Korean Crypto Exchanges Promote Horizontal Cultures to Attract Job Seekers

South Korea Launches Blockchain Project to Streamline Public ServicesThe South Korean Ministry of Science and ICT and the Korea Internet and Security Agency (KISA) have launched the 2023 blockchain application project to bolster the domestic industry and adapt to the rapidly evolving global blockchain landscape.Photo by Ping Onganankun on Unsplash$1.6 million projectAs part of the Korean government’s broader strategy to promote the blockchain industry, the project has received a budget of approximately 20.7 billion KRW ($1.6 million). The project participants are focused on exploring blockchain-based services that offer convenience to the public and have the potential to penetrate the global market. The digitization of drivers’ licenses is such a service that has been developed and has simplified the lives of Korean citizens.The project encompasses both the public and private sectors, each undertaking six programs. The public sector programs aim to explore blockchain-based services that the government can provide, while the private sector programs are dedicated to supporting the commercialization of business prototypes developed by companies.Public sector programsThe six public sector programs are the implementation of digital badges for national licenses, the development of an online voting system for residents, the establishment of a remote pension eligibility check system, the enhancement of the electronic authentication system, the streamlining of drone operation applications, and the creation of a performance tracking platform for athletes.For instance, the implementation of digital badges for national licenses will greatly streamline the process for individuals who need to present their licenses to relevant organizations as a means of verifying their credentials. Presently, license holders are required to physically visit issuers or navigate their websites to gather the necessary documentation. However, the introduction of this new technology eliminates the need for this cumbersome process.Private sector programsMeanwhile, the private sector programs focus on developing the following six platforms: the battery life authentication system for electric vehicles (EVs), the oil waste trading platform, the non-fungible token (NFT) issuer for digital identity authentication, the NFT concert ticket system, the fractional investment platform for power plants, and the corporate management planner for environmental, social, and governance (ESG) initiatives.For example, the introduction of a blockchain-based certificate system to assess the remaining life of EV batteries holds significant implications for both car insurance and the trading of used cars. Currently, the lack of comprehensive data to evaluate the exact value of EV batteries poses challenges to the efficient trade of both used cars and batteries. Establishing this certificate platform will not only promote battery recycling but also positively impact the industry as a whole.

Julius Baer Expands Crypto Wealth Management Services in DubaiJulius Baer, a renowned Swiss private bank, is making strides in the world of digital assets with the expansion of its crypto wealth management services in Dubai.This move, reported by Bloomberg on Wednesday, represents the bank’s first major crypto product offering overseas. The Middle Eastern subsidiary of Julius Baer, JBME, has announced its intention to apply for a “digital assets license variation” to complement its existing permissions granted by the Dubai Financial Services Authority.If successful, this license variation will empower the company to offer advisory and custodial services for digital assets like Bitcoin, Ether, and other cryptocurrencies.Photo by Sascha Bosshard on UnsplashUAE “key geography”Jonathan Hayes, the head of digital assets development at Julius Baer, has underscored the United Arab Emirates (UAE) as a “key geography” for the bank’s expansion. He points to the region’s substantial economic development as a catalyst for venturing into the Dubai market.Julius Baer has already made strides in the crypto space within Switzerland by offering lending services to select crypto clients. This pioneering service allows customers to leverage their digital assets held by the bank. However, it is currently limited to clients with diversified portfolios that include traditional assets.Attracting international interestThe UAE, along with other individual Emirates in the country, has been actively striving to attract crypto businesses. As US authorities tighten regulations, numerous companies are seeking more crypto-friendly environments to operate in. It started to accept crypto business license applications in April. US crypto exchange Coinbase indicated its interest in locating a base there the following month.In Dubai, prominent cryptocurrency exchanges such as Binance Holdings Ltd., OKX, and Crypto.com have all submitted license applications to the Virtual Assets Regulatory Authority. Binance was among one of the first to secure a license while its understood that it may be looking towards the UAE as a strategic base for the company going forward. Meanwhile, another US crypto platform, Gemini, has suggested that it will now work towards obtaining a crypto license in the UAE.Julius Baer has witnessed a broad demand from affluent individual clients ranging in age from 25 to 70, according to Lucia Desmarquest, the Deputy Head of the bank’s central and eastern European division.Having first launched its crypto services in May of the preceding year, Julius Baer currently provides standard advice on digital assets to investors domiciled across 25 countries, including Luxembourg and Singapore.The bank’s wealth management services cover approximately the top 15 cryptocurrencies in the market. Each token undergoes meticulous due diligence and is subject to review by a dedicated panel.This expansion aligns with the broader trend of TradFi firms exploring opportunities in the digital assets space, as the industry continues to evolve and gain traction globally. Julius Baer’s expertise and established reputation position it well to navigate the evolving landscape of crypto wealth management and cater to the needs of its savvy clientele.

UAE’s RAK DAO Partners with HBAR Foundation to Support Web3 StartupsRAK Digital Assets Oasis (RAK DAO), the world’s first free zone dedicated to digital and virtual asset companies located within the United Arab Emirates (UAE), has announced a collaboration with the HBAR Foundation which aims to provide growth and funding opportunities to members of the free zone.Leveraging blockchain technologyThe Cayman Islands-based HBAR Foundation, the project team behind the Hedera public ledger, will assist RAK DAO members in leveraging cutting-edge technologies, including blockchain, and building economies and applications on Hedera.In a joint statement released on Tuesday, the partners outlined the benefits of the collaboration, which include a grant program, financial backing processes, and specialized expert support in technology, marketing, and business development. They also aim to support the scaling of adoption and innovation of new ideas in the Web3 space.Photo by Mostafa Ashraf Mostafa on UnsplashRas Al Khaimah free zoneSheikh Mohammed bin Humaid Al Qasimi, Chairman of RAK Digital Assets Oasis, expressed his excitement about the partnership, stating: “Together, we are unlocking a world of new possibilities, empowering entrepreneurs, and propelling innovation forward. This collaboration is a testament to our shared commitment to driving sustainable growth and shaping a future where Ras Al Khaimah emerges as a global leader in the digital economy.”Ras Al Khaimah is the largest city within the Emirate of the same name. It’s the sixth largest city in the UAE and home to the RAK DAO free zone.In March, Ras Al Khaimah enacted a law to establish RAK Digital Assets Oasis, demonstrating its commitment to diversification, attracting new businesses, and positioning itself as a global tech center. The free zone is exclusively focused on digital and virtual asset companies operating in various sectors such as the metaverse, blockchain, utility tokens, virtual asset wallets, non-fungible tokens, decentralized autonomous organizations (DAOs), decentralized applications, and other Web3-related businesses.Various initiativesAs part of the collaboration, RAK Digital Assets Oasis and HBAR Foundation will undertake several initiatives, including start-up and scale-up pitching sessions, opportunities for partners and investors to connect, and exploration of joint projects such as venture studios or accelerators. Grantees of the HBAR Foundation will also benefit from discounted set-up and licensing packages to establish their presence within RAK Digital Assets Oasis.Shayne Higdon, CEO of HBAR Foundation, acknowledged the UAE’s reputation as a dynamic hub for Web3 innovation and its ability to attract global enterprises and top-tier talent. Higdon stated: “Through this exclusive relationship we are honored to provide grantees with greater access to the UAE while working together to establish RAK Digital Assets Oasis as a major hub for the Web3 and digital assets sector.”The UAE has been actively investing in its infrastructure and implementing policy reforms to attract more entrepreneurs and businesses, aiming to grow its non-oil sector. The country’s digital economy is projected to surpass $140 billion by 2031, up from nearly $38 billion at present, according to a report by the Dubai Chamber of Digital Economy in February.