Korean Travel Rule Solution Provider CODE to Start Charging Monthly Fees Next Month

Crypto Travel Rule solutions provider CODE obtains ISO/IEC 27001 certificationCODE, a Travel Rule solutions provider and joint venture co-founded by Korean cryptocurrency exchanges Bithumb, Coinone and Korbit, announced on Tuesday (local time) that it has obtained ISO/IEC 27001 certification for information security management systems (ISMS).Photo by Scott Graham on UnsplashEnhanced cybersecurity and operational resilienceThe ISO/IEC 27001 is a standard by which companies can develop, implement, maintain and improve their ISMS to carry out robust risk management, cybersecurity and operational excellence as required by institutions like the European Union’s General Data Protection Regulation (EU GDPR).“CODE will provide a service environment that encourages confidence in our corporate members and the overall market starting with the acquisition of this information security management system certification,” said Lee Sung-mi, CEO of CODE.Consecutive effortsAs a Travel Rule solutions provider, CODE has been ramping up efforts to strengthen its compliance and information security capabilities. The company’s ISO/IEC 27001 certification comes shortly after it obtained ISO 37301 certification from the Korea Compliance Initiative (KCI). ISO 37301 is a standard for compliance management systems (CMS) that assesses organizations based on their compliance with laws, regulations, codes of conduct and more to exercise good governance, transparency and accountability.

Dunamu Helps Adolescents Tell the Difference between Blockchain and BitcoinDunamu, the fintech company operating South Korea’s leading crypto exchange Upbit, announced on Thursday that its digital finance education program designed to help foster talent in digital finance amidst the current era of digitization and fintech has come to an end.Photo by Element5 Digital on UnsplashEmpowering digital finance literacy for the future generationDubbed “Duniverse” — a portmanteau of Dunamu and universe — the program was held from May to July for 4,100 middle school students throughout Seoul, Gyeonggi Province, and Incheon. The curriculum proved to enhance their understanding and literacy in digital finance.“Digital finance education for adolescents is essential in addressing various social issues, such as preventing financial accidents and income polarization,” said Lee Sirgoo, CEO of Dunamu.The first Duniverse program was held last year, hosting some 4,800 middle school students in vulnerable areas of Gyeonggi Province. Owing to the positive response, this year’s pool has been expanded to over 7,000 first-year middle school students in Seoul, Gyeonggi Province, and Incheon. In the first half of this year alone, a total of 4,120 students from 17 middle schools participated.The program featured lessons on the technologies of the Fourth Industrial Revolution, such as blockchain, NFTs, and metaverse, as well as basic financial knowledge. A total of eight sessions were led by a team of qualified instructors with years of experience in economic education. Dunamu employees also directly contributed to the review process of educational materials, the company said.Success recognized by students and teachers alikeIn a survey conducted by Dunamu targeting 435 participants, 93.1 percent of them expressed high satisfaction, stating that their understanding of digital finance improved. This portrays a meaningful upgrade from the answers of a previous survey conducted before the start of the program, where six out of ten respondents said that they had little knowledge about digital finance.They also reported that they now understand the difference between digital asset ownership and copyrights as well as blockchain and Bitcoin, and show interest when coming across digital finance-related content in the media.School teachers also praised the program for addressing blind spots in financial education and taking a proactive learning approach. “The students were able to learn about big data, ChatGPT, and more, which is especially valuable since such education for teenagers is still lacking. I believe it will help boost their competitiveness in the future job market,” said a teacher from Goam Middle School in Yangju, Gyeonggi Province.The teachers also approved of other topics that were covered, such as financial fraud prevention, to help teenagers avoid falling victim to financial scams. Suggestions were also made to expand teacher training courses.Upcoming programThis year’s second Duniverse program will be held from August to December for 2,712 middle school students in Seoul, Gyeonggi Province, and Incheon.Dunamu has continually devoted efforts to boosting social welfare and nurturing young talent. This includes “Dunamu Next Steppers,” a hope fund for young people with multiple debts, along with supporting emerging talents and artists with developmental disabilities in their participation in NFT projects.

e-CNY Payments Enabled for Hong Kong Visitors From Mainland ChinaBank of China’s Hong Kong arm recently launched a digital yuan shopping festival, aiming to spur local consumption and promote the adoption of central bank digital currencies (CBDCs). The festival, which commenced on July 18, allows visitors from mainland China to make purchases in Hong Kong using the digital yuan.Bank of China (Hong Kong) Limited (BOCHK), a subsidiary of China’s central bank, initiated trials of e-CNY cross-border payments in Hong Kong last year, paving the way for the current shopping festival.Photo by Eric Prouzet on UnsplashSubsidized useAccording to a press release published by BOCHK earlier this week, as of July 18, digital yuan wallet holders have been able to use China’s CBDC to make payments at over 200 participating merchants across Hong Kong. Furthermore, consumers have the opportunity to receive shopping subsidies in digital yuan by scanning QR codes at specific stores, as stated in the BOCHK press release.The range of merchants accepting e-CNY payments spans from electronics sellers and pharmacies to supermarkets. Among the participants is U Select, a Hong Kong-based supermarket chain with a wide presence of more than 90 stores throughout the city.BOCHK strategically chose the summer tourist season for the expansion of e-CNY payments in Hong Kong. Chen Guang, representing BOCHK, mentioned the influx of tourists to the special administrative region, presenting a prime opportunity to attract more users and bolster local consumption through this cross-border shopping festival.The move makes BOCHK the first institution to partake in the cross-border e-CNY trial in Hong Kong. In December 2022, the bank initiated the first phase of its “digital yuan exclusive experience,” which allowed a limited number of BOCHK consumers to shop in the city using the digital yuan.Adoption strategyThe digital yuan has witnessed robust adoption in recent times, with China leading the global development of CBDCs. The Bank of China has been actively striving to advance and popularize the use of digital yuan in the country. Various initiatives, including business loans, trial expansions, and partnerships with prominent technology firms, have been undertaken to propel the widespread adoption of the digital currency.The introduction of the digital yuan shopping festival in Hong Kong signifies yet another significant step in China’s efforts to promote its CBDC and drive its usage in both domestic and international transactions. With over 200 merchants already participating and a seamless payment experience for tourists, the festival has the potential to encourage further adoption and shape the future of digital payments in the region.As this initiative gains momentum, it will be crucial to observe its impact on local consumption and the broader implications for CBDC adoption in the global financial landscape.The rate of China’s CBDC development and beyond that, the intent with which it is striving to drive adoption through a seemingly never-ending series of initiatives has been unmatched by any other nation. With that, the first real results of the active and widespread use of a CBDC are going to come from the country that makes up one-fifth of the world economy.