Korean Democratic Party to urge FSC to change its stance on spot BTC ETF

Circle CEO to Deliver Keynote Address at Korea Blockchain Week in SeptKorea Blockchain Week (KBW) 2023, an annual blockchain conference co-hosted by FactBlock and Hashed, will be held in South Korea in September. At the highly anticipated event, Jeremy Allaire, Co-founder and CEO of stablecoin issuer Circle, will deliver a keynote address during the conference’s main event, IMPACT, as per reported by local news outlet News1.Photo by Shubham Dhage on UnsplashKeynote addressAllaire will discuss the role of stablecoins, likening them to HTTP for money and emphasizing their ability to facilitate efficient transactions in the digital economy. According to CoinMarketCap, Circle’s stablecoin USDC is currently the world’s sixth-largest cryptocurrency, with a market value of $27.3 billion.The conference will also feature a session on the combination of artificial intelligence (AI) and blockchains, with insights provided by Illia Polosukhin, Co-founder of Near Protocol. Polosukhin is known for his contribution to the groundbreaking 2017 paper “Attention is All You Need,” which revolutionized generative AI.Other notable attendees include Sébastien Borget, Co-founder of The Sandbox; Hilmar Veigar Petursson, CEO of CCP Games; Dan Held, Marketing Advisor at Trust Machines; Ed Felten, Co-founder of Offchain Labs; and Caroline D. Pham, Commissioner of the Commodity Futures Trading Commission (CFTC).110 blockchain leadersKBW 2023 will be held at various venues in the Seoul metropolitan area from September 4 to 10. The flagship event, IMPACT, will take place at the luxury hotel Shilla Seoul on September 5 and 6. This two-day gathering will bring together some 110 distinguished global blockchain leaders.Jeon Seon-ik, CEO of blockchain community builder FactBlock, described IMPACT as a high-end Web3 conference focused on discussing the latest trends in the sector. Jeon expects attendees to benefit from the insightful content provided by project leaders.Kim Seo-joon, CEO of early-stage venture investor Hashed, stated that the conference aims to provide blockchain enthusiasts with a comprehensive overview of the rapidly-evolving blockchain industry. Kim hopes that participants will gain valuable information from global Web3 leaders and discover new business opportunities.

Following December's release of proposed fiat-referenced stablecoin regulations, the Hong Kong Monetary Authority (HKMA) has progressed further with the introduction of a stablecoin sandbox.Photo by Nextvoyage on PexelsFormulating a regulatory regimeThe regulatory sandbox, announced through a press release published to the regulator’s website on March 12, encompasses stablecoin currencies beyond the Hong Kong dollar, although the HKMA refrained from specifying particular currencies. Eddie Yue, CEO of the HKMA, emphasized the sandbox's role as a platform for constructive dialogue between the regulatory authority and the industry. Yue stated:"The sandbox arrangement serves as an effective channel for the HKMA and the industry to exchange views on the proposed regulatory regime.”Yue further noted that such engagement is pivotal for formulating regulatory requirements conducive to the sustainable and responsible growth of the stablecoin issuance business. The stablecoin sandbox finds its digital footprint within the International Financial Centre on the HKMA's website. The documentation accompanying the sandbox outlines several key requirements for potential participants. These include demonstrating genuine interest and a feasible plan for issuing fiat-referenced stablecoins in Hong Kong, as well as a concrete strategy for engagement within the sandbox. Additionally, applicants must exhibit a reasonable prospect of compliance with the proposed regulatory framework. Minimum capital requirementsOne notable regulation proposed stipulates that issuers must be Hong Kong-based entities with a minimum capital requirement of HK$25 million ($3.2 million) or 2% of the stablecoin issuance, whichever is higher. The HKMA remains vigilant regarding public announcements by sandbox participants, ensuring that such declarations do not misconstrue endorsement or accreditation from the regulatory authority. In late January, reports suggested discussions between Harvest Global Investment, RD Technologies, Venture Smart Financial Holdings and the HKMA regarding their potential entry into the sandbox. Harvest Global Investment, boasting over $200 billion in assets under management, signifies a significant player in this evolving digital assets space.RD Technologies took to the X social media platform to publicize its approval of the HKMA’s stablecoin sandbox. It also availed of the opportunity to outline that it’s in the process of launching a Hong Kong dollar (HKD)-based stablecoin, which will be known by the short-code HKDR.Hong Kong-based fintech firm AnchorX also chimed in, stating that the sandbox is “a pivotal step forward for the industry, enabling informed dialogue and collaboration between regulators and fintech innovators.” Like RD Technologies, AnchorX is also looking to get involved in the stablecoin business, having developed the AxHKD Hong Kong dollar-based stablecoin, which it is currently beta testing, in collaboration with Conflux Network. Juan Leon, crypto analyst with Bitwise Asset Management, suggested that the move is a great initiative, while calling on the U.S. Federal Reserve Chair Jerome Powell to follow Hong Kong’s example. On the tokenization front, Hong Kong made headlines in 2023 with the issuance of the world's largest native digital bond — a green bond exceeding $750 million. Late last year, it also proposed regulations relative to tokenization of real-world assets.Guidance provided to banks on tokenization, coupled with plans for forthcoming legislation, further solidifies Hong Kong's position as a trailblazer in the realm of digital finance.  

Lotte Data Communication, the IT service management unit of South Korean conglomerate LG Group, brought its hyperrealistic metaverse platform Caliverse and electric vehicle charging platform EVSIS to the stage at CES 2024, attracting great interest from stakeholders from around the world, according to an article by South Korean news outlet KG News.Photo by GuerrillaBuzz on UnsplashExploring tomorrow's technologyCES is one of the biggest annual tech conventions in the world organized by Consumer Technology Association, where companies and other industry leaders gather in Las Vegas to showcase their innovations and visions for a future led by advanced technology. This year’s event was held from Jan. 9 to 12.  AI takes the spotlightIn particular, user-engaging technologies such as generative AI received much attention at the convention, such as AI mobile scanning, which allows anyone to take a picture of their product with a mobile device and virtually create their own digital object in less than five minutes. Another new technology called metaverse live streaming allows users to interact with each other in the virtual space in real-time by replicating their appearance. Standing at the forefront of the IT industryLotte’s Caliverse platform provides deeply immersive content based on world-class technologies such as ultra-high-definition VR shots, image synthesis and real-time rendering graphics. It can also be experienced through a head-mounted display (HMD) as well as most other electronic devices such as 3D monitors, PCs and smartphones, maximizing user accessibility. The company also showcased various EV chargers and digital platforms that are used in its other new product EVSIS, gaining popularity among visitors at the event. Lotte aims to further establish itself as a global market leader in the IT industry based on these cutting-edge platforms.