South Korea's prestigious university to launch philosophy major dedicated to Bitcoin

The Central Asian republic of Kazakhstan is planning to establish a pilot project that will enable the use of crypto as a means of exchange for goods and services within a specific zone. That’s according to a statement published on Akorda.kz, the official website of the President of Kazakhstan. The statement incorporates the text of a keynote speech delivered by President Kassym-Jomart Tokayev at the Astana International Forum. Tokayev stated: “We are planning to create a pioneering pilot zone called CryptoCity where cryptocurrencies might be used for purchasing goods, services, and even beyond.”Photo by Engin Akyurt on PexelsWorking towards digital transformationThe initiative forms part of Kazakhstan’s efforts to make progress in terms of digital transformation, as well as an aspiration to become an IT hub within the Eurasia region.  For the purposes of the pilot program, the use of cryptocurrencies for the payment of goods and services has been authorized by the government within a pre-defined sandbox environment. Alatau City, an urban development located north of the Kazakhstani city of Almaty, has been chosen for the pilot scheme. Alatau has been established as a special economic zone and planned to become a hub for new technology and knowledge, alongside global tourism. It hosts the Innovation Technology Park together with the Kazakhstan National Nuclear Center, Institute of Nuclear Physics and the Physics & Technology Institute.It’s envisaged that the existing technology and knowledge base within Alatau will support its expansion into the area of crypto payments and blockchain development. In addition to crypto payments, other blockchain-based technologies related to taxation systems, investment and decentralized identity systems will be nurtured and encouraged within the Alatau special economic zone. Potential Eurasian crypto hubIn a recent opinion piece published by the Russian-language government-backed newspaper Kazakhstanskaya Pravda, Kanysh Tuleushin, Kazakhstan’s vice minister of digital development, suggested that the Central Asian republic has the potential to position itself as the region’s leading crypto hub.  Tuleushin also suggested that crypto mining operators could help to modernize the country’s energy sector, playing a role in stabilizing the country’s power grid, while making use of surplus electricity. Kazakhstan had proven to be a popular destination for Bitcoin miners in the past. However, the sudden influx of miners following a ban on the activity in China in 2021 was unplanned for.  The surge in electricity demand put the country’s electricity grid under pressure, leading to blackouts in some cases. In 2023 President Tokayev signed legislation into law that limited the energy use of domestic crypto miners. Despite that negative experience, it appears that Tuleushin has seen the benefits that the activity can bring when regulated and planned for. Back in March, it emerged that lawmakers in Kazakhstan had proposed the creation of a crypto bank. One obstacle to the creation of the bank is a lack of a crypto regulatory framework. According to a report published earlier this month, the National Bank of Kazakhstan is now in the process of preparing a regulatory framework for digital assets.

Korean Financial Watchdog: Investor Protection Boosts Crypto MarketLee Bok-hyun, Governor of the South Korean Financial Supervisory Service (FSS), addressed the issue of investor protection measures in the cryptocurrency market during his speech at the fourth Blockchain Leaders’ Club in Seoul. According to a report by local news agency News1, Governor Lee emphasized that these measures would not hinder the market but instead establish a positive cycle by increasing market confidence and driving industry growth.Photo by Joshua Miranda on PexelsCrypto user protectionTo underscore the importance of safeguarding users in the crypto industry, Governor Lee referred to recent incidents such as the collapse of stablecoin Terra and the failures of Silvergate and Silicon Valley Bank. He highlighted how these examples demonstrate the need for protective measures as the influence of the crypto market extends beyond the financial sector and impacts the real economy.Governor Lee further emphasized the FSS’s commitment to maintaining ongoing communication with the crypto industry and adapting the regulatory system to accommodate the changing landscape. He stated that the FSS would assist the industry in establishing its own self-regulatory system, which includes monitoring suspicious transactions and transparent procedures for virtual asset listing. Additionally, the FSS plans to collaborate with industry insiders to prevent misunderstandings when formulating relevant rules and regulations.Governor Lee also touched on the Virtual Asset User Protection Bill, stating that he expects to see the final draft this summer as it is currently undergoing a legislative process in the National Assembly. He highlighted the government’s commitment to improving market order and minimizing investor losses before the law’s implementation. The government is taking a “same risks, same regulation” approach to prevent regulatory arbitrage and establish effective monitoring systems for virtual asset transactions and on-chain data.Unfamiliar but importantMeanwhile, Lee Yong-woo, a member of the opposition Democratic Party of Korea (DPK), echoed the importance of establishing and improving a regulatory framework for the cryptocurrency industry. He drew parallels between the current situation and the dot-com bubble era, emphasizing the significance of not disregarding the potential of the crypto market due to unfamiliarity.Communication channelLawmaker Lee expressed hope that the Blockchain Leaders’ Club would contribute to shaping a stable crypto market by providing opportunities to listen to the opinions of market participants, which can then be reflected in managing and revising laws and regulations.Today’s event, hosted by News1, saw the gathering of lawmakers, government officials, crypto industry leaders, and academics. Among the participants were People Power Party Lawmaker Yun Chang-hyun, the top executives of the five major Korean crypto exchanges (Upbit, Bithumb, Coinone, Korbit, and Gopax), and the CEO of blockchain gaming company Wemade.

It has emerged in recent days that two London-headquartered crypto startups have taken steps towards expanding into the Asian market.  Funding to fuel Asian expansion Haruko, an investment platform that focuses on digital assets based in London, announced that it has raised $6 million in a Series A funding round, with the intention of using the funds to propel the company’s expansion into Southeast Asia. The round was led by White Star Capital and MMC Ventures. Combined with an initial seed round which was completed in March 2022, Haruko has raised a total of $16 million. The firm provided details of its latest funding earlier this week through a press release published via AccessWire.  Having been founded in 2021, the startup has established its operations in Europe and North America, adding in excess of 50 institutions to its client list. Those clients include hedge funds, family offices, market makers, over-the-counter (OTC) trading desks, digital asset custodians and prime brokerages. Haruko co-founder and CEO Shamyl Malik spoke to the firm’s global expansion plans, stating: "We're looking forward to continuing our global expansion, investing in exceptionally talented team members to support us in our goal of building out an industry-leading, end-to-end solution for digital assets and the future of the finance industry. We will continue to invest singularly in this mission, ensuring the quality of our products and services is at the forefront of all our activity." The company has already established a base in Singapore through which it can expand further into the Asian market. Asia is clearly becoming an attractive destination for crypto startups as alongside Haruko, a recent announcement from crypto custodian Copper outlined that it has acquired a trading license in Hong Kong.Photo by CHUTTERSNAP on UnsplashTCSP license in Hong Kong The London-headquartered digital assets custodian outlined on X that it has secured a Trust or Company Service Provider (TCSP) license in Hong Kong from the autonomous Chinese territory’s Companies Registry. Copper CEO Dmitry Tokarev commented on the milestone, stating: "Combining trust and efficiency is fundamental to our institution-first approach. This license approval in a key global hub only strengthens that unique offer, highlighting Copper’s compliance with Hong Kong’s regulatory frameworks and standards." The license enables the company in extending the offering of its digital asset custody services to clients in Hong Kong. Tokarev added that the license approval “is a key development in Copper’s expansion in the Asia Pacific market.” Back in 2020, the firm raised $8 million in funding in a Series A round that, as with Haruko, featured MMC Ventures, with a view towards expanding into Asia and North America. Towards the end of last year, the firm launched a settlement network for institutional crypto traders. Its ClearLoop network enables clients to manage collateral and settle trades across a number of exchanges while increasing capital efficiency and mitigating counterparty risk. Over the course of the month of June, the company claimed to have processed 13.1 million trades via ClearLoop, accounting for a notional traded volume of $109.9 billion. 17,500 individual risk clearing settlements were finalized, with 3,600 inter-exchange movements. The company had a number of significant announcements last month, including a collaboration with the Sui layer-1 blockchain and the integration of the ClearLoop system by global crypto exchange, Kraken.