P2E defense game Slime World to roll out a major update in December

Korean government to seize crypto for unpaid child supportStarting next year, the South Korean government is set to begin seizing virtual assets such as bitcoin from parents who are obligated to pay child support but fail to do so.Photo by Bonnie Kittle on UnsplashKorea Credit Bureau to assist in crypto seizuresAccording to a report by local news outlet Dailian, the Child Support Agency (CSA) of the Korean Institute for Healthy Family (KIHF), which operates under the Ministry of Gender Equality and Family, announced on Wednesday (local time) a partnership with the Korea Credit Bureau (KCB). This collaboration will empower the agency to confiscate virtual assets from parents who are delinquent in paying child support.Since 2015, the CSA has been offering emergency child support for approximately a year to low-income single parents who have not received payments from non-custodial parents. In this process, the agency initially pays the child support on behalf of the non-custodial parents and subsequently pursues reimbursement from them. This system ensures that the immediate needs of the children are met while still holding non-custodial parents accountable for their financial responsibilities.Before July 2022, the CSA was required to initiate lawsuits against non-compliant parents to recover child support payments. However, since then, the agency has been authorized to directly pursue reimbursements by following the compulsory national tax collection process.Challenges in enforcing child support paymentsDespite these improved measures, the government still encountered challenges in enforcing child support payments. Some non-compliant parents have resorted to earning income under other people’s names or deliberately concealing their properties, including virtual assets, to evade their child support obligations.Against this backdrop, the recent partnership between the CSA and the KCB is a strategic move to enhance the enforcement of child support payments. This collaboration will grant the CSA access to KCB’s virtual asset management system. With this access, the CSA will be able to efficiently search for and seize the cryptocurrency holdings of non-compliant parents.Jeon Joo-won, the head of the CSA, underlined the significance of the agency’s collaboration with the KCB. She pointed out that utilizing KCB’s financial transaction data will improve the CSA’s enforcement of child support payments. Jeon also emphasized that the mutual support between the two agencies will serve as a foundation for promoting social values, highlighting the broader societal impact of their combined efforts to ensure responsible child support compliance.

Gumi joins XPLA mainnet as newest validatorJapanese gaming company Gumi has joined South Korean gaming corporation Com2uS Group’s layer 1 blockchain mainnet XPLA as a new node validator, according to an official announcement on XPLA’s Medium page on Monday (local time).Photo by Shubham’s Web3 on UnsplashEmpowering the XPLA ecosystemThrough this partnership, Gumi is expected to play a crucial role in enhancing transparency, stability and scalability as a validator in the XPLA ecosystem. The collaboration aims to explore new possibilities in blockchain technology and integrate them into the gaming industry, thereby maximizing the benefits for all participants in the ecosystem and connecting game developers with players.Over a decade of global impactSince its establishment in 2007, Gumi has been active in the Japanese and global markets, engaging in various mobile gaming and blockchain projects. Recently, the company has not only been involved in the production of and investment in Web3 games but also operates as a key node operator in multiple blockchain projects. By working with Gumi, XPLA anticipates solidifying its position as a global Web3 gaming industry leader and expanding its influence in the Japanese Web3 market.“Through this partnership, we will gain insights into the Japanese market and strive to create a more reliable ecosystem,” said Paul Kim, leader of the XPLA team.Fortifying trust and redefining the Web3 landscapeXPLA’s validators are responsible for verifying the integrity of the blockchain, analyzing on-chain data to improve operations and ensuring the security of the XPLA ecosystem. By passing a proposal to increase the number of validators from 50 to 80 this year, XPLA aims to create an environment that accommodates more validators, thus building a more robust and trustworthy ecosystem.XPLA is an L1 mainnet that hosts numerous Web3 companies like Oasys, Animoca Brands, YGG, Blockdaemon, Cosmos Station and LayerZero as participants. It has onboarded multiple IP-based hit games like Summoners War: Chronicles, Minigame Party, Ace Fishing: Crew, Idle Ninja Online and The Walking Dead: All-Stars, effectively becoming a global Web3 content and gaming hub.

Korean Banks Look into Safer Crypto Investment Amid Wealth Management GrowthDespite growing economic uncertainties, the Korean wealth management market is expected to see growth, triggering fierce competition in the banking industry.©Pexels/Adrien OlichonWealth management growth in APACAlthough the Korean wealth management industry saw a slowdown in its growth last year amid burgeoning economic concerns, the banking industry expects recovery in the future. Management consulting firm Oliver Wyman forecast that the Asia-Pacific wealth management industry will experience a compound annual growth rate of 5.4% until 2026. Against this backdrop, Korean banks are focusing on improving their wealth management capabilities.Crypto-inclusive wealth management trendShim Hyun-jung, a researcher at Woori Finance Research Institute, said that following the global trend, the Korean wealth management industry will need to diversify its target customer groups, adding that banks have to devise phased strategies and deploy them while closely monitoring the domestic crypto market.Previously, several global consulting firms mentioned the following as this year’s asset management trend: Customer segment diversification, growing demand for asset transfer and withdrawal, digital asset management with better human interaction, more investment in environmental, social, and governance (ESG) projects, and advancement in virtual asset security and service technology.