NEOPIN, Futureverse and Catalyze Research team up to bolster global blockchain ecosystem

Seoul Auction Blue seeks to register security tokens with the FSS for Andy Warhol’s artworkSeoul Auction Blue, the operator of fractional artwork investment platform Sotwo, recently submitted an application to the South Korean Financial Supervisory Service (FSS), local news outlet Seoul Economic Daily reported on Wednesday (local time). Its aim is to register security tokens linked to artworks with the financial authority, marking it the third entity in the country to pursue this innovative financial venture.Photo by Guido Coppa on UnsplashAndy Warhol’s ‘Dollar Sign’The artwork investment app plans to issue security tokens based on Andy Warhol’s “Dollar Sign,” a piece measuring 51.0 cm in height and 40.5 cm in length. This artwork was purchased by Seoul Auction Blue at an auction for KRW 626.2 million (approximately $485,000). The total value of the security tokens, inclusive of issuance costs, is approximately KRW 700 million. The firm will issue a total of 7,000 tokens, each valued at KRW 100,000. Upon receiving regulatory approval, Seoul Auction Blue is set to open for subscription requests from Dec. 20 to 26.In its endeavor to issue digital investment contract securities, Seoul Auction Blue has meticulously prepared its documentation in line with the FSS’s guidelines. The selection of the artwork of Andy Warhol, the renowned and iconic 20th-century artist, aligns with the FSS’s recommendation to choose a significant piece by an internationally acclaimed artist. This strategic choice reflects the company’s commitment to compliance and the recognition of Warhol’s global stature in the art world.Preventing conflicts of interestThe registration application submitted by Seoul Auction Blue includes specific restrictions aimed at preventing conflicts of interest with its affiliates related to security tokens. As per these rules, the company is barred from buying idle assets of affiliates to back its security tokens. Instead, Seoul Auction Blue is permitted to acquire them only through public methods like participating in an open bid or a post-sale bid process. Notably, the token issuer is in principle prohibited from purchasing these assets via intermediaries in private sales or any other non-transparent settings.The acquisition of underlying assets requires approval from the compliance monitoring committee. Furthermore, this regulation strips Seoul Auction Blue of the capacity to determine the final trading prices or conditions for these transactions.In addition, the company is collaborating with a couple of securities firms to safeguard investors’ funds, creating a buffer against any potential bankruptcy of the issuer. The funds raised from subscriptions for the security tokens will be managed in accounts overseen by KB Securities. Additionally, an investor protection fund is being set up, which will be handled as a trust fund by Shinhan Securities. This fund acts as an extra layer of security, offering investors enhanced protection for their investments.

BNP Paribas Partners With Chinese in Digital Yuan PushThe Chinese authorities continue with their sustained efforts to promote use of the digital yuan, on this occasion by hooking up with French international banking group, BNP Paribas.According to the South China Morning Post (SCMP) on Friday, the partnership will see BNP Paribas collaborating with the Bank of China (BOC) to promote the digital yuan to its corporate clients. The digital yuan or e-CNY is a digital representation of the Chinese sovereign currency, issued by the BOC.Photo by Eric Prouzet on Unsplashe-CNY system accessAs part of the arrangement, BNP Paribas China will connect into the BOCs system, accessing an e-CNY management system. The BOC has authorized ten banks in China including the four state-owned banks, all of which are domestic lenders, to deal with its digital currency business.The direct e-CNY system access enables straight-through processing, allowing BNP Paribas to offer digital wallet functionality to its corporate clients relative to the digital yuan. Essentially, the system will allow BNP Paribas China’s corporate clients to link their bank accounts with an accompanying digital wallet. Other functionality that will be enabled as a consequence includes access to smart contract applications through the m-CBDC bridge (central bank digital currency).BNP Paribas China CEO CG Lai commented on the partnership: “While this collaboration can supplement the Bank’s offline payment collection capabilities and further optimize our clients’ account structure, this also reinforced the Bank’s commitment to the China market.” Lai outlined that the bank intends to enhance customer service capabilities by pursuing digital innovation that, like in this instance, contributes to China’s economic development.Louise Zhang, Head of BNP Paribas China Transaction Banking claimed that the partnership will “provide innovative, efficient cash management and trade financing services to local and multinational clients.”CBDC developmentThere has been a lot of activity in recent years when it comes to the development of CBDCs. The central banks of most nations have carried out some level of preparatory or investigative work relative to a digital currency. However, China has been by far the leader in its development of a CBDC.The BOC first began research into a digital currency in 2014. The country’s State Council approved the development of the digital yuan in partnership with China’s commercial banks in 2017. Beyond initial development, a testing phase began in 2019 with the project known as the Digital Currency Electronic Payment (DCEP) system emerging as the first version of the digital yuan after a number of years of development.In 2020, the BOC began more extensive testing of the digital currency in four Chinese cities — Shenzhen, Suzhou, Chengdu and Xiong’an. To promote use of the currency at that time, they offered free digital yuan to residents of those cities to spend, in that way, stepping up efforts to popularize the digital currency.Last month, the administrators of the Chinese city of Xuzhou announced that it was in the process of publishing a pilot scheme which will set out a means for promoting China’s e-CNY digital currency. Also in April, the eastern city of Changshu clarified that it is gearing up to commence paying state employees in the city in e-CNY. According to an announcement made by the city’s finance bureau the civil servants will start to receive e-CNY as payment in May.

Eureka Entertainment Hosts Opening Event for Coin Musme’s Korean Discord CommunityEureka Entertainment has opened a celebratory event for the opening of an online Korean language Discord community for its upcoming Play-to-Earn (P2E) blockchain game, Coin Musme, which is scheduled for release later this year.Photo by Alexander Shatov on UnsplashBridging crypto and entertainmentCoin Musme revolves around a storyline where characters inspired by cryptocurrencies undergo a process of becoming popular idols at the Coin Musme Academy in order to revive the public’s interest in crypto after a major market collapse. Players can earn non-fungible tokens (NFTs), which are sold through the gacha mechanic. The gacha mechanic allows players to spend in-game currency — in this case, Musme Coin (MSM) — in exchange for a random item. The MSM utility token will be listed on multiple exchanges leading up to the game’s official launch.The game’s official Discord community server called Coin Musme Academy was launched publicly on August 2 in various countries. It is led by Musme-chan, the non-playable official PR character, and operates in a school-themed roleplay style. Participants can find information about Coin Musme on the server, such as interaction events, campaigns, and more.Notably, last Tuesday (local time), a designated channel for Korean and Chinese users was added. To mark the occasion, the game is hosting an event for Korean users, who will get a chance to receive free gacha NFT vouchers that can be used in the game. Users can participate by joining the Coin Musme Korean Discord channel and following the official global Coin Musme X (formerly Twitter) account. 20 winners will be selected through a draw.Users can change their language settings to Korean and join the #general-kr channel, where they can find details about the event. The community is also recruiting Korean ambassadors, who will be responsible for promoting the game through their personal social media accounts as well as those under Musme-chan’s name.Meanwhile, another event is taking place to celebrate the recent listing of MBX, MARBLEX’s governance token, on the Japanese exchange Zaif, and the debut of a new Musme character representing MBX named Marblex-chan. Her character NFT can be found on Zaif’s NFT marketplace.Fostering fun and communityEureka Entertainment emphasized that the goal of everyone making money in the gaming world is essentially unattainable, expressing their intention to instead present a user-centered game focused on providing fun experiences, encouraging user interaction, and enhancing gameplay experiences.