Coinone’s recent addition of USDT/KRW trading pair expected to reduce Kimchi premium

A recent survey of South Korean crypto investors showed a modest shift toward a more positive short-term view on Bitcoin, although market data since the poll was released has yet to strongly support that outlook. The regular survey, conducted last week by CoinNess and Cratos, found that 44.8% of Korean respondents expected Bitcoin to rise or surge this week, up from 35.2% in the previous survey.Photo by Jievani Weerasinghe on UnsplashThe share of respondents expecting Bitcoin to move sideways fell to 28.3% from 33%, while those forecasting a decline or sharp drop decreased to 26.9% from 31.8%. The figures indicate that bullish responses increased from the previous week, while neutral and bearish responses declined. However, with several days having passed since the survey was released, Bitcoin’s price action has so far offered a more cautious picture. At the time of writing, Bitcoin was trading at $77,085.07, down 1.14% from a week earlier, according to CoinMarketCap. The survey also showed that investors remain wary of the broader market environment. Asked how recent macroeconomic uncertainty and market volatility had affected the difficulty of crypto investing, 40.5% said it became “much more difficult,” and 35.3% said it became “somewhat more difficult.” That means roughly three-quarters of respondents said crypto investing has become harder than before. Another 16.6% said conditions were little changed, while 7.6% said investing became easier. GIWA Chain targets cross-border financeWhile retail investors appear cautious about the near-term market backdrop, major Korean firms are continuing to push ahead with blockchain projects tied to cross-border finance. Dunamu, the operator of Upbit, South Korea’s largest crypto exchange, said it has signed a memorandum of understanding (MOU) with Hana Financial Group and POSCO International to develop services for overseas remittances, payments, and corporate treasury management. The project brings together Dunamu’s layer-2 blockchain, GIWA Chain, Hana Financial Group’s foreign exchange network, and POSCO International’s global supply-chain platform. The companies said the collaboration will focus on faster international transfers, more efficient corporate fund management, and new digital finance services. The firms also plan to test whether some processes currently handled through the SWIFT network can be moved onto GIWA Chain. Coinone sanctions put on hold by courtOn the regulatory front, a court has temporarily halted enforcement of sanctions against crypto exchange Coinone, after the Korea Financial Intelligence Unit (FIU) ordered a fine and partial business restrictions over alleged anti-money laundering (AML) violations. The measures had been set to take effect on April 29. According to the Maeil Business Newspaper, the court said the stay would remain in effect until May 29 while it considers Coinone’s request to suspend the sanctions. It stressed that the decision was provisional and did not constitute a final ruling on the request. Earlier this month, the FIU, South Korea’s financial intelligence agency under the Financial Services Commission (FSC), imposed a KRW 5.2 billion ($3.52 million) administrative fine on Coinone for alleged violations of the country’s financial transactions law. The regulator also ordered a three-month restriction on virtual asset transfers for new customers, covering both deposits and withdrawals. 

Wemade to Participate as Main Sponsor in G-STAR 2023South Korean blockchain game developer Wemade will participate as the main sponsor in this year’s G-STAR 2023, the global game exhibition to take place from November 16 to 19 in the southern port city of Busan. This marks the company’s second consecutive year as a main sponsor of the event, highlighting its commitment to promoting Korea’s rapidly growing global blockchain gaming market.“We hope that G-STAR will mark a turning point for Wemade as a blockchain pioneer in the domestic gaming market,” said Henry Chang, the company’s CEO.Leading the future of gamingAt the exhibition’s B2C section, Wemade will unveil its upcoming releases set to enter the global market via WEMIX PLAY, its blockchain gaming platform. The developer said it will showcase games including the MMORPG “Legend of YMIR,” which is currently in the works at Wemade’s extended reality subsidiary Wemade XR, and the baseball game tentatively titled “Round 1 Baseball” under development by Round 1 Studio, which Wemade will publish.Photo by Jack B on UnsplashWemade also plans to participate in discussions regarding potential collaboration opportunities with other domestic and international gaming and blockchain companies in the B2B section.CEO Chang is set to deliver the opening keynote speech at G-CON 2023, a conference to be held at the exhibition, on November 17 at 10 AM. He will present his insights into the future vision for the blockchain gaming market.Moreover, various outdoor events are being prepared to create a festive atmosphere for visitors to enjoy throughout different areas of Busan.Wemade plans to publish an online page for G-STAR 2023 to provide detailed information about their showcased works and general details about the event.Success storyNotably, at last year’s G-STAR, Wemade unveiled “Night Crow,” — an MMORPG made by Madngine, a game-developing company that Wemade invested in this year — which drew the attention of the attendees. The game has since topped popularity and sales rankings following its domestic release in April. A blockchain version of the game utilizing tokenomics is also set to launch in the global market at the end of this year.

Singapore’s Central Bank Paves the Way for Digital Asset NetworksSingapore’s Monetary Authority (MAS) has taken a significant step towards the future of digital assets by proposing a comprehensive framework for the design of open and interoperable networks for tokenized digital assets.Photo by Pixabay on PexelsDetailed frameworkIn a report published on Monday, titled “Enabling Open & Interoperable Networks,” MAS presented a detailed framework aimed at understanding the design options necessary to facilitate the seamless trading of digital assets across diverse networks and liquidity pools. The framework is rooted in the core principles of financial market infrastructure and draws inspiration from cutting-edge projects that have been at the forefront of advancing these concepts.To ensure a robust and comprehensive approach, the report was jointly developed with subject matter experts from the Bank for International Settlements’ (BIS) Committee on Payments and Market Infrastructure (CPMI), with valuable contributions from prominent financial institutions including DBS Bank, JP Morgan, HSBC, SBI Digital Asset Holdings, Standard Chartered, and UOB.MAS defines digital asset networks as platforms that leverage distributed ledger technology (DLT) or blockchain to enable secure and efficient transfers of digital assets without the need for traditional intermediaries. These networks serve as the foundation for open and interoperable infrastructure, facilitating the issuance, transfer, and custody of digital assets. By promoting transparency, efficiency, and trust, the report suggests that they will play a pivotal role in shaping the digital asset ecosystem.Project GuardianThe report underscores the immense potential of digital asset networks in a future financial landscape, where digital assets and currencies can be seamlessly exchanged across different networks. MAS believes that these networks could revolutionize the way financial transactions occur, leading to increased efficiency and expanded possibilities. The framework also lays the groundwork for future exploration as part of the Project Guardian initiative, encompassing additional focused themes such as Trust Anchors and Institutional DeFi.MAS has also announced the expansion of Project Guardian to include a broader range of financial asset classes. The project now features an industry group comprising 11 leading financial institutions that will spearhead industry pilots in asset and wealth management, fixed income, and foreign exchange. Esteemed banks such as HSBC, Standard Chartered, DBS, and Citi are set to conduct multiple trials focusing on tokenization. For instance, Standard Chartered, in collaboration with Linklogis, is developing an initial token offering platform to issue asset-backed security tokens listed on the Singapore Exchange.Despite its cautious stance on cryptocurrency speculation, MAS recognizes the immense potential for value creation and efficiency gains within the digital asset ecosystem. Leong Sing Chiong, MAS’ Deputy Managing Director of Markets and Development, emphasized the authority’s optimism, stating: “We see significant potential for value creation and efficiency gains in the digital asset ecosystem.”This latest initiative by MAS comes on the heels of its recent proposal for standards governing the use of digital money, including central bank digital currencies (CBDCs) and stablecoins. Singapore’s central bank is paving the way for the future of digital assets and making a strong effort to assert its position as a global leader in digital asset innovation through the establishment of this framework alongside industry collaboration.