Busan City embarks on forging blockchain-specialized cluster

Korean Blockchain Game Publisher Joins UNGC to Bolster ESG ManagementWemade, a Korean blockchain game publisher, joined the United Nations Global Compact (UNGC) to bolster its environmental, social, and governance (ESG) management. The company announced its membership through a press release issued on Wednesday.Photo by Noah Buscher on UnsplashUNGC membershipSince its establishment in 2000, the UNGC has evolved into the largest corporate sustainability initiative worldwide. With a membership base of over 20,000 companies spanning across 162 countries, it serves as a platform for organizations to align their operations with ten principles encompassing human rights, labor, environment, and anti-corruption.Annual reportsUnder the guidelines of the UNGC, Wemade will fulfill its commitment by submitting an annual report called the Communication on Progress (COP). The company’s objective is not only to meet sustainable development goals but also to enhance its ESG management. Along with these endeavors, the company will strive to improve its corporate citizenship.ESG managementIn expressing his thoughts on the matter, Wemade CEO Chang Hyun-guk emphasized that the company’s inclusion in the UNGC would serve as a catalyst for driving sustainable growth through ESG management. He underscored its commitment to fulfilling corporate social responsibility and meeting global standards by practicing ESG management, given its position as a leading entity in the blockchain market.Wemade’s three main objectivesMeanwhile, Wemade is practicing ESG management centered on three main objectives: responsible environmental management, inclusive growth for future generations, and transparent governance.

Beijing-based cryptocurrency mining firm Bitmain has reportedly violated tax regulations in China, with local authorities imposing major fines. According to the reports, Bitmain has failed to pay personal income taxes amounting to $2.4 million, which has led to a penalty of $3.7 million from the Beijing Municipal Office of the State Administration of Taxation. Leading mining equipment manufacturerBitmain Technologies is one of the biggest cryptocurrency mining equipment firms in the world, established in 2013. The company is renowned for its reputation as a manufacturer of crypto mining equipment and solutions. Reports suggest that Bitmain was compelled to end its operations in China in October 2021 as a direct result of the blanket ban on cryptocurrencies that was issued by the Chinese government in September 2021.However, despite these regulatory challenges and the bear market in the cryptocurrency industry in 2022, the company has reportedly continued to achieve success in its business. Bitmain’s latest Antminer product sold out within a minute in December, despite the declining profitability of cryptocurrency mining. On Tuesday, it emerged that North American crypto miner CleanSpark had acquired 45,000 Bitmain Antminers, doubling its mining capacity.The company’s founder, Jihan Wu, established a $250 million fund in September 2022 to help the mining industry during the difficult crypto winter. Following his departure from Bitmain in 2021, Wu established Bitdeer, a new cryptocurrency mining company that served as a spin-off of Bitmain. Crypto crackdownThe fine imposed on Bitmain highlights the continued scrutiny of the crypto industry in China. The country has taken steps to crack down on the crypto market, particularly going after the mining industry. China has banned crypto mining, though it still takes place via underground operations. One major headline in recent weeks related to the fact that a former Chinese Communist Party (CCP) secretary helped a crypto mining operation operate. One China court also ruled that cryptocurrency mining affects the climate negatively.Despite the crackdown, China is making headway with its digital yuan, a central bank digital currency (CBDC). The country continues to run pilots for the CBDC, each more extensive than the last. As China’s digital yuan gains momentum, it has been speculated that the country may use it as a tool to further restrict the use of decentralized cryptocurrencies.Companies operating in China will have to keep a close eye on their operations, especially since the country does not take a favorable stance towards crypto. Hong Kong hubHowever, Hong Kong is opening up to the crypto industry and is attempting to become a crypto hub. The Hong Kong government recently launched a regulatory framework for crypto exchanges, making it easier for crypto businesses to operate within the city. This move has attracted a significant number of crypto firms to relocate to Hong Kong from mainland China.Bitmain’s $3.7 million fine imposed for violating tax regulations in China is a clear sign that the scrutiny of the crypto industry in the country is still prevalent. Despite the challenges and uncertainties, the company has continued to achieve success in its business, and the industry’s regulatory landscape is continuously evolving. Companies in China will have to ensure compliance with all relevant regulations, while also exploring opportunities to operate in crypto-friendly jurisdictions like Hong Kong.

Grab, the Nasdaq-listed Southeast Asian superapp, has signed a strategic memorandum of understanding (MOU) with StraitsX, a Singapore-based stablecoin payment infrastructure provider, to develop Web3 wallets and a payment network powered by stablecoins. A Nov. 18 press release said Web3 wallets will be added to the Grab app, allowing merchants in Asia to accept stablecoin payments from local and overseas customers.Photo by Grab on UnsplashXSGD and XUSDUnder the partnership, Grab users may be able to hold and use stablecoins like XSGD and XUSD, which are pegged to the Singapore dollar and U.S. dollar respectively, and convert between fiat and other stablecoins in-app, provided they meet regulatory compliance requirements. Grab expects the integration to facilitate real-time cross-border settlement with transparent foreign-exchange rates, improving efficiency through faster, cheaper, and compliant transactions. The superapp operator seeks to create a single, interoperable Web3 payment framework that eliminates the need to switch between country- or method-specific systems. Merchants are expected to benefit from enhanced liquidity and capital management via programmable settlement features enabled by smart contracts and on-chain treasury tools. ASEAN’s regulatory gapsThis industry development comes amid growing interest in digital finance among intergovernmental organizations. In a blog post, Yasuto Watanabe, Director of the ASEAN+3 Macroeconomic Research Office (AMRO), noted the private sector’s growing involvement in stablecoins, outlining their advantages and risks. He said stablecoins offer greater accessibility and enable faster, cheaper transactions compared with traditional banking.  Stablecoins are widely used for remittances in Southeast Asia, particularly in the Philippines and Vietnam, and are also a common tool for small businesses engaged in cross-border trade. Watanabe also warned of risks such as anonymity-driven money laundering and capital control evasion. He also pointed to concerns that the rise of U.S. dollar–denominated stablecoins could undermine monetary sovereignty. In this context, the AMRO Director underscored the importance of the ASEAN+3 region addressing existing gaps through concerted action. 12M USDT seized in Thailand crackdownGovernment concerns are reflected in recent crypto-related crimes making headlines. In a recent case, Thai authorities, in coordination with the U.S. Secret Service, detained 73 individuals and confiscated assets valued at more than 522 million baht. About 400 million baht of that total was in USDT (12 million USDT). Tether said in an announcement that it supported law enforcement in the operation. The emergence of stablecoins is clearly transforming the traditional financial landscape. Companies are racing to harness new technologies, while regulators focus on combating illicit activity and strengthening consumer protections. As the sector evolves, new opportunities and risks will surface, and the balance between innovation and safety will be a key question moving forward.