China Launches National Blockchain Center to Develop Talent

Wemade joins hands with DIFC to establish WEMIX Play Center in DubaiSouth Korean blockchain gaming publisher Wemade has become the first gaming company in the country to form a partnership with the Dubai International Financial Centre’s (DIFC) Innovation Hub, according to an official press release on Wednesday (local time). Through this new partnership, Wemade plans to establish a WEMIX Play Center at the DIFC Innovation Hub as a space for gaming companies that are part of the WEMIX ecosystem.Photo by Wael Hneini on UnsplashUnlocking opportunitiesThe DIFC is a financial free zone in Dubai equipped with its own administrative, judicial and regulatory bodies. The Innovation Hub — a financial innovation ecosystem — was established by the Dubai government to attract global companies in fintech, Web3, gaming and artificial intelligence (AI). Members and partners are eligible to receive various benefits, like a DIFC Innovation Licence — which helps technology firms set up their businesses — global networking opportunities and office spaces.Along with the establishment of the WEMIX Play Center, Wemade aims to make appropriate investments for the success of its onboarded companies and work with the DIFC to create a $100 million global Web3 gaming fund. The company said that it would hold joint Web3 events with the Innovation Hub in the future to promote these initiatives.Fostering financial evolutionDubai has been actively promoting financial services to stimulate economic growth and attract investments, encouraging the creation and growth of blockchain businesses and the widespread use of cryptocurrencies. By settling down at the DIFC Innovation Hub, Wemade intends to closely communicate with UAE’s crypto regulatory authorities and formulate an optimal business strategy in line with the latest industry trends in the Middle Eastern region.Meanwhile, the company is in the process of applying for the registration of its governance token WEMIX as a recognized crypto token with the Dubai Financial Services Authority (DFSA). Cryptocurrencies on this DFSA list are authorized for use in transactions among the 4,900 institutions and individual investors residing in DIFC. Currently, there are five recognized crypto tokens including Bitcoin, Ethereum, Litecoin, Ripple and Toncoin. The latter two were recently added to the list last month.

While many people assumed that Bitcoin hashrate had moved overseas once China implemented a Bitcoin mining ban in 2021, miners within mainland China still dominate the activity. 55% of hashrateThat’s according to a report on X by Ki Young Ju, the founder and CEO of crypto data analytics firm CryptoQuant. Taking to the social media platform on September 23, the CryptoQuant CEO claimed that Chinese mining pools account for 55% of all Bitcoin mining activity.  Since the 2021 ban, an increasing proportion of hashrate has been accounted for elsewhere, including the United States. Ju clarifies that U.S.-based mining pools now account for 40% of Bitcoin hashrate. He added:”U.S. pools primarily cater to institutional miners in America, while Chinese pools support relatively smaller miners in Asia.”Photo by Joshua Sortino on UnsplashShift towards U.S.-based miningWhile the majority of Bitcoin mining is accounted for within China’s borders, Ju acknowledges a growing shift towards U.S.-based mining. Some commentators have speculated that while officially a ban was put in place, in reality the ban presented an opportunity to jettison inefficient mining equipment, selling it on overseas, while maintaining only the most efficient miners within China. Others such as Daniel Batten, an advisor to Nasdaq-listed Bitcoin miner Marathon Digital, went further in suggesting that the reporting of a blanket ban on Bitcoin mining within China was misleading. Instead, he believes that mining was suspended for a time and then rebooted. Taking to X in June, Batten wrote: “Stop referring to it as a ban. It wasn't and it plays into [mainstream media] narratives of Bitcoin mining being unwelcome by nation states.” At the time, rather than Ju’s 55%, Batten estimated that 15% of overall hashrate was accounted for by Chinese miners. Profitability challengesIn the months following the halving of the Bitcoin mining reward, miners have been struggling to maintain profitability. Bitbo data indicates that miner revenue weighed in at $827.56 million in August, representing a 10.5% drop when compared with $927.35 million in July. The situation has raised questions about the ongoing sustainability of securing the Bitcoin network via the current mining model.  Yet despite these adverse conditions, miners have been maintaining the high hashrate level. JPMorgan analysts recently indicated that the Bitcoin hashrate has recovered to pre-halving levels. A report by Decrypt earlier this month claimed that some miners are aggressively purchasing new mining equipment while maintaining significant holdings of Bitcoin rather than selling it off. Alongside what was perceived to be a ban on Bitcoin mining in 2021, China prohibited the trading of cryptocurrencies. Notwithstanding that, it’s thought that many Chinese residents have access to crypto via bank accounts in Hong Kong, connected with global crypto exchanges. Hong Kong is perceived to be China’s sandbox for crypto with many speculating that the current pro-crypto stance taken within the Chinese autonomous territory had been approved by the authorities in mainland China. Whether China will lift its ban on crypto trading remains the subject of ongoing speculation. 

Korean Blockchain Firm Ozys Achieves ISMS Certification for Data SecuritySouth Korean blockchain technology firm Ozys has recently demonstrated its advanced security capabilities by securing a data security certificate from a quasi-governmental agency responsible for overseeing the nation’s internet services.Photo by Shubham Dhage on UnsplashCertificate from Korea Internet and Security AgencyOzys made an announcement on Friday (local time) that it has earned a certificate of Information Security Management System (ISMS) from the Korea Internet and Security Agency (KISA). The ISMS certification requires companies to meet 80 distinct criteria. Through these criteria, companies must demonstrate their approach to setting up and maintaining data security systems, as well as their plans for handling possible security incidents.Specializing in Web3 services, the blockchain developer offers a wide range of solutions related to decentralized finance (DeFi), cross-chain projects, and blockchain explorers.Smart contract developmentOzys has secured an ISMS certification specifically for blockchain-based smart contract development and service operations. Ozys is the first company in the country to attain this distinction in the realm of smart contract development.On this achievement, Choi Jin-han, CEO of Ozys, said that undergoing the ISMS certification process allowed the company to reassess its overarching security policies, bolstering its protective measures and response strategies for information assets. Choi further emphasized Ozys’ dedication to creating not just functional and user-friendly services, but also to pursuing various research initiatives focused on safeguarding customers.