Ripple exec: regulatory priority as focus shifts to tokenization in APAC

South Korea, Chainalysis Collaborate to Thwart North Korea’s Crypto CrimesSpecial Representative for Korean Peninsula Peace and Security Affairs Kim Gunn from the Ministry of Foreign Affairs held a meeting with Investigations VP Erin Plante and Korea Country Manager Paek Yong-khi of Chainalysis, a New York-based blockchain analysis company, according to the Ministry’s press release.Photo by Pixabay on PexelsGrowing North Korean crypto theftsSpecial Representative Kim and the Chainalysis representatives discussed response measures against North Korea’s increasing virtual asset theft and money laundering activities. Both sides recognized the severity of North Korea’s illegal cyber activities, which not only jeopardize national security by funding nuclear and missile development, but also threaten the establishment of a healthy cryptocurrency ecosystem.Chainalysis has been tracking North Korea’s illicit virtual asset operations and providing analytical information to a range of organizations, including law enforcement agencies and financial authorities.Special Representative Kim expressed gratitude for the private sector’s role in analyzing and monitoring North Korea’s crypto theft and money laundering activities. Both parties concurred on the importance of public-private cooperation to strengthen countermeasures against illegal cryptocurrency activities as North Korea’s techniques have become increasingly sophisticated.Plante also appreciated the South Korean government’s initiative in thwarting North Korea’s illicit cyber activities. These measures include imposing independent sanctions on North Korean hacker organizations and tech personnel and establishing a working group with the United States to counter North Korean cyber threats.Korean police and ChainalysisIn addition to its collaboration with the Ministry of Foreign Affairs, Chainalysis has been working with another Korean government agency. It was recently reported that the Korea National Police Agency (KNPA) is intensifying its efforts to enhance its expertise in investigating digital asset-related crimes. To achieve this goal, the KNPA is encouraging its officers to obtain certifications provided by Chainalysis.

UXLINK, a Web3 social network headquartered in Singapore, has announced a successful funding round raising $9 million, supported by a mix of private crypto and publicly listed companies including OKX and KuCoin. UXLINK announced details of the funding round in a social media post published to X on March 13. The startup, known for its innovative approach to social networking merging with transactions, has seen its user base grow to 3.5 million users. Among the investors contributing to this round are OKX Ventures, Web3Port Foundation, Cypher Capital, KuCoin Ventures, Gate Labs and Matrixport Ventures. ZhenFund, 7UPDAO, Signum Capital, ECV and GGV Capital were also participants. In a blog post Dora Yue, Founder of OKX Ventures, expressed enthusiasm about UXLINK's concept, stating:"This innovative concept merges social networking and transactions, creating a robust ecosystem where people can fully leverage their digital assets."Photo by Towfiqu barbhuiya on UnsplashAcquaintance-based social networkingYue described UXLINK as a game-changer in the field of Web3 social infrastructure. The project differentiates itself by relying on acquaintance social networking. Other Web3 social protocols such as Farcaster, Nostr, Cyberconnect and Lens Protocol are structured around one way follower relationships between key opinion leaders (KOLs) and followers. By contrast UXLINK takes a different approach, building a social network by placing emphasis on the existing social relationships of users with acquaintances. The idea is that real-life acquaintances are established through trust and implicate a much deeper personal connection by comparison with opinion leaders and followers. Speaking to that unique approach, pseudonymous crypto trader and investor Bull Flash stated on X on March 13: “Forget one-sided connections! UXLINK focuses on REAL-WORLD social interactions. Users can connect with each other AND with dApps in real-time through innovative Groups – a game-changer for web3. UXLINK is more than just a platform – it's a MOVEMENT.” Potential for further fundingWhile the exact valuation post-funding remains undisclosed, UXLINK indicated a potential for further funding rounds before its token generation event, signaling continued investor interest in its growth trajectory. With the freshly secured capital, UXLINK aims to introduce the "Social Liquidity Chain," leveraging Optimism and EigenDA technologies to support third-party developments. This initiative is expected to enhance the platform's capabilities and foster a more dynamic user experience. Since its establishment in April 2023, UXLINK has seen rapid adoption, hosting more than 75,000 decentralized groups. The vast majority of its users are located in Southeast Asia, the Middle East, Europe, South Asia and Africa. The platform's unique approach to social finance, facilitated by its Web3 "UXGroups” on Telegram, emphasizes bridging real-world trust dynamics with decentralized applications. In addition to being an investor in the company, last month the OKX Wallet was integrated with UXLINK in an effort to improve user experience, allowing UXLINK users to manage their Web3 assets more efficiently. UXLINK's successful funding round underscores growing investor confidence in the potential of Web3 social networks and belief in their ability to revolutionize traditional social interactions and financial transactions. As the platform continues to expand and innovate, it is positioning itself to make further strides in reshaping the landscape of digital social interactions and finance. 

Milk Partners Achieves Integration with OK Cashbag, Elevating Reward Point UtilityMilk Partners, the operator behind a South Korean blockchain-powered platform delivering an integrated service for reward points, announced yesterday that its app, MiL.k, has achieved compatibility with OK Cashbag. This integration is notable as OK Cashbag enjoys a substantial presence in the nation, with a user base exceeding 20 million.Photo by Josh Sorenson on PexelsEnhanced utilization of reward pointsThrough this collaborative initiative, MiL.k aims to facilitate enhanced utilization of reward points for customers of both entities.MiL.k allows point collectors to swap their points across diverse domains like travel, leisure, and shopping, introducing a new approach to utilizing reward points. The company has been forging collaborations with notable companies, including conglomerate Lotte, convenience store chain CU, theater franchise Megabox, travel platform Yanolja, Malaysian budget airline AirAsia, and Indonesian loyalty platform GetPlus.Expanding Web3 servicesThe point exchange service is part of a strategic partnership agreement signed by Milk Partners and SK Planet, the operator of OK Cashbag, in June. Beyond loyalty programs, the two companies plan to maintain collaboration efforts to expand Web3 services. In particular, they will cooperate to enhance the ecosystem of the UPTN blockchain, jointly developed by SK Planet and Ava Labs, utilizing Avalanche Subnet technology.Cho Jung-min, CEO of Milk Partners, said that the utility of MiL.k has increased thanks to its partnership with OK Cashbag, whose points are accepted at numerous retailers both online and in-store. He added that the company will explore more partnerships to provide a wider range of tangible benefits to both corporate partners within the MiL.k alliance and app users.