Abu Dhabi Puts Forward Legal Framework for Decentralized Tech

Web3 firm AIITONE rebrands as BU Technology, adding new business objectivesAIITONE, a Web3 and military technology firm located in South Korea, announced on Monday (local time) that it has rebranded and will now be known as BU Technology.Photo by Steve Johnson on UnsplashElectric trains, batteries as new objectivesDuring an extraordinary general meeting of shareholders on October 5, the company formerly known as AIITONE announced a change in its corporate identity to BU Technology. This rebranding coincides with an expansion of the company’s business objectives to include the manufacturing of electric trains, batteries and charging devices. With this move, BU Technology aims to diversify its sources of revenue.The meaning behind ‘BU Technology’BU Technology, which stands for “Beyond Your Technology,” embraces the motto “Beyond Your Today, Beyond Your Expectation, Beyond Your Imagination.” This slogan reflects the company’s ambition to be a forward-thinking tech enterprise that exceeds the expectations and imaginations of its customers.BU Technology applies extended reality (XR) technology to develop computer-based training (CBT) programs and simulators for military use. It’s also ventured into creating content for industrial safety that uses augmented reality (AR) and virtual reality (VR) technology. This content is recognized for its technical quality, notably in replicating realistic effects, including sound, wind and physical sensations.The fresh corporate identity and resolve of BU Technology are also anticipated to make a positive impression on its operations in the Middle East. Earlier this year, the company inked a memorandum of understanding (MOU) with the Royal Private Office of His Highness Sheikh Ahmed Bin Faisal Al Qassimi in the United Arab Emirates (UAE). This agreement is directed at strengthening the fintech sector across South Korea, China and Japan.Additionally, in September, BU Technology successfully launched a proof-of-concept (PoC) platform tailored for the blockchain-based security token projects of securities and financial firms. This PoC platform enables the testing and demonstration of the viability and operational processes related to security token ventures.Lee Jin-yeop, CEO of BU Technology, said that the rebranding effort is aimed at enhancing the company’s brand value and introducing a fresh image for the firm. He further emphasized that BU Technology is committed to advancing the three foundational pillars of its business: military applications, XR and blockchain technology.Lee stated that incorporating new business objectives is a strategy for diversification, intended to elevate the company’s overall value. He also expressed his commitment to steering the newly rebranded BU Technology towards becoming a frontrunner in the Web3 era.

Crypto Travel Rule solutions provider CODE obtains ISO 37301 certificationCODE, a Travel Rule solutions provider and joint venture co-founded by Korean cryptocurrency exchanges Bithumb, Coinone and Korbit, announced on Wednesday (local time) that it has obtained the ISO 37301 certification for compliance management systems (CMS) from the Korea Compliance Initiative (KCI).Photo by Héctor J. Rivas on UnsplashBoosting complianceISO 37301 is an international standard that outlines the requirements and guidelines for an organization in establishing, developing, implementing, evaluating, maintaining and improving a CMS. It provides a framework for organizations to ensure that they are following all relevant and applicable laws, regulations, codes of conduct and more to exercise good governance, transparency and accountability.CODE has taken the initiative to bolster its CMS to provide more secure and reliable Travel Rule solutions by analyzing and managing compliance risks. The firm’s CEO Lee Sung-mi is responsible for overseeing these efforts as the recently appointed head of compliance. Through these measures, the company explained that it has been capable of building a system to comply with strict international standards.The Travel Rule under the Financial Action Task Force’s (FATF) Recommendation #16 outlines that virtual asset service providers (VASPs) must share certain personal information about customers — including names and account numbers — when facilitating crypto transactions that exceed a certain amount.CODE is also running mandatory training sessions and various programs for all employees to ensure adherence to compliance requirements. In particular, the firm operates a system to monitor Travel Rule compliance risks that may arise during cryptocurrency deposits and withdrawals.“Beyond establishing a robust compliance management culture as a Travel Rule solution provider, we will continue to work with our corporate members to ensure that this culture can be more widely adopted across the crypto industry,” said Lee Sung-mi.Contributing to anti-money launderingCODE has also recently teamed up with global blockchain analytics and crypto compliance solutions provider Elliptic to help Korean VASPs adapt to the evolving international regulatory landscape for anti-money laundering (AML) and the crypto Travel Rule.

Animoca Brands Japan, a key subsidiary of Hong Kong-headquartered Web3 investor Animoca Brands, has welcomed Kensuke Amo as its Chief Operating Officer (COO) to spearhead the company's growth in Japan. Industry credentialsAmo, a seasoned industry veteran who previously served as the managing executive officer at Japanese bitcoin wallet and exchange service Coincheck, officially assumed his role as COO last Thursday. With a proven track record in launching NFT businesses and steering new crypto asset ventures, Amo played a pivotal role at Coincheck. During his tenure as an executive officer from 2020, he pioneered initiatives such as Japan's first NFT marketplace for crypto asset exchanges and an inaugural initial exchange offering (IEO). In a social media post, Amo stated that in the role, he “will be committed to doing [his] best to contribute [to] Web3 technology [so that it takes] root in society.” In 2022, Amo ascended to the leadership position at Coincheck, where he led the NFT business and metaverse business, heading three distinct web domains. His involvement in the expansion of "The Sandbox" and "Otherside" in Japan, stemming from the partnership between Coincheck and Animoca Brands in 2020, further underscores his influence in the sector.Photo by Richard Tao on UnsplashJapanese market expansionRegulatory headwinds in the United States in 2023 led to the company pivoting and focusing on non-U.S. markets. It became clear later in 2023 that the company had a specific interest in growing its business in Japan when Animoca Brands Japan acquired an equity share in Cool Cats Group, an NFT-related project. That deal also implicated a collaboration with Animoca’s digital experience label, KLKTN. As Animoca Brands Japan strategically aligns itself within Animoca Brands' larger framework, Kensuke Amo aims to leverage the company's extensive assets and network, including over 400 portfolio companies. His mission involves combining his expertise in business and rule-making within the Japanese Web3 industry to facilitate the integration of Web3 into society. Commenting further on his appointment, Amo expressed his commitment to advancing the Web3 landscape in Japan. He stated: “As a strategic subsidiary of Animoca Brands, Animoca Brands Japan will make the most of its assets and network, including its more than 400 portfolio companies, while combining its knowledge and experience in business and rule-making in the Japanese Web3 industry.” Established in 2021, Animoca Brands Japan has played a crucial role in supporting Japanese intellectual property and content holders in their global Web3 expansion efforts. The company secured an undisclosed investment from Mitsui & Co., one of Japan’s largest trading companies, in June. Daisuke Iwase, the CEO of Animoca Brands Japan, expressed optimism about the collaboration with Kensuke Amo, emphasizing his leadership in the realms of crypto assets, NFTs and the metaverse in Japan. Amo’s industry involvement extends beyond Animoca Brands Japan, as he currently advises the Japan Cryptoasset Business Association (JCBA), Shibuya-ku Startup Ecosystem, Web3 project "OASIS" and real estate information service company LIFULL Co., Ltd. Additionally, he is the author of "Textbook of NFT" and "Non Fungible Me."