Korea’s Bithumb joins forces with Interpol to fight crypto crime

Mammoth Foundation signs deal with the Philippines’ AFAB for blockchain business collaborationThe Mammoth Foundation, a blockchain research and development company, announced on Thursday that it has signed a memorandum of understanding (MOU) with the Authority of the Freeport Area of Bataan (AFAB) of the Philippines to establish business partnerships in the blockchain field. Under this agreement, the Mammoth Foundation intends to bring its blockchain technology to the Philippines as a part of efforts to expand its global business.Photo by Sean Yoro on UnsplashFostering innovation in the PhilippinesAFAB is a free economic zone in the Philippines dedicated to pushing development, economic growth and sustainability through creating jobs and establishing technologically-relevant infrastructure systems. In particular, it is focusing on the adoption of cutting-edge technologies such as blockchain, artificial intelligence (AI) and fintech. As one of the oldest free economic zones in Asia, companies residing in the zone are granted preferential measures such as tax exemptions and special visas. Firms that operate innovative businesses can also receive licenses to support the development of the global IT industry — the Mammoth Foundation being one of these.Global expansion and daily engagementHeadquartered in Singapore with offices in the United Kingdom and several Asian countries, the Mammoth Foundation offers dApps in a range of fields such as healthcare, e-commerce, entertainment and gaming through its mainnet Giant Mammoth Chain (GMMT). GMMT is built on the BNB Chain Application Sidechain and is fully compatible with the Ethereum virtual machine (EVM).Participants in GMMT can acquire token rewards through Play-to-Earn (P2E) and Life-to-Earn (L2E) mechanisms by participating in everyday activities and hobbies like walking, shopping, gaming and reading comics. These tokens can then be used within the Mammoth ecosystem.“The Philippines’ market for advanced technologies such as AI and blockchain is expected to grow in the future,” said John Baek, Chairman of the Mammoth Foundation. “We will strive to expand GMMT globally.”

Hana Bank Teams Up with Content Distributor Danal Ent to Establish Security Token EcosystemHana Bank and Hana Securities, affiliates of South Korea’s renowned Hana Financial Group, have recently entered into a business agreement with content distributor Danal Entertainment as reported by local news outlet Newsis. The purpose of this collaboration is to establish a security token ecosystem centered around content and explore mutually beneficial business prospects.Photo by Shubham Dhage on UnsplashIP-backed security tokensUnder this agreement, their security token ecosystem will leverage Danal Entertainment’s diverse intellectual properties (IPs) associated with music, movies, goods, and concerts. Through the tokenization of copyrights, patents, and trademarks, the collaborative group aims to introduce cutting-edge digital financial services that provide convenient and user-friendly means of purchasing and managing a wide range of tangible and intangible assets.Legislative push in parliamentTheir collaboration aligns with the ongoing efforts within the Korean financial authority and political circles to promote security token legislation. It was reported earlier that proposed amendments to the Electronic Securities Act and the Capital Markets Act, which aim to legalize security tokens, will be submitted to the National Assembly later this month.Choi Won-young, the Managing Director of the Digital Division at Hana Securities, emphasized that this partnership seeks to establish a successful security token business model within the content and entertainment sector. Furthermore, he expressed the company’s commitment to delivering innovative digital financial services that utilize content-based security tokens, thereby creating new experiences and value for customers.Lim Yoo-yup, the CEO of Danal Entertainment, highlighted their aspiration to revolutionize the Korean content industry by streamlining the process of content creation and consumption. The expectation is to introduce a new paradigm in the industry by making it easier for users to engage with content.Danal’s setback and resilienceMeanwhile, Danal Entertainment’s parent company, Danal, reported a net loss in the first quarter of this year, primarily attributed to the decline in the value of Paycoin (PCI). PCI is the native token of PayProtocol, Danal’s crypto payment platform. The loss was largely a result of PCI’s delisting from the member exchanges of the Digital Asset eXchange Alliance (DAXA). DAXA consists of the nation’s five largest crypto trading platforms: Upbit, Bithumb, Coinone, Korbit, and Gopax.Despite this setback, Paycoin (PCI) has managed to secure trading support from cryptocurrency exchanges Huobi, OKX, Bitget, and GDAC. Furthermore, Danal is taking measures to remedy the situation. They are focusing on providing major cryptocurrency payment solutions and wallet services within the Korean market, seeking listings on foreign crypto exchanges, and expanding their presence in global markets.Hana’s blockchain initiativesIn a separate development, the Hana Financial Group has recently been actively promoting businesses utilizing blockchain technology. Earlier this month, Hana Bank joined forces with Korean blockchain firm Trackchain to develop and operate a platform that facilitates art banking services based on Web3 technology. These services involve the exhibition, advertisement, and distribution of artworks.

Real-world asset (RWA) tokenization, the conversion of tangible assets into digital tokens on a blockchain, is gaining momentum in the United Arab Emirates (UAE), according to a number of industry professionals working in the sector.Photo by ZQ Lee on Unsplash‘No lack of demand’Scott Thiel, founder and CEO of Dubai-based RWA token marketplace Tokinvest, recently outlined to Cointelegraph that the company is experiencing “no lack of demand” for tokenized RWAs. Thiel believes that demand is coming from real estate developers and large property owners who “want to explore how they can use this as an alternate means of financing or selling their property.” The Tokinvest CEO explained that a booming property market in the UAE,  particularly in Dubai, is contributing towards RWA tokenization demand in the country. He stated: “What’s the hottest real estate market in the world? Well, I think today it’s probably Dubai, and so, everyone would like to own a piece of this or to get access to the economic benefits of being a participant in that marketplace.” RWA tokenization dealsLast year, Liv Digital Bank, a subsidiary of Emirates NBD, the second largest bank in the UAE, signed a deal with RWA tokenization firm Ctrl Alt. At the time, Ctrl Alt CEO Matt Ong pointed to a Boston Consulting Group report that forecast a $16 trillion business opportunity with regard to the tokenization of global illiquid assets by 2030. In January, MANTRA, a layer-1 blockchain project that focuses on RWA tokenization, inked a $1 billion deal with Damac Group, an Emirati property development company. The objective of the partnership is to bring transparency, security and access to Damac’s assets using blockchain. Last month, MANTRA was awarded a Virtual Asset Service Provider (VASP) license by Dubai regulator, the Virtual Assets Regulatory Authority (VARA). MANTRA Co-founder and CEO John Patrick Mullin described the license award as “a validation of our purpose, which is to provide developers and institutions with a purpose-built RWA Layer 1 Blockchain, that’s capable of adhering to real world regulatory requirements.” Proactive regulationIt is with regard to regulation that many in the industry feel that the UAE is gaining the upper hand where RWA tokenization is concerned. Tokeninvest’s Thiel provided input into the formulation of VARA’s regulatory framework back in 2022. He said that the authorities there have taken a proactive approach to digital asset regulation, with a genuine desire to provide regulatory clarity. The Tokinvest CEO was sufficiently impressed by the regulatory approach in the UAE to relocate the company there. Back in January, VARA awarded the company a trading license for its tokenized RWA marketplace. Commenting following the announcement of the Damac deal, MANTRA’s Mullin complimented the UAE authorities on their business-friendly approach: “The UAE has shown time and again that they can lead the crypto industry in innovation.”  In a series of posts on X recently, Julian Kwan, CEO and founder of IXS, a Singapore-based institutional bridge for tokenized RWAs, cited the Damac tokenized real estate deal while asserting that tokenized “RWAs are no longer a concept — they are an unstoppable financial movement.”