HashKey & Bosera launch world’s first tokenized money market ETFs

Klaytn and Incheon City’s NFT Project Set to Bring Blockchain to the PublicThe Klaytn Foundation, a non-profit organization backed by South Korean messaging giant Kakao, announced Tuesday (local time) a new collaboration with the city of Incheon to launch the Incheon Universe NFT project on the Klaytn blockchain.Photo by joon young, Park on PexelsNFTs representing seals and lighthousesSet to be issued on Wednesday, these non-fungible tokens (NFTs) are based on Incheon Heroes characters, which draw inspiration from seals, one of the country’s endangered species, and lighthouses, seen as guardians of the sea. The Incheon Universe NFT project will harness the online metaverse and decentralized autonomous organizations (DAOs) to create a space where residents can connect, sharing their preferences and values. Additionally, the project seeks to enhance the pride of those living in Incheon.The Incheon Universe NFT project is set to kick off on October 25, marking the inaugural minting of Incheon Heroes NFTs on the Klaytn blockchain. These NFTs will also serve as membership passes. For this initiative, the Klaytn Foundation has been offering technical assistance and advice.Fee delegation featureThe foundation and Incheon City plan to leverage the fee delegation feature to remove the burden of a small transaction fee typically associated with NFT minting. This move is intended to lower the entry barrier for individuals unfamiliar with participating in blockchain projects. Incheon is also orchestrating in-person events catered to NFT holders. The city is also in discussions with the Klaytn Foundation, mobile carrier LG Uplus, media commerce entity Lotte Homeshopping, marketing solutions provider Daehong Communications, and others for more collaborative endeavors.Commenting on the collaboration, Lee Se-woong, Brand Manager of Incheon City, emphasized how both parties benefit from the partnership. While the Klaytn Foundation has been at the forefront of collaborations in the global blockchain scene, leading various projects, Incheon is positioning itself for new initiatives in the Web3 era. Lee sees this partnership as a major boost for the city.Seo Sang-min, the Klaytn Foundation’s Representative Director, mentioned that the foundation is committed to working closely with the city to ensure the success of the Incheon Universe NFT project as a city-driven blockchain initiative. He emphasized that Klaytn aims to help more people experience firsthand the benefits of Web3 technology.Incheon has been at the forefront of driving blockchain initiatives. Among its recent undertakings is the Global Blockchain Incheon Conference (GBIC 2023), which is slated for October 30 to 31. The event will highlight presentations from renowned speakers representing blockchain entities like Polygon Labs, Crypto.com, and the Astar Foundation.

Thailand’s capital markets supervisory agency, the Securities and Exchange Commission (SEC), is preparing to launch a trading system, built on distributed ledger technology (DLT), to enable securities firms to trade tokenized securities.Photo by allPhoto Bangkok on PexelsTokenized investments gaining tractionThat’s according to a report published on Feb. 3 by Bangkok-based English language newspaper, the Bangkok Post. Jomkwan Kongsakul, deputy secretary-general of Thailand’s SEC, said that tokenized investments are gaining traction. With that, the development will give the regulator experience in supervision of the latest digital-era markets. The move is also seen as an indication to securities firms of the acceptability of DLT-based tokenized trading from a regulatory perspective in Thailand. The regulator plans to sign off on permitting securities firms to trade digital tokens, bootstrapping digital token trading through accessing the large investor bases of these firms. Commenting on the initiative, Jomkwan Kongsakul stated: “The SEC is leveraging technology to enhance efficiency in the capital market by promoting an electronic securities ecosystem,” while “new regulations will be launched to facilitate the issuance of electronic securities and online purchases of debentures.” Debentures are unsecured debt instruments issued by companies to raise funds. Efficient primary & secondary market tradingThe proposed system will incorporate primary and secondary market trading of fully digitized bonds. Other features will include investor registration and multiple blockchain support with the inclusion of blockchain interoperability capabilities. It is as yet unclear which blockchains the platform will be built around. Speaking on that topic, the SEC executive stated: “In the future, there may be multiple chains for trade. Trading through DLT on all systems is connected by a shared ledger, which is expected to be completed soon.” In its preparations to launch the system, the Thai SEC has approved four digital token projects thus far. Two more projects are understood to be at the review stage. The focus is being placed on green tokens and investment-based projects. The regulator believes that through tokenization, greater efficiency and liquidity can be achieved. There’s a delay of between seven and 14 days before bonds, which have been bought on the primary market, can be traded on a secondary market. Tokenization can help to resolve this issue.  Furthermore, where bonds are too expensive for investors or too illiquid, tokenization can help in both cases, broadening access to the range of products available to the investing public. In addition to this latest news, a number of positive signs have arisen from Thailand with respect to digital assets in recent weeks. It emerged last month that the SEC is considering approving spot Bitcoin exchange-traded funds (ETFs) within the Southeast Asian nation.  Related to that development, SEC Secretary-General Pornanong Budsaratragoon said that the agency has “to adapt and ensure that our investors have more options in crypto assets with proper protection.” Last month, comments made regarding cryptocurrency by Thailand’s former Prime Minister, Thaksin Shinawatra, were quite positive. He called on the SEC to enable the trading of stablecoins. Since then, Thailand’s Minister of Finance, Pichai Chunhavajira, discussed plans to issue a stablecoin that would be based on the Thai Baht and backed by government bonds.

Samjong KPMG, the South Korean division of global accounting firm KPMG, is gearing up to host a seminar on virtual assets. The event is scheduled for Jan. 5 (KST) and is organized in partnership with Xangle, a Web3 data intelligence platform. Earlier this month, the two entities agreed to collaborate in exploring on-chain data relevant to crypto accounting.Photo by Markus Winkler on UnsplashGrowing crypto marketRecently, there has been a notable increase in the crypto market activity in South Korea, with the daily trading volume of virtual assets surpassing KRW 10 trillion (approximately $7.8 billion), equivalent to approximately $7.8 billion. In response to this burgeoning market, South Korea is looking forward to the implementation of the Virtual Asset User Protection Act in July. Additionally, last week, the country’s financial regulators issued the final version of new guidelines for cryptocurrency accounting and disclosure. In light of these recent developments in South Korea's crypto market, the event organized by Samjong KPMG and Xangle aims to bring together crypto entrepreneurs to discuss strategies for adapting to the new corporate regulations concerning accounting, disclosure and internal control. This seminar will provide an opportunity for stakeholders in the crypto industry to prepare for the upcoming regulatory changes, ensuring compliance and effective management in this evolving financial landscape.From market forecast to taxationIn the upcoming seminar, a series of talks are slated to shed light on the shifting landscape of the cryptocurrency market. The first presentation will feature Junwoo James Kim, Co-CEO of Xangle, who is set to present a forecast for the cryptocurrency market in the next year.  Following Kim's presentation, Park Jong-baek, a Partner at law firm Bae, Kim & Lee, will take the stage. Park's expertise in legal matters will guide the audience through the current and forthcoming regulatory trends in virtual assets. Meanwhile, Choi Yeon-taek, Director at Samjong KPMG, will address the practical aspects of the recently released guidelines for cryptocurrency. His discussion will focus on their application in corporate accounting, disclosure and internal control. Xangle’s Co-CEO Lee Hyun-woo will highlight the importance of complying with disclosure rules for virtual asset information, focusing on aspects like circulating supply. Furthermore, Samjong KPMG’s Director Kim Byung-kook will address taxation issues related to virtual assets.Accounting transparency and investor protectionAccording to a report by local news outlet The Maeil Business Newspaper, Park Sung-bae, the head of the virtual asset business consulting division at Samjong KPMG, expressed optimism about the upcoming seminar’s potential impact. He hopes that the event will play a significant role in fostering a healthy cryptocurrency market. The focus will be on changing regulations that aim to enhance accounting transparency and protect investors, underlining the importance of adapting to these changes. Echoing Park's sentiments, Lee from Xangle emphasized the importance of clear and well-defined regulations for the cryptocurrency market, given that such regulations enhance transparency and help maintain the overall health of the crypto ecosystem. He highlighted that despite various challenges and concerns, the crypto market has continued to grow. Lee expressed his hope that the seminar will be particularly beneficial for individuals and organizations involved in Web3 projects, aiding them in navigating and understanding the evolving regulatory environment.