Hong Kong court grants trademark injunction against Huobi

Korean Drama Studio Unveils Web3-Based Project Featuring BTS UniverseChorokbaem (CRB) Media, a renowned South Korean drama production studio, has revealed an innovative content distribution project based on Web3 technology, featuring the popular BTS universe, as reported by the Maeil Business Newspaper.Photo by Shubham’s Web3 on UnsplashBTS Universe-based dramaCRB Media announced on Monday its participation in Paris Expo Porte de Versailles, where it showcased a minute-long teaser of “YOUTH,” a drama that centers around the universe of K-pop sensation BTS. This new initiative by the Korean production studio aims to transcend the limitations of existing online streaming platforms.The Most Beautiful Moment in LifeThe production of “YOUTH” has been in the works since 2020 and revolves around the story that goes back to BTS’s 2015 album, “The Most Beautiful Moment in Life.” The BTS Universe has already seen successful adaptations across various entertainment platforms, including novels, webtoons, and short films.Web3 fan engagementAn official from CRB Media said that Web3 technology allows network participants to be both content consumers and providers, enabling fans who were previously passive consumers to monetize their engagement and foster an even more vibrant independent fandom culture.24 episodes starting in 2HThe drama series “YOUTH” comprises a total of 24 episodes, with one or two episodes set to be released weekly starting in the second half of this year.The series is directed by Kim Jae-hong, known for his work on “Beloved Eun-dong” and “Steal Heart,” and written by Kim Soo-jin, the talented screenwriter behind notable productions such as “Dazzling,” “Weightlifting Fairy Kim Bok-joo,” and “Songgot: The Piercer,” among others.CRB Media’s legal issuesMeanwhile, it’s been reported that the Seoul Southern District Prosecutors’ Office’s Financial Investigation Division 2 executed a search and seizure operation on CRB Media last week. The raid was conducted after the prosecution obtained circumstantial evidence indicating the studio’s potential role in an embezzlement scandal. The case involves Kang Jong-hyun, who stands accused of misappropriating a colossal sum of 62.8 billion KRW ($46.9 million) from affiliates of Bithumb, a major Korean cryptocurrency exchange. Kang is currently under suspicion as the clandestine owner of the exchange.

Bali Governor Warns Tourists of Consequences of Crypto UseAuthorities in Bali have issued a stern warning to foreign tourists, cautioning against the use of cryptocurrencies as a means of payment.Bali Governor Wayan Koster delivered the message during a tourism development press conference on Sunday, stating that individuals who pay with crypto or violate other regulations could face severe consequences, including deportation, criminal penalties, or strict sanctions.Photo by Alfiano Sutianto on UnsplashCrypto use “dealt with firmly”According to reports from state-owned Indonesian news agency Antara, Governor Koster emphasized the need for firm action against foreign tourists who engage in inappropriate behavior, violate their visa permit conditions, attempt to use cryptocurrencies for transactions, or infringe upon other provisions. Koster stated that tourists that violate Indonesian law and use cryptocurrency for payment “will be dealt with firmly.”Indonesian law mandates that all transactions within the country must be conducted in the local currency, the rupiah. Individuals found using alternative currencies can face imprisonment of up to one year and fines of up to 200 million rupiah ($13,300). These regulations were initially implemented to safeguard the rupiah from the widespread use of the U.S. dollar in the country.‘Silicon Bali’In recent years, however, Bali has emerged as a popular destination for crypto enthusiasts, earning the moniker of ‘Silicon Bali.’ The island has witnessed the rise of cryptocurrencies, with the local crypto community even establishing physical spaces such as the clubhouse set up by Indonesian exchange Tokocrypto.While the use of cryptocurrencies as assets is permitted in Indonesia, their use as a form of payment is strictly prohibited. The country also imposes restrictions on individuals engaging in foreign exchange business activities, requiring them to obtain permission from Bank Indonesia.During the press conference, Governor Koster reiterated the regulations, emphasizing that violations would result in administrative sanctions, including written reprimands, fines, and prohibitions on payment transactions.This latest announcement is part of ongoing efforts to curb negative tourist behavior on the island. Bali, heavily reliant on tourism, experienced significant setbacks due to the COVID-19 pandemic and subsequent travel restrictions. With the return of international visitors, new challenges have emerged.Earlier this year, Governor Koster proposed a ban on tourists using motorbikes following numerous traffic violations and accidents. Concerns have also been raised regarding tourists disrespecting local traditions by posing nude in sacred sites or engaging in digital nomad activities without obtaining proper visas.Policy strugglesThe firm stance taken in Bali on cryptocurrency payments aligns with the local administration’s commitment to upholding local regulations and maintaining the stability of the national currency. However, the Governor’s response is further evidence of the struggles that centralized governments and administrations around the world have been having in understanding decentralized cryptocurrency. The default position of many centralized governments has naturally enough been to control it.For that reason, we have seen administrations in places like India who have changed tact several times, sometimes banning crypto while at other times, permitting it. As time goes on, central administrators are beginning to realize that they can’t control it fully. They can only slow down its rate of progress at best.Over the course of the past 26 years, the Southeast Asian country’s sovereign currency has averaged an inflation rate of 9%, peaking in 1998 at a rate of 82%. Against that background, there’s likely to be an ever-growing interest in using decentralized cryptocurrency in the country.

Korean Securities Firms Unite to Build Shared Security Token InfrastructureShinhan Securities, KB Securities, and NH Investment and Securities are gearing up to sign a memorandum of understanding (MOU) later this month to establish a security token consortium, according to South Korean news outlet MoneyToday.Photo by Louie Nicolo Nimor on UnsplashShared infrastructureThe primary objective of this consortium is to create a shared infrastructure for their security token operations. This initiative marks the first instance where the nation’s major securities firms are getting together to set up a security token consortium. Until now, securities companies have typically sought collaborations with banks, fractional investment firms, or blockchain technology companies, showing reluctance to cooperate with their direct competitors over concerns of potential loss of competitiveness.An expert within the securities industry underscored the paramount importance of securing control over the infrastructure, particularly given that the security token market has not materialized. The expert further stated that once a collaborative network is built among the leading securities firms, it is likely to set the standards for the entire market. Meanwhile, the precise details of the plan have not yet been finalized.Challenges in prior initiativesSince the South Korean Financial Services Commission revealed the security token guidelines in February, the securities sector has been deliberating the creation of a shared network that would be accessible to all industry participants. This kind of system is considered ideal as it facilitates flexible expansion and cost efficiency. However, the discussion came to a halt due to conflicts between the Korea Securities Depository, the Korea Financial Investment Association, and fintech firm Koscom.Meanwhile, installing an independent network is not very feasible, given that it not only incurs significant costs upfront but also has limited potential for expansion. This is why these industry leaders devised an alternative strategy in which they can collectively share the financial burden. In addition, Shinhan, KB, and NH plan to explore joint business models with the aim of maximizing the utility of their security token infrastructure.