Bybit joins quest for VATP license in Hong Kong

Korbit Joins Hands with Shinhan Card and Good Neighbors for NFT CampaignKorean crypto exchange Korbit said Thursday that it is participating in the Cambodia Youth Independent Tuk-tuk Transportation IG Group organized by the Good Neighbors Global Impact Foundation to help create jobs and support economic stability for youths in Kampot, southern Cambodia. To do so, the exchange has launched a campaign with Korean credit card company Shinhan Card and the Good Neighbors Global Impact Foundation to issue environmental, social, and governance (ESG) donation certificates minted as non-fungible tokens (NFTs).Photo by Markus Winkler on UnsplashTuk-tuks, or auto rickshaws, are the main mode of transportation in Cambodia, offering a larger job market for youths who are looking to become financially independent. Yoo Tae-hyun, Head of the Platform Business Group at Shinhan Card, expressed his hopes that the campaign will empower the youths and help them become more independent.Campaign participationShinhan cardholders who wish to participate in the campaign can select “Tuk Tuk Donation Certificate NFT Campaign” found under the Areumin section in Shinhan’s app service Shinhan pLay. They can then make a donation with their card or card points and apply for an NFT. Korbit said that it would airdrop all NFTs to donors at the end of the campaign in December, which can be verified on Korbit’s NFT marketplace and Shinhan pLay app’s MyNFT service. The images minted on the donation NFTs, which depict Cambodian youths on tuk tuks, are a contribution from Park Hye-geun, an artist who has worked on children’s books, educational materials, and more.Notably, during a memorandum of understanding (MOU) signing ceremony last Monday, the three entities opted for an NFT certificate confirming their partnership instead of directly signing a document as a means to further implement NFTs into their collaboration.Boosting ESG efforts“We are pleased to contribute to creating a trend of making donations through NFTs and will continue to uphold our ESG management to have a positive impact on society,” said Oh Se-jin, CEO of Korbit. Meanwhile, Hyun Jin-young, CEO of the Good Neighbors Global Impact Foundation, applauded Korbit’s efforts to promote a culture of donation and address global social issues through the use of NFTs. He also stated that he looks forward to various technological collaborations with Korbit in the future.Korbit has previously worked with Shinhan Card on various cultural and artistic ESG activities, such as hosting an art fair in April in Seoul, where some 200 artists showcased their artworks.

Korea’s FSC Opposes Other Agencies’ Involvement in Virtual Asset BillAhead of the National Assembly’s passage of the virtual asset bill, the Korean Financial Services Commission (FSC) has repeatedly opposed the involvement of the Bank of Korea (BOK) and the Financial Supervisory Service (FSS) in regulating cryptocurrencies, according to the Korean newspaper Kukmin Ilbo.©Pexels/LukasFSC’s oppositionIn a document submitted to the National Assembly’s National Policy Committee, the FSC opposed stipulating the BOK’s right to request documents in the virtual asset bill. The agency argued that the bill is indirectly related to the BOK’s monetary and credit policy and that explicitly mentioning monetary and credit policy in the bill could lead to the misinterpretation of virtual assets as possessing the characteristics of currencies.The FSC also objected to stipulating the FSS’s right to inspect crypto enterprises. According to law, the purpose of the FSC is to inspect and supervise financial institutions. Explicitly stating the FSS’s right to inspect crypto enterprises could cause confusion to the public that they are financial entities.However, there are growing concerns about the FSC’s perceived intention to dominate virtual asset jurisdiction.At a small meeting held under the National Policy Committee last month, Lawmaker Yoon Han-hong of the ruling People Power Party expressed the view that the FSC should consider incorporating the BOK and the FSS in the virtual asset bill for crypto regulations. During the meeting, the FSC objected to the inclusion of a stipulation that excludes central bank digital currencies (CBDCs) from the definition of virtual assets. Meanwhile, the BOK agreed to include such a stipulation.Allowing class action suitsAccording to an internal document obtained by Kukmin Ilbo, the FSC also intends to allow class action suits for crypto investors. It seeks to add cryptocurrencies to a bill proposed for class action suits, which also deal with securities. Class action suits provide a means for victims to receive redress in cases where a representative is successful in winning the lawsuit against the offender.The FSC stated that it will follow the majority on the issue of whether the purpose of the virtual asset bill should include the phrase “to contribute to the development of the nation’s economy,” although it left a cautionary note that some might raise objections to this, considering the speculative nature of virtual assets.

CoinFLEX Effects Partial Repayment of SmartBCH DebtCoinFLEX, a Seychelles-based crypto yield platform that operated the BCH to sBCH cross-chain bridge, has taken a significant step towards its restructuring plans by partially repaying its debts to SmartBCH Alliance.Photo by Towfiqu barbhuiya on PexelsBitcoin Cash sidechainAs part of the repayment, SmartBCH, a Bitcoin Cash sidechain compatible with Ethereum, received distributions from CoinFLEX, including approximately 4.28 million rvUSD ($750,000), 652,000 USDC ($652,000), and 6,834 BCH ($1.6 million). Notably, 80% of the received USDC has been swapped into Bitcoin Cash, while the remaining portion has been reserved to cover legal and operational expenses. SmartBCH currently holds a total of 10,758 BCH.The repayment to SmartBCH comes amidst a significant surge in the price of Bitcoin Cash, which has witnessed a remarkable increase of over 110% in the past seven days. This surge has positioned Bitcoin Cash as a top performer among major currencies in the crypto market, according to data from CoinGecko.Bitcoin Cash, along with other Bitcoin forks, has been benefiting from the overall rise in the cryptocurrency market. The increased interest can be attributed to the flurry of spot Bitcoin ETF filings that have taken place recently.The positive developments surrounding CoinFLEX and Bitcoin Cash have also had a ripple effect on associated tokens. $FLEX and $OX, tokens connected to CoinFLEX, have experienced notable increases in value, rising by 53% and 65% respectively over the past week.CoinFLEX itself has been undergoing a significant restructuring process that was approved by the Seychelles Courts on March 6. The exchange initially suspended withdrawals in June 2022, citing extreme market conditions and uncertainty related to a counterparty.CoinFLEX was one of several crypto firms affected by the collapse of the Terra ecosystem in May 2022, resulting in the loss of over $40 billion in investor value within a short period. In September, the company revealed its restructuring proposal, which involved offering over 65% of its equity to creditors and allocating 15% to employees.OPNX rebrandLast March, CoinFLEX rebranded itself as Open Exchange (OPNX) following the approval of its restructuring plan. The founders of CoinFLEX, Mark Lamb and Sudhu Arumugam, are collaborating with Kyle Davies and Su Zhu, the co-founders of the bankrupt crypto hedge fund Three Arrows Capital (3AC), on the new Dubai-based venture.SmartBCH has announced its intention to open an account on OPNX and gradually convert rvUSD into Bitcoin Cash through the exchange. It is worth noting that, as part of the restructuring terms, SmartBCH is entitled to common equity in CoinFLEX and one board seat, although it has not received these benefits at present.Additionally, SmartBCH has burned 33,365.67 sBCH tokens, returning them to the old bridge address. As a result, the total sBCH in circulation on the sidechain now amounts to 67,756.766.To further enhance stability, SmartBCH has entered into an agreement with CoinFLEX to assume responsibility for maintaining the 1:1 peg between sBCH (the sidechain’s native token) and BCH.