Hybrid exchange Cube lists Access Protocol (ACS)

Korbit and SK Planet Team Up to Promote NFT Membership ProgramKorbit, one of South Korea’s prominent cryptocurrency exchanges, has teamed up with SK Planet, a technology affiliate of the major conglomerate SK Group, in an effort to attract new users to Road to Rich, a non-fungible token (NFT) membership program.Photo by Mo on UnsplashWin up to 0.1 BTCUnder this collaboration, Korbit users will have the opportunity to win up to 0.1 BTC by completing assigned tasks. From those participating, 511 fortunate individuals will be selected as winners. The breakdown of prizes is as follows: 500 participants will earn 0.001 BTC each as third place winners; 10 second place winners will receive 0.01 BTC each; and the single top winner will be awarded the grand prize of 0.1 BTC.Quests, rewards, and rabbit NFTsRoad to Rich was introduced earlier this month by OK Cashbag, a popular customer rewards system offered by SK Planet. Road to Rich offers users daily quests involving rabbit character NFTs. Successful completion of these tasks allows users to gain various benefits, such as OK Cashbag points, which can be used at hypermarkets, restaurant chains, and other partner businesses. To participate in Road to Rich, users need to install the UPTN Station, a decentralized wallet developed by SK Planet, which allows storage, retrieval, and transfer of NFTs.According to a report by local news outlet Newspim, Oh Se-jin, CEO of Korbit, expressed the crypto exchange’s excitement about participating in the expansion of SK Planet’s Web3 ecosystem. Oh said that Korbit is committed to collaborating with SK Planet to deliver more convenient and valuable services to customers in the Web3 space.

The Korea Insurance Institute (KII), an incorporated association that trains insurance professionals, has initiated a phased process to become South Korea's first institution to hold Bitcoin (BTC), while the national tax agency is moving to enlist private crypto custodians following a recent security breach, local media reported.Photo by Kanchanara on UnsplashThe non-profit KII has established a digital asset review committee to establish internal regulations for managing cryptocurrencies as institutional holdings, Yonhap Infomax reported. The move is designed to prepare for an upcoming legal framework governing Korean won-backed stablecoins. While retail crypto investment is legal in South Korea, corporate and institutional participation remains tightly restricted. However, the institute noted that KII could still acquire digital assets through an existing regulatory channel, as non-profit organizations are permitted to hold crypto wallets. The newly established committee will draft guidelines covering crypto operations, risk management, accounting and tax standards, and internal controls. Once the regulatory framework is in place, KII plans to spend its stablecoins to acquire BTC and Ethereum (ETH). Ha Tae-keung, president of KII, said the launch of the digital asset review committee could mark a new milestone for innovation in asset management within the finance and insurance industry. He added that the institute would seek to serve as a working model for a new financial system shaped by artificial intelligence and digital assets. Tax agency seeks custodians to manage cryptoIn parallel government developments, the National Tax Service (NTS) is pushing to select custody providers to manage confiscated digital assets as early as the first half of this year, according to a ZDNet Korea report.  The policy shift follows a security breach late last month, when confiscated cryptocurrency was stolen on two occasions after a mnemonic seed phrase was inadvertently disclosed in an NTS press release detailing on-site asset seizures from tax evaders. To prevent future breaches, an NTS task force launched earlier this month is developing comprehensive manuals for the confiscation, storage, and sale of digital assets. The group is also developing criteria for selecting custodians, including security standards, company size, and required insurance coverage under the Virtual Asset User Protection Act. A source familiar with the matter told ZDNet Korea that the NTS is assessing security standards and other key criteria ahead of selecting a custodian, adding that not all providers meet the strict requirements for government appointment. The NTS task force is also preparing to set up a dedicated digital assets division to oversee crypto issues, with final details to be determined in consultation with the Ministry of the Interior and Safety. 

Sygnum Bank, a digital asset bank based in Switzerland and Singapore, has conducted a survey which has identified that investors in Singapore are more interested in increasing their allocation to crypto than their international peers. The bank’s 2024 Future Finance survey states that while a global average of institutional investors of 47% plan to increase their exposure to crypto next year, in the case of Singapore-based institutional investors, 57% of them expressed the view that they would increase their crypto holdings in 2025.Photo by Precondo CA on UnsplashThe report states:  "Singapore investors exhibit a higher risk appetite and motivation to invest on average than respondents from other countries.” The annual survey, which was published on Nov. 14, collated insights garnered from more than 400 institutional and professional investors, distributed across 27 countries, with average investor experience of in excess of 10 years. 121 of the survey’s participants were based in Singapore, with the survey having been conducted during Q3 2024. Long-term confidenceSingaporean respondents suggested that they were confident in the long-term potential and outlook where cryptocurrencies are concerned. While the main reason for investing in crypto was to gain exposure to digital assets in line with a global trend (56%), 41% of respondents from the city-state cited portfolio diversification as their reason for investing in the emerging asset class.  75% of investors expressed the belief that regulatory clarity has improved recently. Growing confidence among institutional investors generally is likely to be developing due to increasing certainty relative to digital asset regulation. While Donald Trump had not been elected in the United States at the time that survey participants responded, it was looking increasingly likely that he would win the election.  That’s likely to have had a bearing on investor outlook, not just within the United States but internationally, given the implications in terms of positive regulation and an overall positive approach to crypto. 39% of Singaporean respondents cited yield-generation opportunities as their motivation in investing in digital assets. The recent advent of spot crypto exchange-traded funds (ETFs) stood out as another motivation for investors.  Breaking down specific areas of interest within the crypto sector, 71% of Singaporean respondents were interested in investment in layer-1 blockchain networks. Meanwhile, 56% expressed an interest in Web3 infrastructure investment options, with 41% showing an interest in layer-2 blockchain networks. Interest in asset tokenizationIn relation to tokenization, 47% of those surveyed in Singapore indicated an interest in tokenizing mutual funds and corporate bonds over and above other financial assets and products. When first proposed, real estate was considered the most obvious asset primed for tokenization but mutual funds and corporate bonds now appear to be gaining more traction. Asset tokenization has been garnering considerable attention in mainstream finance but especially so in Singapore. Local regulator, the Monetary Authority of Singapore, (MAS) has been running Project Guardian, a collaboration between MAS and the financial services industry with an emphasis on asset tokenization. The project recently brought in the German central bank, the World Bank, HSBC and markets infrastructure firm Euroclear as participants.