HKMA incentivizes tokenization in Hong Kong

Bithumb META Offers Metaverse Fashion Experience at Preview in Seoul 2023Bithumb META, the metaverse subsidiary of leading South Korean cryptocurrency exchange Bithumb, is participating in the 24th annual Preview in Seoul 2023, Korea’s largest international textile fair organized by the Korea Federation of Textile Industries. The company is using its metaverse, Naemo World, to present the integration of fashion into the metaverse and vice versa.Photo by Amanda Vick on UnsplashFashion’s future unveiledUnder the theme of “Dramatic Core,” this year’s Preview in Seoul is the largest to date with 746 booths from 14 countries participating. Participants are responsible for showcasing materials, textiles, and machinery that represent a future of elevated value.In particular, the digital fashion zone features prominent tech companies from both Korea and abroad and showcases the future of the textile fashion industry’s expansion into the metaverse. Visitors can experience firsthand fashion in the metaverse through artificial intelligence (AI) and augmented reality (AR) technologies.Envisioning fashion in the metaverseTo shed light on the future of digital fashion commerce, Bithumb META created a setup where visitors can dive into Naemo World to virtually replicate real-world environments and items — such as clothing made of high-quality garments — through digital twin technology.Attendees can customize their avatars and explore the brand halls of fashion brand Hazzys and athletic gear brand HEAD in Naemo World. They will also be led through a realistic shopping experience within the metaverse — this includes the entire process, from trying on clothing pieces featured in the brands’ 2023 fall/winter season collections to ordering and purchasing products and getting them delivered in the real world.“At this year’s Preview in Seoul, Bithumb META unveiled some of the blueprints for the future of Naemo World’s integration with real-world products and services,” said Bithumb META CEO Cho Hyun-sik.He added that the company would continue to expand and develop Naemo World’s ecosystem to be used for various purposes.Bithumb META also contributed to the planning and development of an ultra-realistic, three-dimensional showroom using Unreal Engine 5, a real-time 3D creation tool developed by Epic Games.Preview in Seoul 2023 is currently being held at Starfield COEX Mall in southern Seoul until Friday.

Amberdata Expands into Asia-Pacific with New Hong Kong OfficeAmberdata, a provider of digital asset data and analytics for institutional customers, is making significant strides in expanding its presence with the announcement of a new office in Hong Kong, marking its entry into the Asia-Pacific (APAC) region.Photo by Pixabay on PexelsMarket data offeringThe company published a press release on Tuesday, providing details on the milestone. The strategically positioned Hong Kong office will provide local sales and support to APAC customers, granting them access to Amberdata’s suite of products. These offerings include extensive on-chain, DeFi, spot, and derivatives market data, along with valuable market intelligence.Tongtong Gong, the COO and Co-Founder of Amberdata of the US-based firm, will spearhead the company’s operations in the region. Gong, expressing her excitement about returning to her home country, shared her aspirations to contribute to the growth of Amberdata’s presence in Asia.She highlighted the burgeoning development of Web3 in Hong Kong, which benefits from a clear regulatory environment and strong government support, making it an exceptional location for the new office.Industry trends eastwardsThe expansion into APAC by Amberdata aligns with the global trend of accelerating institutional adoption of cryptocurrencies and digital assets. By addressing the increasing demand for institutional-grade data infrastructure and analytics, Amberdata is positioned to serve as a crucial partner to financial institutions.The company’s foray into APAC is yet another demonstration of a trend among US-based digital assets companies to establish themselves in the east, where the regulatory environment is developing in a much more progressive, forward thinking way by comparison with the United States.Shawn Douglass, the CEO of Amberdata, said that the move was with a view towards expanding its presence in Asia, “to deliver the highest quality digital asset data and analytics to institutional investors in the region.”Hong Kong’s crypto credentialsHe emphasized the growing prominence of Hong Kong as one of Asia’s leading crypto hubs and highlighted the city’s suitability as the location for their new office. The establishment of a local office enables the company to effect a more direct sales and support pipeline to both new and existing customers within APAC.Amberdata holds a paramount position as the leading provider of digital asset data. Their comprehensive insights into blockchain networks, crypto markets, and decentralized finance seek to empower financial institutions with invaluable data for research, trading, risk assessment, analytics, reporting, and compliance.Also on Tuesday, the company added new product features. Taking to Twitter, Amberdata outlined the addition of derivatives data relative to a well-known trading and futures options platform, the Chicago Mercantile Exchange (CME). Service users are also now being given complete visibility on externally owned accounts and wallets within lending and borrowing protocols.As financial institutions increasingly enter the digital asset class and participate in digital asset markets, Amberdata’s robust infrastructure is being positioned as a vital component, enabling them to make informed decisions and navigate the dynamic landscape effectively.

KakaoBank to Conduct Routine Due Diligence on Crypto Exchange CoinoneKakaoBank, one of South Korea’s Internet-only banks, is set to conduct a routine due diligence examination on cryptocurrency exchange Coinone from May 8 to 9, according to crypto media Digital Asset.Photo by Markus Winkler on UnsplashThe mobile bank told Digital Asset that the forthcoming due diligence is unrelated to either the alleged illicit token listings involving former Coinone employees or the exchange’s sole relisting of the WEMIX token in February, which had been delisted from major Korean crypto exchanges due to questionable information about the token’s circulating supply.In Korea, crypto trading platforms supporting Korean won trading are legally obligated to obtain real-name bank accounts from a bank. Last August, KakaoBank signed a one-year contract with Coinone to provide such accounts to the exchange, and the bank will need to decide whether it will extend the contract before August this year.A Coinone official said that the exchange has not undergone any routine due diligence checks from KakaoBank since the contract was signed last year.The upcoming examination is expected to address concerns stemming from rumors that KakaoBank might reconsider its contract with Coinone in light of the bribery scandal that involved two former Coinone personnel and two brokers.