Further Setback for Luno With Loss of Top Exec

Gyeonggi Officials with Cryptocurrencies Clear of Professional Conflicts in Virtual AssetsGyeonggi Province, South Korea’s most populated province surrounding the national capital of Seoul, announced on October 26 (local time) that the duties of all crypto-holding officials ranked 4 or higher in the provincial government are not associated with virtual assets. In Korea, public officials are ranked from nine to one, with one being the highest position.In anticipation of the amended Public Service Ethics Act coming into effect on December 14, the Gyeonggi provincial government introduced a revised employee code of conduct in August. This required officials of rank 4 or higher to report their crypto holdings within 10 days starting from August 21.Photo by Nattu Adnan on UnsplashReported crypto ownershipThe result indicated that out of 228 officials, 23 reported owning virtual assets. Among these, 15 officials held cryptocurrencies valued at less than KRW 1 million ($738), while the remaining 8 had holdings exceeding that amount.To determine any potential involvement with cryptocurrencies in their official duties, the Gyeonggi government examined the roles and responsibilities of these officials within their respective departments. Following this review, the matter was forwarded to the Gyeonggi Public Service Ethics Committee for further scrutiny.Ethics committee reviewOn October 20, the committee convened to assess the relationship between the officials’ duties and their crypto holdings. They unanimously concluded that none of the 23 officials had any ties to crypto in their official roles.The newly revised code of conduct elaborates on the conditions under which a public official’s responsibilities are associated with virtual assets. Specifically, an official’s duties are considered linked to virtual assets if they are involved in formulating or implementing crypto-related policies or laws; conducting related investigations, inquiries, or inspections; engaging in the registration and oversight of cryptocurrency exchanges; or if they are involved in supporting or overseeing the development of crypto technologies.In light of these definitions, officials who engage in any of the above roles are strictly prohibited from capitalizing on any crypto-related information they encounter during their professional duties for personal trading or investment. Furthermore, officials who either currently shoulder or have previously carried out such responsibilities are required to disclose any crypto holdings they acquire.In the future, once the revised Ethics Act is implemented, the Gyeonggi government will remain fully committed to preventing conflicts of interest among public officials. To bolster these efforts, Gyeonggi will introduce additional measures, including a thorough verification process for the accuracy of their cryptocurrency holdings reports.In situations where a public official with cryptocurrency holdings is assigned a position related to virtual assets, Gyeonggi will issue individualized instructions. These directives may entail either the liquidation of their cryptocurrency holdings or their removal from the specific role in question.Meanwhile, Gyeonggi will enhance its endeavors to furnish educational resources pertaining to virtual asset reporting. Moreover, the local government will restrict officials from holding virtual assets if they fall under financial disclosure obligations and are deemed to possess information about or exert influence on virtual assets.

Singapore Gets with Banks to Provide Guidance on Crypto BusinessesIn a move to provide clarity and guidance to financial institutions dealing with cryptocurrencies, the Monetary Authority of Singapore (MAS) is reportedly working with banks to develop new vetting procedures for crypto clients.According to a recent Bloomberg report, the MAS plans to provide more detailed guidance to banks on how to properly screen and monitor customers involved in cryptocurrency transactions.©Pexels/PixabayRegulatory clarityThe decision to provide guidance on crypto businesses comes as regulators around the world struggle to keep up with the rapidly-evolving digital currency industry. Many governments have been grappling with how to regulate cryptocurrencies in the face of concerns over money laundering, fraud, and other illicit activities.Singapore, however, has taken a more progressive stance on digital currencies, with the MAS recently announcing plans to create a regulatory framework for crypto derivatives trading. The country’s financial watchdog has also been working to improve AML (anti-money laundering) and CFT (combating the financing of terrorism) measures relative to crypto transactions.The MAS’s efforts to provide guidance to banks on crypto businesses are part of this broader push to promote responsible use of digital currencies in Singapore. By providing clear and detailed guidance to financial institutions, the regulator hopes to prevent illegal activities from taking place while also promoting the growth of the crypto industry.The MAS’s approach is seen as a positive development for the crypto industry, as it provides a clear framework for financial institutions to work within. This could help to boost confidence in the crypto market, potentially leading to increased investment and adoption.Striking the right balanceAt the same time, however, some industry observers have expressed concerns that overly strict regulations could stifle innovation and limit the potential of cryptocurrencies. They argue that a balance must be struck between protecting consumers and promoting innovation in the digital currency industry.Despite these concerns, the MAS’s efforts to provide guidance on crypto businesses are likely to be welcomed by financial institutions and industry participants alike. As the use of digital currencies continues to grow, it is becoming increasingly important for regulators to provide clear and comprehensive guidance on how to operate within this rapidly-evolving industry.Previous failuresSingapore hasn’t always gotten its approach to cryptocurrency right. In 2021, the MAS put global crypto exchange Binance on its investor alert list. Binance felt compelled to curb its service offering in the city state. The consequence of that action was that a disproportionate number of Singaporeans proceeded to open accounts with FTX only later to get caught up in the collapse of the exchange.The Monetary Authority of Singapore’s decision to provide guidance on crypto businesses is bullish for the digital currency industry. By providing clear and detailed guidance to financial institutions, the regulator is promoting responsible use of cryptocurrencies in Singapore while also boosting confidence in the market. However, there is a need to strike a balance between protecting consumers and promoting innovation in the industry, as overly strict regulations could stifle growth and limit the potential of cryptocurrencies.

Krafton and Naver Z Unveil a Metaverse Joint Venture ‘Overdare’Krafton, the developer behind the popular shooter game PlayerUnknown’s Battlegrounds (PUBG), made an announcement on Thursday regarding its collaboration with augmented reality company Naver Z for a metaverse platform project. The official name of their joint venture has been revealed as “Overdare.” Furthermore, its forthcoming metaverse service, previously referred to as Migaloo, will also be rebranded under the name Overdare.Photo by Tima Miroshnichenko on PexelsInvestment breakdownThe total investment in the joint venture amounts to KRW 48 billion (approximately $36 million), with Krafton’s anticipated purchase price standing at KRW 40.8 billion and Naver Z’s expected purchase price at KRW 7.2 billion. Following the acquisition, Krafton will hold an 85% stake in the joint venture, while Naver Z will possess the remaining 15%.Meaning behind ‘Overdare’The company has chosen the English word Overdare to convey two meanings–“dare too much” and “over there,” which has a phonetic resemblance. Through this name, the joint venture aspires to establish itself as a pioneer in the realm of interactive user-generated content (UGC) platforms. Simultaneously, its service aims to provide a place where users can freely and fearlessly express themselves.As a mobile UGC platform, Overdare offers users the ability to craft games of diverse genres, including action RPGs, sports games, and shooting games. Leveraging the power of generative artificial intelligence and the advanced capabilities of Unreal Engine 5, a renowned video game engine, the platform facilitates the streamlined creation of top-notch content. Beyond game development, users can immerse themselves in a wide array of social activities, ranging from personalizing their avatars to engaging in lively conversations.C2E systemOverdare has adopted a create-to-earn (C2E) system within the metaverse, empowering creators to produce their own content, which users can then purchase and own. The trading of these creations is facilitated through non-fungible tokens (NFTs) and blockchain technology. Every transaction that takes place within the metaverse is recorded on the blockchain, and creators are duly compensated based on these transaction records. This system enhances the transparency of transactions and settlements.Compensation in USDCIn pursuit of this vision, Overdare has selected Settlus, a Cosmos-based blockchain developed by Krafton’s subsidiary of the same name, as its mainnet. Settlus has been dedicated to licensing creators’ intellectual property through NFTs on Web2 platforms. As part of this ecosystem, creators have the flexibility to receive compensation in USDC, the US dollar-pegged stablecoin issued by crypto company Circle.Overdare has its sights set on a soft launch of its service in December, followed by the official global release planned for the first half of next year.