Non-Fiat Crypto Exchanges in Korea Urge Banks for Real-Name Accounts

DeSpread, a Korea-based consulting firm specializing in Web3 and blockchain, announced today its partnership with Arbiturm, a Layer 2 network built on the Ethereum blockchain. This news was reported by local media outlet Etoday. Through the partnership, DeSpread aims to create an ecosystem for Arbitrum developers, seek collaboration with Korean enterprises and attract more onchain users. Photo by Sigmund on UnsplashArbitrum is one of the largest Layer-2 blockchains operating on the Layer-1 Ethereum network, designed to address the scalability issue of the ETH network. DefiLlama, a DeFi total value locked (TVL) aggregator, shows that Arbitrum has the fourth largest TVL among all chain networks, and the largest TVL among ETH-based Layer 2 networks. To foster Arbitrum-based services, DeSpread plans to distribute research content and development guides to Korean developers in an effort to bring down the language and cultural barriers when working with Arbitrum. Regular events featuring Arbitrum experts are also in store, set to be held both online and in-person formats. These efforts are intended to help companies seeking to adopt blockchain technologies collaborate with Arbitrum.   Forging an ecosystem within the Korean ETH communityJeff Kim, Head of operation at DeSpread, expressed his excitement about the partnership with Arbitrum, saying that Arbitrum is the network showing the strongest performance among all Layer 2 solutions on the ETH network. He added that Despread plans to support Arbitrum so that it can create its ecosystem within the Korean Ethereum community and raise its brand awareness. Nina Rong, Head of Ecosystem Development at Arbitrum, stated that Arbitrum has long been keeping an eye on Korea’s blockchain ecosystem. The partnership will help Arbitrum strengthen its position in the Korean market and shape a developer-friendly environment for individuals and businesses, she said.

South Korean Banks Adopt Blockchain for Streamlined Civil Servant LoansSouth Korea’s state-run financial organizations and banks are embracing blockchain technology to streamline the loan process for government employees and enhance loan management for banks.Photo by Shubham Dhage on UnsplashBlockchain-aided loan servicesIn a collaboration announced today at the Korea Federation of Banks (KFB) in Seoul, the Korea Financial Telecommunications and Clearings Institute (KFTC), the Government Employees Pension Service (GEPS), and four local banks are coming together to introduce blockchain technology in providing loan services specifically tailored for civil servants. The four participating banks are NongHyup Bank, Hana Bank, DGB Daegu Bank, and Gwangju Bank.Easier applicationAt present, civil servants are required to acquire a physical loan recommendation letter from the GEPS in order to apply for a bank loan. However, with the implementation of the new loan system, the GEPS will have the capability to issue blockchain-based letters, which can be obtained by civil servants either in-person or remotely at banks. This innovative approach will significantly simplify the verification process for these letters.Easier managementFurthermore, the manual exchange of loan-related information, such as repayment history and retirement details, between banks and the GEPS will be replaced by a more efficient system. The KFTC will take on the role of mediator, ensuring that any changes to this information are immediately reflected in real time. This streamlined approach will significantly enhance loan management for lenders.The launch of this service is scheduled for November this year, bringing about improved accessibility to loans for government employees. As the project progresses, other financial institutions are expected to join in, further enhancing the convenience of public servants. Additionally, these collaborating organizations will explore joint services aimed at providing the necessary support to stabilize the livelihoods of civil servants.

Authorities in China have disclosed that Yao Qian, a prominent figure in the country's blockchain industry and former head of China's central bank digital currency institute, is under investigation by the nation's anti-graft watchdog. The announcement was made on Friday, revealing that Yao is "suspected of serious violations of discipline and law." However, specific details regarding the nature of the investigation were not provided.Photo by Max van den Oetelaar on UnsplashCareer and recent roleYao Qian currently holds the position of head of the technology regulation department at the China Securities Regulatory Commission. Earlier in the month, he authored an opinion piece titled “Warnings Mount Over Novel Bitcoin ETFs That Have Taken the U.S. by Storm” on Caixin, a prominent Chinese financial news platform. Born in 1970, Yao initially served as the inaugural head of China's central bank digital currency research institute in 2017 before transitioning to the securities regulator in 2018. Contributions to blockchain discourseThroughout his career, Yao Qian has been actively involved in discussions surrounding blockchain technology. In 2022, he published a book covering various topics within the blockchain space, including DAOs, DeFi, NFTs and X-to-earn models. In the foreword of his book, Yao emphasized the growing significance of Web3 innovation, noting it as a development direction of high importance and value for nations. Lack of specifics surrounding investigationThe announcement of Yao Qian's investigation has left many observers in the blockchain industry with questions, as authorities did not provide clear reasons for the probe. Despite his past contributions and current role in technology regulation, the investigation raises uncertainties about Yao's future involvement in the blockchain sector and his standing within Chinese regulatory circles. As developments unfold, stakeholders within the blockchain community will continue to monitor the situation surrounding Yao Qian's investigation and its potential implications for China's blockchain policies and initiatives.