Korean FSS Governor meets U.S. SEC Chair Gensler to cooperate on crypto regulations

A number of corporations across the Asian region have announced plans to introduce cryptocurrencies as a fixture within their corporate treasuries recently.Photo by Kanchanara on UnsplashReitar Logtech HoldingsAccording to a June 2 filing with the U.S. Securities and Exchange Commission (SEC), Hong Kong-based Reitar Logtech Holdings Limited, a logistics solutions provider listed on the Nasdaq (RITR), intends to purchase $1.5 billion worth of Bitcoin. The filing outlines that the company is at an advanced stage of negotiation with a consortium of institutional investors and high-net-worth individuals with expertise in the digital assets field regarding this strategic treasury diversification initiative. The firm foresees greater involvement in the future with digital assets beyond just holding Bitcoin as a reserve asset. It stated: “The BTC Program will also pave the way for the Company to engage in logistics real estate projects which may involve digital assets in the future by establishing a reserve of digital asset through this initiative and setting up the necessary internal organizational and technical infrastructure for managing such digital assets.” The tokenization of real-world assets (RWAs) is building momentum, with real estate being the standout use case for that activity. DigiAsiaLast month, DigiAsia, an Indonesian fintech firm listed on the Nasdaq (FAAS), outlined that it had launched a Bitcoin reserve strategy. The company stated that the initiative aligns it with the growing trend among publicly-listed companies to add digital assets to the corporate balance sheet. DigiAsia is understood to be actively exploring a capital raise of up to $100 million in order to fund its first Bitcoin purchases. Treasure GlobalOn June 4, yet another Nasdaq-listed firm with Asian origins announced the launch of its digital asset treasury initiative. Malaysia-based e-commerce platform operator Treasure Global stated that its digital asset treasury would be funded with $100 million raised through a new institutional funding partner and an existing equity financing agreement. It plans on buying Bitcoin, Ethereum and regulated stablecoins. K Wave MediaNasdaq-listed K Wave Media, a South Korean entertainment company, also announced on June 4 that it had put together a $500 million securities purchase agreement to facilitate the establishment of a Bitcoin-based treasury. XRP making corporate treasury inroadsWhile there has been a raft of Bitcoin-related corporate treasury announcements within the Asian region and globally, Ripple’s XRP is starting to see some corporate treasury-related activity. On June 3, Webus International, a Chinese international chauffeur service provider listed on the Nasdaq (WETO), outlined in a filing with the U.S. SEC that it plans to establish a $300 million XRP-based corporate treasury.  In addition, Webus plans to integrate corporate use of the XRP blockchain to facilitate cross-border payments for its partners and travelers worldwide. The move follows a recent announcement by London-based VivoPower International, yet another Nasdaq-listed (VVPR) company, outlining that it was establishing a $121 million XRP corporate treasury with funding for the initiative provided by a Saudi prince.

On March 7, Nissan Motor Co. introduced an innovative metaverse experience titled the "Heritage Cars & Safe Drive Studio," blending elements of automotive history with interactive safety education.Photo by Matthijs Waanders on UnsplashMarking 90 years in businessThe studio, launched to commemorate Nissan's 90th anniversary, features three iconic models from the company's past, recreated in virtual environments to reflect their respective eras. Among the showcased vehicles is the Silvia Q’s S13, renowned globally for its role in drifting culture. Users can explore this historic car from the 1980s while learning about the influence of pedestrian clothing colors on driver visibility. In another exhibit, users engage in a mini-game designed to educate on driver field-of-view and the impact of multitasking on safety. Alongside, the Skyline 2000GTX-E, famous for its presence in popular media like the Gran Turismo video game series and Fast and Furious movies, adds a touch of nostalgia and excitement, transporting users to the 1970s era. In a 1950s and 60s American diner and drive-in theater setting, the final exhibit offers a hands-on steering wheel spin exercise. These experiences aim to merge Nissan's heritage with vital safety knowledge, such as understanding the significance of pedestrian attire and the dangers of distracted driving. Developed in collaboration with Japanese university researchers, these immersive experiences are accessible through Meta Quest headsets, marking Nissan's continued exploration of virtual and augmented reality for customer engagement and education. Previous forays into the metaverseThis initiative aligns with Nissan's ongoing efforts to enhance its presence in the metaverse. It’s not the carmaker's first rodeo where the metaverse is concerned. It introduced its first virtual test drive and a virtual unveiling of its Sakura model in 2022. That same year, the company suggested it was interested in providing more in the way of virtual events, even going as far as to suggest the development of virtual customer support offices for clients. It followed that up in December 2023 with a revamp of four existing metaverse worlds, a project that also formed part of its 90th-anniversary celebrations. Nissan's latest foray into the metaverse coincides with advancements in augmented reality (AR) and virtual reality (VR) hardware. The recent launch of Apple's inaugural mixed-reality headset in February 2024 signals intensified competition among tech giants like Meta and Microsoft, who have been gradually expanding into consumer and enterprise AR/VR markets over the past decade. Broader auto industry interestNissan isn’t alone in the auto industry in taking initial steps into the metaverse. Rival Toyota has taken a different approach, pursuing an interest in creating remote workspaces for staff so that meetings can be held in the metaverse. Hyundai experimented with entering the metaverse as early as 2021. Through a partnership with Naver Z, the company offered virtual test drives of its Sonata model. Meanwhile Renault Korea has tipped its toes in the metaverse by offering consumers the ability to custom-build virtual cars on a metaverse platform. Through these metaverse updates, Nissan aims to stay at the forefront of automotive innovation, utilizing immersive experiences to engage customers and promote safety awareness in an increasingly digital world. 

Wemade’s NILE Launches NFT Tickets for Game Exhibition G-STAR 2023NFT Is Life Evolution (NILE), a decentralized autonomous organization (DAO) and NFT platform built on the WEMIX3.0 network of South Korean blockchain gaming publisher Wemade, is starting the sale of its NFT tickets at noon (local time) on October 25 for the upcoming global game exhibition, G-STAR 2023. The highly-anticipated event is scheduled to take place at the Busan Exhibition and Convention Center (BEXCO) in the southern port city from November 16 to 19.Photo by Pete Linforth on PixabayNFTs as admission ticketsJointly prepared by Wemade and G-STAR, these NFT tickets are called Real World Event NFTs, functioning as admission tickets and vouchers for special merchandise. One noteworthy feature is that they undergo changes in appearance upon use, a characteristic inherent to dynamic NFTs.The sale of these NFT tickets begins on NILE’s marketplace at noon (local time) on October 25. Those interested can utilize WEMIX dollars (WEMIX$) via the WEMIX Wallet to purchase a daily NFT ticket for their chosen day of attendance at the event.Game enthusiasts will also have the chance to witness Wemade’s latest games at BEXCO. The Korean game company mentioned that it has reserved a significant space at the exhibition hall to showcase two of its newest games: the MMORPG “Legend of YMIR” and the sports game “Fantastic4 Baseball.”WEMIX and Chainalysis partnershipAlong with its gaming and NFT endeavors, Wemade has been taking steps to fortify the security of its ecosystems. On the day of the NFT sale kickoff, the WEMIX Foundation, a subsidiary of Wemade, announced its strategic partnership with Chainalysis, a blockchain data analytics company. This collaboration will bolster the security of storage and transactions of assets within Wemade’s omnichain network. The network is being developed through a project known as “unagi,” which stands for the Unbound Networking and Accelerating Growth Initiative.Established in 2014, Chainalysis has worked with government agencies, cryptocurrency exchanges, financial institutions, insurance companies, and cybersecurity firms in over 70 countries. They offer services to safeguard customers and combat virtual asset-related crimes.Through this partnership, the WEMIX Foundation seeks to operate a comprehensive risk and compliance program via Chainalysis’ data platform. This will help minimize potential risks associated with illicit activities like money laundering while maintaining a smooth user experience.The foundation will also engage with Chainalysis’ Crypto Incident Response service, enabling immediate tracking and recovery of assets if hacked or stolen.Regarding this development, the WEMIX Foundation underlined that its alliance with Chainalysis will enhance the transparency and reliability of both the WEMIX3.0 mainnet and the unagi omnichain ecosystem.