Seoul launches global expansion program for fintech firms on XRP Ledger

Puzzle Monsters Wins Investment from CRIT Ventures for Web3 Game ExpansionSouth Korean blockchain game developer Puzzle Monsters has secured an investment from CRIT Ventures, a venture capital subsidiary of Com2uS Group, during its recent Pre-A investment round. The amount hasn’t been disclosed.The investment comes as part of CRIT Ventures’ efforts to expand its investment portfolio with promising companies specializing in Web3 content and platforms.“Through CRIT Ventures’ investment, we look forward to honing our game development expertise and securing a faster and more meaningful gateway to the blockchain infrastructure and community,” said Yang Jin-hwan, CEO of Puzzle Monsters.Photo by Precondo CA on UnsplashAbout Puzzle MonstersPuzzle Monsters is known for its away-from-keyboard massively multiplayer online role-playing game (AFK MMORPG) called “Idle Ninja Online,” which began incorporating blockchain technology at the end of 2021 and earning popularity among users.The developer’s mounting success can be accredited to its creative game ideas and a keen understanding of market trends. Its other flagship game, Ninja Survivors Online, is also enjoyed by many users both domestically and overseas.“We want to present better products to the market, both in terms of gameplay and blockchain integration,” CEO Yang emphasized.Boosting the market for Web3 gamingCRIT Ventures’ parent group Com2uS has been focusing on leading the Web3 market with various games and game platforms that are based on the XPLA blockchain mainnet. It has also recently launched the immersive online community space SPAXE in Com2uS’s all-in-one metaverse service Com2Verse. Earlier this year, Com2Verse partnered with Microsoft Korea to apply artificial intelligence technology to the metaverse.Com2uS additionally unveiled plans to onboard Puzzle Monsters’ current and future games onto XPLA, aiming to create maximum synergy.

South Korean Banks Adopt Blockchain for Streamlined Civil Servant LoansSouth Korea’s state-run financial organizations and banks are embracing blockchain technology to streamline the loan process for government employees and enhance loan management for banks.Photo by Shubham Dhage on UnsplashBlockchain-aided loan servicesIn a collaboration announced today at the Korea Federation of Banks (KFB) in Seoul, the Korea Financial Telecommunications and Clearings Institute (KFTC), the Government Employees Pension Service (GEPS), and four local banks are coming together to introduce blockchain technology in providing loan services specifically tailored for civil servants. The four participating banks are NongHyup Bank, Hana Bank, DGB Daegu Bank, and Gwangju Bank.Easier applicationAt present, civil servants are required to acquire a physical loan recommendation letter from the GEPS in order to apply for a bank loan. However, with the implementation of the new loan system, the GEPS will have the capability to issue blockchain-based letters, which can be obtained by civil servants either in-person or remotely at banks. This innovative approach will significantly simplify the verification process for these letters.Easier managementFurthermore, the manual exchange of loan-related information, such as repayment history and retirement details, between banks and the GEPS will be replaced by a more efficient system. The KFTC will take on the role of mediator, ensuring that any changes to this information are immediately reflected in real time. This streamlined approach will significantly enhance loan management for lenders.The launch of this service is scheduled for November this year, bringing about improved accessibility to loans for government employees. As the project progresses, other financial institutions are expected to join in, further enhancing the convenience of public servants. Additionally, these collaborating organizations will explore joint services aimed at providing the necessary support to stabilize the livelihoods of civil servants.

Thailand has taken steps to tighten controls on digital asset mule accounts and overseas crypto peer-to-peer (P2P) platforms in an effort to combat cybercrime.Photo by Growtika on UnsplashLegislative amendmentsOn April 8, the Securities and Exchange Commission (SEC), a local regulator, published a statement explaining that the Thai cabinet has passed a resolution approving a number of amendments to the Southeast Asian nation’s digital asset business law and its cybercrime law. The regulator asserted that the amendments are designed to “strengthen measures against cybercrime and mule accounts, enhancing the security of public financial transactions and improving the effectiveness of combating online scams.” The amendments won’t become effective until such time as they are published in the Government Gazette of Thailand, an official public journal that acts as a primary source for Thai law. Mule accountsOne aspect that has been addressed is the enhancement of measures taken in an effort to block digital asset mule accounts. Criminals utilize mule accounts in an effort to launder the proceeds of crime.  While this happens with conventional bank accounts, it is also now happening with digital asset exchange accounts and digital asset wallets. Accounts may have been established for legitimate purposes but later fall under the influence of criminals who utilize them for money laundering. According to a report by the Bangkok Post last month, the Thai SEC had been collaborating with the Thai Digital Asset Operators Trade Association (TDO) and digital asset businesses in order to formulate these new measures.  The standard was also established following consultation with the Bank of Thailand, the Cyber Crime Investigation Bureau, Central Investigation Bureau, the Anti-Money Laundering Office and the Thai Bankers' Association. It is hoped that these enhanced mechanisms will lead to earlier detection of unusual customer behavior, enabling the authorities to intervene at an earlier stage to block mule accounts.Going forward, the regulator will collaborate with the TDO in monitoring and evaluating implementation of the new measures. Individuals who allow their digital asset accounts to be used by criminals will face up to three years' imprisonment and a fine of up to 300,000 Thai baht ($8,765). Blocking P2P platformsAnother change is being implemented in respect of offshore crypto P2P platforms. The objective of that particular measure is to deter and prevent the use of such platforms by investors within Thailand.  It’s envisaged that the Ministry of Digital Economy and Society will now be enabled to move more swiftly in blocking website and application access to these foreign P2P platforms. Such offshore platforms will be deemed to be attempting to solicit local investors if they offer payment options in Thai baht, provide online services or applications using the Thai language or if they accept payments through Thai bank accounts. Earlier this month, Thai law enforcement raided five unlicensed crypto firms. The raid led to the arrest of 11 individuals, charged with illegally operating e-money services related to enterprises responsible for a combined $29 million turnover.