Samjong KPMG and Xangle seminar says crypto market will improve this year

Blockchain Experts Gather at KBW 2023 Side Event to Discuss Future Prospects of South KoreaBlockchain experts from various corners of the industry converged to exchange insights on industrial and technological trends during “Unveiling Prospects in South Korea,” a side event affiliated with Korea Blockchain Week (KBW) 2023. This noteworthy gathering, co-hosted by Sui, Google Cloud, CoinNess, and Bitmain, took place on September 5 at Banyan Tree Club and Spa Seoul.Blockchain compatibility and Web3 adoptionAmong the distinguished speakers at the event, Derik Han, Head of APAC Partnerships at Mysten Labs, the team behind the layer-1 blockchain project SUI, discussed how the SUI project plans to enhance blockchain compatibility through a zero-knowledge (ZK) login feature, similar to single sign-on (SSO). SSO enables users to use a single set of login credentials to gain access to various applications.Han underscored the significance of reducing technical barriers for the widespread adoption of Web3 in our daily lives, and he pointed out that SUI’s ZK login feature would contribute to this goal. Additionally, Han shed light on SUI’s intention to add on-chain features highly favored among Korean gamers.Security tokens and RWAsJo Dong-hyeon, the CEO of Undefined Labs, a developer specializing in on-chain risk rating solutions, emphasized that the Korean decentralized finance (DeFi) market is poised for growth, driven by security tokens and real-world assets (RWAs). He highlighted the significant attention received by the Financial Services Commission’s announcement regarding guidelines for security token offerings (STOs) in February.Jo observed that tokens backed by real-world assets (RWAs) would serve as a bridge between the DeFi space and traditional financial markets, facilitating the development of the former. He also noted that this development would follow the pattern seen in the Korean cryptocurrency market whose liquidity has been supported by young investors.NFT ecosystemsMeanwhile, Kim Min-gu, Head of Web3 Business Development Lab at LG Uplus, a telecom company, expressed their commitment to expanding the Moono NFT ecosystem. This venture, anchored around their octopus character, intends to advance through collaborations with similar NFT projects like Lotte Homeshopping’s pink bear character, Bellygom. Kim highlighted that the company’s primary goal for this year is to make NFTs accessible even to customers who are unfamiliar with cryptocurrencies.Kim further explained that LG Uplus aims to delve into the differences between Web3 NFT communities and their Web2 counterparts. The company’s focus lies in improving the overall usability of its services, without narrowing down its target audience. They are particularly intrigued by the potential of wallets and decentralized applications (dApps) in this pursuit.Banks’ entry into the virtual asset landscapeFollowing this, Leem Min-ho, an analyst at Shinyoung Securities, predicted a strategic expansion by Korean banks, with an emphasis on offering digital asset custody services. This endeavor has been catalyzed by recent developments, including the introduction of security token guidelines in February and the passage of the Virtual Asset User Protection Act in June. These regulatory milestones are gradually shaping a more defined legal framework for virtual assets within South Korea. Leem went on to say that banks, known to favor engaging in business activities within established regulatory boundaries, are poised to concentrate their forthcoming initiatives on approved security tokens, ensuring compliance and adherence to regulatory standards.

Klaytn Foundation Denies Embezzlement Allegations Involving KLAYThe Klaytn Foundation, the group behind virtual asset KLAY, has denied allegations against the former chairman of Kakao, the South Korean messaging app developer, as well as executives from its subsidiaries, according to local news outlet Digital Asset. These allegations accuse them of embezzlement involving the cryptocurrency.A formal complaint detailing these allegations was submitted on Wednesday by Economic Democracy 21, a civic group, to the joint crypto-crime investigation division of the Seoul Southern District Prosecutors’ Office.Photo by alleksana on PexelsKlaytn’s responseIn response, the Klaytn Foundation has characterized the allegations as arbitrary and unfounded. The foundation is taking the matter seriously and is planning to conduct a comprehensive fact-check to actively address the claims.Civic group’s claimsEconomic Democracy 21 contends that select insiders at Kakao and its subsidiaries have illicitly accumulated hundreds of billions of Korean won. According to the group, this was done by converting KLAY tokens into cash under the pretense of investment and compensation.Ongoing commitmentIn the midst of this legal dispute, the Klaytn Foundation reaffirmed Klaytn’s steadfast dedication to advancing its scheduled initiatives in collaboration with its ecosystem partners.

CarrieVerse joins Dubai’s DMCC as metaverse service providerWeb3 metaverse platform CarrieVerse has joined the Dubai Multi Commodities Centre (DMCC), the UAE’s largest free-trade zone for a wide array of companies including those in the blockchain and crypto industry. Last month, CarrieVerse received final approval to establish a local subsidiary there, which will serve as a hub to expand its global Web3 ecosystem, particularly in the Middle East and North Africa (MENA) region.Photo by ZQ Lee on UnsplashAn ever-growing business hub“DMCC has recently risen as a hub for Web3 companies and investors that is actively supported by the Dubai government and the royal family. As the first Korean Web3 company to officially partner with DMCC, we expect that CarrieVerse will grow into a global company here,” said David Yoon, CEO of CarrieVerse.DMCC is a UAE government agency located in the Jumeirah Lakes Towers district of Dubai and is currently led by Executive Chairman and CEO Ahmed Bin Sulayem. It is home to more than 23,000 companies ranging from startups to large corporations and has been named Global Free Zone of the Year by the Financial Times’ FDI Magazine for nine consecutive years since 2015.Notably, the zone also has a Crypto Centre for blockchain and crypto businesses, including big names like Binance and Bybit. It has been supporting companies by providing funding, incubation, peer-to-peer matching and opportunities for collaboration.According to Zaher El Orm, the Crypto Centre Executive at DMCC, the Crypto Centre also supports businesses in their pursuit of crypto licenses for business activities and regulated virtual assets activities. These include blockchain as a service, metaverse service provider, crypto proprietary trading and crypto mining activities. CarrieVerse revealed that it has officially obtained a license as a metaverse service provider.Promising outlook for CVTXDMCC is now an official partner of CVTX, the platform’s governance token, which is expected to boost the token’s momentum on global exchanges. It has recently been listed on the Singapore-based digital asset exchange BingX. This will further help the platform secure partnerships with more than 1,000 leading global Web3 companies at DMCC.CarrieVerse and DMCC stated that they plan to reveal the roadmap of their partnership in the future.