OKX launches in UAE with full operating license

Korea Information Certificate Authority Dives into NFT Domain with New Platform LaunchKorea Information Certificate Authority (KICA), a South Korean certification service provider, has recently ventured into the NFT domain through its new platform, Web3id.kr.Photo by Choong Deng Xiang on UnsplashNFT domainsNFT domains function as user-friendly addresses that simplify the cumbersome 42-character cryptocurrency wallet address. As part of this new initiative, KICA partnered with the Web3 identity platform, Unstoppable Domains, in February to facilitate the creation of NFT domains specifically for the South Korean market.An official from KICA emphasized the versatility of NFT domains, noting that a single domain can act as a distinctive username across various dApp platforms. To celebrate the debut of Web3id.kr, KICA is conducting a promotional event between August 17 and September 16. At the end of this event, 100 lucky participants, chosen randomly from those who promote Web3id on their social media accounts, will be awarded credits. These credits can then be redeemed at Unstoppable Domains for an NFT domain.From Web2 to Web3KICA, with its 24-year legacy, has been a frontrunner in offering Web2 authentication services such as public key infrastructure (PKI) and biometric solutions, emphasizing its prominence in the Know Your Customer (KYC) authentication sector. The firm is currently ramping up its efforts to stay ahead in the evolving Web3 space. A testament to this is its recent acquisition in August of Digitalzone, a digital certificate solution provider that holds a market share of over 50% in the domestic certificate sector for universities and hospitals.

Academia, Industry Collaborate on Crypto Accounting Research in KoreaThe Korean Accounting Association (KAA) and Samil PwC, the South Korean member firm of global accounting company PwC, have joined forces to conduct collaborative research on accounting for cryptocurrency assets, according to a report by local news outlet Maeil Business Newspaper.Photo by Pixabay on PexelsCollaborative effortsUnder this newly formed partnership, the KAA’s crypto asset committee will work closely with Samil PwC to explore a wide range of crypto assets, facilitate the development of financial statements pertaining to these assets for businesses, and implement accounting policies that align with the characteristics of cryptocurrencies.Leading the crypto asset committee is Roh Hee-chun from Soongsil University, while Partner Lee Jae-hyeok from Samil PwC will participate in the study. Until 2028, this collaboration is poised to yield insights and findings on crypto asset accounting.First seminarThe committee is set to hold its first seminar on June 27, serving as a platform for knowledge exchange and fostering deeper understanding among industry professionals. Furthermore, the accountants involved anticipate publishing a paper in an academic journal next year.PwC’s Assurance Leader Oh Kee-won emphasized the accounting firm’s commitment to leveraging its extensive resources in order to produce outcomes that positively impact society.Meanwhile, KAA President-elect Kim Gap-soon highlighted the relative novelty of crypto asset accounting, acknowledging that there is much ground to be covered. The association aims to establish a solid foundation that offers optimal guidance in the field of crypto asset accounting.

Bithumb celebrates 10th anniversary with a commitment to changeBithumb, South Korea’s major fiat-to-cryptocurrency exchange, celebrated its 10th anniversary on Wednesday (local time), as per a report by local news agency Newsis.Photo by Adi Goldstein on UnsplashFoundation for the marginalizedTo celebrate this occasion, the platform has set up a foundation with a budget of KRW 10 billion (approximately $7.6 million). The foundation is dedicated to addressing the challenges faced by marginalized individuals in the community.Bithumb has also introduced a new slogan, “Deep change for customers,” reflecting the exchange’s commitment to transformation, its top core value.Demonstrating such efforts, the platform has implemented a zero-trading fee policy for all supported cryptocurrencies since October. This policy will remain in effect until further notice. In response to this competitive move, other players in the market followed suit. Later in the same month, Korbit introduced fee-free trading for all types of tokens, and Gopax removed trading fees for four major cryptocurrencies: BTC, ETH, XRP and USDC.IPO planned in 2025Furthermore, Bithumb is striving to go public on the Korean stock market, a move partly driven by criticisms of inadequate governance transparency. The virtual asset service provider aims to conduct an initial public offering (IPO) in the second half of 2025. Through this IPO, Bithumb intends to demonstrate its corporate transparency and strengthen its position as a trustworthy exchange.Identifying and fostering young entrepreneurs is another initiative Bithumb is spearheading. The crypto exchange is processing applications from aspiring business owners for its support program. These applicants will be assessed based on their creativity and the feasibility of their business models without any restriction on the type of business area they are involved in. For this purpose, Bithumb has allocated KRW 30 billion to support startups that have been operational for less than three years.User engagement eventsA customer engagement event called the “10 Bitcoin 1/N challenge” is also underway for Bithumb users. Participants in this event will have the opportunity to equally share a total of 10 BTC. To join, customers need to send the message “Happy 10th birthday, Bithumb” to Bithumb’s KakaoTalk channel. Upon successfully sending this message, customers will receive a coupon code. After receiving a coupon code, they must apply it on the Bithumb app. The distribution of rewards is set for Dec. 11.In addition, Bithumb is set to airdrop cryptocurrencies worth up to KRW 1 million to users who have been inactive for an extended period. To participate, these users simply need to log into the Bithumb app and enter the MISS-YOU coupon code. This promotional event will last from Dec. 6 to 12, with the airdrop occurring on Dec. 18.Lee Jae-won, CEO of Bithumb, remarked that Bithumb’s 10-year journey mirrors the rapid growth and evolution of the cryptocurrency market. He emphasized that the exchange believes growth stems from embracing new challenges and transformative efforts. Lee added that Bithumb is determined to implement authentic changes to better serve its customers.