Bgin Blockchain files for Nasdaq listing

Korbit and Shinhan Bank hold seminar to strengthen suspicious crypto transaction reportingKorbit, one of the top five cryptocurrency exchanges in South Korea, revealed on Monday (local time) that it conducted a seminar in collaboration with Shinhan Bank last month aimed at enhancing the effectiveness of suspicious transaction report (STR) filings.Photo by Nick Fewings on UnsplashEnhancing suspicious transaction reportingThe seminar held at Korbit’s premises was a collaborative forum where experts from both the exchange and Shinhan Bank exchanged insights and engaged in a question-and-answer session. The agenda covered areas such as the writing of STR reports, monitoring based on particular themes and the education of staff members. The gathering featured key participants, including Jin Chang-hwan, Compliance Officer of Korbit, and Yoo Jung-yeol, Head of the Digital Assets Team at Shinhan Bank as well as personnel from both organizations involved in anti-money laundering (AML) initiatives.Focus on complianceEarlier this year, Korbit and Shinhan Bank held a meeting to go over the Financial Intelligence Unit’s (FIU) comprehensive evaluation of virtual asset service providers (VASPs). This evaluation examined how well VASPs complied with the Travel Rule. Additionally, the meeting allowed both organizations to exchange ideas on how to enhance their compliance processes. In a move ahead of the industry, Korbit in September became the first Korean crypto exchange to adopt new rules for real-name bank accounts, a policy that will become mandatory in January of the following year.Oh Se-jin, Korbit’s CEO, highlighted the increasing significance of filing STRs, citing recent FIU data that showed VASPs submitted more STRs in the first three quarters of this year than in the entirety of last year. He affirmed Korbit’s dedication to establishing itself as a secure and reliable cryptocurrency exchange through ongoing collaborations with Shinhan Bank.Meanwhile, Korbit has managed to cut down the review period for STRs to a third of its previous duration. Additionally, the exchange verifies the effectiveness of its STR rules by performing monthly evaluations and seeking advice from external consultants.

Shanghai Embraces Blockchain, AI, and Digital Yuan with New GuidelinesIn a bid to stay at the forefront of technological advancements, the government of China’s largest and most populous city, Shanghai, has issued a set of guidelines aimed at promoting the widespread adoption of blockchain, the metaverse, and the digital yuan.Photo by Edward He on UnsplashIntegrating blockchain technologyThe objective of the measure is to further the use of these technologies across various industries within the city. Leading enterprises across a range of industry sectors, such as automotive, commodity trading, and e-commerce, are now required to look to incorporate these technologies into their operations.The guidelines, which were published last Tuesday, outline the government’s commitment to providing support for platforms that seek to enhance digitalization in production, operations, and management processes. Additionally, they emphasize the development of information technology services centered around big data, blockchain, the Internet of Things, artificial intelligence, and the mobile Internet.Bolstering commodity tradingA key focus for the government is the establishment of a robust internet system to bolster its local commodity trading service. This move is driven by a reliance on “the national financial factor market,” which aims to upgrade the over-the-counter derivatives platform for bulk commodities and strengthen the linkages between futures and cash.Furthermore, the guidelines pave the way for expanding e-commerce service platforms for industrial products, setting up a digital transformation service platform, and fostering the development and application of data resources.Shanghai’s status as China’s financial hub makes it an ideal testing ground for innovative technologies like blockchain and AI. However, China’s approach to cryptocurrency is more complex. It involves support for blockchain technology while at the same time applying strict measures against crypto trading and mining.Aligning with central government policyThe Chinese government’s support for blockchain technology stems from its recognition of blockchain as the underlying foundation of cryptocurrencies. Judging by the blockchain initiatives forwarded by the central government and regional Chinese administrations in recent months, it’s clear that China is keen to develop leadership in the use of blockchain across various sectors. It takes a different view, however, when it comes to projects related to decentralized cryptocurrencies and crypto trading.In recent years, China has cracked down on cryptocurrency activities. In 2013, the government banned initial coin offerings (ICOs), a fundraising method used for cryptocurrency projects. Subsequently, cryptocurrency exchanges were banned in 2017, followed by a prohibition on cryptocurrency mining in 2021.Several factors contribute to the Chinese government’s cautious approach to cryptocurrency. One major concern is financial stability, as crypto can be exploited for illicit activities like money laundering. According to a recent report, Chinese authorities are redoubling their efforts in pushing back against the use of crypto as they’re finding that it is being used to exploit capital control loopholes.These recent guidelines from Shanghai’s administrators aim to capitalize on the transformative potential of emerging technologies while ensuring prudent regulation and control over cryptocurrency-related activities in line with current central government policy emanating from Beijing.

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.