CertiK Skyfall research team inducted into Samsung Mobile Security Rewards Program Hall of Fame

Busan to Merge Blockchain and Coffee through Smart Logistics PlatformThe Korean southern port city of Busan and its regional institution for industrial innovation, Busan Techno Park, announced that they will begin developing a collaborative platform that facilitates smart logistics in the local coffee industry through the use of blockchain technology. The project is aimed at enhancing transparency and trust in the industry by tracking the entire logistics process — from the importation of raw coffee beans through Busan Port to distribution to businesses, then purchase by consumers.Photo by Theo Crazzolara on UnsplashTracking production and flavor profilingThe platform will use artificial intelligence (AI) technology to track the distribution of coffee beans as well as objectively analyze various types of coffee to arrange flavor profiles based on factors such as weather, storage conditions, and the environment. This would eliminate any room for subjective opinions that are usually associated with taste evaluation.“This project aims to develop blockchain technology that can be used to trace the background of coffee beans starting from their country of origin,” said Kim Hyung-kyun, Director of Busan Techno Park. Blockchain technology’s strength lies in its ability to solve the problem of a lack of transparency between coffee producers and consumers.The platform was selected in April as a technology commercialization initiative under the Korean Ministry of Science and ICT’s 2023 Special R&D Zone Development Project. It is set to receive a total of KRW 11.8 billion (approximately $8.9 million) in governmental, private, and municipal funding until December 2025.Fostering transparency and securing a competitive edgeA ceremony was held at the Asti Hotel in Busan on Tuesday to kickstart the project and form the Busan R&D Innovation Valley Committee — consisting of two subcommittees dedicated to distribution and technology, respectively — to carry out the initiative.“It will be possible to manage data on changes in ingredients and quality due to storage conditions and duration. This will give sellers a competitive advantage and allow consumers to enjoy better-quality coffee at reasonable prices,” explained Oh Dong-joon, who is in charge of the distribution subcommittee.After the platform has been developed over the next three years, it will be available for coffee businesses and startup entrepreneurs in Busan. “In the case of specialty coffee, traceability and transparency are important. When the platform is established, it will be a significant help in verifying objective data related to problems that may occur during the import and storage of coffee beans,” remarked Jeon Joo-yeon, CEO of Busan-based specialty coffee brand Momos Coffee.Jung Yo-han, leader of the business mining division under the project’s technology subcommittee, added that consumers will be able to buy coffee that they can trust after it has been traced through the distribution process. The city will also be able to stimulate startups by leveraging blockchain technology and take advantage of the project’s scalability by applying it to all agricultural and marine products that are imported through Busan Port.

StraitsX, a Singapore-headquartered digital asset infrastructure provider, has partnered with global payments firm Visa and Hong Kong-based RedotPay to enable the Hong Kong firm in launching a crypto credit card product offering. The partnership combines Visa’s global payments network with StraitsX’s facilitation as a means of accessing that network. Meanwhile, RedotPay’s proprietary real-time conversion technology enables users to spend crypto using the card on goods and services priced in fiat currency.Photo by Markus Winkler on UnsplashVisa BIN sponsorshipStraitsX published details of the development on its blog on Feb. 11. The company is authorized by Visa to act as a Visa BIN (Bank Identification Number) sponsor. Essentially, it acts as the conduit through which RedotPay is enabled to issue its crypto credit card. By leveraging StraitsX’s BIN sponsorship, RedotPay has cut through the complexity and cost that would be involved in trying to gain principal membership of the Visa network. Furthermore, as a BIN sponsor, StraitsX will handle compliance and security. The card offering allows holders to make purchases using crypto through the global network of merchants that accept Visa payments. Jason Tay, head of commercial at StraitsX, described the partnership as “a game changer for everyday retail use cases,” on the basis that the new card issuance will enable users to leverage their digital assets with ease in respect of daily transactions. Both companies emphasized that the partnership has led to a product offering that bridges the gap between digital assets and conventional commerce. Tay said that it “will transform how consumers interact with cryptocurrencies in the retail space." He added: "By combining our technology with Visa's vast network, we are making it easier than ever for users to seamlessly integrate digital assets into their everyday spending.” Targeting the unbanked & crypto usersRedotPay CEO and co-founder Michael Gao said that the collaboration marked a significant step forward in the company’s mission to make crypto payments accessible and user-friendly, while contributing towards the mass adoption of cryptocurrencies within payment systems. “Our users will enjoy the flexibility of spending their digital assets just like traditional currency,” he added. It’s understood that the product offering targets crypto users primarily in Singapore. Adeline Kim, Visa’s country manager for Singapore and Brunei, highlighted the potential of the card offering, given that over 35% of digital asset owners in Singapore use them for retail purchases. That data emerged via a Visa study which was completed in 2023. The same study found that close to six in 10 consumers in Singapore are aware of digital assets.  While this marks the official launch of the product, RedotPay soft-launched the card in late 2024. StraitsX has been influential in enabling other crypto-related payments systems in Asia. Last December it assisted Thailand’s Kasikornbank (KBank) in rolling out a Thai baht to Singaporean dollar cross-border payments solution implicating the use of stablecoins. The company received Major Payments Institution (MPI) licenses from the Monetary Authority of Singapore in July 2024.

Korea Makes Strides in Establishing the Legal Framework for Security TokensSouth Korea is making significant strides in establishing a legal framework that enables individuals to own and trade fractional shares or portions of real-world assets such as music copyrights, real estate properties, and artworks, through tokenization on blockchain platforms.Photo by Tingey Injury Law Firm on UnsplashAmendments to two actsAccording to a report by local news outlet Newsis, the ruling People Power Party (PPP) and the Financial Services Commission (FSC) are actively involved in proposing amendments to the Electronic Securities Act and the Capital Markets Act to legalize security tokens. These amendments will be presented to the National Assembly this month by PPP lawmaker Yun Chang-hyun, who is also a member of the National Policy Committee.Security tokens, which utilize the capabilities of blockchain technology, will play a pivotal role in this context. Once the legal framework is in place, the issuance and distribution of these tokens will be facilitated.In preparation for the proposal of these amendments, PPP lawmakers conducted a hearing today to discuss the matter at hand. The hearing included a presentation by Lee Soo-young, Head of the FSC’s Capital Markets Division, who shed light on the formulation of security token policies to bolster the capital market. Additionally, Choi Jeong-cheol, Head of the Strategy and Planning Division at Korea Securities Depository, outlined the key points of the proposed amendments to the Electronic Securities Act and the Capital Markets Act. Distinguished attendees at the hearing included Park Sun-young, an economics professor at Dogguk University; Hwang Hyun-il, a financial lawyer at law firm Shin and Kim; and Kim Kap-lae, a senior researcher at the Korea Capital Market Institute.Details in subsequent decreesIt is anticipated that these amendments will incorporate the framework introduced by the FSC in February, which focuses on enabling the issuance and distribution of security tokens, as well as establishing account management organizations and over-the-counter (OTC) brokerages. The forthcoming enforcement decrees, following the amendment of these Acts, will specify the precise details, including the authorization requirements for these entities and investment limits.