Hong Kong's Mox Bank launches crypto ETF trading

South Korean internet giant Naver has announced that it is monitoring and removing blog posts that promote unregistered virtual asset service providers (VASPs).Photo by Pixabay on PexelsUnregistered status makes promotions illegalAccording to Digital Asset, a Naver official said the practice reflects the fact that unregistered VASPs are subject to criminal penalties, meaning advertisements or promotional content related to them could potentially violate the law. This marks the first instance of Naver publicly confirming its stance on advertising for unregistered crypto platforms. The official noted that this measure had already been implemented before the financial regulator issued a press release in December warning of the illegality of such activities. In December, the Financial Intelligence Unit (FIU) of the Financial Services Commission (FSC) said that referral activities promoting unregistered VASPs through blogs and social media constitute an illegal crypto business. The regulatory clarification prompted influencers on platforms such as Telegram and YouTube to discontinue referral promotions related to these exchanges. Google Play to remove unregistered exchangesIn a parallel move, Google has revealed plans to cease support for unregistered crypto exchange apps on its Google Play Store. Google Korea said the decision was made voluntarily to align with its operational policy of complying with regulations in different jurisdictions. As a result, unregistered platforms will be removed from the Korean market in accordance with the FIU's regulatory rules. Beyond marketing restrictions, scrutiny of crypto exchanges is intensifying as the FSC moves to strengthen oversight. The regulator is reportedly devising a rule that would hold platforms liable for hacking incidents under a strict liability framework, meaning liability could be imposed even in the absence of negligence. According to MTN News, the financial authority is considering penalties of up to 10% of a platform’s revenue for such incidents. However, industry participants have argued that the proposed regulation is excessively harsh. One crypto industry source highlighted the disparity, pointing out that the potential 10% fine is more than three times higher than the maximum 3% penalty imposed on traditional fintech companies. Traditional finance eyes stablecoinsAmid this regulatory tightening, the traditional financial sector is positioning itself within the stablecoin segment. Banks are reportedly discussing whether to seek permission to offer yields on stablecoins, provided these fiat-pegged assets are issued by bank-led consortia. Citing industry sources, Electronic Times Internet reported that the Korea Federation of Banks (KFB) recently held a closed-door meeting with member institutions. The agenda focused on a coordinated response to upcoming regulations governing won-backed stablecoins, which form part of the second phase of South Korea’s digital asset legislation. Discussions included a review of the KFB’s ongoing research into won-backed stablecoins, commissioned to McKinsey & Company. The report, currently at its midpoint and scheduled for release in early February, will examine the feasibility of bank-led stablecoin issuance and explore potential use cases. This move is widely seen as an effort by the banking industry to secure customers and liquidity early on, while protecting its competitive advantage as a group of traditional lenders. The push by traditional financial institutions into stablecoin-related sectors is becoming increasingly concrete. According to another MTN News report, Shinhan Securities has formed a strategic partnership with Etherfuse, a tokenization platform that converts real-world assets (RWAs) into digital tokens. The partnership aims to collaborate on the issuance of "stablebonds" backed by government bonds. The planned issuance will use the ticker KTB, with Shinhan Securities acting as a brokerage responsible for securing and managing the underlying assets rather than serving as the issuer. Similarly, Hana Financial Group has established a stablecoin consortium including BNK Financial Group, iM Financial Group, Standard Chartered Bank Korea, and OK Savings Bank. According to local media outlet News1, the participants plan to raise funds to establish a special-purpose company that will later issue a stablecoin.These developments come as financial authorities move to use legislation to restrict early-stage stablecoin issuance to consortia in which banks hold at least a 50% stake plus one share, citing concerns over market stability.

The Department of Science and Technology-Advanced Science and Technology Institute (DOST-ASTI) in the Philippines has launched an initiative to educate the Southeast Asian country’s young people in relation to blockchain technology and non-fungible tokens (NFTs). The DOST published a blog article on its website on September 23 titled “Opening opportunities for the youth: DOST-ASTI highlights blockchain applications across various sectors.” It highlighted that technologies such as blockchain are “key forces reshaping how public and private institutions operate.” It’s on that basis that the government agency believes that there is a need to familiarize the country’s youth with blockchain technology, digital assets and NFTs. Photo by Choong Deng Xiang on UnsplashTech forum With that objective in mind, DOST-ASTI held a tech forum titled  “ASTIg Tech Talks Season 2: Blockchain for Young Innovators” on September 20 in Pasay City to fulfill that objective of aiding Filipino youngsters in becoming better acquainted with blockchain technology. The event formed part of the second National Youth Science, Technology and Innovation Festival (NYSTIF). In that effort, the agency is placing a focus on the real-world applications associated with blockchain technology, and with that, an emphasis on the fostering of this innovation going forward. DOST-ASTI placed blockchain in the same category as other emerging innovations such as the Internet of Things (IoT) and artificial intelligence (AI), pointing out that these are tangible innovations rather than hyped buzzwords. Job opportunities DOST-ASTI Senior Science Research Specialist Roxanne Aviñante spoke at the event, introducing the concept of blockchain to those participating students in attendance. Aviñante outlined that the emerging technology is building momentum and with that, increasingly there are job opportunities opening up within the sector. While acknowledging that blockchain’s first application was cryptocurrency, Aviñante pointed out that other use cases are being found. With that, she referred to “Self-Sovereign Identity Empowerment: Reinventing Rights and Attributes” (SIERRA), a blockchain-based system for managing intellectual property that is being developed by DOST-ASTI. Marc Jerome Tulali, a science research specialist at DOST, discussed the use of blockchain in voting systems and how it addresses deficiencies in traditional voting systems. Tulali claimed that blockchain can enhance traceability and transparency, as it provides a clear flow and record of product movement. Additionally, its characteristics make it ideal in addressing fraud and counterfeiting risks. Tulali recommended participating students to enroll in online educational courses in order to learn more about the field. He also provided details of four sample careers in blockchain, including blockchain developer, blockchain architect, NFT artist and blockchain researcher, as potential job opportunities for the students in the future. The Philippines has featured consistently within the top twenty of nations on Chainalysis’ Global Crypto Adoption Index in recent years. It has long been considered an ideal market for furthering crypto-based payments, given the large Filipino diaspora sending millions of dollars back home from overseas each year. With that remittance market in mind, Australian startup Stables Money recently partnered with Philippines-based digital assets platform Coins.ph to use a Philippine peso-based stablecoin for remittances.

SAND Token to be Listed on Japanese Crypto Exchange bitFlyerJapanese crypto exchange bitFlyer has recently announced its plans to list The Sandbox (SAND) on its trading platform, making it the 22nd crypto asset to be available on bitFlyer. Specific details are yet to be announced. This move reflects bitFlyer’s commitment to expanding its offering and providing customers with more investment options and opportunities in the realm of Web3.Photo by Shubham Dhage on UnsplashGlobal presenceFounded in 2014 with a mission to simplify the world through blockchain technology, bitFlyer has taken its crypto asset trading business to the global stage. Its expansion includes sister companies bitFlyer USA and bitFlyer Europe, which have allowed the exchange to extend its reach beyond Japan.Blockchain-powered metaverseThe Sandbox is a metaverse platform that harnesses the power of blockchain technology, empowering users to create and possess digital content using the platform’s tools. Moreover, The Sandbox features virtual land called LAND, which is regularly utilized by companies for hosting events and various other activities. At the heart of this ecosystem lies the SAND token, which enables users to trade user-generated content, participate in governance by voting, and engage in staking.Attention in East AsiaNotably, The Sandbox has been generating significant attention in East Asia. Last month, the metaverse platform initiated an event titled “Hallyu Rising,” collaborating with renowned Korean brand partners, including automaker Renault Korea. As part of this event, Renault Korea launched the Renault Korea Hub within The Sandbox’s environment. This hub gives car enthusiasts a unique chance to design their own vehicles and enjoy exclusive experiences. The event also included a land sale, offering users the chance to acquire LAND adjacent to the Korean brands, thereby encouraging more active user engagement.