Koscom Adds Crypto Market Data to Investment Data Platform CHECK Expert+

Korean Banks Look into Safer Crypto Investment Amid Wealth Management GrowthDespite growing economic uncertainties, the Korean wealth management market is expected to see growth, triggering fierce competition in the banking industry.©Pexels/Adrien OlichonWealth management growth in APACAlthough the Korean wealth management industry saw a slowdown in its growth last year amid burgeoning economic concerns, the banking industry expects recovery in the future. Management consulting firm Oliver Wyman forecast that the Asia-Pacific wealth management industry will experience a compound annual growth rate of 5.4% until 2026. Against this backdrop, Korean banks are focusing on improving their wealth management capabilities.Crypto-inclusive wealth management trendShim Hyun-jung, a researcher at Woori Finance Research Institute, said that following the global trend, the Korean wealth management industry will need to diversify its target customer groups, adding that banks have to devise phased strategies and deploy them while closely monitoring the domestic crypto market.Previously, several global consulting firms mentioned the following as this year’s asset management trend: Customer segment diversification, growing demand for asset transfer and withdrawal, digital asset management with better human interaction, more investment in environmental, social, and governance (ESG) projects, and advancement in virtual asset security and service technology.

Turkey crafts new crypto regulations with FATF grey list removal objectiveIn an effort to secure removal from the Financial Action Task Force’s (FATF) “grey list,” Turkey is in the process of crafting new regulations governing crypto assets.The FATF, established by the Group of Seven (G7) advanced economies, serves as a guardian of the international financial system. It’s an international organization dedicated to combating financial crimes, which added Turkey to its “grey list” in 2021. In 2019, it cautioned Turkey about significant deficiencies in procedures for freezing assets linked to terrorism and the proliferation of weapons of mass destruction.Photo by Michael Jerrard on UnsplashCrypto compliance for FATF upgradeTurkish Finance Minister Mehmet Simsek recently discussed this matter with a parliamentary commission, according to a report published by Reuters. Simsek highlighted the FATF’s evaluation of Turkey’s adherence to 39 out of the 40 standards set by the organization. The single outstanding issue pertains to crypto assets, and Simsek revealed plans to introduce a crypto assets law in parliament to address this concern. However, he did not delve into specific legal changes.The Turkish government is taking action to align with international standards and remove the shadow of the “grey list.” The Turkish Presidential Annual Program for 2024, as published in the Official Gazette of the Republic of Turkey on October 25, outlines a commitment to establish comprehensive cryptocurrency regulations in the country by the end of 2024. Within the extensive 500-page document, Article 400.5 sets the goal of providing clear definitions for crypto assets, potentially subjecting them to taxation in the future.Additionally, the document seeks to establish legal definitions for crypto asset providers, including cryptocurrency exchanges. However, it refrains from specifying the finer details of the upcoming regulatory framework.Crypto popularityTurkey has been an outlier in terms of cryptocurrency use by comparison with many of its international peers. A report by KuCoin earlier this year validated that reality, indicating a significant increase in the number of crypto investors in Turkey over the course of the previous 18 months. In the aftermath of a devastating earthquake which hit the country on Feb. 6, crypto was reported to have been used as a means to get aid to those affected quickly and easily.However, developments in the crypto space have also included difficulties. It was reported in July that the use of crypto for the earthquake relief effort in Turkey was also being used as a cover by an affiliate of the terrorist group ISIS to launder money and receive funding. Turkish users of the Thodex crypto exchange platform were the victims of fraud in 2021, with the founders of that business having been sentenced for that fraud in September. In 2021 the country moved to ban crypto payments against a background that has seen the Turkish lira experience hyper-inflation.CBDC developmentTurkey’s central bank has been making strides in the digital currency arena, successfully conducting the initial trial of its central bank digital currency (CBDC), the digital lira, by December 2022. The central bank has expressed its intention to continue testing and exploring digital currency development throughout 2024.The move to enhance regulation and compliance in the crypto sector in Turkey aligns with global efforts to ensure transparency and accountability in financial systems.

Treehouse expands NFT data offering through Origins acquisitionTreehouse, a Singapore-based Web3 data firm, has bolstered its presence in the NFT analytics market with the recent acquisition of Origins Analytics, an NFT analytics platform. This strategic move is aimed at enhancing Treehouse’s NFT product offerings and expanding its capabilities in the flourishing NFT ecosystem.Photo by Andrey Metelev on UnsplashAcquisition synergyTreehouse announced the acquisition on Thursday, via a press release published by PR Newswire. Origins Analytics has distinguished itself as a leader in NFT data analysis. The enterprise had raised $4 million in funding in 2022, going on to grow a community of over 10,000 users. The enterprise-grade platform offers valuable insights and services to NFT enthusiasts and investors.Origins Analytics proficiency in both on-chain and off-chain data analysis had made it a highly sought-after name in the NFT space. With this acquisition, Treehouse is doubling down on its intention to deliver comprehensive NFT analytics services to its clientele.In reorganizing the businesses following acquisition, the founding team of Origins Analytics will be joining forces with Treehouse. Treehouse’s management believes that this synergy of expertise from both companies will ensure a seamless transition and integration of Origins’ capabilities into Treehouse’s existing suite of offerings.Broadening service offeringThe integration of Origins Analytics opens up new avenues for Treehouse’s service portfolio. As a consequence, Treehouse will now be able to offer an algorithmically tagged NFT wallet notification system. This will allow its clients to anticipate and better leverage algorithms to deliver real-time updates on NFT transactions and wallet activity.Treehouse is set to introduce NFT analytics bots designed to provide comprehensive data insights and market trends, empowering users to make informed decisions in the dynamic NFT sector. Additionally, the company will go forward to offer an NFT wallet profiling API, granting users deeper insights into NFT wallet activity and aiding in trend identification and opportunity spotting.CEO of Treehouse, Brandon Goh, conveyed his enthusiasm for the acquisition and the broader NFT analytics market, stating:“Treehouse is excited to make this move into NFT analytics. This strategic acquisition underscores our commitment to our clients, many of whom have NFT exposures. Our team is gearing up to integrate Origins’ system into our flagship product, Hyperion, confident that its technology aligns with our users’ needs and paves the way for us to serve the wider NFT community. Despite the bear market, Treehouse is expanding and is actively looking to acquire synergetic businesses.’’Expansion ambitionsTreehouse’s decision to acquire Origins Analytics comes hot on the heels of its successful seed round in 2021, which saw it raise $18 million from prominent investors, including Lightspeed, MassMutual, Binance, Mirana, LeadBlock, Jump, GSR and Wintermute. This recent acquisition stands as a testament to Treehouse’s ambition to broaden its Web3 portfolio and provide cutting-edge services to its valued clients.While the exact financial terms of the acquisition remain undisclosed, Treehouse clearly views this move as a strategic investment in the rapidly expanding NFT market. The company demonstrates confidence in its ability to harness the potential of the NFT sector, even in the face of challenging market conditions.