Wemade joins hands with Dubai Chambers to expand Web3 and gaming endeavors in Middle East

GroundX to Bring NFT Activities to 2023 Seoul Light Hangang Bitseom FestivalGroundX, the blockchain subsidiary of South Korean conglomerate Kakao, said Tuesday that it will host NFT-related activities at Seoul’s largest laser art festival, the 2023 Seoul Light Hangang Bitseom Festival, from October 6 to 15 in collaboration with the Seoul Metropolitan Government and other affiliates like LG Uplus and the Seoul Foundation for Arts and Culture.Photo by Wes Hicks on UnsplashMerging physical activity, learning, and artThe activities will fall under the theme of “3L”: Light Run, Laser Art, and Lecture. Light Run is a four-kilometer running course scheduled for October 6 and 14, for which GroundX will mint NFT certificates for participants who complete the course. The NFTs will contain information about the participant, as well as the date of the event and a record of completion. They will then automatically be sent to and stored in the participant’s Klip wallet, GroundX’s digital wallet service, and can be accessed at any time on the Klip app and KakaoTalk Wallet.GroundX said that it will also showcase digital artworks by eight artists, including Kim Duk-ki, Han Seung-ku, and Berry Kim. These works will be displayed on LED platforms installed at the Banpo and Ichon Hangang Parks.Kim Tae-keun, Head of Business at GroundX, is set to participate as a lecturer for the Bitseom Lecture segment on October 8, where he will discuss NFT art and the company’s vision for the media art industry. Bitseom Lecture is an outdoor art convergence lecture program that introduces immersive media artworks and technology in virtual reality (VR) and extended reality (XR).Bringing the NFT experience to Seoul“We hope that citizens visiting the Bitseom Festival will be able to get the real NFT experience through our media art displays, lectures, and running course completion certificates,” GroundX said. “We will continue to collaborate with various organizations and create NFT use cases through participation in offline festivals and events.”

Korean Lawmakers Make Progress on Virtual Asset User Protection BillOn Tuesday, the subcommittee for legal deliberations under the South Korean National Assembly’s National Policy Committee reached a consensus during the first review of the Virtual Asset User Protection Bill, according to Yonhap Infomax.©Pexels/Andrea PiacquadioFirst review phaseThe bill is undergoing a two-phase review process before being legislated. During the first phase, the primary focus was on safeguarding customer assets and preventing unfair transactions. The second phase is expected to concentrate on market order regulations, including the issuance and disclosure of virtual assets.Application of Capital Markets ActSeveral stipulations were included in the approved draft of the Virtual Asset User Protection Bill during the initial review phase. These stipulations include prioritizing the application of the Capital Markets Act to virtual assets that are classified as securities, while excluding central bank digital currencies (CBDCs) from the definition of virtual assets to avoid any potential confusion. The bill also seeks to impose compensatory damages and penalties for any unfair trading practices, and establish a virtual asset committee responsible for investigating any unfair transactions in the digital asset market.The virtual asset committee will also engage in preliminary deliberations regarding the management, supervision, and monitoring of the digital asset market. The committee will carry out tasks assigned to it by the Financial Services Commission (FSC). Furthermore, the Bank of Korea has been granted the right to request data from virtual asset operators since virtual assets, although not currencies, are necessary to consider when establishing monetary credit and financial stability policies.No class action systemHowever, the introduction of a class action lawsuit system was not adopted, and details about inspecting virtual asset operators will be stipulated in a presidential decree rather than a law.Second review phaseFor the second review phase, the FSC will report several matters to the National Assembly. These will involve tasks such as establishing a regulatory framework for stablecoins, security tokens, and utility tokens. In addition, the agency will be responsible for creating a regulatory system for virtual asset valuation, advisory, and disclosure services, as well as an integrated computerized system that provides reliable and reasonable information on digital assets. The FSC will also explore ways to enhance the business conduct discipline of cryptocurrency operators by commissioning research from external organizations.Additionally, the FSC and the Financial Supervisory Service will work on supporting virtual asset exchanges to establish uniform standards for the circulation supply of virtual assets. The regulatory bodies will also enforce the requirement for transparent disclosure and strict internal control on virtual asset operators. Moreover, regulations will be developed to enhance virtual asset usability and remove any obstacles that may impede the development of innovative real-life services.

Korea’s prominent crypto exchanges Bithumb and Korbit have recently resumed charging trading fees, local media outlet Edaily reported. However, these changes in fee policies are reinforcing Upbit’s dominant market position while downsizing Bithumb’s and Korbit’s market shares. Meanwhile, the local banks affiliated with crypto exchanges are benefitting from an uptick in fee revenue from the recent bitcoin boom. According to crypto data intelligence platform CoinGecko on Feb. 28, Upbit accounted for 77.4% of the local market share in crypto transactions, followed by Bithumb (20.43%), Coinone (1.73%), Korbit (0.35%) and Gopax (0.09%). Photo by Markus Winkler on UnsplashShifts in market sharesAs of March 2, the market shares of Bithumb and Korbit decreased by 8.59 percentage points and 0.21 percentage points, respectively. Conversely, Upbit’s dominance grew to 86.57%, up by over 9 percentage points. A Korbit official said it’s too early to pass judgment on Korbit’s market performance, as the exchange’s policies on trading fees could change depending on the market sentiment. The person added that CoinGecko tracks only eight types of tokens traded on Korbit and does not cover all the transactions on the exchange.  Bithumb had previously benefited from charging no fees, driving up its market share to as high as over 40% in December. Following the decision to impose a fee of 0.04% on Feb. 6, however, the exchange has been experiencing a drop in transaction volume. Korbit also reinstated trading fees last Thursday, roughly four months after eliminating them on Oct. 10 as a promotional move. However, it's worth mentioning that the newly introduced trading fee is 0.07%, which is lower than the earlier rate of 0.2%. Meanwhile, Gopax currently exempts fees for users who trade BTC, ETH, XRP and USDC.  No local regulations on fees for crypto transactions At the moment, there are no local regulations on fees for crypto transactions, leaving the task of setting such fees to individual trading platforms. It is known that crypto exchanges in other countries, such as the U.S., set their own rates as well.