DBS Bank integrates DDEx into new global financial markets unit

Rotonda and Hancom Frontis Join Forces for Web3 Ecosystem GrowthRotonda, the subsidiary of Korean cryptocurrency exchange Bithumb and the operator of cryptocurrency wallet platform Burrito Wallet, has recently announced a memorandum of understanding (MOU) with Hancom Frontis. This strategic partnership is geared towards accelerating the growth of the Web3 ecosystem.Photo by Shubham’s Web3 on Unsplash3D metaverse platformIn April, Hancom Frontis officially launched a 3D metaverse platform known as a:rz META. This platform offers a wide array of services, including virtual meetings, online education, and telemedicine, all facilitated by the integration of blockchain-powered digital assets.With the introduction of a:rz META, Hancom Frontis has shifted its focus to Web3-based businesses. The company aims to expand its user base globally through a series of gradual updates.Fostering mutual growthThrough this partnership, both entities are set to embark on several collaborative initiatives aimed at fostering mutual growth. These efforts include sharing resources like personnel, materials, and information, as well as strengthening their business networks. They will jointly engage in research and development of blockchain-based services and work towards enhancing policies for these offerings.Shin Min-cheol, CEO of Burrito Wallet, expressed excitement about their collaboration, stating that their joint efforts would lead to the creation of an advanced blockchain environment that boasts enhanced technology and services. He also highlighted that Burrito Wallet’s ongoing partnerships with businesses across different sectors would solidify the company’s position in the market as a distinguished wallet provider that offers practical services.Recently, Burrito Wallet has taken a significant step towards its global expansion by signing a partnership with Japanese blockchain gaming platform Oasys. Meanwhile, the Korean wallet firm has also expanded its support to 11 mainnets, consistently implementing updates to enhance user-friendliness of the platform.

Seoul to Host Web3 Festival This Summer, Igniting the Future of TechThe Seoul Metropolitan Government, together with blockchain company Baobab Partners and the Seoul Design Foundation (SDF), will host the Seoul Web3 Festival (SWF2023) from July 31 to August 2 at Dongdaemun Design Plaza (DDP), according to the South Korean capital’s press release.Photo by Mathew Schwartz on UnsplashSeoul and Web3 communitySWF2023 marks the inaugural event hosted by the Seoul Metropolitan Government in conjunction with the private sector, aiming to actively engage with the flourishing global Web3 community. The festival aims to enhance Seoul’s standing as a leading global city for pioneering technology and innovation.Under the slogan “Change, Chance, Challenge,” the festival offers an array of programs including a three-day hackathon, demo day for startups, an after-party for networking, and the introduction of the DDP 45133 project — an initiative converting the DDP building’s external panels into non-fungible tokens (NFTs).Three-day hackathonThe three-day hackathon will bring together teams consisting of two to six university students and tech professionals, both local and international. These teams will collaborate to develop practical Web3 solutions. With around 400 participants from 100 teams anticipated, the top ten teams will be selected based on criteria including applicability, business potential, teamwork, and innovation.Demo dayTo support the growth of Web3 technologies and blockchain companies, a demo day will be incorporated into the festival. Korean and international companies interested in participating need to complete an online application process. Out of the applicant pool, eight to ten teams will be chosen to showcase their products and services on-site during the demo day.The festival presents an opportunity for networking with accelerators, venture capitalists, and potential buyers, allowing selected companies to attract investments and establish growth foundations within the blockchain industry.DDP NFT projectThe DDP 45133 Project, managed by the SDF, aims to digitize the 45,133 silver panels of the DDP structure into NFTs. Owning an NFT of a DDP panel offers several benefits, such as the chance to join the DDP community. The Foundation sees this project as a way to highlight one of Seoul’s iconic landmarks and an innovative example of public facility shared ownership.Participating partnersAmong SWF2023’s partners are Korean companies Hexlant and Fingerlabs, along with global collaborators like Crypto.com, Cronos Labs, LBK Labs, and HK Central Research.Benefits for top-performing teamsTop-performing teams from the hackathon and demo day stand to gain support through accelerator programs provided by global companies. This could include valuable resources like mentorship, early-stage investments, networking opportunities, and support for overseas expansion, fueling the growth and success of the participating teams.The application window for SWF2023 will be open from May 23 to June 30, with interested parties able to apply via the official website: www.swf2023.com.With its spotlight on Web3 innovations, SWF2023 aims to familiarize the public with emerging trends, while offering a springboard for blockchain projects to secure investments.

Taiwanese prosecutors have expanded their inquiry into ACE Exchange, urging the detention of Chenhuan Wang, the platform's president and partner at Chien Yeh Law Offices. The Taipei District Prosecutors Office disclosed to The Block that Wang, alongside four other suspects, was summoned after police raids in Northern Taiwan earlier this month. Subsequent to the interrogation, prosecutors sought Wang's detention and restrictions on visitation rights, alleging his involvement in money laundering and fraud linked to the activities orchestrated by the detained founder, David Pan. Chien Yeh Law Offices has moved to distance itself from its partner’s activities, stating that the matter is a personal investment of Wang’s. It stated:”Ace Digital Innovation Co., Ltd. is the personal external investment affairs of lawyer Wang Chenhuan and has nothing to do with the firm.”Photo by Thomas Tucker on UnsplashMisleading advertisingPan, along with colleague Lin Nan, is accused of a three-year collaboration, utilizing misleading social media advertisements to deceive investors into acquiring worthless cryptocurrencies, including MOCT. The inclusion of Wang in the investigation now requires a court determination on potential detention. ACE Exchange responded to Pan's arrest earlier, asserting that Pan had ceased daily operations in 2022, with Wang assuming the presidency in September 2023. Wang claimed to have initiated efforts to delist controversial coins, with ACE assuring cooperation with investigations as a witness. The exchange affirmed the normalcy of trading and operational conditions, emphasizing the security of user assets and smooth cryptocurrency and New Taiwan dollar deposit and withdrawal services. Established in 2018, ACE Exchange ranks among Taiwan's prominent crypto exchanges, alongside BitoGroup and MaiCoin. In spite of alleged wrongdoing relative to key actors within the business, the platform has outlined its commitment to legal principles, stating zero tolerance for any misconduct within its management team. Regulatory focus on offshore exchangesIn the broader context of Taiwan's crypto landscape, the Financial Supervisory Commission (FSC) plans to impose restrictions on offshore cryptocurrency exchanges operating within its jurisdiction, unless they secure required registration. In September last year, the FSC drafted guiding principles for virtual asset service providers (VASPs). These guidelines aim to fortify information disclosure, set review standards for virtual asset listing and delisting and ensure the secure separation of companies' and customers' assets. The FSC intends to strictly prohibit illegal business solicitation by foreign crypto firms, mandating registration and compliance declarations with anti-money laundering regulations. Failure to comply will result in the prohibition of business solicitation within Taiwan or from domestic residents by foreign VASPs. As Taiwanese prosecutors intensify their efforts, the ACE Exchange case unfolds as a critical episode in the evolving regulatory landscape, prompting both legal scrutiny and a reevaluation of the country's approach to crypto oversight.