Shapella Upgrade to Have limited Impact on ETH’s Selling Pressure

South Korea Introduces ABLE Alliance for Blockchain Advancement and CollaborationThe South Korean Ministry of Science and ICT (MSIT) celebrated the launch of the Alliance of Blockchain Leading Digital Economy (ABLE) yesterday, according to its press release. The ministry convened a meeting in Seoul to discuss the government’s digital transformation agenda with the alliance’s members.Photo by Shubham Dhage on UnsplashStartups’ challengesIn the rapidly evolving blockchain technology landscape, Korean startup vendors have encountered challenges in finding clients for their products. Moreover, they often face the problem of their services or technology becoming outdated by the time they are ready to be brought to market. To address these issues, MIST and the Korea Internet and Security Agency (KISA) took the initiative to establish the ABLE alliance.64 ABLE membersThe ABLE alliance consists of 64 entities, categorized into three distinct groups: clients, vendors, and advisors. Prominent clients include financial institutions such as the Bank of Korea, KB Kookmin Bank, and Hana Bank. Notable vendors within the alliance include Lambda256, a blockchain solution provider; AhnLab Blockchain Company; and Raon Secure, a mobile security solution. Serving as advisors are well-known participants like SK Securities; NH Investment Securities; and Nice Information Service, a credit bureau and corporate intelligence data provider.Objectives and rolesThe primary objective of the ABLE alliance is to promote effective communication among its entities, fostering a better understanding of each other’s requirements for blockchain projects. ABLE will serve as a centralized point of contact for handling various industry suggestions.To achieve its goals, ABLE will operate an advisory body that offers consultations on diverse areas such as attracting investments, expanding into overseas markets, formulating regulations and policies, and facilitating networking within the technology sector. The alliance will also provide opportunities for its members to showcase and explain their products and technologies to one another. Regular meetings will be conducted to share industry trends and policy developments, ensuring seamless communication among the alliance members.

Hong Kong SFC CEO Prioritizes Investor Protection in Crypto RegulationsAccording to a report by Chinanews, Julia Leung, Chief Executive Officer of the Hong Kong Securities and Futures Commission (SFC), participated in a seminar organized by the Hong Kong Academy of Finance (AoF). During the event, she emphasized the importance of investor protection in the formulation of guidelines for operators of virtual asset trading platforms.Photo by Kanchanara on UnsplashDevelopment of crypto in Hong KongAt the seminar yesterday, Leung discussed the development of virtual assets in the special administrative region of China. She recalled the pushback the SFC received in 2018 when it first proposed regulations for virtual asset trading platforms. Critics argued that the licensing system, demanding applicants to comply with stringent internal control and investor protection standards, might compel fintech companies to relocate their operations to other jurisdictions, such as Singapore.Market recognition of crypto regulationsDespite initial criticism, the market came to appreciate the importance of these regulatory standards, especially after witnessing the bankruptcy of several overseas cryptocurrency organizations.The guidelines for operators of virtual asset trading platforms in Hong Kong are set to take effect in June. Leung mentioned that these guidelines match market expectations and place emphasis on protecting investors. They encompass regulations for virtual asset custody, the segregation of client assets, and the avoidance of conflicts of interest. She also expressed satisfaction with the SFC’s role as a leading regulator in the virtual asset space.Crypto exchange ratingMeanwhile, Chinese blockchain news media Jinse Finance reported today the official establishment of the Hong Kong Virtual Asset Consortium (HKVAC), a private entity that rates virtual assets.It has also launched a virtual asset index and will introduce a virtual asset exchange rating system. The HKVAC Large Market Cap Cryptocurrency Index comprises the 30 leading cryptocurrencies by market capitalization. The index will be reviewed quarterly on the last day of each quarter (March, June, September, and December). The Virtual Asset Exchange Rating System will assess the credibility of trading platforms and enhance transparency and accountability in the virtual asset trading market.HKVAC was established by a team of industry experts and professional rating agencies. It brings together key stakeholders in the virtual asset industry, such as big data firms, exchanges, and institutional investors, along with the city’s licensed rating agencies. HKVAC aims to cultivate a secure environment for crypto investments and enhance the public’s understanding of virtual assets.

Haru Invest Considers Server Suspension as Troubles PersistIn the wake of halting withdrawals in June, Haru Invest, a Singapore-headquartered cryptocurrency platform, is contemplating the suspension of its server. This decision is part of the firm’s ongoing efforts to streamline operations and reduce maintenance costs.Photo by David Guenther on UnsplashCost reductionCEO Hugo Lee made the announcement on Monday, underscoring the significant burden of server maintenance costs on the company’s finances. He acknowledged that this cost represents a substantial portion of their fixed expenses and is thus a top priority for the firm.Lee disclosed:“We plan to suspend the service in a few weeks, backing up all member information.”However, he also noted that the company is yet to finalize a concrete plan for the server suspension.The move to shut down the server aligns with Haru Invest’s broader strategy to lower all costs associated with its services. Lee explained:“Some of the current fixed expenditures include the upkeep of Haru Invest services, the cost of workspace like the office, and the cost of communication with our members.”The company is actively seeking ways to reduce these expenses and preserve its assets.Asset distributionAdditionally, Lee assured users that the assets conserved thus far would be included in the distribution to those who have had their funds locked on the platform since June, offering a glimmer of hope to impacted users.Nevertheless, the announcement of the server suspension has raised concerns within the Haru Invest community. Some users have expressed skepticism about the purported high costs of server maintenance, believing the firm’s claim to be exaggerated.One user, voicing this discontent, commented on Haru Invest’s Telegram channel, “Server costs cost nothing.” Another remarked: “Servers are gone soon guys, huge costs, 200 USD a month.” According to industry standards, the maintenance costs for running a server for a small to medium-sized business typically range between $35 to $500 per month.Unhappy platform usersLee’s statement regarding the impending server suspension follows the platform’s earlier decision to terminate deposits and withdrawals in June. This decision was coupled with the closure of Haru Invest’s offices and the dismissal of numerous employees, as reported by local news agencies.Haru Invest attributed these issues to the fraudulent activities of the consignment operator B&S Holdings, formerly known as Aventus. While some investors accused the firm of orchestrating a “rug pull,” Haru Invest denied these allegations and maintained its innocence. One user posted the following claim on X (formerly Twitter) last week: “Rugpull. If justice is served, the scammers will be behind bars.”In a bid to address concerns over its corporate rehabilitation application, Lee appeared in court in September, emphasizing that Haru Invest was actively cooperating with investigating agencies. However, the company has yet to provide a timeline for the recovery of users’ assets as of early October.Lee also addressed the matter in Monday’s statement: “We are also responding to the rehabilitation proceedings that some of our members have filed with the court as mentioned in our previous announcement, in addition to actively cooperating with other authorities’ investigations. ”Haru Invest is reportedly facing a class-action lawsuit with disgruntled investors alleging fraud.