Upbit procures ISO 22301 certification

As Excitement for First US Spot Bitcoin ETF Intensifies, South Korea Still Faces Mountain to ClimbThe price of bitcoin has surged significantly as it recorded an 18% increase in the past week, spurred by mounting anticipation surrounding the US’ first spot bitcoin exchange-traded fund (ETF) propelled by asset management juggernauts BlackRock and Fidelity Investments — a threshold that had not been crossed in over a year. According to CoinMarketCap, bitcoin is trading in the upper $33,000 range as of 5 p.m. KST on Wednesday.Photo by André François McKenzie on UnsplashOngoing buildupThe approval of a spot bitcoin ETF — long rejected or delayed due to a plethora of reasons like the volatility of cryptocurrencies and their susceptibility to market manipulation — would in the long run open up the possibility for institutions to earmark bitcoin as a major asset that can be integrated into the sphere of traditional finance. This would make bitcoin easier to handle and increase its exposure to traditional investors. “The mere possibility of this development marks a significant shift in the market landscape,” said an unnamed executive at a Korean asset management company in a news article by South Korean news outlet Maeil Business Newspaper.BlackRock’s spot bitcoin ETF, the iShares Bitcoin Trust, was also listed on the US Depository Trust & Clearing Corporation (DTCC)’s website with the ticker symbol IBTC on Monday before it mysteriously disappeared the following day. It has since been relisted on the website. The listing is “all part of the process of bringing ETF to market”, as explained by Bloomberg’s senior ETF analyst Eric Balchunas via his X (formerly Twitter) account on Tuesday.Is a spot bitcoin ETF on the table for Korea?However, Korean experts believe that there are still numerous hurdles to overcome in order for a spot bitcoin ETF to settle in Korea. In particular, some question whether cryptocurrency platforms that offer custodial services can even be classified as exchanges. There is also the issue of bitcoin’s varying prices across different exchanges. Its current price on Upbit, the country’s largest crypto exchange, is in the KRW 45.9 million range as of 5 p.m. on Wednesday. Local financial authorities have reportedly expressed skepticism about bitcoin ETFs for these reasons, suggesting a murky future for this development becoming a reality in Korea.

In a recent announcement on Facebook, Singapore Prime Minister Lee Hsien Loong has raised alarm bells about a new form of cyber scam that exploits deep-fake technology. Deep-fake technologyThe Prime Minister highlighted the emergence of deceptive videos utilizing artificial intelligence (AI) to create false portrayals of him endorsing cryptocurrency scams. This development underscores the escalating sophistication of online scams and the deployment of advanced technology to mislead the public. Deep-fake technology has emerged as a powerful tool for scammers, enabling them to manipulate genuine footage to produce highly convincing yet entirely fabricated content. In the latest incident, a deep-fake video features Prime Minister Lee Hsien Loong endorsing a nonexistent crypto investment platform purportedly associated with entrepreneur Elon Musk. This video, a manipulated version of an interview on CGTN, showcases the concerning level of realism achievable with deep-fake technology. The incident emphasizes the growing trend of utilizing AI in perpetrating scams. Prime Minister Lee underscored the deceptive nature of these videos, articulating the potential damage they could inflict by leading unsuspecting individuals to invest in fraudulent schemes. The Singaporean government maintains a vigilant stance on such scams, consistently urging citizens to exercise caution and verify information from official sources.Photo by Guo Xin Goh on UnsplashPrevious issuesThe exploitation of public figures in financial scams is not a new phenomenon. Prime Minister Lee has been a recurrent target of such scams, dating back to 2018. At that time, the government issued public warnings about Bitcoin investment scams falsely claiming the Prime Minister’s endorsement. More recently, in July, another fake video featuring Lee Hsien Loong surfaced, prompting renewed public warnings. In 2021, the Prime Minister’s name and photograph were used without his consent in an effort to sell cryptocurrency. The data was taken from his X (formerly Twitter) profile. At the time, Lee wrote:“The site’s creators are anonymous, but I have sent an open tweet out to ask that my name and photo be removed from the site immediately, as I have nothing to do with the platform. I urge everyone to remain vigilant when dealing with cryptocurrency platforms.” That was a much less sophisticated identity-related scam. More often than not, scammers and fraudsters tend to be early adopters of technology. That’s proving to be the case with the use of deep-fakes in this instance. A need for cautionAs he did in 2021, Prime Minister Lee has urged the public to exercise caution in light of this more recent incident. He advises against responding to scams promising guaranteed investment returns or giveaways. There’s every sign that the Prime Minister’s warning is warranted. In September it emerged that six Singaporeans lost more than $100,000 when a scammer tricked them into buying tokens on a cryptocurrency trading platform. More recently, five Americans were conned out of $10 million in a scam that involved a spoofed domain of the former Singapore International Monetary Exchange (Simex). This call for public vigilance is part of a broader government effort to address the surge in cyber fraud. These repeated incidents underscore the challenges posed by digital technologies in spreading misinformation and financial fraud.   

Solomon Islands partners with Soramitsu on CBDC pilotCentral bank digital currency (CBDC) development has been ongoing globally at a brisk pace in 2023 and smaller nations, like the Solomon Islands with a population of over 700,000, are no exception when it comes to that process with the introduction of Bokolo Cash.Photo by Gilly Tanabose on UnsplashIntroducing Bokolo CashSolomon Islands Central Bank (CBSI) has officially unveiled the proof-of-concept for its CBDC named Bokolo Cash, with support from Japanese blockchain firm Soramitsu. Bokolo Cash is pegged to the value of one Solomon Islands dollar.The proof-of-concept pilot was launched on Tuesday by way of a keynote speech given by Manasseh Sogavare, the prime minister of the archipelago. In that speech, Sogavare highlighted that the CBDC would lead to reduced transaction costs for citizens and businesses. Users can rely on transactions to be both secure and transparent, given that the network will be blockchain-based.The prime minister also articulated that the CBDC pilot project would be a catalyst for financial inclusion relative to the Island nation’s remotest communities.Pilot scheme use casesParticipants in the project will have the opportunity to use it in various scenarios. From retail transactions in the capital city, Honiara, to person-to-person transfers, the CBDC aims to demonstrate its versatility. The proof-of-concept will also assess wholesale transfers between commercial banks, simulate cross-border payments and examine remittances. To ensure security and compliance, users will undergo a “two-step” Know Your Customer (KYC) verification process, as outlined by Soramitsu.Operating on a customized blockchain based on Hyperledger’s Iroha, Bokolo Cash is designed for local use. However, it will also integrate with Soramitsu’s public Sora blockchain. This connectivity will enable users to engage in transfers using QR codes and the self-custody Fearless Wallet, a creation of Soramitsu.Legislative changeAlthough the project commenced at the beginning of November, the official announcement was made earlier this week. The legislation required to enable the CBSI to issue the CBDC — CBSI (Amendment) Act 2023 — was enacted on Nov. 3.The Solomon Islands, a collection of over 900 islands situated west of Papua New Guinea, now joins a group of island nations, including the Marshall Islands and Mauritius, actively experimenting with CBDC. Palau collaborated with Ripple Labs back in July to introduce the Palau Stablecoin (PSC). Interestingly, Tonga has contemplated adopting Bitcoin as legal tender, while Vanuatu hosts Satoshi Island, known for its Bitcoin-friendly environment. Meanwhile, Eastern Caribbean countries have already implemented an official CBDC called DCash.Soramitsu has been active in collaborating with central banks relative to the introduction of CBDCs, particularly in Asia. It has played a key role in facilitating the issuance of the Cambodian Bakong and the Lao DLak in Laos. Furthermore, it has initiated a project for regional cross-border payments using the Bakong and a stablecoin.In 2022, Soramitsu completed CBDC-related feasibility studies in conjunction with the relevant authorities in Vietnam and the Philippines. The Japanese fintech company has also participated with the Asian Development Bank and Tokyo-based global information technology solutions firm Fujitsu on a Web3 development project.