Bitcoin records this year’s highest in Korean market, surpassing KRW 60M

On Wednesday, the Office of the Privacy Commissioner for Personal Data (PCPD) in Hong Kong launched investigations at six premises controlled by Worldcoin, the biometric cryptocurrency project established by Sam Altman, the CEO of OpenAI. Potential personal data privacy risksIn a statement, the Privacy Commissioner expressed serious concerns about potential risks to personal data privacy. The PCPD executed warrants as part of the inquiry into Worldcoin's identity verification project, particularly focusing on the use of iris-scanning orbs for identity verification. The PCPD urged Hong Kong residents to consider the implications of Worldcoin's biometric data collection and emphasized the importance of evaluating the legitimacy of such data collection. The Commission also advised individuals to inquire about the purpose of data collection, the intended use of the data, the classes of entities with access to the data, the retention period of biometric data and the safety measures implemented to protect sensitive information. "The PCPD is concerned that the operation of Worldcoin in Hong Kong involves serious risks to personal data privacy, and believes that the collection and processing of sensitive personal data by the relevant organization may be in contravention of the requirements of the Personal Data (Privacy) Ordinance," stated the privacy watchdog. The Commission highlighted that any personal data controlled by Worldcoin must be collected for a lawful purpose related to the project's function or activity, with the information collected from users' irises deemed sensitive according to regulatory guidelines.Photo by Harpreet Singh on UnsplashGlobal scrutinyWorldcoin, which commenced operations in 2021 and officially launched in July 2023, has faced regulatory scrutiny in various countries due to privacy concerns. As of December 2023, Worldcoin reported that over 5 million people had created accounts using their identities. However, the project's approach to identity verification through iris scanning has triggered investigations and actions by regulators. Notably, the project suspended services in Kenya and halted iris scans in India in response to regulatory challenges.  The company’s activities in the French and Brazilian markets have been suspended. Last year the UK’s Information Commissioner’s Office said that it would make further enquiries into the company’s activities. Meanwhile, the German data watchdog has been investigating Worldcoin since 2022. In an effort to clarify the efforts the company is making to achieve compliance across international jurisdictions where data privacy is concerned, Worldcoin recently published a blog post on the subject. Within it, the company states that it “is designed to be fully compliant with all laws and regulations governing data collection and data transfer." Despite its ongoing regulatory challenges, Worldcoin CEO Alex Blania remains steadfast in advancing the project's mission, stating recently:"We race toward billions of users as fast as we possibly can."  The project closed out 2023 by expanding into Singapore. The privacy concerns surrounding Worldcoin underscore the growing importance of balancing technological innovation with robust data privacy regulations to ensure the protection of individuals' sensitive information.

Hong Kong court grants trademark injunction against HuobiThe Hong Kong Special Administrative Region High Court has resolved a trademark dispute between X-Spot Global Limited and Huobi Global Limited, ruling in favor of X-Spot.Back in June, X-Spot alleged that Huobi Global infringed on its trademark rights related to the “Huobi” name. In the legal process which followed, the court sided with X-Spot, compelling Huobi Global to cease using the “Huobi” trademark or any similar name or logo in Hong Kong.Photo by Tingey Injury Law Firm on UnsplashPotential confusionThe court’s official judgment highlighted concerns about potential confusion among the public and industry professionals arising from Huobi Global’s use of the “Huobi” trademarks. It emphasized that such confusion could lead people to believe that X-Spot Global, as the registered trademark owner, is actively engaged in cryptocurrency business associated with the trademark. In response, the court dismissed Huobi Global’s plea to revoke the service order and halt negotiations, also instructing the covering of X-Spot Global’s legal expenses.Post-acquisition conflictThe background to this dispute originates in the acquisition of Huobi Global last year. It’s widely believed that TRON blockchain network founder Justin Sun purchased the exchange for $1 billion although Sun has subsequently suggested that he is just an advisor to the crypto exchange business. The acquisition was made by About Capital Management, an entity associated with the controversial crypto entrepreneur.In May of this year, Sun claimed that Wei Li, a brother of Huobi founder Leon Li, had unjustly profited from the sale of Huobi’s native HT token. The disagreement escalated and as a consequence of that conflict, it became apparent that the acquisition agreement explicitly prohibited the buyer from using the “Huobi’’ trademark.Leon Li accused the cryptocurrency exchange of violating the acquisition agreement’s rules by unauthorized use of the “Huobi” trademark. This legal battle has shed light on the strained relationship between Leon Li and Justin Sun.The court’s decision adds a layer of complexity to Huobi Global’s legal challenges, intensifying existing regulatory issues. Notably, the cryptocurrency exchange is already grappling with a recent order from Malaysian authorities to cease operations in the country due to alleged illegal activities.The ruling comes at a critical juncture for Huobi Global. In September the business rebranded to HTX, signaling aspirations for global expansion amidst a shifting legal landscape. At the time, Justin Sun provided the rationale behind the rebrand. Taking to the X social media platform, he wrote:“It’s very hard for foreigners, Westerners, to pronounce ‘Huobi’… It doesn’t make any sense to them.” Sun went on to explain that the word Huobi means fire and coin in Chinese, adding, “That’s why we rebranded as HTX for international branding.”In light of this trademark infringement injunction decision, it could equally be speculated that the company was acting in advance of an unfavorable ruling in compliance with the terms of the business acquisition agreement.In reaching a decision on the matter, Judge Mimmie Chan J noted the lack of a defense mounted by Huobi against the trademark infringement action.

Nomura’s Laser Ventures Invests in Singapore’s Solv ProtocolSolv Protocol, a Singapore-based DeFi startup, has revealed a significant stride forward with a $6 million funding round, drawing support from Laser Digital, the digital asset subsidiary of Japanese global financial services conglomerate Nomura.The project team provided details on the funding round via a blog post published to its website earlier this week. Accompanying Laser Digital in the funding round, Singapore’s UOB Venture Management also participated, alongside investors such as Matrix Partners, Bing Ventures, Mirana Ventures, Apollo Capital, Bytetrade Labs, and others.Photo by Towfiqu barbhuiya on Unsplash$14 million cumulative fundingThis injection raises its cumulative funding to an impressive $14 million. The innovative Solv Protocol has been developed to facilitate on-chain fund management within the realm of public blockchains.Delving into the intricacies of the Solv asset management protocol, Olivier Dang, COO of Nomura Securities’ wholesale digital office, expanded on its transformative potential, stating: “Solv has built a trustless institutional DeFi platform integrating brokers, underwriters, market makers, and custodians to create the first fund infrastructure on the blockchain to bridge DeFi, CeFi, and TradFi liquidity.”$100 million in trading volumeSolv Protocol is a DeFi infrastructure project that enables users to create and trade financial NFTs. The protocol concerns itself largely with ERC-3525, an Ethereum standard for semi-fungible tokens, the characteristics of which lend themselves well for financial use cases.At the heart of Solv’s business model lies a unique mechanism. Any fund utilizing its solution inherently allocates a portion of its assets under management. Inaugurated in the second quarter of this year, Solv has already facilitated over $100 million in trading volume.Semi-fungible token innovationThe origins of Solv are rooted in the pursuit of an optimal Ethereum token standard for effective fund management. Dissatisfied with existing standards, the founders, primarily Chinese technologists, forged an innovative path. Traditional ERC-20 fungible tokens weren’t deemed suitable due to the need for a new smart contract token for every customization. Similarly, non-fungible tokens (NFTs) posed limitations, being intrinsically designed as individual units not readily divisible, which is essential for issuing shares in a fund. The security token standard, ERC-1400, didn’t quite align either.Thus, Solv birthed the semi-fungible token through the development of ERC-3525, a groundbreaking solution to its unique challenge.While larger asset managers like Franklin Templeton and Ondo Finance have adhered to fungible tokens, a growing trend is emerging in the traditional asset management sector — a movement toward blockchain integration. UK-based Abrdn recently introduced a fund on the Hedera DLT network, while industry giant Schroders is exploring blockchain tokenization under Singapore’s Project Guardian initiative.It’s been an eventful week for Nomura’s Laser Digital. Alongside news of this investment, the company also announced its recent acquisition of a license from Dubai’s Virtual Asset Regulatory Authority (VARA). This regulatory green light bolsters its presence in the global digital asset sector.Nomura’s Laser Digital is amplifying its presence within the blockchain and digital asset domain, marking its sixth such investment within this year alone. Meanwhile, projects like Solv Protocol are pushing the boundaries of innovation through the development of semi-fungible tokens, extending the use cases of blockchain technology as it does so.