Hanwha Resorts Partners with Blockchain Donation Platform Cherry

According to crypto data research platform Xangle, the crypto market is on the road to recovery this year thanks to positive outlooks on developments like a spot Bitcoin ETF, regulatory changes and diversified services.Photo by CHUTTERSNAP on UnsplashBitcoin’s resilienceSpeaking at a special seminar on virtual assets co-hosted by CrossAngle and accounting firm Samjong KPMG in Seoul last Friday, Kim Jun-woo, Co-Founder and CEO of Xangle, cited Bitcoin’s positive reputation as one of the reasons for the optimism. "There are reports that Bitcoin has a low correlation with risky virtual assets," he said. Public sentiment toward Bitcoin is also expected to improve this year as the global economy is expected to emerge from recession and manage a soft landing. Another major item on the agenda is a possible approval by the U.S. Securities and Exchange Commission (SEC) of a spot Bitcoin ETF this quarter. Web3 revolutionIn terms of innovative services, Kim stated that Web3 is expected to be actively implemented in local corporations after going through conceptual and technical testing stages. "In South Korea’s crypto market, (resources like) app stores and mobile phones exist, but there are no actual apps," Kim said. "I expect that figures from traditional finance and existing Web2 companies will enter the Web3 industry this year."  "Web2 companies will discover new business opportunities in Web3 and play a role in bringing existing content and users to Web3," said Lee Hyun-woo, Co-CEO of Xangle, in his presentation on the importance of Web3 system integration and virtual asset disclosure. "Their participation is important for the stable maturation of the Web3 ecosystem," he added. Regulation and governanceIn regards to policies and regulations, expectations point to a resolution of various uncertainties as cryptocurrencies are slowly becoming more integrated into the sphere of traditional finance. In South Korea, the imposition of basic legal regulations on virtual assets is accelerating, such as the Virtual Asset User Protection Act. The Financial Services Commission (FSC) also released guidelines for accounting and disclosure of virtual assets last month, which was examined in detail at the seminar. "The financial authorities' guidelines are more detailed than before. We expect additional guidelines from them in the future to further resolve shortcomings," Choi Yeon-taek, Managing Director of Samjong KPMG, commented.

The Securities and Exchange Commission (SEC) in Thailand has made a significant adjustment to the rules governing digital token investments. The SEC has decided to eliminate the investment ceiling previously imposed on retail investors participating in initial coin offerings (ICOs) tied to real estate and infrastructure.Photo by Colton Duke on UnsplashFostering digital economy growth and developmentThe announcement, specifying the revised criteria, was officially published in the Royal Gazette, with the measure taking effect on Tuesday. This move allows retail investors greater access to ICOs involving tokens backed by real estate or linked to real estate revenues. The SEC emphasized that, in addition to ensuring appropriate investor protection, its role extends to encouraging the utilization of technology and innovation in fundraising. The objective is to foster sustainable growth in the capital market and support the development of the digital economy. Prior to this adjustment, retail investors faced a restriction of a 300,000 baht ($8,450) investment limit per offering concerning digital tokens backed by infrastructure or real estate. The SEC's decision to remove this limitation aligns with the goal of managing product risks effectively while promoting a more inclusive environment for retail investors in the realm of digital token investments. Facilitating custodial walletsFurthermore, the SEC is currently undertaking a review of criteria to facilitate the establishment of custodial wallet provider businesses for digital asset operators with common major shareholders. This initiative aims to enhance the regulatory framework and provide guidelines for businesses involved in digital asset storage. Custodial wallets will be permitted in Thailand if operated by publicly traded companies with experience in digital asset storage. All Thai citizens will have a touch point with digital wallets shortly under a government program, a $14 billion digital handout scheme, which has been approved to distribute digital currency to the public through digital wallets. DASP approvalsAs part of its supervisory role, the SEC will also be responsible for granting permissions to digital asset service providers (DASPs) to expand into new business lines. Digital asset operators seeking to diversify their operations are required to obtain approval from the SEC before proceeding. This measure is intended to ensure the effective oversight of such businesses and maintain the credibility of the digital asset industry by preventing illegal operations. It’s likely no coincidence that tokenized real estate is being embraced in Thailand, given the background of Thailand’s recently installed Prime Minister, Srettha Thavisin. In 2021, Thavisin’s company played a role in funding crypto-friendly investment management firm XSpring Capital to the tune of $225 million. His firm also introduced a real estate-backed ICO in conjunction with XSpring. While Thailand’s SEC is moving forward with tokenized real estate, it doesn’t feel the same way about exchange-traded funds (ETFs). In the wake of the recent approval of spot bitcoin ETFs in the United States, the Thai SEC responded by stating that it currently has no plans to allow asset managers to launch similar products within the Thai market. 

Bank of Korea and Samsung Team Up for Offline CBDC ResearchIn a move aimed at advancing central bank digital currency (CBDC) technology, the Bank of Korea (BOK) signed a memorandum of understanding (MoU) with Samsung Electronics on Monday, according to a press release. The agreement was sealed during a signing ceremony attended by Lee Seung-heon, BOK’s Senior Deputy Governor, and Choi Won-joon, Executive Vice President and Head of Development in the Mobile Experience (MX) Division at Samsung Electronics.Under the terms of the MoU, both parties have committed to ongoing research on CBDC issued by the Bank of Korea, with a specific focus on collaboration in the offline payment sector. Samsung Electronics had previously participated in the second phase of the CBDC simulation study conducted by the BOK last year.Photo by Aleksandar Pasaric on PexelsCBDC without InternetThe company’s efforts have led to the development of an offline CBDC technology that facilitates transfers and payments via near-field communication (NFC) between devices without requiring an internet connection. These transactions are conducted within the embedded secure element (eSE) chip of Samsung Electronics’ mobile devices, which holds one of the highest levels of security certification, CC EAL 6+.The Evaluation Assurance Level (EAL) is a numeric grading system that measures the security level of tech products and systems according to the Common Criteria (CC) security standard. It ranges from EAL0 to EAL7, with EAL7 representing the highest level of security.Leveraging this technology, the BOK and Samsung will continue their joint research to enhance security in offline payments using Samsung Galaxy smartphones and watches. Additionally, they aim to provide support for stable payments in situations where network connectivity is disrupted, such as during disasters.Growing interest in CBDCsGiven the global interest in CBDCs, with central banks worldwide exploring their potential, the research collaboration between the BOK and Samsung assumes great significance. The results of this partnership will guide further cooperative efforts to develop the international CBDC ecosystem.BOK Senior Deputy Governor Lee Seung-heon emphasized the significance of the joint achievement, expressing optimism that the partnership would keep Korea at the forefront of offline CBDC technology.Samsung’s Executive Vice President Choi Won-joon underscored that the company’s collaboration with the Korean central bank allowed Samsung to utilize its advanced security technology in digital currency. He expected their combined efforts would considerably contribute to the global development of CBDC technology.