Korea’s Incheon City Takes Steps to Boost Blockchain Startup Growth

Zetrix, a layer-1 blockchain project for real-world applications, has launched an electronic Know Your Customer (KYC) verification product for Chinese nationals. The Malaysian enterprise, which is a subsidiary of digital services company My E.G. Services Berhad (MYEG), has launched ZCert. The offering is available to Chinese nationals who opt to have their digital identities published to the Xinghuo BF network, a Chinese national blockchain infrastructure network developed under the guidance of China’s Ministry of Industry and Information Technology and managed by the China Academy of Information and Communications Technology.Photo by Diego Jimenez on UnsplashFirst-of-its-kind applicationZetrix acts as an international super-node relative to the Xinghuo blockchain. In a press release published by PR Newswire on Oct. 3, the company outlined that ZCert had been launched as a first-of-its-kind application, enabling Chinese nationals “to be authenticated and verified digitally overseas, paving the way for a seamless, efficient, and secure verification process for verifiers and identity holders. ” The service simplifies the issue of identity verification for verifiers located outside of China, as a consequence of Zetrix’s integration with the Xinghuo BIF network.  Connecting to ‘China Web3’Xinghuo signed a memorandum of understanding (MoU) with Zetrix’s parent company, MYEG, to establish the international super-node back in November 2022. The tie-up was seen as an opportunity to provide access to Chinese government agencies and businesses internationally.  At the time, MYEG Managing Director and Zetrix Co-Founder Wong Thean Soon said that “with the commencement of the Xinghuo International Supernode, the rest of the world can connect and be part of the China Web 3 evolution that will promote the establishment of international communities and facilitate global trade and finance.”  On this occasion, Wong said that the new product “enables a new wave of services powered by smart contracts.” He added that KYC processes can be simplified and automated, while “user data is retained by users at all times and only critical information is shared in an encrypted manner." The company has already digitized Chinese driving licenses for the purpose of overseas verification. Furthermore, it has plans to expand its offering beyond ID verification soon. In April of this year, Zetrix and MYEG signed an MOU with MaiCapital, a Hong Kong-based virtual assets manager, with a view towards collaborating on the launch of a digital asset fund or digital asset-based exchange-traded fund (ETF). Last year Zetrix engaged in a pilot project with the Bank of China with the aim of offering supply chain financing products. On a similar theme, its parent company entered into a partnership with the Philippines Bureau of Customs (BOC) and Cargo Data Exchange Center Inc. (CDEC), also in 2023. The collaboration involved the use of Zetrix’s ZTrade product, a Web3 platform that enables digitized trade document verification. Zetrix launched its ZETRIX token in October 2023 through an initial exchange offering (IEO) facilitated by the Coinstore exchange.

The Korea Association of Game Industry (K-GAMES) – the body responsible for overseeing and nurturing the country’s successful gaming industry – released its 2023 Global Game Policy and Legislation Study on Tuesday (KST) in collaboration with the Korea Creative Content Agency (KOCCA).Photo by Tingey Injury Law Firm on UnsplashThe report summarizes gaming-related regulations and laws in six Western European countries – the United Kingdom, Germany, Belgium, the Netherlands, Spain and France – including those on standard terms and conditions, the protection of minors, personal privacy, payment and more. "Through cooperation between public and private sectors, we have been able to achieve tasks like collecting information and securing databases on overseas gaming markets by country and continent," said Kang Shin-chul, President of K-GAMES. "We will continue to contribute to the development of the domestic game industry," he added. Regulatory landscapeThe study found that operators in the specified countries are not required to obtain special licenses, appoint local representatives, or set up servers in order to operate a gaming business in their respective countries. It also details country-specific requirements, such as in Germany, where the use of content that glorifies or justifies Nazi-related symbols or actions is prohibited. A closer look at Belgium’s stanceInterestingly, the report revealed that the regulation of randomly distributed in-game items varied by country. The UK, Germany, Spain, the Netherlands and France have no legal restrictions on such items, but the UK and the Netherlands have recommended that information on the odds of winning them in games of chance should be disclosed before a player obtains or opens an item. Meanwhile, Belgium has implemented a regulation that prohibits paid games of chance for stochastic items altogether due to its laws regarding gambling. However, there are no regulations on Play-to-Earn (P2E) games unless they constitute gambling, which is also true of the other five countries. Minting game items into NFTs is also not subject to oversight in all six nations unless they are considered financial instruments. There are also no standard terms and conditions set by Belgium’s national government for gaming services, which are instead governed by the European Union’s (EU) General Data Protection Regulation (GDPR). 

CoinNess, the leading crypto media platform in South Korea, announced today that it has become the country’s largest online community platform for cryptocurrency enthusiasts. 100,000 daily active usersThe virtual asset media outlet revealed that during the second week of January, the average daily active user (DAU) count neared 100,000. The platform also experienced a milestone, with the average concurrent user count surpassing 15,000 for the first time, edging out Coinpan, Korea's preeminent cryptocurrency community website. High ranking in app marketsAdditionally, CoinNess achieved the second position in the Top Charts for free iPhone apps in the news category on the Apple App Store in Korea. The top spot is held by the social media platform X, previously known as Twitter. On the Android Play Store, the CoinNess app ranked 82nd in the finance category and is the fourth most popular among crypto-related apps, trailing behind Bithumb, Upbit and Bitget. The significant increase in CoinNess’ user base can be attributed to the recent surge in interest in spot bitcoin exchange-traded funds (ETFs). More and more Korean investors have turned to CoinNess, finding it crucial to stay informed about the U.S. Securities and Exchange Commission’s (SEC) approval of spot bitcoin ETFs and to begin participating in the cryptocurrency market.Korean crypto market’s prominenceThe prominence of the Korean market in the world of cryptocurrency is highlighted by the Korean won's leading role in the fiat currency trading of bitcoin. According to a Bloomberg report, in November, the Korean won made up 42.8% of all fiat currencies used in bitcoin transactions, surpassing the U.S. dollar. Regarding this development, Kim Jung-ho, CEO of CoinNess, said, “Korean investors generally commit substantially more funds to cryptocurrency investments than the average seen globally. They are keenly attuned to international news and market trends, demonstrating a propensity for analyzing the market from diverse viewpoints.” Established in 2018, CoinNess is a news platform specializing in live updates on virtual asset investment. The media expanded to include an online community in 2021, creating a more holistic experience for its users. In Korea, CoinNess prides itself on having the largest active user base in the cryptocurrency media and community sector. Furthermore, CoinNess stands out as the only business-to-business (B2B) provider of live cryptocurrency news in Korea. It delivers real-time crypto updates to prominent platforms, including Coinone and Gopax, which are among the nation's five largest fiat-to-crypto exchanges. English service in Q1Moving forward, CoinNess is gearing up to launch a new service in the first quarter, offering live, around-the-clock updates on cryptocurrency markets in English to a global audience. As a key partner with Ness LAB, the blockchain research firm responsible for the NESS token, CoinNess seeks to enhance Ness LAB’s efforts to cultivate an information economy within the cryptocurrency sector.