Hackers spirit away over $300M in Bitcoin from DMM Bitcoin

Raon Whitehat Enables College Students to Hone Skills Through MetaverseRaon Whitehat, a blockchain-based service provider of South Korean tech security firm RaonSecure, is set to launch Raon Metademy, a cutting-edge metaverse-powered professional training platform, for universities.Inviting beta testersToday, Raon Whitehat announced the successful completion of the beta version of Raon Metademy, developed in collaboration with edtech company Globepoint. The company is now inviting beta testers from university departments and educational institutions to participate.Interested universities can apply on the Raon Metademy website, with beta testing planned until the end of August. During this period, Raon Whitehat will gather valuable feedback to further enhance the platform. The official launch is scheduled for September 1 to support university classes.Effective remote practicesRaon Metademy boasts a metaverse-based training approach, offering users access to a virtual campus where they can attend lectures and practice essential skills. The platform’s highly immersive user experience allows students to create personalized avatars, explore the campus, access announcements, have a look at training courses, and utilize the training room. With vivid 3D visuals and realistic video-based exercises, students can effectively practice their skills from remote locations.Additionally, users can set up private labs to address their weaknesses, engage in discussions, and build a community similar to a physical campus environment. Among the confirmed beta testers are Chung-Ang University and Seoul Women’s University, and the application window for other institutions will remain open until mid-August. The initial beta service will focus on nursing skills, physical therapy, and security practices, with plans to expand the content to include caregiving practices and more.Photo by Nhia Moua on UnsplashDigital credentials and NFTsRaon Metademy aims to provide certificates of completion and awards of excellence in the form of digital badges, simplifying the process of submitting credentials to universities and other organizations. The platform will also introduce non-fungible tokens (NFTs) to benefit content providers, facilitating secure trading of educational materials among students.Leveraging RaonSecure’s cutting-edge technologies, including blockchain and NFTs, Raon Metademy aims to become a versatile platform open to content providers, educational institutions, and individuals alike. This will enable students to access a diverse range of captivating lessons from anywhere and give lecturers the ability to earn income by delivering high-quality hands-on training with minimal equipment and material costs.

Circle CEO Sees Role for Yuan-Backed Stablecoins in Hong KongJeremy Allaire, the Co-Founder and CEO of Circle, the USDC stablecoin operator, expressed his acceptance of mainland China’s ban on cryptocurrencies. However, he remains optimistic about the development of Web3 technology in Hong Kong and the city’s monetary authority’s move towards regulating stablecoins.Photo by Mitchell Luo on UnsplashYuan internationalizationAllaire believes that Hong Kong must embrace digital assets to remain relevant in the global financial market. While he acknowledges that China is unlikely to open up its markets to cryptocurrencies, he sees potential for stablecoins to contribute to Beijing’s goal of yuan internationalization.During an interview with the South China Morning Post (SCMP), Allaire highlighted that major financial markets worldwide are embracing digital assets and that the biggest financial institutions are adopting them. He mentioned that there is Chinese government support for stablecoins, but he clarified that it doesn’t imply opening up crypto trading on the mainland. Allaire emphasized that stablecoins could be a more immediate solution to the Chinese government’s aim of internationalizing the yuan compared to the central bank digital currency (CBDC) e-CNY.Allaire cited the example of a stablecoin pegged to the offshore yuan (CNH) as a potential tool to facilitate the RMB’s use in global trade and commerce. He mentioned the existence of CNH Coin, a stablecoin team that also offers HKD Coin, pegged to the Hong Kong dollar.Virtual asset hubHong Kong is positioning itself as a global virtual asset hub by focusing on the regulation of stablecoins. The Hong Kong Monetary Authority (HKMA) has committed to implementing stablecoin regulations by 2024, recognizing the potential impact of such assets on financial markets. Additionally, the Securities and Futures Commission (SFC) is working on complementary regulations for stablecoins following the recent implementation of licensing rules for sellers of other cryptocurrencies.Circle’s USDC, the second-largest US dollar-backed stablecoin by market capitalization after Tether (USDT), is considered a “stored-value instrument” in the United States. Allaire expressed Circle’s encouragement regarding the HKMA’s plans and highlighted the positive motivation to expand their business in Hong Kong.While central banks worldwide have expressed concerns about stablecoins’ impact on financial stability, the HKMA has proposed that the value of reserve assets should match the outstanding stablecoins at all times. The HKMA has also been researching the possibility of a digital Hong Kong dollar and is part of a cross-border trial for the e-CNY using a blockchain known as the mBridge.CBDCs alongside stablecoinsRegarding the future role of stablecoins in a well-regulated environment alongside CBDCs, Allaire believes that CBDCs and private coins are complementary. He sees CBDCs as an upgrade to central banks’ systems and views the private sector’s work on innovation in distributed ledger technology as distinct and valuable.Allaire noted that Circle conducts significant business activity in Asia, particularly in Hong Kong, which is its largest non-US market, employing around 125 individuals.While mainland China maintains its ban on cryptocurrencies, Allaire remains optimistic about Hong Kong’s regulatory stance on stablecoins and believes they could contribute to the internationalization of the yuan. Allaire emphasized the importance of digital assets in the global financial market and expressed Circle’s support for Hong Kong’s initiatives.

Abu Dhabi Global Market (ADGM), an international finance center and free zone, and Solana Foundation have forged a collaboration aimed at advancing the development of blockchain ecosystems. Nurturing DLT innovationThe primary objective of this partnership, which was announced earlier this week, is to enhance Distributed Ledger Technology (DLT) solutions and propel innovation within the blockchain sphere. Hamad Al Mazrouei, CEO of ADGM Registration Authority, expressed enthusiasm about the collaboration, stating:"We are excited to partner with Solana to pioneer the future of technology, and further enhance the level of knowledge in the space of blockchain by emphasizing the value of regulation and compliance in ensuring robust and sustainable development." Lily Liu, president of the Solana Foundation, shared her optimism about the partnership on the X social media platform, stating:“I spent the day with the @ADGlobalMarket leadership, and have come away with great optimism about their progressive, consultative approach to regulation.”Photo by Shubham's Web3 on UnsplashEmerging crypto hubAbu Dhabi is swiftly emerging as a prominent hub for crypto and blockchain ventures, attracting top firms globally due to its strategic location and supportive government policies. The ADGM has approved a raft of licenses for leading digital asset sector firms. New York-headquartered blockchain and tokenization infrastructure platform Paxos secured an in-principle license back in November. That same month, retail and social trading platform eToro and virtual asset firm M2 both secured trading licenses from ADGM. In September, Standard Chartered-backed digital asset marketplace Zodia Markets secured in-principle approval.Framework for DAOs and foundationsAbu Dhabi Global Market has created an enabling environment for such partnerships to flourish. The emirate has recently launched a $2 billion initiative dedicated to fostering startups in the Web3 and blockchain technology sectors, underscoring its commitment to nurturing the growth of the crypto and blockchain industry. Last year, ADGM introduced regulations to streamline the establishment of blockchain startups in its international free trade zone, aiming to attract investments and enhance market competitiveness and efficiency. In particular, it rolled out a framework for the establishment of decentralized autonomous organizations (DAOs) and blockchain foundations. To establish a distributed ledger technology (DLT) foundation, founders are required to submit a signed Charter to the Registrar, affirming compliance with all relevant laws and financial obligations. Notably, ADGM's regulatory framework for DLT foundations has already yielded significant results, with the recent announcement of the Berlin-based IOTA Foundation unveiling a $100 million foundation in Abu Dhabi. This latest Solana Foundation collaboration is further evidence of the fruits of that framework. In addition to regulatory advancements, Abu Dhabi Global Market introduced a virtual platform in 2022 to connect individuals with virtual asset firms, consolidating its status as a crypto hub. This initiative has attracted several crypto firms to the UAE, drawn by the region's plans to establish itself as a leading crypto hub. Dubai, Abu Dhabi's neighboring emirate, has also witnessed a surge in crypto firms, buoyed by the proactive approach of Dubai’s Virtual Asset Regulatory Authority, which serves as a global model for regulator-industry collaboration.