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Korea’s FSC Opposes Other Agencies’ Involvement in Virtual Asset BillAhead of the National Assembly’s passage of the virtual asset bill, the Korean Financial Services Commission (FSC) has repeatedly opposed the involvement of the Bank of Korea (BOK) and the Financial Supervisory Service (FSS) in regulating cryptocurrencies, according to the Korean newspaper Kukmin Ilbo.©Pexels/LukasFSC’s oppositionIn a document submitted to the National Assembly’s National Policy Committee, the FSC opposed stipulating the BOK’s right to request documents in the virtual asset bill. The agency argued that the bill is indirectly related to the BOK’s monetary and credit policy and that explicitly mentioning monetary and credit policy in the bill could lead to the misinterpretation of virtual assets as possessing the characteristics of currencies.The FSC also objected to stipulating the FSS’s right to inspect crypto enterprises. According to law, the purpose of the FSC is to inspect and supervise financial institutions. Explicitly stating the FSS’s right to inspect crypto enterprises could cause confusion to the public that they are financial entities.However, there are growing concerns about the FSC’s perceived intention to dominate virtual asset jurisdiction.At a small meeting held under the National Policy Committee last month, Lawmaker Yoon Han-hong of the ruling People Power Party expressed the view that the FSC should consider incorporating the BOK and the FSS in the virtual asset bill for crypto regulations. During the meeting, the FSC objected to the inclusion of a stipulation that excludes central bank digital currencies (CBDCs) from the definition of virtual assets. Meanwhile, the BOK agreed to include such a stipulation.Allowing class action suitsAccording to an internal document obtained by Kukmin Ilbo, the FSC also intends to allow class action suits for crypto investors. It seeks to add cryptocurrencies to a bill proposed for class action suits, which also deal with securities. Class action suits provide a means for victims to receive redress in cases where a representative is successful in winning the lawsuit against the offender.The FSC stated that it will follow the majority on the issue of whether the purpose of the virtual asset bill should include the phrase “to contribute to the development of the nation’s economy,” although it left a cautionary note that some might raise objections to this, considering the speculative nature of virtual assets.

Shanghai’s Blockchain Development Plan Paves the Way for Web3 InnovationShanghai has set its sights on a global leadership role in blockchain technology by 2025. This commitment comes following the recent unveiling of an action plan by the Shanghai municipal government, designed to accelerate the city’s blockchain technical development.The plan, published on Wednesday, places emphasis on several critical aspects of the blockchain ecosystem, reaffirming Shanghai’s dedication to advancing Web3 technologies.Photo by Vin Jack on UnsplashTargeting key areas in blockchainUnder this comprehensive plan, Shanghai aims to achieve significant breakthroughs in multiple key areas within the blockchain realm. These include enhancing blockchain system security, advancing cryptographic algorithms, developing specialized blockchain processors, refining smart contract capabilities, achieving cross-chain interoperability, optimizing storage solutions, enhancing privacy computing, and establishing robust regulatory frameworks.These advancements will serve as pillars supporting the city’s digital transformation across various sectors, such as government affairs, cross-border trade, supply chain management, finance, the metaverse, and data element circulation.Human capital development stands as a central pillar of Shanghai’s blockchain strategy. To ensure a well-rounded and skilled workforce in the blockchain industry, the plan encourages research institutes and companies to leverage China’s foreign talent recognition standards to attract blockchain professionals.Furthermore, the city aims to guide educational institutions and businesses in nurturing young talents within the blockchain sector. Interdisciplinary and cross-industry platforms will be created to facilitate talent exchange and provide opportunities for growth and leadership.Zeroing in on ZK proofsOne notable objective within the plan is the advancement of zero-knowledge proofs, a cryptographic technique enabling parties to validate the authenticity of statements without disclosing specific information. Shanghai is committed to improving the efficiency and usability of zero-knowledge proof protocols, with a clear target of doubling efficiency by 2025.Major Chinese tech giants, including Alibaba and Tencent, have been actively developing their consortium blockchains while contributing significantly to the country’s leadership in blockchain innovation. Additionally, Beijing released a white paper in May with a strong emphasis on fostering growth and innovation in the Web3 industry. This positions the city as a global hub for digital economic advancements.Building upon 3-year action planShanghai’s determination to excel in blockchain development is not a recent occurrence. In June, the city unveiled a comprehensive document outlining its ambitious plans to enhance blockchain infrastructure by 2025. It also explored potential collaborations with international cities like Hong Kong and Singapore to test cross-chain applications. Despite China’s strict measures against cryptocurrency transactions in September 2021, the country remains optimistic about the potential of domestic blockchain technology.Shanghai’s ambitious blockchain development plan underscores China’s determination to lead in the blockchain space and reinforces its commitment to technological innovation and digital transformation. Leveraging its strengths in research, talent cultivation, and strategic partnerships, the city “on the sea” is positioning itself to make substantial contributions to the evolving landscape of Web3 technologies. By 2025, it aims to emerge as a global leader in blockchain innovation, setting a precedent for other cities worldwide.

Nomura Subsidiary Launches Bitcoin Adoption FundNomura, Japan’s largest investment bank and brokerage group boasting over $500 billion in assets, has ventured further into the world of digital assets by unveiling its Bitcoin Adoption Fund through its digital asset subsidiary, Laser Digital Asset Management.The move signifies a further commitment from the Japanese financial services conglomerate in embracing digital innovation within the financial sector. The fund will cater specifically to institutional investors looking to explore the expanding area of digital assets.Photo by Kanchanara on UnsplashEnabling long-term Bitcoin exposureLaser Digital Asset Management is introducing the Bitcoin Adoption Fund as the first installment in a series of digital adoption investment solutions crafted with institutional investors in mind. The firm announced details of the new fund via a press release published to its website on Tuesday.The primary objective of this fund is to provide institutional investors with a long-term avenue for exposure to Bitcoin, enabling them to partake in the potential gains offered by the world’s most well-known digital asset.Sebastian Guglietta, Head of Laser Digital Asset Management, underscored Bitcoin’s pivotal role in ushering in a transformative global economic shift and posits that long-term exposure to Bitcoin is the ideal means for investors to harness this profound macroeconomic trend.“Technology is a key driver of global economic growth and is transforming a large part of the economy from analogue to digital,” Guglietta said. “Bitcoin is one of the enablers of this long-lasting transformational change and long-term exposure to Bitcoin offers a solution to investors to capture this macro trend,” he added.Komainu partnershipIn bringing the fund to market, Laser Digital has partnered with digital asset custodian Komainu. Komainu was founded in 2018 as a collaborative endeavor between Nomura, Ledger, and CoinShares.Nomura’s foray into digital assets is by no means a newfound interest. As early as September 2022, the firm had initiated its digital asset venture capital arm, positioning itself at the vanguard of digital innovation. In addition to this, Laser Digital secured a trading license from Dubai’s Virtual Asset Regulatory Authority (VARA) to operate within the United Arab Emirates (UAE).Nomura’s launch of the Bitcoin Adoption Fund is in perfect alignment with the broader trend of heightened institutional interest in Bitcoin-centric investment products. Regulatory bodies globally have granted approval for a range of Bitcoin-focused investment products in recent years, including Bitcoin-based futures exchange-traded funds (ETFs). These developments underscore the growing acceptance of cryptocurrencies within traditional finance circles.Laser Digital was founded by Nomura executives Steven Ashley and Jez Mohideen. Ashley previously led Nomura’s wholesale division while Mohideen was Nomura’s Chief Digital Officer and Co-Head of Global Markets for the EMEA region. The firm has invested in Singapore-based DeFi startup, Solv Protocol.It has registered as a mutual fund via the Cayman Islands Regulatory Authority, while the company has registered for product marketing purposes in Ireland, Luxembourg, and the UK.