Ethereum Foundation targets Asian expansion with Bangkok set for Devcon 7

KCC sets guidelines for user protection on metaverse platformsThe Korea Communications Commission (KCC) has established its latest guidelines for ensuring the protection and safety of users of metaverse platforms, dubbed the “Basic Principles for the Protection of Metaverse Users”.Photo by GuerrillaBuzz on UnsplashNavigating the metaverse landscapeAlthough metaverse platforms can create new economic and business opportunities by linking reality with the virtual realm and providing users with a realistic and immersive experience, the agency argued that various problems may arise due to the use of anonymous profiles or avatars.In response, the KCC assembled six voluntary principles for metaverse service providers to apply to their operations through discussions with a policy advisory group for metaverse ecosystem user protection. The group is composed of 29 members, including academics, legal experts and domestic and overseas companies. It has been active since last year.Fostering ethical metaverse environmentsThe principles cover topics like ensuring free yet respectful communication between users; granting users a platform for voicing their opinions on issues related to their rights and interests; and ensuring that transactions involving digital products and services are conducted on proper terms. They also urge companies to give users the right to use and manage their own data along with that of the metaverse.On a less technical level, the last principle mentions that companies should make efforts to study the long-term impact of the metaverse on users’ physical and mental health, and on society, culture, environment and economy.The agency has also proposed to draft a code of practice outlining more specific measures to protect users, such as prohibiting sexual harassment and stalking, reporting and punishing cyberbullying and transferring the right to purchase NFTs.Responsible governanceMajor metaverse platform operators like Naver, SKT and Meta, who are members of the agency, agreed to apply the guidelines and include them in their relevant terms and conditions documents and service operation regulations. The KCC stated that it plans to monitor whether or not these commitments are met.Although not mandatory, the guidelines are recommended as measures to resolve user inconvenience, enhance service reliability and provide standards for user protection. User protection includes that of children, adolescents and personal privacy.

Japanese auto-parts manufacturer Ikuyo announced last week its board has approved a 300 million yen ($2 million) investment in Galactic Holdings, the parent company of the TruBit cryptocurrency exchange. The investment expands a capital and business alliance first established on June 26.Photo by CHUTTERSNAP on UnsplashStablecoin for B2B cross-border paymentsIn a press release, the Kanagawa-based company stated the funding will be executed through a third-party allotment of new shares. The capital will support Galactic’s stablecoin infrastructure for B2B cross-border payments and help Ikuyo build expertise in digital financial services, diversify its assets, and enhance its long-term corporate value. The initiative arrives as Japan’s auto-parts sector, which counts more than 600,000 workers at roughly 20,000 firms, seeks new efficiencies amid global economic pressures. Autos represented 28.3% of Japan’s exports to the U.S. in 2024, making U.S. trade policy a key influence. This year, the sector navigated a 25% U.S. tariff on automobiles and parts imposed in April, which was then lowered to 15% on July 22 after a deal with the Trump administration. Shifts in the global trade landscape provide an incentive for companies to streamline operational costs. As a proof of concept, Ikuyo plans to pilot stablecoin settlements in transactions between its China-based subsidiary, Kunshan Veritas Automotive Systems, and Veritas in Mexico. Currently, these trades are settled in Mexican pesos and converted to U.S. dollars. The company expects the use of stablecoins to reduce remittance costs and accelerate settlement times.  While the launch timing, performance metrics, and monetization strategy are still being finalized, the pilot’s results will guide future business development. In the long term, Ikuyo aims to become an early adopter of stablecoin settlement in the auto-parts sector, applying the technology to improve efficiency and transparency in international trade, initially between Japan and Latin America and between Japan and Southeast Asia. Japan embraces Web3 in push for growthThis corporate move aligns with a broader trend of growing government support for decentralized technologies in Japan. Speaking at the WebX2025 event on Aug. 25, Prime Minister Shigeru Ishiba announced stronger state support for Web3 initiatives, describing the sector as a driver of innovation that could help Japan tackle demographic decline and foster economic transformation.  He noted that Web3 is already being implemented at the Osaka Expo and highlighted local pilot programs where communities use tokens as governance rewards. Ishiba also stressed that the government’s five-year startup growth plan would be strengthened through investment and regulatory reforms, with Web3 and related digital industries expected to take center stage. On the financial policy front, Finance Minister Katsunobu Kato recently addressed the rapid increase in crypto adoption across Japan. He explained that his role is to balance necessary oversight with providing the industry enough freedom to innovate. While acknowledging that digital assets remain highly volatile, Kato argued that creating a secure trading environment would protect investors while also helping to diversify and enrich their portfolios. Ikuyo’s initiative underscores the private sector’s quickening embrace of crypto. Last month, SBI Group, one of the nation’s largest financial conglomerates, revealed a strategic alliance with the decentralized oracle provider Chainlink. Their collaboration aims to expand the institutional adoption of digital assets and blockchain globally. The partnership will utilize Chainlink’s Proof of Reserve, SmartData, and Cross-Chain Interoperability Protocol (CCIP) to facilitate the tokenization of real-world assets (RWAs) across multiple blockchains.

The Securities and Exchange Commission (SEC) of Thailand has initiated legal proceedings against Akarlap Yimwilai, the former director and CEO of Zipmex Thailand. Failure to disclose vital informationThe Commission set out its allegations against Yimwilai in a statement published to its website on Thursday. The allegations revolve around Yimwilai's purported failure to disclose vital information during his tenure, resulting in financial losses for Zipmex customers. According to the SEC's investigation, Yimwilai allegedly transferred cryptocurrency from Zipmex Thailand's wallets to overseas digital wallets without prior disclosure to customers.Photo by Olivier Darny on Pexels Unauthorized digital asset movementsThe SEC's findings indicate that customer assets held in Zipmex Thailand's Z Wallet were moved into overseas digital wallets before any official announcement regarding changes in terms and conditions. This conduct, the regulator asserts, contradicts the information provided by Zipmex Thailand, constituting fraudulent misrepresentation. Yimwilai served as CEO of Zipmex Thailand from August 2018 to November 2023, as per his LinkedIn profile. This deceptive action misled users regarding the security of their assets, the SEC claims, prompting the Commission to charge him with violating Section 82 of the Digital Asset Business Operation Act B.E. 2561. The SEC's accusations extend to Zipmex Thailand's submission of inaccurate reports on customer assets and violations of regulatory requirements. The regulator contends that the reports submitted by Zipmex Thailand were inconsistent with independently verified information. Inviting further legal actionIn response to these allegations, the SEC has forwarded charges against Yimwilai to the Office of the Public Prosecutor (OPP) for further legal proceedings. The SEC has also filed a formal complaint against Yimwilai with the Office of the Provincial Crime Suppression Division, indicating a pursuit of additional legal action. The determination or otherwise of legal liability will be a pivotal step in this process, emphasized by the SEC. Zipmex Thailand, a subsidiary of Singapore-based Zipmex under the leadership of Marcus Lim, obtained approval to operate from the Ministry of Finance and SEC in 2020. The company reportedly came under scrutiny from financial regulators over its acquisition by V Ventures in 2023.  V Ventures backed out of the $100 million buyout of the company last year, which would have included the return of customer deposits. It claimed that Zipmex had not lived up to the terms of the buyout contract.On Feb. 2, the Thai SEC directed Zipmex to temporarily suspend its digital asset trading and brokerage services, granting the firm a 15-day period to adhere to regulatory guidelines. Earlier reports had highlighted Zipmex's application for court protection amidst a wave of bankruptcies among crypto lenders. In November 2023, Zipmex proposed a restructuring plan to reimburse creditors at $0.30 on the dollar, encountering resistance from key stakeholders. The initial offer stood at three cents on the dollar, with the potential to increase to 30 cents in the event of optimized capital recovery.