Digital wallet D’CENT and Astar Network team up to bring scalable wallet services to users

KISA Seeks Partners for Regional Blockchain Innovation Support Center ProjectThe Korea Internet & Security Agency (KISA) announced on Monday (local time) that it is working with the Ministry of Science and ICT to recruit metropolitan local governments to participate in the 2024 Regional Blockchain Technological Innovation Support Center Establishment Project, which seeks to aid the balanced development of the nation’s blockchain industry and the exploration of technology and services.Photo by Shubham Dhage on UnsplashWith the establishment of the support center, KISA plans to seek out blockchain services linked to regional industries and provide support for the development of blockchain technology and services to foster local businesses.Funding opportunities and application processThe metropolitan local governments selected for this project will be able to leverage KRW 1.8 billion (approximately $1.3 million) in government funding as well as regional expenses to pursue activities such as verifying related services and supporting blockchain and service development through incubation, workforce training, investment endorsement and legal consultations.Applications are open to 14 metropolitan local governments nationwide, excluding those in the country’s largest cities, Seoul, Busan and Daegu. Each applicant is required to form a consortium with one local information technology and communication (ICT) organization that the government invested in or funded and submit their applications through the KISA website by December 5 at 4 p.m. KST.Envisioning the future of Korea’s blockchain industryKISA President Lee Won-tae expressed his hopes that the support centers would become central hubs for blockchain technology within regions nationwide, ultimately contributing to regional economic prosperity. “KISA will continue our efforts to promote balanced regional development and nurture the blockchain industry ecosystem,” he said.

Singapore Exchange Limited (SGX), the city-state’s primary asset exchange, is in the process of establishing Bitcoin perpetual futures trading on the platform.Photo by Kanchanara on UnsplashInstitutional product offeringAccording to a report published by Bloomberg earlier this week, the exchange platform intends to launch Bitcoin futures sometime during H2 2025. The product launch will be subject to regulatory approval from the Monetary Authority of Singapore (MAS). A spokesperson for the company told Bloomberg that the product offering will be geared exclusively towards institutional investors and traders in an effort to “significantly expand institutional market access.” Retail access to the product will be prohibited. Once launched, these Bitcoin perpetual futures contracts, being offered through a traditional finance (TradFi) outfit like SGX, will help to blur the lines between TradFi and the emerging crypto sector. Perpetual futures have no expiry date. They offer a means for traders to bet on price changes in an underlying asset while doing away with the need to take ownership of the asset itself. Cautious approachSGX has been cautious in listing crypto assets and derivative products. Last year the firm’s CEO, Loh Boon Chye, said that the time was not yet right for such listings.  His concern back then was that any such product launches would need “sustainable ecosystem support,” adding that “that means demand, that means governance, that means structure.” While spot Bitcoin exchange-traded funds (ETFs) had been approved in the United States at that point, there has been much further development in the crypto-sphere since then, following the election of a pro-crypto administration in the U.S. That event has had knock-on effects globally. Singapore’s SGX isn’t the only traditional exchange platform to respond. Japanese futures exchange, the Osaka Dojima Exchange (ODEX), is gearing up to file an application with the Financial Services Agency (FSA) to list a Bitcoin futures product later this month. Closer to home, an American digital asset marketplace that focuses on institutional trading, EDX Markets, has plans to introduce Bitcoin perpetual futures products to the Singaporean market, according to a report which emerged in January. In May 2024, EDX launched EDXM Global, a settlement platform, in Singapore. This product launch by SGX serves the purposes of decision-makers in Singapore, who have been trying to position the city-state as a digital asset industry hub. Additionally, the move will bring greater acceptance of the digital assets sector from traditional market participants. Crypto perpetual futures contracts were first pioneered by crypto derivatives exchanges like BitMEX back in 2016. Since then, other crypto-native platforms like Binance and OKX have offered these products. In the case of unregulated offshore exchanges, the products have proven to be controversial, as at times, they have been used in a manner that has exposed market participants to counterparty risk. Failed crypto exchange FTX, together with its sister company Alameda Research, relied on the products in their trading activities. SGX, as a seasoned, regulated TradFi operator, which holds an Aa2 rating from Moody’s, is likely to prove to be a more palatable option for institutional players.

Yunfeng Financial Group has purchased 10,000 Ethereum (ETH) on the open market for $44 million, the Hong Kong–listed fintech said in a Sept. 2 statement. The company described the move as part of a broader plan to increase exposure to digital assets, joining firms such as Bitmine Immersion Technologies and SharpLink Gaming that have incorporated ETH into corporate treasuries.Photo by DrawKit Illustrations on UnsplashETH backs RWA strategy, inflation hedgeThe acquisition follows Yunfeng’s July outline to expand into Web3, real-world asset (RWA) tokenization, artificial intelligence, and ESG-linked assets aimed at net-zero goals. Yunfeng said ETH could support its Web3 and RWA businesses, help optimize assets, and provide a hedge against traditional currencies. It is also exploring ways to incorporate ETH into insurance products. The RWA market has grown in recent months, with on-chain RWAs totaling $28.19 billion at the time of publication, up 7.37% from a month earlier, according to data from RWA.xyz. Yunfeng noted it may adjust the size of its ETH reserves in line with market conditions, regulation, and its financial position. The company said the purchase falls below Hong Kong Stock Exchange disclosure thresholds: all five percentage ratios—assets, profits, revenue, consideration, and equity capital—remain under 5%. It stated it will meet disclosure requirements if future transactions push holdings beyond the relevant limits. Institutions drive ETH momentumThe announcement comes amid heightened interest in ETH. CryptoRank data show a 30% year-to-date price increase, and Tom Lee, Fundstrat’s head of research and chair of BitMine, has forecast a near-term range of $4,000 to $5,450. He argued that Ethereum is well placed to serve institutional use cases, pointing to its role in hosting more than half of the roughly $250 billion stablecoin supply and its prominence in asset tokenization. Hong Kong continues to position itself as a regional hub for blockchain and digital assets despite Mainland China’s 2021 ban on crypto trading. In a separate development, Fosun Wealth Holdings launched tokenized shares of Sisram Medical, an Israeli med-tech company listed in Hong Kong. The tokens, representing about $328 million in market value, were deployed across Vaulta, Solana (SOL), Ethereum, and Sonic. Fosun said it plans to tokenize additional corporate bonds and shares, without naming issuers or setting a timeline. Other local companies have also disclosed crypto exposure. Linekong Interactive Group reported holdings of 92.07 BTC, 943.63 ETH, and 6,091.7 SOL as of June 30 after purchases in the first half of the year, with cumulative unrealized gains of roughly $7.5 million. Linekong said it views crypto as a long-term investment and may increase its holdings pending board and shareholder approval.