KuCoin affiliate applies for license in Hong Kong amid identity mix-up

CarrieVerse token CVTX listed on BitgetWeb3 metaverse and NFT platform CarrieVerse’s governance token CVTX will be listed on global cryptocurrency exchange Bitget on Dec. 13, according to an article published by South Korean news outlet Money Today. This is the eighth exchange listing for the altcoin, following Gate.io, GOPAX, BingX and more. This comes as part of the platform’s efforts to expand its Web3 ecosystem.Photo by Maxim Hopman on UnsplashCVTX’s versatilityBuilt on Polygon, CVTX is integrated into the tokenomics ecosystem of CarrieVerse and its card strategy role-playing game (RPG) SuperKola Tactics. It is also the governance token for the CarrieVerse blockchain gaming platform Cling. CVTX can be traded for USDT on all of the exchanges it is listed on except for GOPAX, which offers a CVTX/KRW pair. KRW stands for Korean won.Global expansionLast month, CarrieVerse also joined the Dubai Multi Commodities Centre (DMCC), the UAE’s largest free-trade zone for blockchain and crypto companies, as a metaverse service provider. The platform has received approval to set up a local subsidiary there, which will serve as a base to expand its ecosystem, particularly in the Middle East and North Africa (MENA) region.“The market value of CarrieVerse and CVTX is expected to significantly increase once the platform is released in target regions. This will serve as a foundation for more listings on major domestic and international exchanges,” the company said, adding that its number of daily active users has exceeded 5,000.Bitget’s substantial presenceBitget is a cryptocurrency derivatives exchange registered in Seychelles, with global offices in Japan, South Korea, Canada and more. As one of the top ten derivatives exchanges in the world according to CoinMarketCap, Bitget handles over five million users and more than 500 cryptocurrencies. It is also registered on South Korea’s two largest exchanges, Upbit and Bithumb, as a market that facilitates deposits and withdrawals after the implementation of the crypto Travel Rule. The Travel Rule, enforced by the intergovernmental Financial Action Task Force, states that VASPs must share personal information about customers when facilitating crypto transactions that exceed a certain amount as a means of preventing related crimes.

Despite reports emerging on Monday that it had invested in Array, an algorithmic currency system, Singaporean state-owned conglomerate and global investment firm Temasek has denied any such investment.In a very brief statement published to its website on Tuesday, Temasek stated:“We have seen news articles and a tweet from Array about Temasek’s investment in it. This news is incorrect. Temasek has not invested in Array and we have no relationship with them.”CoinTelegraph had taken to reporting the claim on Monday. The article had outlined a $10 million investment by the Singaporean state investor into Array, the developer of an algorithmic currency system that relies upon smart contracts and artificial intelligence. Reputational lossIf it had been true, such an investment would have been seen as a positive for the crypto space as it would be indicative of a renewed appetite for crypto-based projects from the giant Southeast Asian investor.Temasek was a key investor in failed cryptocurrency exchange, FTX. In November 2022, the company had to write down its entire investment of $275 million into the fraudulently managed exchange business. To an onlooker, a $275 million write-down may seem like an extraordinary loss.However, given that the Singaporean investing behemoth has a $403 billion dollar portfolio, the loss represents just 0.09% of that portfolio, hardly making a dent in the health of the company.The greater loss for Temasek relative to the FTX collapse has been reputational. Top tier venture capital investors like Temasek, who had otherwise been assumed to be the most diligent of actors in the professional investing world, were all sharply criticized for failing to identify the extent of the mismanagement and fraud that had occurred at the now bankrupt cryptocurrency exchange. Bogus ClaimsIn fairness to those who had reported the fake news, they were acting on information that Array had put out into the ether and as of yet, has not corrected. At the time of publication, the project’s website features a list of renowned investors including Temasek. Alongside Temasek, Array claims to have obtained investment from Standard Chartered, Coinbase Ventures, Spark Capital, Khosla Ventures, The Blackstone Group, Binance Labs, Sequoia Capital and a16z.In the case of Binance Labs, a spokesperson for the venture arm of the global exchange told The Block that it is not an investor in the project. To further dispel the claim, Temasek took to Twitter, stating:”Fake news about Temasek’s investment in @Array_Protocol. We have seen news articles and a tweet from Array about Temasek’s investment in it. This news is incorrect. Temasek has not invested in Array and we have no relationship with them.” Further instances of misinformationThe misinformation follows a similar scenario that played out with OPNX, a newly launched platform that offers spot and futures trading, alongside the ability for investors to trade bankruptcy claims.A couple of weeks ago, the platform, which had been founded by Kyle Davies and Su Zhu, the key executives behind failed crypto hedge fund, Three Arrows Capital, asserted that it had the backing of some notable investors. Almost immediately, venture capital and market maker DRW and venture capital firm Nascent denied that they were investors in OPNX.

Korea’s FSS to Collect Public Comments on Financial Statement Guidelines for Virtual Asset EntitiesThe South Korean Financial Supervisory Service (FSS) has revealed a set of exemplary financial statements aimed at clarifying the disclosure requirements of virtual asset-related entities. These guidelines have been designed to align with the Korean version of International Financial Reporting Standards (K-IFRS), which was established by the Korea Accounting Institute (KAI).It was reported earlier this month that the Financial Services Commission (FSC) brought forward these regulations to tackle accounting uncertainties within the blockchain industry.The main goal of these exemplary guidelines is to help entities provide financial statement readers with essential information regarding virtual assets. This includes details about the reserve amount held by virtual asset issuers and information about the virtual assets held by virtual asset service providers (VASPs).Photo by Kelly Sikkema on UnsplashPresentation sessionsTo ensure effective dissemination and understanding of these guidelines, the FSS, KAI, and the Korean Institute of Certified Public Accountants (KICPA) have planned presentation sessions. These sessions will take place from July 26 to August 11, which will involve visits to VASPs, listed companies, and accounting firms. Valuable feedback and suggestions from these stakeholders are anticipated, as the events encourage open two-way communication and welcome participation from anyone interested.Discussion meetingsTo further refine the ideas put forward during the presentation sessions, two separate discussion meetings with experts are scheduled for September and October. The recommendations gathered from the industry will undergo a careful review by experts and be thoughtfully incorporated into the guidelines.The FSS will finalize the guidelines in cooperation with the FSC, and the Securities and Futures Commission under the FSC will review them and give approval for their implementation. This is expected to take place between October and November.The FSC has stated that these exemplary guidelines are currently in their preliminary stage and open to potential changes during the public comment period. Additionally, companies have the flexibility to make necessary adjustments to these practice guidelines to suit their specific needs and requirements.Issuers, holders, exchangesThe exemplary practice guidelines are specifically targeted at three types of entities: virtual asset issuers, virtual asset holders, and virtual asset trading exchanges.For virtual asset issuers, providing essential information about their virtual assets is a key requirement. This information should encompass their business models, accounting policies, obligations (e.g. whitepapers), and the current status of their projects. Such details should be disclosed in the annotations of their financial statements. Furthermore, revenue generated from the sales of virtual assets must be recognized, and any changes to their obligations should be duly noted. Moreover, disclosure of the reserved amount of issued virtual assets and their intended usage plan is mandatory.Companies holding virtual assets must provide information regarding accounting policies, the total value of assets held, the reasons behind their holdings, and any gains or losses incurred. Additionally, holders are obligated to disclose risks associated with virtual assets and their potential impact.Virtual asset trading platforms, such as exchanges, are mandated to disclose not only their own virtual asset holdings but also those held on behalf of their customers. This disclosure should encompass detailed information about their accounting policies, the total value of assets under their custody, associated risks, and the involvement of third-party custodians. In particular, the platforms must indicate whether they treat customer assets under their custody as assets or liabilities and provide a clear rationale for such classification in the annotations of their financial statements.