Four in 10 wealthy UAE investors hold crypto, survey finds

Potential of Blockchain Technology in Korean JournalismDuring a journalism conference held in Korea, the founder of a blockchain-based news app provider delivered a talk to underline the potential of blockchain technology in journalism, according to a press release by blockchain-based news app provider Publish.©Pexels/Suzy Hazelwood2023 World Journalists ConferenceThe 2023 World Journalists Conference, hosted by the Korean Press Association, commenced its six-day run on Tuesday, marking the event’s eleventh iteration. Being convened for the first time in four years due to the COVID-19 pandemic, the conference saw the attendance of over 70 journalists from 50 countries who were gathered to discuss the future of journalism in the context of digital transformation.Token reward systemKwon proposed a revenue model for media companies that incorporate a token reward system to encourage reader engagement.Under this system, news enthusiasts can participate in various activities, such as reading and sharing articles, or leaving comments, and be rewarded with tokens. This approach can foster a sustainable community and cultivate a loyal customer base, enabling writers to prioritize journalism over creating clickbait articles. A more efficient advertisement distribution process can also be achieved through this system.Blockchain technologyThe news app developer aims to implement blockchain technology to enhance, rather than dismantle, the existing journalism model. Blockchain technology can be used to record and validate every activity in the news industry, which can then be rewarded with cryptocurrencies.Publish’s decentralized identifier (DID) app enables users to take part in surveys without revealing their personal information, and will also support fundraising for news writing.NFTsMedia companies can also explore additional revenue streams by creating non-fungible tokens (NFTs). By tokenizing their articles and photos, firms can establish ownership and authenticity, facilitating more efficient transactions.Kwon noted that this blockchain-driven incentive system not only allows media organizations to improve their user experience, but also empowers readers to engage with journalism as active stakeholders, sharing its value in various ways.

It has emerged in recent days that two London-headquartered crypto startups have taken steps towards expanding into the Asian market.  Funding to fuel Asian expansion Haruko, an investment platform that focuses on digital assets based in London, announced that it has raised $6 million in a Series A funding round, with the intention of using the funds to propel the company’s expansion into Southeast Asia. The round was led by White Star Capital and MMC Ventures. Combined with an initial seed round which was completed in March 2022, Haruko has raised a total of $16 million. The firm provided details of its latest funding earlier this week through a press release published via AccessWire.  Having been founded in 2021, the startup has established its operations in Europe and North America, adding in excess of 50 institutions to its client list. Those clients include hedge funds, family offices, market makers, over-the-counter (OTC) trading desks, digital asset custodians and prime brokerages. Haruko co-founder and CEO Shamyl Malik spoke to the firm’s global expansion plans, stating: "We're looking forward to continuing our global expansion, investing in exceptionally talented team members to support us in our goal of building out an industry-leading, end-to-end solution for digital assets and the future of the finance industry. We will continue to invest singularly in this mission, ensuring the quality of our products and services is at the forefront of all our activity." The company has already established a base in Singapore through which it can expand further into the Asian market. Asia is clearly becoming an attractive destination for crypto startups as alongside Haruko, a recent announcement from crypto custodian Copper outlined that it has acquired a trading license in Hong Kong.Photo by CHUTTERSNAP on UnsplashTCSP license in Hong Kong The London-headquartered digital assets custodian outlined on X that it has secured a Trust or Company Service Provider (TCSP) license in Hong Kong from the autonomous Chinese territory’s Companies Registry. Copper CEO Dmitry Tokarev commented on the milestone, stating: "Combining trust and efficiency is fundamental to our institution-first approach. This license approval in a key global hub only strengthens that unique offer, highlighting Copper’s compliance with Hong Kong’s regulatory frameworks and standards." The license enables the company in extending the offering of its digital asset custody services to clients in Hong Kong. Tokarev added that the license approval “is a key development in Copper’s expansion in the Asia Pacific market.” Back in 2020, the firm raised $8 million in funding in a Series A round that, as with Haruko, featured MMC Ventures, with a view towards expanding into Asia and North America. Towards the end of last year, the firm launched a settlement network for institutional crypto traders. Its ClearLoop network enables clients to manage collateral and settle trades across a number of exchanges while increasing capital efficiency and mitigating counterparty risk. Over the course of the month of June, the company claimed to have processed 13.1 million trades via ClearLoop, accounting for a notional traded volume of $109.9 billion. 17,500 individual risk clearing settlements were finalized, with 3,600 inter-exchange movements. The company had a number of significant announcements last month, including a collaboration with the Sui layer-1 blockchain and the integration of the ClearLoop system by global crypto exchange, Kraken.

South Korea is tightening its grip on the cryptocurrency sector, with courts handing down the first prison sentence under an investor protection law enacted last year. The ruling comes just as financial authorities signal a comprehensive overhaul of digital asset governance, ranging from ownership caps to the tokenization of real-world assets. The Seoul Southern District Court sentenced the head of a crypto management firm to three years in prison for manipulating virtual asset prices and amassing roughly 7 billion won in illegal profits, according to Yonhap News Agency. The court also imposed a fine of 500 million won ($340,000) and ordered the forfeiture of approximately 846 million won ($580,000). Photo by Daniel Bernard on UnsplashFirst sentence under 2024 protection lawThis marks the first conviction under the new investor protection law, which took effect in July 2024. It was also the first case fast-tracked directly from the Financial Supervisory Service (FSC) to prosecutors under the new legal framework. The conviction coincides with a broader regulatory debate involving Financial Services Commission (FSC) Chairman Lee Eog-weon. According to MoneyToday, in testimony before the National Assembly’s National Policy Committee on Feb. 5, Lee outlined an agenda covering anti-money laundering (AML) enforcement, stablecoin regulation, and digital innovation. However, he cautioned lawmakers against enacting blunt, one-size-fits-all rules that could stifle competition. Ownership cap rules trigger debateLee pushed back against a proposal to cap major shareholder stakes at 15%, pointing out that the exchange market is already a monopoly where smaller players hold less than 3% combined. He warned lawmakers that forcing firms with negligible market share to dilute ownership would effectively choke off investment. He argued that such restrictions would stifle innovation, advocating instead for a tiered regulatory approach that accounts for new entrants starting with no market share. Lee also addressed a separate policy direction that would recognize bank-led consortia—in which banks hold more than 50% plus one share—as eligible stablecoin issuers. He said the approach was not intended to favor any particular corner of the financial industry. On the enforcement side, the commission announced plans to strengthen its response to cross-border crime and money laundering involving digital assets, as reported by Digital Asset. A key measure under consideration is the expansion of the travel rule, which requires exchanges to share sender and recipient information for transactions. The rule currently applies to transfers of 1 million won ($680) or more, and regulators want to extend it to smaller transactions as well. The commission also pledged to support AI-driven transformation across the financial sector and to build a comprehensive regulatory framework for digital assets. STOs near legalizationIn a related development, South Korea has cleared a major legislative hurdle for the tokenization of real-world assets (RWAs). Amendments to the Capital Markets Act and the Electronic Securities Act passed the National Assembly last month, roughly three years after financial authorities first issued guidelines on security token offerings (STOs), according to another Digital Asset report. The legislation allows securities to be digitized on blockchain-based distributed ledgers and creates a new class of issuer account management institutions, enabling qualified companies to issue and manage security tokens directly. The bill now requires only Cabinet approval and official promulgation before it takes effect.