Korean Blockchain Game Publisher Joins UNGC to Bolster ESG Management

Hong Kong court grants trademark injunction against HuobiThe Hong Kong Special Administrative Region High Court has resolved a trademark dispute between X-Spot Global Limited and Huobi Global Limited, ruling in favor of X-Spot.Back in June, X-Spot alleged that Huobi Global infringed on its trademark rights related to the “Huobi” name. In the legal process which followed, the court sided with X-Spot, compelling Huobi Global to cease using the “Huobi” trademark or any similar name or logo in Hong Kong.Photo by Tingey Injury Law Firm on UnsplashPotential confusionThe court’s official judgment highlighted concerns about potential confusion among the public and industry professionals arising from Huobi Global’s use of the “Huobi” trademarks. It emphasized that such confusion could lead people to believe that X-Spot Global, as the registered trademark owner, is actively engaged in cryptocurrency business associated with the trademark. In response, the court dismissed Huobi Global’s plea to revoke the service order and halt negotiations, also instructing the covering of X-Spot Global’s legal expenses.Post-acquisition conflictThe background to this dispute originates in the acquisition of Huobi Global last year. It’s widely believed that TRON blockchain network founder Justin Sun purchased the exchange for $1 billion although Sun has subsequently suggested that he is just an advisor to the crypto exchange business. The acquisition was made by About Capital Management, an entity associated with the controversial crypto entrepreneur.In May of this year, Sun claimed that Wei Li, a brother of Huobi founder Leon Li, had unjustly profited from the sale of Huobi’s native HT token. The disagreement escalated and as a consequence of that conflict, it became apparent that the acquisition agreement explicitly prohibited the buyer from using the “Huobi’’ trademark.Leon Li accused the cryptocurrency exchange of violating the acquisition agreement’s rules by unauthorized use of the “Huobi” trademark. This legal battle has shed light on the strained relationship between Leon Li and Justin Sun.The court’s decision adds a layer of complexity to Huobi Global’s legal challenges, intensifying existing regulatory issues. Notably, the cryptocurrency exchange is already grappling with a recent order from Malaysian authorities to cease operations in the country due to alleged illegal activities.The ruling comes at a critical juncture for Huobi Global. In September the business rebranded to HTX, signaling aspirations for global expansion amidst a shifting legal landscape. At the time, Justin Sun provided the rationale behind the rebrand. Taking to the X social media platform, he wrote:“It’s very hard for foreigners, Westerners, to pronounce ‘Huobi’… It doesn’t make any sense to them.” Sun went on to explain that the word Huobi means fire and coin in Chinese, adding, “That’s why we rebranded as HTX for international branding.”In light of this trademark infringement injunction decision, it could equally be speculated that the company was acting in advance of an unfavorable ruling in compliance with the terms of the business acquisition agreement.In reaching a decision on the matter, Judge Mimmie Chan J noted the lack of a defense mounted by Huobi against the trademark infringement action.

Thailand's government has recently secured approval for a $14 billion digital handout program as part of its economic recovery strategy. The program hasn’t come about without considerable debate and a backdrop of concerns expressed about the Southeast Asian nation's sluggish economic growth. According to Reuters, the decision was confirmed by Deputy Finance Minister Julapun Amornvivat, who stated that the Office of the Council of State, an advisory panel, found no legal obstacles to utilizing state budget funds for the initiative.Photo by Oleksandr P on PexelsDigital handout programThe digital handout program, a key policy of the ruling Pheu Thai party, involves distributing 10,000 baht (approximately $300) to digital wallets set up for each of the 50 million Thai citizens. This financial injection aims to stimulate spending within local communities, providing a much-needed boost to the economy. While the program has faced concerns about potential inflation risks due to Thailand's slow economic growth, the government has argued that it will ultimately benefit the economy. Julapun emphasized that the government plans to proceed with the scheme in May, funded through borrowing. Council of State and opposition party concernsEarlier reports had indicated that the Council of State had initially advised against the government's plan to enact a loan bill for the digital wallet scheme. Concerns were raised about potential violations of constitutional articles, including Article 140, which requires the government to offset any loans outside the budget bill in the next fiscal budget. In addition to inflation worries, the opposition expressed concerns about a potential breach of Article 53 of the 2018 State Fiscal and Financial Discipline Act, which permits off-budget borrowing only in urgent situations. Despite these concerns, the Office of the Council of State ultimately found no reason to prohibit the cabinet from borrowing to fund the program. Thailand's move towards a $14.3 billion cash handout program, termed the "digital wallet" program, is expected to commence by May. Prime Minister Srettha Thavisin affirmed this timeline after the Council of State's approval. The program, allowing Thais to receive funds via a mobile app, aims to spur consumption and overall economic growth. Election campaign giveawayThe idea of the digital asset giveaway was first floated by the Pheu Thai Party (PTP) in April of last year as part of its election manifesto. Subsequently, the party won the election in August, with Srettha being installed as Prime Minister. That appointment was interpreted as being a positive one by crypto advocates, given that Srettha had worked with crypto and blockchain-related technologies in his previous business dealings. Critics, including some economists and former central bank governors, argue that the handout plan could be fiscally irresponsible and fuel inflation. Prime Minister Srettha, who is also the finance minister, plans to discuss the stimulus plan and related matters with the central bank governor. The Thai Chamber of Commerce anticipates a 3% year-on-year growth in the first quarter of 2024, with an annual growth rate of 3.2%, driven by tourism and exports. The digital wallet scheme, if implemented as planned, could potentially add 1.0-1.5 percentage points to this year's growth, according to the chamber. 

Coinone, one of the five fiat-to-crypto trading platforms in South Korea, unveiled an upgraded version of its mobile app charts for a better user experience. According to local news source Bizwatch, the update introduces an array of indicators at the bottom of the charts to facilitate more comprehensive analysis. Additionally, the app now includes three new chart features: a display of best orders, the capability to see price alert lines and access to a 90-day transaction history. Since last year, Coinone has rolled out 20 updates aimed at enhancing the trading experience and bolstering security for its users. This year also saw several new features. Among these are the integration of TradingView charts and the addition of share buttons for announcements. Additionally, Coinone recently started providing the functionality to print statements for crypto accounts.Photo by Kanchanara on UnsplashHiring more developersThese enhancements are part of Coinone's continuous efforts to elevate customer satisfaction and refine its services. Despite the downturn that the cryptocurrency industry faced last year, Coinone took a noteworthy step by bringing on board 20 new developers this year. This move underscores Coinone's proactive stance in improving its platform and offerings amidst challenging market conditions. Coinone's focus on meeting customer demands has led to a notable reduction in inquiries. Last year, the exchange reported that its efforts to enhance customer service resulted in a decrease of more than 45% in the number of customer inquiries. Compliance amid changing regulatory environmentMarking its 10th anniversary last month, Coinone has set its sights on emphasizing investor protection and regulatory compliance in anticipation of the upcoming implementation of the Virtual Asset User Protection Act, which is slated to take effect in July.  Cha Myung-hun, the CEO of Coinone, commented on the recent updates, noting that the surge in public interest towards virtual asset investment has prompted the decade-old exchange to enhance its chart functionalities, specifically catering to novice investors.