OliveX Launches OVE Governance Token

Korea’s Most Populated Province to Conduct Survey on Unfair Crypto TradingGyeonggi-do, the most populated South Korean province that encircles the nation’s capital of Seoul, announced today a plan to conduct a survey among its residents later this year to assess their experiences with unfair cryptocurrency trading practices.Photo by mockupbee on UnsplashRising crypto-related complaintsThe decision to conduct this survey was prompted by the increasing number of residents experiencing unfair losses from cryptocurrency investments amid an economic slowdown. Last year, the consumer counseling center in Gyeonggi-do received 448 complaints related to crypto assets, which was more than triple the number in 2020.The objective of the survey, which will run from August to November, is to gather data on residents’ perceptions of crypto assets, their methods of accessing them, the types of investment victims, and the extent of investment losses. To obtain a comprehensive understanding of the current situation, Gyeonggi-do will also analyze complaints from the past three years and establish appropriate response measures.In-depth interviewsIn addition to the survey, Gyeonggi-do plans to conduct in-depth interviews with victims by making visits and phone calls. The provincial government aims to categorize each case into major groups such as illicit pyramid schemes, suspicious investment advice channels, illegitimate fund-raising activities, market manipulations, and fake crypto sales.Legislation in progressMeanwhile, the Virtual Asset User Protection Bill is currently undergoing the legislative process in the National Assembly. Gyeonggi-do is committed to devising appropriate consumer protection policies within its jurisdiction to safeguard residents and prevent further damages until the act becomes effective. Cases of unfair trading practices uncovered during the survey will undergo legal reviews and may result in fines or lawsuits.Heo Seong-cheol, the head of the Fair Economy Division at the Gyeonggi-do government, expressed the province’s dedication to minimizing financial losses incurred by consumers due to criminal activities in the crypto industry. He said the survey will provide valuable insights to the local government, enabling them to gain a comprehensive understanding of the current situation regarding unfair crypto trading practices and take necessary actions.

The Ethereum Foundation is set to make a significant impact on the Southeast Asian Ethereum community as it announces Bangkok as the location for Devcon 7.Photo by Viktor Forgacs on UnsplashFocusing on Southeast AsiaThe Ethereum developer conference will be held in the Thai capital from Nov. 12 to 15. The decision signifies a broadened vision for the event, shifting from a city-focused approach to embracing the entire Southeast Asia region as the backdrop for this community gathering. To underscore the Foundation’s intent, it has renamed the event from Devcon 7 to "Devcon Southeast Asia." Expressing enthusiasm about the potential and rapid growth of the Ethereum community in Southeast Asia, the Ethereum Foundation sees the scheduling of Devcon 7 for 2024 as an opportunity to deeply engage with local communities, providing meaningful support and empowerment. This shift aims to make Devcon 7 a more inclusive and regionally focused event, aptly named "Devcon Southeast Asia" to highlight its broader reach and impact. There has already been a positive reaction from crypto community members in the region in response to the choice of Bangkok for the conference. Navaporn Nalita, the founder of Crypto City Connext in Thailand wrote that “Bangkok's collaborative ecosystem, welcomes Devcon 2024 with open arms (and open blockchains)! Thailand's vibrant dev scene is primed to ignite alongside the world's brightest minds.” In short order, community builders have been looking to make the most out of the opportunity. Aligning with crypto growth potentialAccording to the blog post published by the Ethereum Foundation outlining the announcement, the choice of Bangkok as the host city aligns with the region's crypto adoption growth. Countries like Vietnam, the Philippines, Indonesia and Thailand have shown remarkable positions in the Global Crypto Adoption Index, underscoring the pivotal role of Southeast Asia in the global Ethereum landscape. To support Ethereum events, grassroots communities and educational initiatives in Southeast Asia, the Ethereum Foundation (EF) initiated the Road to Devcon (RTD) Grants round on June 29. This grant round is specifically aimed at individuals in Southeast Asia actively building communities, developing educational activities, and contributing to the growth of the Ethereum ecosystem. Encouraging smaller meet-ups over large events, the EF set the maximum grant at $1,000. The initiative aims to empower the Southeast Asian Ethereum community by providing support along the Road to Devcon. In a recent Chainalysis research report, Vietnam has emerged as the leader in cryptocurrency adoption within Southeast Asia, claiming the top spot in the region and ranking third globally in the Global Crypto Adoption Index for 2023. This index considers transaction volumes, protocols, web traffic patterns and factors like population size and purchasing power. The competition among Southeast Asian countries to establish themselves as crypto hubs is evident. Each nation adopts different regulatory approaches, with Singapore and Thailand implementing stricter measures. There has been a steady stream of Ethereum developer-centric conferences in recent years. 2022 featured EthDenver, Avax Barcelona, Devconnect Amsterdam, Devcon Bogota and EthSF (San Francisco). EthDenver, EthCC Paris and Devconnect Istanbul followed in 2023. As Devcon Southeast Asia approaches, the Ethereum Foundation anticipates fostering deeper connections and collaboration in this vibrant and evolving ecosystem. 

AIITONE Partners with FIDES Development for Real Estate TokenizationAIITONE, a South Korean blockchain-based fintech company, has announced a partnership with FIDES Development, a real estate developer, to enhance their collaboration in the security token sector, as reported by local outlet Hankook Economy TV.FIDES Development has been undertaking various initiatives within the real estate sector, including the identification of underlying assets for security tokens, the development of virtual reality-based show houses, and the implementation of artificial intelligence-powered property technology. In order to support FIDES in these endeavors, AIITONE will provide its advanced fintech services.Photo by Jiho Choi on UnsplashReal estate tokenizationThe objective of the collaboration between the two companies is the tokenization of real estate properties. FIDES Development has developed a wide range of projects, including apartments, offices, and multi-purpose complexes. One of their current projects is a 39-floor accommodation building in Gangwon Province.Legalizing security tokensGiven the accelerating legislative process associated with legalizing security tokens in the National Assembly, construction and development companies are increasingly interested in the fractional investment industry.Both AIITONE and FIDES Development expressed their excitement about this partnership, as they believe it will enable them to identify valuable real estate assets and tokenize them, thus creating innovative and secure investment opportunities.Notably, Kim Seung-bae, CEO of FIDES Development, is also the chairperson of the Korea Developer Association (KODA), which has trained around 18,000 professionals in the field. KODA serves as a legal organization representing South Korea’s real estate development industry.Similar developments in JapanMeanwhile, similar developments have been observed in Korea’s neighboring country, Japan. In May, Mitsui & Co. Digital Asset Management introduced Alterna, a security token platform with a primary focus on real estate. Alterna has democratized investment opportunities that were previously inaccessible, enabling individuals to invest with a minimum of 100,000 yen. The platform garnered substantial interest from Japanese investors, amassing over 10,000 pre-registrants ahead of its official launch.