Busan BDX Consortium named preferred bidder for Digital Asset Exchange

NS Studio and Factor Labs to Enhance Military Security with Blockchain TechnologyKorean game developer NS Studio announced on Thursday its collaborative research effort with blockchain-based security solutions company Factor Labs to boost the security system of its specialized virtual reality simulator used in military training centers and multinational security firms.Photo by Filip Andrejevic on UnsplashProtecting special combat forcesThe two companies signed a memorandum of understanding (MOU) to develop a blockchain-based security system to be integrated into military training equipment that aims to safeguard the identity and behavioral data of special combat forces. Factor Labs’ security technology and blockchain expertise will be integrated into NS Studio’s military training programs, facilitating safer training sessions.“Given the fact that special combat forces are important assets whose identities are considered national secrets, we want to amp up the security of the simulation programs that keep a record of their identities and behavioral patterns using blockchain technology,” the two companies said in a joint statement.“We have begun developing the necessary technology for this project and are preparing to implement the security program starting in the latter half of this year.”Blockchain’s role in military securityThis collaboration underscores the increasing role of cutting-edge technologies like blockchain in ensuring the security and privacy of sensitive data not just in the financial context but also in military and security contexts. The combined efforts of NS Studio and Factor Labs are poised to contribute to the advancement of secure training simulations for special operations personnel.

LINE NEXT Inc, a U.S.-based Web3 subsidiary of messaging app giant Line Corporation, has made a strategic partnership with ReadON, a global Web3 content provider running a “Read to Earn (R2E)” app called “ReadON DAO.” The service helps users develop routine reading habits by providing tokens as rewards. Photo by GuerrillaBuzz on UnsplashThis partnership will enable LINE NEXT to feature various digital products on its “DOSI,” a global digital commerce platform where users can freely create and trade digital items including NFTs.  In cooperation with ReadON in the marketing and business sectors, LINE NEXT plans to offer a number of innovative products to over one million users of ReadOn.  Various digital collaborative merchandise On Feb. 21, the two companies are scheduled to roll out digital collaborative merchandise inspired by “Catto,” the brand character of ReadOn, with a plan to introduce DOSI x ReadON pass tickets that benefit users of both platforms. Limited edition items offering exclusive perks and tokens that can be used on ReadOn will also soon be available for purchase. ReadOn’s previous digital items have proven to be popular: items introduced in January were sold out within just 10 seconds after they were released, with other items also selling out within 30 minutes over four consecutive days. LINE NEXT is committed to collaborating with ReadON to launch more services that can reach a broader audience. Initiative to make Web3 more accessible to the publicIn a related development, LINE NEXT launched the official web and mobile versions of DOSI in January. Under the initiative to make Web3 more accessible to the public, LINE NEXT strives to expand the range of products available on DOSI.                                                                         

China's highest judicial authorities, the Supreme People's Court and the Supreme People's Procuratorate, have released a judicial interpretation that includes the use of virtual assets to transfer illicit funds as a recognized method of money laundering. This move aims to strengthen the legal basis for investigating and prosecuting cases linked to cryptocurrency and money laundering activities.Photo by Vidar Nordli-Mathisen on UnsplashClarifying the legal status of crypto transactionsThe new judicial interpretation classifies virtual asset trading as a potential channel for money laundering. It specifies that using virtual-asset transactions or financial-asset exchanges to transfer or convert the proceeds of crime falls under the act of “disguising or concealing the source and nature of criminal proceeds and their gains by other means” as outlined in the country’s criminal law. Liu Honglin, founder of the Shanghai-based Man Kun law firm, clarified in a social media post that the interpretation does not equate all cryptocurrency trading with money laundering. According to Liu, the directive is not intended to criminalize the possession or trading of cryptocurrencies domestically but to provide clear legal guidelines for prosecuting specific illegal activities linked to crypto transactions. Impact on crypto trading and enforcementShao Shiwei, a fintech lawyer based in Shanghai, suggested that this interpretation could pose challenges for stablecoin merchants and increase legal risks for those involved in receiving illicit funds through crypto trading. The interpretation is part of broader efforts to regulate the virtual asset space, following the comprehensive ban on crypto trading activities by the People’s Bank of China and other authorities in September 2021. Despite the ban, many investors have continued to find ways to engage in crypto trading, sometimes circumventing capital control measures. For example, in May, Chinese police dismantled an underground bank that utilized the USDT stablecoin for foreign currency exchanges involving over 13.8 billion yuan ($1.9 billion). This incident underscores the ongoing challenges in enforcing existing regulations against the backdrop of innovative methods to bypass legal restrictions.