SK Geo Centric Launches Korea’s First Blockchain-Based Plastic Recycling Platform

Korea’s DAXA Prohibits Relisting of Delisted Cryptos for a YearThe Digital Asset Exchange Alliance (DAXA) in Korea will prohibit the relisting of cryptocurrencies delisted from its member exchanges for a year, according to Korean media outlet Edaily.©Pexels/Jan van der WolfDAXA’s arbitrary regulationSome criticize this regulation, arbitrarily created by DAXA, which consists of five major Korean cryptocurrency exchanges (Upbit, Bithumb, Coinone, Korbit, and Gopax), as this rule poses a significant impact on crypto issuers and investors.In fact, a blockchain industry insider said that when cryptos are designated by DAXA as a risky asset, their operators receive a notification from the group that relisting is possible after a year once delisted. So far, assets that have been delisted or designated as such are WEMIX, PCI, BASIC, SRM, and OMG.Coinone’s relisting of WEMIXDAXA added this stipulation, as it faced criticism for the absence of relisting regulations in its guidelines when Coinone, one of its members, exclusively relisted the WEMIX token. This raised doubts about the self-regulation of the industry because DAXA had decided the delisting of WEMIX on the grounds that the information on its circulation supply was unreliable.Crypto enterprises are complaining about DAXA’s devising of strict penalties when delisting processes are not transparent. DAXA has stated that a consensus has been reached for the first draft and it will be continuously revised.Stronger DAXA presenceThe Korean crypto industry forecasts that this regulation will empower DAXA’s presence in the crypto scene, considering that its members are responsible for 98% of the domestic trading volume.Experts note that DAXA needs to establish fairness and transparency in order for it to gain trust as a self-regulatory body. Park Yong-beom, Chairman of the Korea Society of Blockchain, said rules on listing and delisting have to be fair and transparent, and if market participants find them unconvincing, it would undermine the credibility and authority of the self-regulatory body.In an interview with Economic Review, Former KB Kookmin Bank CEO Lee Kun-ho suggested that DAXA should prioritize market vitalization and ecosystem strengthening. He believes that instead of focusing on market management and supervision, DAXA should concentrate on enhancing investor protection.

While South Korea’s central bank has opted not to accumulate Bitcoin (BTC) at a nation-state level, North Korea has become a major holder of the leading crypto asset, albeit in a very unconventional way. The Democratic People's Republic of Korea (North Korea) is believed to currently be in possession of 13,518 BTC. That’s according to data compiled by the blockchain analytics firm Arkham Intelligence. Arkham has labeled the holding as belonging to the notorious North Korean hacking organization Lazarus Group. It’s been alleged by many observers over recent years that Lazarus is controlled by the North Korean government. Photo by Vasilis Chatzopoulos on UnsplashOn this basis, it would appear that North Korea now has a larger Bitcoin holding than the Bitcoin-friendly jurisdictions of Bhutan and El Salvador. The Kingdom of Bhutan holds 10,635 BTC through Druk Holdings and Investments (DHI), the commercial arm of the Royal Government of Bhutan.  Meanwhile, El Salvador holds 6,119 BTC. Bhutan has been accumulating Bitcoin as a consequence of Bitcoin mining activity carried out by the government in partnership with Singapore-based Bitcoin mining firm Bitdeer and others within the Asian country over recent years. El Salvador made a commitment to buy Bitcoin on an ongoing basis following its recognition of the digital asset as legal tender back in 2021. Based on Bitcoin pricing at the time of writing, Arkham’s data suggests that North Korea currently holds Bitcoin with an overall value of around $1.14 billion. It’s believed that North Korea’s overall holdings have been bumped up recently following a $1.4 billion hack of global crypto exchange Bybit last month. According to crypto data analysis firm Coin Metrics, the hack stands as one of the largest of all time.  Arkham’s data suggests that North Korea now has the third largest nation-state holding of Bitcoin, with the U.S. in first place, with 198,109 BTC, and the UK next with a holding of 61,245 BTC. Besides Bitcoin, the Lazarus Group is understood to be sitting on ETH, BNB, DAI and BUSD worth in the region of $30 million. In the immediate aftermath of the hack, the hackers moved to swap out some of the stolen Ether (ETH) for Bitcoin via the THORChain decentralized liquidity protocol. South Korea not building Bitcoin reserveWhile North Korea appears to have accumulated Bitcoin at the nation-state level through nefarious means, the Republic of Korea’s (South Korea) central bank has given an indication that it currently has no plans to accumulate Bitcoin.  According to a recent local media report, the Bank of Korea (BOK) responded in writing to a query from a Korean parliamentarian, outlining that there is no plan currently to develop a Bitcoin reserve or to stockpile Bitcoin at a national level.  The BOK is understood to have cited Bitcoin’s price volatility as a major concern. Additionally, the central bank outlined that Bitcoin doesn’t conform to the International Monetary Fund’s (IMF) guidelines relative to foreign exchange reserve management.

U.S. crypto fund targets Asian investors for new $800M growth equity fundDan Tapiero, the New York-based founder of 1RoundTable Partners and 10T Holdings, is on a mission to raise between $700 million and $800 million for his upcoming fourth fund, with a recent focus on Asian investment interest.A recent report by Deal Street Asia pointed out that Tapiero has turned his attention to the potential of inward Asian investment, not least through his recent one-week business trip to the region in early December.Photo by Towfiqu barbhuiya on UnsplashInvestment vehicles1RoundTable Partners was Tapiero’s original investment vehicle, positioning itself as a growth equity fund building a portfolio focused exclusively on growth-stage blockchain and crypto projects. 10T Holdings was established more recently, targeting mid to late stage digital asset ecosystem (DAE) firms as part of its equity fund. Earlier this year, 10T was reported by Bloomberg to have $1.2 billion under management while seeking another $200 million in new funding.10T Holdings has fully deployed its three previous funds, forming a portfolio of 24 active DAE companies, including Gemini, Animoca Brands, Yuga Labs and Deribit. Tapiero’s cautious approach to valuations has been rewarded. He turned down opportunities in FTX and Celsius Network at their peaks prior to both entities failing spectacularly in 2022.Crypto equity fund resilienceThe crypto industry faced challenges, including the collapse of FTX, leading to tighter regulations and reputational damage. Venture investments in the sector saw a decline, with statistics from Galaxy Digital Holdings indicating that Q3 2023’s venture investments were below $2 billion, the lowest since Q4 2020.Tapiero is undeterred and is actively raising his fourth growth equity fund, focusing on “digital asset ecosystem (DAE) companies.” This fund, managed under 1RoundTable Partners, will primarily invest in mature DAE companies with $40–50 million in annual revenue and a market valuation exceeding $400 million. Tapiero’s strategy of targeting lower-risk, growth-stage opportunities aligns with his hedge fund legacy.Asian investor focusTapiero is actively seeking new investors in Asia for Fund IV, targeting a first close in Q1 2024. His efforts are focused on addressing the lack of growth-stage capital, particularly in Asia, where confidence in digital assets has strengthened due to crypto-friendly regulations.The veteran macro investor, who founded Gold Bullion International in 2009 prior to turning his attention to the digital assets space, sees a window of opportunity in the secondary market. Having already invested about $660 million through 10T Holdings, he notes that investors may have only a “six-month window” to capture discounted opportunities.In an interview with Bloomberg earlier this month, Tapiero outlined his view that Q4, 2023 will be the crypto sector’s “best quarter since the bull market.” He added:“We think that the bear market finished in Q4 2022. We had a sideways move for a while and then in July [2023] things sparked off with Larry Fink’s [BlackRock CEO] comments.”As Tapiero navigates the crypto landscape with a strategic focus on growth and risk management, his approach appeals to traditional investors, including major pension funds. Fund IV represents a step toward contributing to the ongoing evolution of the digital asset ecosystem. It’s on that basis that the investment industry veteran is targeting Asian limited partnerships (LPs).