KODA’s crypto assets in custody surpass $6B

South Korea is taking new steps to bring cryptocurrencies more firmly into its legal, financial, and payment systems, with recent developments pointing to both wider institutional adoption and continued regulatory caution.Photo by Traxer on UnsplashCrypto status comes under reviewA research institute affiliated with South Korea’s judiciary has recommended amending the Civil Act to give cryptocurrencies clearer status as property. Digital Asset reported that the Judicial Policy Research Institute made the proposal in a February paper, arguing that the law should reflect how digital assets are already controlled, traded, and contested in legal disputes, even though the current Civil Act is built around physical objects. The institute said the lack of clear property status can create uncertainty in cases involving custody, hacking, bankruptcy, and asset recovery. It also called for a legal concept of “control” over digital assets, similar to possession in the physical world. The recommendation does not change the law on its own, but it strengthens the case for crypto legislation that deals not only with market oversight and investor protection, but also with ownership and legal remedies. Crypto holdings are also set to be included in government debt-relief screening. According to Yonhap News, the Financial Services Commission said a revised Credit Information Use and Protection Act passed the National Assembly, allowing government-backed debt relief agencies to review applicants’ deposits, securities, cryptocurrencies, income, and property records when assessing repayment capacity. The measure is intended to reduce the risk of applicants hiding assets while seeking public support and to improve fairness in debt-relief programs. Payment pilots meet regulatory limitsIn payments, fintech platform Toss has signed an agreement with KOMSCO, South Korea’s state-run mint and identity-document agency, to develop blockchain-based payment infrastructure, according to Yonhap Infomax. The partnership will initially focus on linking Toss’s payment network with public-sector payment infrastructure, before exploring tokenized payment tools such as deposit tokens and stablecoins. The deal pairs one of Korea’s largest consumer fintech platforms with a public agency that already runs municipal voucher programs and digital gift certificates. Regulators, however, remain cautious about token projects launched before a broader legal framework is in place. Aju Business Daily reported that the Korea Insurance Institute has not yet received approval from the Financial Services Commission for proposed changes that would allow it to issue a token tied to its training programs and establish or invest in an AI subsidiary. The institute says the plans are still under regulatory review, but the delay reflects concerns over whether token issuance fits its role as a training body for insurance professionals. 

NuriFlex Holdings partners with Catalyx Exchange to explore security tokens and RWAsNuriFlex Holdings Inc., the Canadian parent company of South Korean IoT solutions provider NuriFlex Co., Ltd., has recently signed a memorandum of understanding (MOU) with the Canadian cryptocurrency exchange, Catalyx. According to a report by the Korea Economic Daily, this collaboration is designed to facilitate both entities’ entry into the markets of security token offerings (STOs) and real-world assets (RWAs).Photo by Chris Liverani on UnsplashNuriFlex Group’s diverse portfolio and industry experienceWith a 30-year track record, NuriFlex Group has supplied global utility companies with robust software platforms designed for handling vast amounts of data. Beyond this, the group manages an array of services, including blockchain-based digital payments, a social dating metaverse known as NuriTopia and Web3 wallet services. Furthermore, NuriFlex Group has established a business network to support central bank digital currency (CBDC) initiatives in Central and South America as well as Africa. Leveraging its longstanding industry presence and extensive connections, NuriFlex Group strives to venture into the sectors of STOs and RWAs.Canadian crypto exchange since 2019Meanwhile, Catalyx Exchange, established in 2019 and headquartered in Calgary, Alberta, is known to have the management and technological expertise necessary to operate trading platforms for security tokens and RWAs.An official from NuriFlex Group conveyed their enthusiasm for the partnership, emphasizing their collective goal to lead the way in innovation. They intend to jointly launch a platform that is not only secure and efficient but also fully compliant with the laws and regulations of the country in which they operate.A representative from Catalyx also shared a positive outlook, noting that the exchange has been gearing up to branch out into the STO and RWA sectors for several years. They expressed their pleasure at having the opportunity to collaborate with NuriFlex Holdings on this venture.

Japan’s Largest Airline Opens NFT MarketplaceAll Nippon Airways (ANA), Japan’s largest airline, has ventured into the world of Web3 by launching its own non-fungible token (NFT) marketplace through its subsidiary, ANA Neo.Photo by Marcus Ng on UnsplashANA GranWhale NFT marketplaceThe newly introduced platform, called the “ANA GranWhale NFT Marketplace,” will showcase an exclusive digital art collection crafted by renowned aerial photographer Luke Ozawa.The NFT marketplace commenced on Tuesday with the conversion of Ozawa’s first digital photograph into an NFT. One of these unique pieces will be auctioned alongside the positive film, which served as the source for the photo’s development. The starting price for this item is set at 100,000 yen, offering collectors the opportunity to acquire an NFT paired with a tangible artifact.Following this initial collection, ANA plans to release its second batch of NFTs on June 7. This collection will feature the NFT rendition of the first Boeing 787 operated by ANA, presented in the form of a 3D model airplane. The offerings include a total of 1,574 items, comprising two types of 787 models, with each item priced at 7,870 yen.ANA, a company with revenues of $12.2 billion in its previous fiscal year, aims to expand its NFT product line in the future. The airline envisions leveraging NFTs to enhance the customer experience and add value to its services.Airline industry NFT PotentialThe development of ANA Neo’s GranWhale initiative began in August of last year. The project focuses on creating a virtual travel platform that utilizes various technologies, including virtual reality (VR), to recreate destinations and cultures from around the world. These recreations take the form of metaverse parks, allowing users to explore and immerse themselves in virtual travel experiences.ANA Neo President Mitsuo Tomita emphasized the significance of this venture, stating that the ANA GranWhale logo symbolizes the fusion of the virtual and the real, signifying the airline’s journey into the future, where Web3 and metaverse travel will become increasingly prevalent. “Through this initiative, we aim to unlock the potential of NFTs in the aviation industry, bringing together the digital and physical realms to create unique and memorable experiences that unite the world in wonder,” Tomita stated.Club Toki NFTsANA is not the first Japanese airline to involve itself with the NFT space. Earlier this month, regional Japanese airline Toki Air announced the launch of Club Toki, a fan community centered around NFTs. The initiative claims that community members join by purchasing NFTs, and as NFT holders, they receive further club benefits. The NFTs can be purchased by credit card or payment in ETH, with the buyer needing a MetaMask wallet in order to receive the NFT.In March, Argentinian low-cost airline Flybondi integrated Web3 into its ticketing process by issuing tickets as NFTs in a partnership with NFT ticketing firm, TravelX. With this initiative, Flybondi became the first airline to offer flight tickets as NFTs.With its entry into the NFT marketplace, ANA joins the growing number of companies embracing Web3 technologies to offer unique digital assets and experiences. As the airline continues to develop its GranWhale platform, it seeks to cater to the evolving demands of the market and establish a presence at the intersection of aviation and the metaverse.