Shares in Moon Inc. surge following 1 BTC purchase

SK Geo Centric Launches Korea’s First Blockchain-Based Plastic Recycling PlatformSK Geo Centric, a chemical affiliate of South Korea’s second largest conglomerate SK Group, has announced today the launch of the country’s first blockchain-based plastic recycling platform. This endeavor aims to ensure the safe and widespread use of recycled plastics by customers.Photo by mali maeder on PexelsAddressing environmental pollutionPlastic recycling has emerged as a promising solution to address environmental pollution. However, concerns have been raised about the source and safety of collected plastic waste. Recognizing the demand from customer manufacturers who utilize recycled plastic, SK Geo Centric developed the new platform to provide more comprehensive information than what is required by the International Sustainability and Carbon Certification (ISCC) PLUS, which the company previously obtained.The ISCC PLUS certification is a voluntary program designed for circular products, including chemicals and plastics, derived from using renewable energy sources. It is administered by ISCC, an independent multi-stakeholder initiative based in Germany. While adhering to the same certification standards as ISCC EU, ISCC PLUS allows for customization to meet the requirements of other markets.Blockchain techSK Geo Centric’s innovative platform utilizes blockchain technology to record and store every step of the plastic recycling process, ensuring transparency and traceability. Intermediate producers and end-users can access the complete history of recycled plastic by scanning the QR code on the product. Information such as the types, sources, and proportions of plastic waste used in a product, as well as the quality of materials, will be readily available.The history records will be stored in the form of non-fungible tokens (NFTs), providing proof of authenticity for the product. This information can be shared via email among the relevant parties. Manufacturers can now demonstrate to their customers the specific recycled materials used in their products.Market growth and efficient distributionSK Geo Centric believes that the systematic management of history records will enhance the credibility of the plastic recycling market, leading to its growth. Transparent records of high-quality and safe plastic waste will facilitate trading. Furthermore, real-time information on the recycled plastic market will enable efficient distribution within the industry.Recycling facilityIn addition to the platform, SK Geo Centric plans to establish the Advanced Recycle Cluster in Ulsan, a city in southern Korea, later this year. The presence of this plastic recycling facility is expected to expand the scale of the recycling market and attract more participants.Na Kyung-soo, CEO of SK Geo Centric, highlighted the importance of trust among market participants in fostering the development of the recycled plastic sector. The company is committed to improving its platform to earn the trust of its customers.

In the first quarter of this year, South Korea witnessed a significant surge in cryptocurrency trading volume, with transactions worth $456 billion conducted in South Korean won on centralized crypto exchanges, according to data from Kaiko. This surge has propelled the South Korean won to the forefront as the most-used currency for crypto trading, surpassing the U.S. dollar during the same period. Photo by Sesinando on PexelsCrypto over stock marketThe country, amidst this soaring demand for cryptocurrencies, is preparing to implement regulations aimed at safeguarding investors. South Korea's cryptocurrency market, renowned for its activity, briefly outpaced the country's stock market during the recent crypto bull run in March.  The local market is predominantly dominated by five fully licensed exchanges, with Upbit leading the pack, accounting for over 80% of the market share on most days, as highlighted by Kaiko. Other major global exchanges like Crypto.com and Binance are also eyeing entry into the South Korean market, with Crypto.com launching its retail trading platform in the country on April 29 and Binance acquiring a significant stake in Gopax in 2023. Growing regulatory frameworkDespite regulatory efforts to fortify investor protection, including the enactment of the Virtual Asset User Protection Act in July 2023, South Korea continues to work on further regulatory frameworks. The legislation aims to curb illicit activities in the crypto market and mandates safeguards for user funds, including storing over 80% of deposits in cold storage and enrollment in insurance programs to mitigate potential security breaches. Additionally, efforts are underway to standardize crypto token issuance and enhance information disclosure for investors through the development of a second part of the User Protection Act.

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.