Korea’s crypto exchanges resume charging fees, shifting market shares

Hanyang University, one of South Korea’s most prestigious educational institutions, has embarked on launching a new major dedicated to Bitcoin and cryptocurrencies, named "Bitcoin Philosophy" at its graduate school. Yoon Seong-ho, the vice dean of the College of Humanities, will spearhead organizing the new major and overseeing its courses, according to local media ETNews.  The Bitcoin Philosophy major merges two different academic fields – philosophy and emerging blockchain studies. This unprecedented combination has drawn the attention of many local crypto investors and industry insiders. Typically, crypto or blockchain experts in Korea have educational backgrounds in computer science, software engineering, information security studies or cryptology. Photo by Karolina Grabowska on PexelsHumanistic approach to cryptocurrency The school stated that the planned major will be taking a humanistic approach to Bitcoin and cryptocurrencies, focusing less on their technological aspects. The specifics of the courses, however, are yet to be disclosed.  Hanyang University is no stranger when it comes to blockchain and cryptocurrencies. The institution has already established the Department of Blockchain Computing and Cryptoeconomics back in 2018, which started enrolling students the following year. Currently, around 20 experts from across various fields including engineering, business management, law and medicine, serve as faculty members.  Furthermore, the school is considering a proposal to establish a "Bitcoin Philosophy Research Center" on campus and dedicated courses for the Advanced Management Program (AMP). If approved, admissions for the new crypto major could open as early as next year.  

NS Studio and Factor Labs to Enhance Military Security with Blockchain TechnologyKorean game developer NS Studio announced on Thursday its collaborative research effort with blockchain-based security solutions company Factor Labs to boost the security system of its specialized virtual reality simulator used in military training centers and multinational security firms.Photo by Filip Andrejevic on UnsplashProtecting special combat forcesThe two companies signed a memorandum of understanding (MOU) to develop a blockchain-based security system to be integrated into military training equipment that aims to safeguard the identity and behavioral data of special combat forces. Factor Labs’ security technology and blockchain expertise will be integrated into NS Studio’s military training programs, facilitating safer training sessions.“Given the fact that special combat forces are important assets whose identities are considered national secrets, we want to amp up the security of the simulation programs that keep a record of their identities and behavioral patterns using blockchain technology,” the two companies said in a joint statement.“We have begun developing the necessary technology for this project and are preparing to implement the security program starting in the latter half of this year.”Blockchain’s role in military securityThis collaboration underscores the increasing role of cutting-edge technologies like blockchain in ensuring the security and privacy of sensitive data not just in the financial context but also in military and security contexts. The combined efforts of NS Studio and Factor Labs are poised to contribute to the advancement of secure training simulations for special operations personnel.

In the face of a crypto trading ban imposed in 2021, the cryptocurrency market in China continues to thrive, defying the odds, according to a recent report from Kyros Ventures. Regional survey and reportThe Vietnam-based blockchain-focused startup incubator and venture capital firm has presented its report findings, shedding light on the unique dynamics of the Chinese crypto landscape compared to neighboring countries such as South Korea, Vietnam, Taiwan and Thailand. The survey was conducted in December in collaboration with 10 media agencies across the region, involving over 5,000 participants to gauge their sentiments and investment patterns.Photo by Road Trip with Raj on UnsplashGreater crypto interestMore than 70% of respondents revealed that cryptocurrencies accounted for over half of their asset portfolios. Among survey respondents in China, 88.9% reported heavy investments in cryptocurrencies, surpassing the enthusiasm observed in Vietnam, South Korea, Taiwan and Thailand. The finding is surprising, given that cryptocurrency trading is prohibited in China, while in the other jurisdictions the same level of restrictions is not in place. China's crypto scene faces substantial regulatory hurdles, with a government ban on crypto trading implemented in 2021. Despite this, the report highlights that a majority of Chinese investors opt for centralized crypto exchanges (CEXs) for their trading activities. Arthur Hayes, the founder of crypto derivatives platform BitMEX, recently outlined that wealthy individuals in China have access to international banking, and with that, access to overseas cryptocurrency platforms through the Chinese autonomous territory of Hong Kong. An investigative report produced by the Wall Street Journal in 2023 found that leading global crypto exchange Binance continues to have a thriving business relative to its Chinese user base. The Chinese authorities appear to be aware that the crypto trading prohibition that has been applied by the government is being flouted. This is demonstrated by the fact that the government is looking to update its anti-money laundering rules for the first time in 17 years to account for the rise in cryptocurrency investment, trading and use. Higher risk appetiteNotably, 33.3% of Chinese investors indicated an allocation to stablecoins. That is indicative of a greater risk appetite in China by comparison with countries like South Korea and Vietnam where 43% and 59% of respondents had money allocated in risk-off stablecoin positions. In terms of investment by referral, Thailand and China emerged with the highest rates, reaching up to 80%. Previous research carried out by Kyros earlier in 2023 highlighted the significance of crypto investment via referrals within the Vietnamese market. Developing regional regulatory landscapeThe regulatory landscape in Asia witnessed significant developments in 2023, with Hong Kong emerging as a leading hub for crypto and Web3 innovation. The issuance of cryptocurrency exchange licenses in Hong Kong marked a pivotal moment for the industry in the region. In South Korea, new legislation aimed at protecting cryptocurrency users, enhancing transaction transparency and fostering market discipline was enacted. Meanwhile, Taiwan's Financial Supervisory Commission explored the possibility of allowing crypto exchange-traded funds, pending a thorough analysis of the product's development in global markets.