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

Hana TI Partners with BitGo for Web3 Digital Asset Custody SolutionsHana TI, Hana Financial Group’s financial information technology (IT) arm, announced that it will work with US-based digital asset trust company BitGo on technological collaborations related to Web3-based virtual asset custody services.BitGo has been taking steps to enter the Korean market, starting with the establishment of its Korean branch and its new joint venture for digital asset custody services with Hana Bank. Following this announcement, the company said that it would delve deeper into cooperation with Hana TI.Photo by Medienstürmer on UnsplashCharting the course for digital asset custody in KoreaMike Belshe, Co-Founder and CEO of BitGo, recently visited Hana Financial Group’s Integrated Data Center in Incheon’s Cheongna district, which serves as a digital finance facility for the group. He was accompanied by Park Geun-young, CEO of Hana TI, on a tour through the integrated security control center and server rooms.The two CEOs also discussed various cooperative strategies to expand the Korean market for digital asset custody services, including security measures such as obtaining Information Security Management System (ISMS) certification. In addition, Belshe emphasized the significance of a secure and transparent custody infrastructure for facilitating the issuance and distribution of institutional security tokens. To that end, he expressed BitGo’s commitment to consumer protection and enhancing transparency and security within the Korean digital asset industry together with Hana Bank and Hana TI.“We hope that this collaboration will have a positive impact on enhancing trust and stability in the local digital asset ecosystem,” Park added.Along with security cooperation, Belshe and Park agreed that building up the technical capabilities of Web3-based digital asset platforms is equally important in expediting the growth of the market.Belshe and Park also visited the Hana Global Campus in Cheongna — a hub for cultivating talent — as well as the group’s future headquarters, set to be completed in 2025. Hana TI representatives shared their vision for the Hana Dream Town project currently under development in Cheongna.Commitment to advancing Web3 technologyHana TI is currently concentrating efforts on strengthening its capabilities to internalize Web3-based blockchain technology. The company thereby established a division dedicated to Web3 endeavors in June of last year. It has since been actively engaged in research and development for technologies involved in blockchain infrastructure, digital assets, and security tokens.

Blockchain Experts from Ethereum, Solana, and More to Visit Seoul for Upbit D ConferenceDunamu, the fintech company operating South Korea’s leading crypto exchange Upbit, has unveiled the lineup of international speakers for the upcoming sixth annual Upbit D Conference (UDC). Scheduled to take place on November 13, the conference will bring together global blockchain specialists from notable projects like Ethereum and Solana to explore the latest trends and insights in the industry as well as future prospects.Photo by Terren Hurst on UnsplashThe roster of speakers includes renowned figures such as Tom Teman, Product Manager at Ethereum Foundation; Roger Ver, Founder of Bitcoin.com; and Wally Yu, Solutions Architect at Chainlink Labs. Korean speakers, such as Sehyeon Oh, Executive Vice President of telecommunications giant SK Telecom, are also set to attend.Empowering Korea’s blockchain landscapeSince its inception in 2018, UDC has grown to become Korea’s central blockchain conference. Conceived as a means to contribute to the domestic blockchain ecosystem without focusing on generating profit, the conference has consistently garnered praise for its in-depth presentations from global experts and a wide variety of sessions.Under the theme coined “All That Blockchain,” this year’s conference is open to anyone interested in blockchain, Dunamu said. The “D” in UDC stands for various keywords related to blockchain, including digital assets, decentralization, and developers. However, the focus of the conference has evolved beyond just technology, now encompassing areas such as policy, finance, technology, culture, and societal trends.Event detailsThe conference will be conducted in a hybrid — both online and offline — format, allowing a higher level of participation without the constraints of time and place. Though it will be hosted at the Grand Walkerhill Seoul hotel, anyone anywhere can tune in live through the official UDC YouTube channel. Simultaneous interpretation will also be provided in Korean and English.Dunamu will kick off registrations for both online and offline attendance starting from 10:00 AM KST on September 11. Due to the limited venue capacity, offline tickets will be available on a first come, first served basis.

The Dubai Land Department (DLD), a government agency responsible for the registration of real estate in Dubai and the promotion of real estate investments, has signed an agreement with the Virtual Assets Regulatory Authority (VARA), a local regulator, to better integrate tokenized real estate within existing systems. In a statement published on the DLD website on April 6, the government agency set out further details on the collaboration. The purpose of the agreement is to better accommodate fractional ownership of Dubai real estate through tokenization. Photo by Precondo CA on UnsplashLinking fractional ownership to DLD registryTo that end, a governance system will be put in place in order to link the DLD’s land and property registry with tokenized, fractional ownership of property. The parties believe that this approach will lead to greater operational efficiency for stakeholders such as property management firms. Furthermore, greater accommodation of tokenized ownership will lead to enhanced liquidity within the Dubai real estate market.  As a consequence of this improved liquidity and facilitating a more seamless approach in terms of operational efficiency for property management firms, it’s believed that a greater share of global investment in local real estate can be achieved. Broadening the investor baseFractional ownership via tokenized real estate opens the market up to a broader range of potential investors. On this basis, the collaboration can play a role in contributing towards the objectives of Dubai’s Real Estate Strategy 2033, which sets out to boost the local property sector’s contribution towards gross domestic product (GDP). That initiative targets a real estate market value of AED 1 trillion ($272 billion). The DLD said that the initiative also feeds into the broader objectives of the Dubai Economic Agenda (D33), a ten-year plan that has been set out to double Dubai’s economy by 2033, through focusing on innovation, achieving competitiveness at a global level and sustainable growth. Helal Almari, the director general of Dubai’s Department of Economy and Tourism, commented on the partnership, stating that it reflects the future-focused innovation, which he claims Dubai has already become associated with. He added: “Real Estate and Virtual Assets are key pillars of the D33 Economic Agenda D33 and by joining forces DLD and VARA will be creating the blueprint for RE 2.0 in a Decentralised Future Economy.” Almari expressed the belief that putting legal safeguards in place to recognize fractional ownership rights where real estate is concerned will facilitate “more inclusive economic participation” in this market sector.  The DLD recently launched a real estate tokenization pilot project in collaboration with VARA and the Dubai Future Foundation (DFF). At that time, DLD Director General Marwan Ahmed Bin Ghalita recognized the potential that tokenization can bring to the real estate sector. He stated: “By converting real estate assets into digital tokens recorded on blockchain technology, tokenization simplifies and enhances buying, selling, and investment processes.”Last month, Scott Thiel, founder and CEO of Dubai-based real-world asset (RWA) token marketplace Tokinvest, outlined that RWA asset tokenization in the United Arab Emirates (UAE) is gaining momentum. Commenting on this latest development, Thiel said that it’s a demonstration that “the future of real estate investment is onchain.”