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Hana Bank Enables Korean Art Collectors to Prove Ownership with NFTsHana Bank, one of South Korea’s largest banks, has announced a partnership with Trackchain, a Korean blockchain firm, to enhance digital art banking services based on Web3 technology, according to a press release.Photo by Debby Hudson on UnsplashArt banking and NFTsThe collaboration aims to develop and operate a platform that promotes art banking services, including the exhibition, advertisement, and distribution of artworks. Furthermore, the two entities will create non-fungible tokens (NFTs) to verify the ownership of artworks and introduce artwork custody products. They will also explore and construct business models that integrate finance and blockchain technology.Bank’s custody serviceHana Bank, recognized as a leader in art banking, has already established a comprehensive custody service that ensures secure management, storage, and liquidation of art collections. Through this partnership, Hana Bank plans to refine NFT technology, which will provide transaction history and ownership verification for artworks. The objective is to enhance transparency and convenience for art collectors during the trading process.Visitors who purchase artworks by Artist Cho Sung-hee at an exhibition hall in Gangnam, Seoul, and choose to store them in Hana Bank’s custody will receive NFTs issued by Trackchain. These NFTs serve as proof of ownership, authenticating the artworks. Cho Sung-hee is known for her collage works created with Korea’s traditional hanji paper, made from laminated sheets. The exhibition will run from July 4 to 28.Additionally, purchasers of the displayed artworks will receive Cho’s digital art NFTs. Meanwhile, customers who use Hana Bank’s mobile app, Hana 1Q, to create their own artworks will earn corresponding NFTs.Kim Young-hun, Head of Hana Bank’s Wealth Management Unit, expressed enthusiasm about their Web3-based art banking service, emphasizing that it will facilitate easier art purchases and provide enhanced security for managing art collections. Kim also stated that the bank intends to expand its services further to deliver exceptional cultural experiences.

OSL Prepares for Fund Launch Following License ApprovalIn a press release published on Tuesday, Hong Kong-based digital asset platform OSL announced that its asset management business, OSL Asset Management (OSLAM), has been granted a license to trade by the autonomous territory’s securities regulator.Photo by Eliobed Suarez on UnsplashType 1,4 & 9 approvalHong Kong’s Securities and Futures Commission (SFC) has issued the firm with a license which permits it to carry out trading activities encompassing Type 1 (dealing in securities), Type 4 (advising on securities) and Type 9 activities. The latter category enables OSLAM to carry on a business involved in asset management.Upcoming fund launchWith licensing secured, OSLAM is now building up to its first fund launch which it envisages will happen within the next few months. According to the statement the company released, “OSLASM’s inaugural product offering will concentrate on unlocking new opportunities in the rapidly growing sectors of blockchain solutions, artificial intelligence (AI), and Web 3.0 technologies.”The firm claims that it has access to unique deal flow, together with the experience to operate in the asset management arena relative to the digital asset sector. OSL thinks that it is well placed in this regard as it is one of only two companies in Hong Kong who are currently licensed to facilitate security token offerings, trading and dealing.”OSL is an offshoot of the BC Technology Group, a company that provides staffing services to clients in the telecommunications sector. Ken Lo, the Deputy Chairman of BC Technology Group said that this milestone would empower the company “to explore new frontiers in blockchain and AI, creating value for our clients and shaping the future of the industry.” He added that the firm “can unlock unprecedented opportunities for growth, collaboration, and value creation” relative to these sectors.Licensing going live in JuneHong Kong has been pulling out all the stops to enable crypto business in recent months. It recently called on the banks to make an additional effort in catering to the needs of crypto businesses. It has been working on a regulatory framework culminating in this licensing regime. Licensing goes live on June 1.Speaking at the Bloomberg Wealth Asia Summit on Tuesday, Eddie Yue, the CEO of Hong Kong’s other regulatory body, the Hong Kong Monetary Authority (HKMA), said that the autonomous territory had very high guardrails over the past number of years that impeded the development of digital asset-related business. Yue believes that Hong Kong now has the right level of regulation and investor protection in place to enable the development of the sector.According to Yue, Hong Kong sees a greater opportunity in the overarching digital assets space as it develops. “Virtual assets or crypto is actually a very broad term. It’s not really about crypto, you’re talking about stablecoins or tokenized assets in the future.,” he stated.Many commentators have suggested that all illiquid real world assets will ultimately be tokenized in the future. As it stands today, a mere $0.3 trillion of illiquid real world assets have been tokenized. Some researchers anticipate that this level of real world asset tokenization will climb to $16 trillion by 2030.

A Chinese creditor of failed crypto exchange FTX has filed an objection on his own behalf and that of 300 others, with a U.S. bankruptcy court against a motion lodged with a view towards excluding payouts to creditors resident in China, Russia and 47 other foreign jurisdictions.Photo by Mariia Shalabaieva on UnsplashPotential distribution forfeitureThe FTX Recovery Trust, an entity formed in January to oversee the FTX bankruptcy estate following the adoption of a plan of reorganization, filed a motion last week seeking the approval of the Delaware Bankruptcy Court in the United States to adhere to new parameters related to the claims of creditors residing in restricted overseas jurisdictions. Besides China and Russia, the list of restricted jurisdictions also includes many within the Asian region, including  Afghanistan, Iran, Iraq, Macau, Myanmar (Burma), Nepal, North Korea, Pakistan, Qatar, Bangladesh and Cambodia. The FTX estate claims that these jurisdictions have regulations and laws restricting cryptocurrency transactions. In such cases, the FTX Recovery Trust claims that it cannot break local laws.  The difficulty for creditors resident in these countries is that if it's deemed illegal to reimburse them, they won’t qualify for the next scheduled distribution from the estate. In that instance, distribution forfeiture will be triggered. Taking to X on July 7, FTXcreditor.com, an entity that has been buying up bankruptcy claims from FTX creditors over the course of the FTX bankruptcy process, highlighted the peril that creditors residing in these restricted countries may face. It stated: “Distribution forfeiture is triggered at every distribution record date. The first record date already passed, if your claim is still tied to a local KYC when the stamp drops, that tranche is potentially gone.” Short timeframe for objectionsMr. Purple, a pseudonymous distressed assets bankruptcy professional who has been advocating for FTX creditors since the collapse of the business in November 2022, concurred with this view in a subsequent post on X. He pointed out that an extremely short timeframe has been given to affected creditors to respond. The motion was filed on July 2 and objections are due by July 15. $500 million in claims are at stake which accounts for 5% of all creditor claims. Of this, 82% of these claims belong to Chinese creditors. In a series of follow-up posts, the bankruptcy professional describes several procedural issues that he believes will result in it being incredibly difficult for affected creditors to have their funds reimbursed.Mr. Purple concludes:”The incentives are designed to be extremely risk averse in finding [a legal opinion] that paying creditors is legal! [The estate’s lawyers will] take the fees and say its not legal.” In his court filing, the Chinese creditor, who is resident in Singapore, stated: “My family holds four KYC-verified accounts with aggregate claims exceeding $15 million USD.” . . . “We have fully complied with every procedural requirement under the Plan. The proposed motion now jeopardizes our right to distribution in an arbitrary and inequitable manner.” On X, he asserted that the FTX Recovery Trust’s motion “constitutes an impermissible and material modification of the Plan.” Aside from legal action, the only other potential solution for creditors residing in restricted countries is to sell their claims. However, claims buyers are pricing in greater risk with lower rates and less favorable terms.