Mudrex to introduce U.S. spot Bitcoin ETFs to Indian investors

P2E Game Covenant Child Developer Partners with Pala for Global NFT CollaborationCityLabs, a South Korean smart city integration platform company, made an announcement today regarding its subsidiary, Metablock, which has entered into a memorandum of understanding (MOU) with Pala, the nation’s largest non-fungible token (NFT) trading platform.Photo by Andrey Metelev on UnsplashGlobal expansionAccording to a report by Newsis, the collaboration between the two companies aims to explore various cooperative efforts in the global development and expansion of NFT projects related to games. To accomplish this, they will utilize the intellectual properties (IPs) of Covenant Child, a global play-to-earn (P2E) game developed by MetaBlock.NFT marketplaceThe initial step of this partnership involves the establishment of an NFT trading platform. MetaBlock recently concluded the final closed beta test for Covenant Child on a global scale. In the upcoming months, the company plans to launch a dedicated NFT marketplace for Covenant Child sometime during the open beta test period. Additionally, MetaBlock will conduct pre-sales of NFTs and list the governance token on cryptocurrency exchanges.Cho Young-joong, CEO of CityLabs, expressed enthusiasm for the partnership, noting that it will provide users with a more convenient and reliable NFT trading environment. Cho further emphasized the company’s commitment to creating an infrastructure that allows users to readily enjoy content developed on MetaBlock.

South Korea Advances Crypto Disclosures Bill for LawmakersThe floor leader of the ruling political party in the South Korean Assembly is urging faster implementation of a new bill that will require Korean politicians and senior government officials to make a declaration of any crypto-related holdings.The bill was already in the works but is now picking up speed, and likely to be brought into effect earlier than expected. That’s according to a local report published by Yonhap news agency. The bill is being finalized against the backdrop of a particularly poignant political controversy.Photo by rawkkim on UnsplashPolitical controversyLawmaker and former Democratic Party of Korea opposition party member Kim Nam-kuk is at the center of a political fuss, and with that, intense scrutiny relative to his interaction with crypto-assets. Kim reportedly held 800,000 WEMIX tokens in early 2022, with a value in the region of 6 billion Korean won (around $4.5 million).Existing legislation provides for a need for Korean politicians to disclose their investments and wealth. However, that provision has not caught up with the digital asset era. Virtual assets had been an exception which lawmakers are now rushing to remedy.Once news of Kim’s crypto holding emerged, it led to suspicion and accusations of insider trading. The politician had made a number of crypto trades during the time in which he was actively working on digital asset legislation. As the controversy gathered more attention, it led to the offices of two of the country’s leading crypto exchanges, Bithumb and Upbit, being raided. Records related to Kim’s crypto trading activity were seized.Bringing forward enforcement dateThe bill that will remedy circumstances like the one that has arisen as a result of Kim’s crypto trading activity is being put forward by Yun Jae-ok, the floor leader of the ruling party. It had originally been scheduled to be implemented in December, but Yun is looking to have the bill amended so that the enforcement date of the proposed legislation takes place in two months.“Given the current high level of public interest, especially regarding lawmakers, it’s not appropriate to enforce the law six months later after the promulgation,” Yun told Yonhap news agency. It’s understood that Yun has asked the leader of the Public Administration Committee to put forward the modified version of the law.The legislative process in South Korea requires initial drafting of the bill, followed by the proposed legislation being scrutinized by a number of relevant committees, inclusive of the Legislation and Judiciary Committee. An assembly debate follows, and beyond that, it’s expected that there will be a vote on the legislation, which has been scheduled for Friday.Should the bill be carried following the vote, the approved bill then proceeds to the President. So long as it is not vetoed, it is presented to the public and becomes law.On an international basis, financial interest disclosure requirements are common. Taking the US and the UK as examples, both jurisdictions require their politicians to disclose financial holdings. However, it would appear that South Korea is about to enact an advanced form of such legislation comparatively, as currently in both the US and UK, there is no specific provision requiring politicians to disclose crypto holdings.

The South Korean port city of Busan yesterday convened a meeting to reaffirm the city’s commitment to establishing a blockchain-specialized cluster in the region.  The meeting took place at the Busan Technology Innovation Center located in Busan International Financial Center (BIFC), attended by Busan Vice Mayor for Economic Affairs Kim Kwang-hee, the Korea Internet & Security Agency Director Lee Sang-joong, Busan Technopark Chairman Kim Hyung-gyun and representatives of companies stationed at the BIFC. Photo by Dane Kim on Unsplash$15 million investment by 2026In a bid to foster blockchain technology companies in the region, the local government has outlined plans to invest a total of KRW 20 billion, or over $15 million, in the blockchain cluster project for the next three years until 2026. The Busan government and the central government are each responsible for providing half of the project’s investment fund. Starting off, KRW 6.2 billion will be allocated this year. Among the project’s main objectives are identifying local startups with high potential for blockchain technology integration, facilitating their connections with VCs for fundraising and promoting the project’s achievements. Participating companies are set to share their annual performances this upcoming December.  Most importantly, the city aims to attract blockchain companies to the region, lay business foundations for them and transform the city into a blockchain industry hub.  Ambition to become a global blockchain hub Vice Mayor Kim said the city will keep supporting local blockchain startups so that these entrepreneurs can settle down in Busan, with the aim of turning the city into a global blockchain hub.