Korean crypto exchange Upbit launches BTC-ETH Duo Index

The South Korean financial authority will establish new policies and guidelines for token listing and provide admirable examples from past listing events for local exchanges to follow, according to local media outlet News1.  So far, fiat-to-crypto exchanges in Korea have been listing tokens on their platforms under a guideline issued by Digital Asset eXchange Alliance (DAXA) – a self-regulatory consultation group comprised of five major Korean crypto exchanges. The existing DAXA guideline outlines basic yet vague instructions, which have allowed exchanges to list tokens largely at their discretion.  However, the new guideline from the financial authority, expected to be released by this June, will mark the government’s first official manual on token listing. This is in line with the upcoming Virtual Asset User Protection Act, which will be effective in July. Photo by Hitesh Choudhary on UnsplashSetting clear guidelines for token listingsThe new guidelines are expected to include examples of past fraud detection and real-time monitoring cases which are deemed to have set precedents for the industry players. Moreover, the financial authority plans to distribute past exemplary cases of token listing as early as April, which is anticipated to set a model listing process and help local crypto exchanges adhere to the law and requirements.  This announcement comes after the local game company Wemade relisted its native token WEMIX on Korbit, one of DAXA's member exchanges, just a year after it was delisted on major exchanges due to its deviant practices in token issuance. The relisting of WEMIX has since raised concerns among crypto insiders about the lack of criteria regarding token listings. More refined token listing process As the crypto market's bullish trend continues, Bithumb and Coinone – the second and third-largest exchanges in Korea – are stepping up their efforts to speed up the listing of new coins. Industry experts expect these exchanges will double down on their efforts in screening and reviewing processes for tokens to align with the new guidelines in the future.  An official from the Korean Financial Intelligence Unit (FIU) said that while the anticipated listing process is not legally binding, it will definitely have a more profound impact on local crypto exchanges compared to the self-regulated DAXA guidelines.  

Lemon Healthcare launches blockchain-based electronic prescription serviceSeoul-based healthcare data platform company Lemon Healthcare’s blockchain-based, personalized electronic prescription service dubbed “LemonCare” has officially been launched in three major hospitals in the North Gyeongsang Province region of South Korea, according to an article published by local news outlet Etnews on Thursday. This comes after the recent end of the service’s development and pilot operation period.Photo by Christina Victoria Craft on UnsplashRevolutionizing healthcareThe aim of the project was to replace paper prescriptions with electronic prescriptions through a blockchain-based mobile service that offers patients an additional layer of security as well as the ability to view and manage their prescription history. It also reduces and prevents risks such as duplicate prescriptions.Kyungpook National University Hospital, Kyungpook National University Chilgok Hospital and Daegu Fatima Hospital — all located in Daegu Metropolitan City in North Gyeongsang Province — were selected as participants in the pilot project, during which they were responsible for electronically prescribing medication to patients, which would then be compounded and delivered by nearby pharmacies. They will also be the first to implement the app as an official service.Advancing healthcare accessLemon Healthcare stated that it has also hired new personnel, applied for patents related to electronic prescriptions and issued some 500 electronic prescriptions.Patients who have received treatment at any of the three hospitals and want to utilize the electronic prescription service can do so under the “Electronic Prescription Delivery” option on the hospital’s mobile app. After completing user authentication, the patient’s prescription is transmitted to the pharmacy of their choice, from which patients can pick up their medication.Leveraging its blockchain technology, Lemon Healthcare plans to bring secure and accurate electronic prescription services to more people in the future.

Huobi Expands Crypto Trading Services in Hong KongHuobi, the Seychelles-headquartered prominent cryptocurrency exchange, is making strides in Hong Kong as its local subsidiary, Huobi HK, now offers crypto trading services to clients in the region.Following its expressed intention to apply for a virtual asset exchange license from the Hong Kong Securities and Futures Commission (SFC), Huobi HK has commenced providing crypto spot trading and virtual asset custody in Hong Kong. In order to comply with regulatory and anti-money laundering (AML) requirements, the exchange will collaborate with independent auditors, as announced by Huobi HK on Twitter.Photo by Shubham Dhage on UnsplashCrypto business licensingThis move aligns with the broader trend of crypto firms shifting their focus toward the East, where regulatory environments are becoming increasingly accommodative. A spokesperson for Huobi stated in a prepared statement: “Regulation of Web3 in Hong Kong will contribute to the widespread adoption of cryptocurrencies on a global scale.”Hong Kong, a Special Administrative Region under Chinese governance, recently introduced a regulatory framework for crypto exchanges, which took effect on June 1. Under these new regulations, retail investors in Hong Kong will be able to trade cryptocurrencies on licensed platforms, removing previous restrictions that limited trading to investors with portfolios exceeding HK$8 million (approximately $1 million).The new regulations impose requirements on virtual asset trading platforms to implement “suitable” onboarding processes and disclosures. Additionally, tokens must meet “minimum criteria” to ensure that “retail investors should be less prone to market manipulation.”Crypto sector interestHong Kong’s inviting regulatory landscape has already piqued the interest of crypto firms. The Greater China division of WeWork, a coworking provider, reported receiving 40 to 50 applications and inquiries from crypto businesses seeking to establish a presence in Hong Kong in recent months.Justin Sun, Tron founder and Huobi global adviser, drew parallels between the developments in Hong Kong and Beijing in a tweet, stating, “It is indeed fascinating to witness the Beijing government’s recent focus on Web 3.0, particularly considering the imminent June 1st developments in Hong Kong.” Sun added that this represents “a significant step towards recognizing the transformative potential of decentralized systems and blockchain-based solutions.”Huobi is actively involved in the development of Hong Kong’s Web3 ecosystem. In addition to its cryptocurrency trading license application, the firm became a significant contributor to Hong Kong’s first Web3 ecosystem fund during this year’s Hong Kong Web3 Carnival.HK Virtual Assets ConsortiumIn a separate announcement, Huobi disclosed that it has become the first member of the Hong Kong Virtual Assets Consortium (HKVAC), an organization dedicated to providing credit ratings for crypto asset exchanges and trading products. HKVAC, a collaborative effort between crypto industry players, including exchanges, institutional investors, and Hong Kong-licensed rating agencies, aims to enhance the security risk management capabilities of the crypto industry and assist authorities in establishing Hong Kong as a regional hub for virtual assets and digital finance.As a founding member of HKVAC, Huobi will serve as a reference point for the organization, leveraging its expertise in security technology and its compliance-oriented, standardized processes.