetaMask, Blockchain.com, MyEtherWallet, Klip and Burrito Wallet, which was added at the end of last month. The two newest additions, D’CENT and Trust, bring the total number of supported wallets to seven. The exchange has also uploaded a guide on its website on how to add external wallets.

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.

Avalanche Blockchain Developer Expands into IndiaAva Labs, the company behind the layer one Avalanche blockchain, is setting its sights on a significant expansion in India.Seeking out state agency partnershipsThe move by the New York-based blockchain development firm reflects the growing interest in blockchain technology within the world’s most populous country. Ava Labs outlined that it is actively seeking partnerships with Indian government agencies and institutions to facilitate the development of applications on the Avalanche (AVA) blockchain, according to a blog post published by the firm on Thursday.While government and state agencies have not been terribly progressive when it comes to decentralized cryptocurrencies in India, they have been more receptive in terms of developing the underlying blockchain technology.Earlier this year, the Royal Bank of India (RBI) highlighted the importance of adopting blockchain technology. Last month, an RBI-led initiative emerged through India’s National Payments Corporation of India (NPCI) to further explore blockchain technology relative to payment systems.Indian government’s initiatives, such as launching a Centre of Excellence in Blockchain Technology, align with Ava Labs’ expansion strategy. Moreover, Indian states like Goa and Telangana have demonstrated a proactive approach to leveraging blockchain for real-world use cases, including land records and vehicle registrations.Photo by Studio Art Smile on PexelsRecruiting local talentAs part of its plans, Ava Labs has made a few pivotal hires to lead its operations and business development in India. Devika Mittal, formerly the Head of Token Listings for OK Group company Okcoin, and Kamakshi Arjun, who has held leadership positions at Polygon (MATIC) India and Tech Mahindra, have joined the team. Both individuals bring extensive experience in the blockchain industry to their new roles.Mittal expressed her excitement about the opportunity, stating:“I am so excited to help Ava Labs expand its reach and impact in the region, and am confident that Ava Labs is well-positioned to meet the demands of India’s large and growing population of tech-savvy individuals and businesses.”Equally Arjun, with her understanding of the blockchain market, is expected to play a critical role in Ava Labs’ expansion strategy.Business development fundMittal said in an interview with The Block that Ava’s operations in India would focus on several sectors, including ticketing, certification, and supply chains. She also highlighted the innovative features of Avalanche subnets. Notably, Ava Labs has a specific business development fund earmarked for India.There’s a lot of activity within India’s blockchain ecosystem, with projects like Loco, an esports and live-streaming platform, leading the way. Loco is developing a range of Web3 products and pioneering innovative fan experiences using a custom Avalanche Subnet.While Polygon Labs, the founder of Ethereum scaling network Polygon, operates on a fully remote basis, its origins can be traced back to India through its founders. One community member responded to this latest news, stating that the Avalanche development team has a lot of ground to make up by comparison with the progress recorded by Polygon in India in terms of partnerships and business development.Ava Labs is actively engaging with various prominent institutions and has already secured a partnership with a government agency, although specific details have not been disclosed.