DWF Labs switches headquarters from Singapore to Abu Dhabi

Speaking at the World Economic Forum in Davos, Hong Kong Financial Secretary Paul Chan Mo-po said digital assets should support the real economy, but only within a framework of strong safeguards to protect financial stability, market integrity, and investors.Photo by Ruslan Bardash on UnsplashAccording to the South China Morning Post, Chan addressed a closed-door workshop on Jan. 20, where he highlighted the advantages of digital assets, including greater transparency, improved risk management, and more efficient capital movement. Reviewing milestones in the city’s crypto sector, Chan said that since 2023, Hong Kong has issued three tranches of tokenized green bonds worth a combined $2.1 billion. He also pointed to a Hong Kong Monetary Authority pilot launched last November that enables real-value transactions using tokenized deposits and digital assets. Chan added that the city’s stablecoin licensing regime is progressing, with the first licenses expected in the first quarter. Same risks, same regulationsWhile emphasizing the necessity of financial innovation, Chan highlighted Hong Kong’s regulatory philosophy, which dictates that identical activities posing identical risks must be subject to identical regulations. He explained that this approach is designed to promote healthy, responsible, and sustainable sector development, reiterating that protective measures against financial instability remain mandatory. As Hong Kong officials continue to promote the city’s digital asset push on the international stage, a local industry body has cautioned that proposed licensing frameworks for crypto trading, advisory, and management services may have unintended consequences if rolled out without transitional measures. Industry group calls for grace periodAccording to Cointelegraph, the Hong Kong Securities & Futures Professionals Association (HKSFPA) said in a submission to regulators that existing market participants could be compelled to halt operations under the new rules unless a grace period is provided. The association called for a transitional deeming arrangement of six to 12 months for firms that file licence applications before the regulations formally take effect. No definitive start date has been set for the planned virtual asset regulatory regimes, which remain under consultation. Two days before issuing those comments, the HKSFPA had cautioned that the planned introduction of the Organisation for Economic Co-operation and Development’s (OECD) Crypto Asset Reporting Framework (CARF) and related Common Reporting Standard (CRS) amendments could create new operational and legal risks for local firms. The group said it supported the policy direction in principle but warned that uncapped per-account penalties and open-ended director liability could raise compliance risks, urging regulators to introduce clear caps and legal safeguards. The association also called for lighter requirements for entities with no reportable activity, the development of data file preparation tools from both the industry and the Inland Revenue Department (IRD), and the ability to transfer record-keeping responsibilities to third parties upon dissolution. Elsewhere in the region, Japan implemented the CARF on Jan. 1, 2026. Users of Japanese exchanges must now declare tax residence, while operators are required to submit transaction data—including trading volumes and asset breakdowns—to tax authorities by April 30 of the following year. Data regarding non-resident users is expected to be shared with foreign authorities under international agreements. Other jurisdictions are following suit, with India planning to adopt the framework by 2027. 

Tokenpost, a South Korean media outlet covering news on blockchain and crypto, launched the open beta version of its Web3 news polling service jointly developed with PUNKPOLL – a voting and polling platform based on the MINA protocol – that provides random surveys based on daily news for readers to participate in.Photo by Element5 Digital on UnsplashProviding the backbone for digital democracyThe polling service utilizes MINA's zero-knowledge blockchain (zkBlockchain) technology to protect personal information and operate an independent news polling system free from centralized management. It aims to realize the core values of direct democracy in the digital realm by enabling readers to express their opinions through polls. Users’ identities are verified through PUNKPOLL’s Social Graph Authentication, a decentralized method where multiple users mutually verify each other’s identities. The service is most easily accessible through the KakaoTalk messaging app. Readers who participate in the survey will be rewarded with Tokenpost Tickets and PUNK tokens. Tokenpost Tickets can be used to enter prize sweepstakes via the Ticket Store, and PUNK tokens can be exchanged for MINA tokens at a 1:1 ratio starting from a minimum of 5 PUNK tokens.  This collaboration between Tokenpost, PUNKPOLL and MINA Protocol is expected to be an important step in introducing a new model of direct democracy for the digital age. About Tokenpost and PUNKPOLLTokenpost was founded in February 2017 as the first blockchain-focused media outlet in South Korea. It has been providing key information on the blockchain and cryptocurrency market. In 2018, it was the first media enterprise in the world to introduce a news platform that offers user rewards, and in 2019, it preemptively released a system for blockchain notarization of news articles, leading the way in utilizing Web3 technology in the media industry. PUNKPOLL is known for its secure and transparent decentralized voting platform that leverages distributed technology and the MINA protocol, allowing users to participate anonymously and reap the benefits of direct democracy. The company aims to resolve the problems of the existing voting system in an innovative way.

Busan City Houses Two Foreign Financial Firms on the Road to Becoming Blockchain, Fintech HubThe city of Busan said Monday that it has chosen two financial companies, UIB Korea and Lina One, as the new occupants of Decacorn-Space — an office space on the 63rd floor of the Busan International Finance Center (BIFC) — in an effort to position the southern port as the nation’s blockchain and fintech hub.Busan has been running an open call for foreign financial institutions to move into the recently renovated space since June. After a rigorous two-step evaluation process, UIB Korea and Lina One were selected, the city said.This comes as part of Busan’s efforts to further develop the BIFC and become a major financial powerhouse in Korea.“We have been relocating public financial institutions, fostering financial experts, and exploring new growth drivers such as fintech, blockchain, and digital innovation,” the city’s mayor Park Heong-joon explained.Photo by Minku Kang on UnsplashAbout UIB Korea and Lina OneUIB Korea, or UIB Insurance Brokers, is the Korean branch of UK-based UIB Group — a global insurance broker that offers risk management advisory services. In particular, the firm is set to work with other domestic companies such as DB Insurance and Meritz Fire & Marine Insurance to establish a consortium for providing insurance products and consulting services.Meanwhile, Lina One is the Korean branch of Chubb Group, the world’s largest publicly traded property and casualty insurance company. One of the firm’s major goals is to promote the insurance information technology market in Busan.Notably, both companies aim to leverage their digital capabilities, experience, and competitiveness to achieve similar goals, which include digitizing insurance for various partners, ranging from maritime and industrial companies to regional banks, fintech companies, and individuals. In turn, their efforts are expected to expand Busan’s network with the larger global financial community and present the city as an ideal spot for international conferences.On the road to becoming a financial hubDespite considerable challenges such as the withdrawal of foreign financial institutions from Korea and the impact of COVID-19 on international travel, the city has continuously made efforts in collaboration with the Busan Finance Center to attract international financial institutions through events like investor relations meetings and local networking activities.To support the successful landing of these companies in Busan, the city will also offer one-stop services such as business model development support and residential settlement consultations.Once settled, UIB Korea and Lina One are expected to generate significant synergy with partner firms such as local financial holding company BNK Financial Group during the third phase of the development of the BIFC whose objective is to house innovative financial workspace by 2025.“It is crucial for us to attract more competent domestic and foreign financial institutions that will have a great impact on the city’s financial economy,” Mayor Park emphasized.