Terraform Labs co-founder Do Kwon sentenced to 15 years for ‘generational’ fraud

Korea Exchange sets the stage for security token tradingStarting next year, South Koreans may have the opportunity to trade security tokens, as the Korea Exchange (KRX), the sole securities exchange operator in the country, has officially begun preparations to establish a security token market. The Busan Digital Asset Exchange (BDX), slated for launch next year, is expected to play a pivotal role in spearheading the growth and development of this emerging security token market.Photo by Tierra Mallorca on UnsplashSeeking approval from financial regulatorsAs reported by local news outlet Busan Ilbo, KRX applied to the FSC last month for registration as an innovative financial service under the financial regulatory sandbox scheme. On Nov. 19, the FSC approved the creation of pilot markets for investment contract securities and non-cash trust beneficial certificates. KRX’s recent initiative is a follow-up to this development. The financial regulator is set to make a final decision after holding a main committee meeting to review KRX’s application.Investment contract securities and non-cash trust beneficial certificates represent two distinct types of security tokens. Investment contract securities provide a means for fractional investments in real-world assets (RWAs). This can include a diverse range of assets such as artworks, music copyrights, beef and carbon credits, allowing investors to own a portion of these assets. On the other hand, non-cash trust beneficial certificates function as secondary investment instruments. These certificates enable individuals to invest in financial products that themselves have invested in security tokens, offering an indirect pathway to participate in the security token market.Fractional investments on the horizonVarious industries are poised to benefit from the emerging digital market, especially platforms focused on fractional investment in artworks. Companies like Yeolmae Company, Art Together and Seoul Auction Blue are keen on this opportunity and have applied to the FSS for permission to register security tokens. Upon receiving regulatory approval, these platforms plan to accept subscription requests, enabling investors to participate in the art market in a more accessible way.The development of security token markets is expected to positively impact BDX, which is currently seeking an operator. Initially, when BDX’s operation plan was unveiled in September, it excluded security tokens due to regulatory constraints. However, with KRX now involved, it’s more probable that the Busan exchange will feature security tokens as major trading assets. Experts believe the success of these token exchanges will largely depend on the quality and appeal of the underlying assets.A local securities industry official emphasized the significant role of the security token market in enhancing the stature of Busan as a blockchain hub. The growth of this market is seen as pivotal in boosting the value and utility of BDX. The official noted that BDX’s appeal to investors would increase if it offered a diverse range of underlying assets or unique security tokens. This development could mark a significant turning point for Busan in the blockchain industry.

Web3 firm AIITONE rebrands as BU Technology, adding new business objectivesAIITONE, a Web3 and military technology firm located in South Korea, announced on Monday (local time) that it has rebranded and will now be known as BU Technology.Photo by Steve Johnson on UnsplashElectric trains, batteries as new objectivesDuring an extraordinary general meeting of shareholders on October 5, the company formerly known as AIITONE announced a change in its corporate identity to BU Technology. This rebranding coincides with an expansion of the company’s business objectives to include the manufacturing of electric trains, batteries and charging devices. With this move, BU Technology aims to diversify its sources of revenue.The meaning behind ‘BU Technology’BU Technology, which stands for “Beyond Your Technology,” embraces the motto “Beyond Your Today, Beyond Your Expectation, Beyond Your Imagination.” This slogan reflects the company’s ambition to be a forward-thinking tech enterprise that exceeds the expectations and imaginations of its customers.BU Technology applies extended reality (XR) technology to develop computer-based training (CBT) programs and simulators for military use. It’s also ventured into creating content for industrial safety that uses augmented reality (AR) and virtual reality (VR) technology. This content is recognized for its technical quality, notably in replicating realistic effects, including sound, wind and physical sensations.The fresh corporate identity and resolve of BU Technology are also anticipated to make a positive impression on its operations in the Middle East. Earlier this year, the company inked a memorandum of understanding (MOU) with the Royal Private Office of His Highness Sheikh Ahmed Bin Faisal Al Qassimi in the United Arab Emirates (UAE). This agreement is directed at strengthening the fintech sector across South Korea, China and Japan.Additionally, in September, BU Technology successfully launched a proof-of-concept (PoC) platform tailored for the blockchain-based security token projects of securities and financial firms. This PoC platform enables the testing and demonstration of the viability and operational processes related to security token ventures.Lee Jin-yeop, CEO of BU Technology, said that the rebranding effort is aimed at enhancing the company’s brand value and introducing a fresh image for the firm. He further emphasized that BU Technology is committed to advancing the three foundational pillars of its business: military applications, XR and blockchain technology.Lee stated that incorporating new business objectives is a strategy for diversification, intended to elevate the company’s overall value. He also expressed his commitment to steering the newly rebranded BU Technology towards becoming a frontrunner in the Web3 era.

Alibaba Cloud Partners With Avalanche to Deploy MetaversesChina’s Alibaba Cloud, a subsidiary of the e-commerce behemoth Alibaba Group, and one of the world’s largest cloud computing companies, has entered into a partnership with layer one blockchain project Avalanche.The cloud division of the Chinese tech giant has built a launchpad which will allow businesses to deploy metaverses, hosted on the Avalanche blockchain.Photo by C Dustin on UnsplashEnter the CloudverseAlibaba has named the launchpad “Cloudverse”. In accessing the Cloudverse, businesses will be enabled in customizing, launching and maintaining their very own metaverses, running on top of the Avalanche blockchain. In a tweeted message on Thursday, the Avalanche project team stated that “Alibaba Cloud’s millions of clients can easily deploy custom metaverses and unlock new dimensions for consumers.” It’s clear that the blockchain specialist sees the value in linking up with an entity with the market reach that Alibaba Cloud can provide. Expanding on that, it stated: “Cloudverse gives businesses an easy, white-glove, and cost-effective way to expand their brands to the Web3 virtual world.”Singapore’s MUA DAOAlongside Alibaba Cloud and Avalanche, a Singapore-based project is participating in the collaboration. Metaverse Union of Architects Decentralized Autonomous Organization makes for quite a long-winded entity, meaning that the project is more commonly known as MUA DAO. The DAO sees its mission as helping entities to overcome the technological hurdles of the crypto world by offering the largest virtual reality guild of architects, thus making available a large number of capable builders for the metaverse.Taking to Twitter on Thursday, the project outlined that the partnership marked a significant milestone for the DAO. “As the metaverse middleware, #MUADAO will support Cloudverse from creation and customization to continual operation in #MUAverse,” it outlined.MUA DAO sees the likely outcome of the collaboration as leading to a cost effective mechanism through which Asia-Pacific businesses can expand into the Web3 world, empowering clients to create custom metaverses and unlocking new customer experiences.MUA DAO terms its offering as “MUAverse, describing it as “a one-stop Metaverse Middleware Infrastructure developed and operated by MUADAO, designed to empower enterprises and businesses in the creation, operation, and management of digital assets.”Avalanche’s unique structureThe three entities coordinated the announcement of the collaboration to coincide with the Avalanche Summit II conference, which commenced on Wednesday in Barcelona, Spain and runs until Friday.As a layer one blockchain, Avalanche has a unique structure which enables subnets, sets of nodes or validators which can be built on top of blockchains. Subnets offer the advantage of allowing developers to customize them on an application-specific basis. Such a blockchain infrastructure will be beneficial in facilitating customizable blockchain solutions relative to the proposed Cloudverse.Blockchain credentialsRecently, Alibaba announced its intention to open a Web3 incubator lab in Japan. The lab will be a collaboration between Alibaba, Tokyu Land Corporation and Skeleton Crew Studio. One of its principal objectives will be to enable game developers to learn about and harness blockchain technology relative to virtual reality gaming.Additionally, Alibaba Cloud intends to launch a blockchain node service in Japan at a later stage in 2023. In a further nod to its blockchain credentials, Alibaba Cloud was also a co-organiser of Hong Kong’s recently-held Web3 Festival, alongside Amazon Web Services and Hong Kong-based Cyberport.