Memeland Coin Launch Secures $10M for the Project

KOTEC and Busan Techno Park Join Hands to Boost Technological Growth of Busan EnterprisesThe Korea Technology Finance Corporation (KOTEC) announced that it signed a cooperative agreement with Busan Techno Park on Monday at Busan Techno Park’s headquarters to support the growth of enterprises and offer financing for technological development. Under the agreement, KOTEC and Busan Techno Park have established a mutually beneficial system to jointly nurture and support tech companies based in Busan that are striving to commercialize data and blockchain technologies.Photo by Christopher Lee on UnsplashFostering tech innovation in BusanKOTEC is a non-profit government-affiliated institution aimed at financing innovative small and medium-sized enterprises (SMEs) for technology development. It offers services like credit guarantees, technology appraisal, equity investments, and technology transfers. Busan Techno Park is a regional industrial innovation institution for the southern port city of Busan, which operates a cooperative system among industrial, academic, and governmental agencies for the technological advancement of local companies.The two entities have committed to sharing information about companies that require financing for technological advancement — such as technological challenges that they may face — and promote joint projects related to technology investment and financing. They also aim to gather data resources for technology transfer, evaluation, and commercialization.KOTEC has marked Busan as a regulation-free special zone for companies that reside there. The demarcation of regulation-free special zones aims to foster the innovative and strategic development of a certain region. It is also operating a system under a regulatory sandbox preferential guarantee, which aims to facilitate accelerated market entry for businesses specializing in blockchain technology, maritime mobility, ammonia energy, and more.Empowering financing for technological advancementThe regulatory sandbox is a system run by the Korean government that exempts or suspends existing regulations for a designated amount of time for companies releasing new products and services and regulates them post-mortem if there is a problem. Under the sandbox policy, preferential guarantees refer to a technology guarantee fund that provides guarantees up to KRW 2 billion (approximately $1.5 million) for loans of facility funds to companies subjected to temporary approval and decreases the guarantee rate by up to 0.5%.In March, KOTEC was designated as a data appraisal agency by the Ministry of Science and ICT. Since then, the corporation has been implementing the data value plus guarantee — a product that determines the economic value of data and provides guarantees accordingly.“We will actively contribute to the government’s national tasks, including providing prioritized support for the cutting-edge future strategy industry. We will make even greater efforts to contribute to job creation and regional economic development,” said Kim Se-hyun, Head of KOTEC’s Busan-Gyeongnam Regional Office.

Japanese blockchain infrastructure firm Soramitsu has been contracted by the State Bank of Pakistan (SBP) to work on a pilot program for the digital Pakistani rupee. Pakistan originally announced its intention to pursue a central bank digital currency (CBDC) or digital rupee back in 2019. However, unlike other Asian nations such as China, Cambodia and Thailand, it has not taken much action to progress such a digital currency since then.SBP Governor Jameel Ahmad spoke at the Reuters NEXT Asia Summit in Singapore last month, outlining that the South Asian country was moving towards the establishment of a digital rupee and “building up [its] capacity” to launch it, and that a pilot project would be the next step. According to a report published by Nikkei Asia on Aug. 12, that pilot project is now underway.Photo by Hamid Roshaan on UnsplashCBDC specialistSoramitsu already has a wealth of experience in this field. In 2023, it signed a memorandum of understanding with the Laotian central bank to launch a proof-of-concept CBDC project, with the Tokyo-headquartered company going on to play a pivotal role in the issuance of Laos’ Digital Lao Kip.In Cambodia, it partnered with the National Bank of Cambodia to bring about the establishment of Bakong, Cambodia’s CBDC-like payment system. The company is also involved in CBDC projects in Papua New Guinea and the Solomon Islands, while spearheading a project aimed at enabling seamless cross-border payments among Asian countries. Japanese fundingIn the case of Pakistan’s pilot project, Soramitsu’s CBDC platform will facilitate the digital rupee while funding is being provided by the Global South Future-Oriented Co-Creation Project, an initiative from Japan’s Ministry of Economy that seeks to promote the formation of co-creation business models. Infrastructure, such as the internet and power, can be unstable in some parts of Pakistan. Consequently, the proposed CBDC will incorporate the ability for the user to transact with it using their smartphone, even if the phone doesn’t have an active internet connection. Digital transformationMasato Toriya, an associate professor at Tokyo University of Foreign Studies and an expert on Pakistan, outlined the behavioral change that would be required in getting Pakistanis in rural areas to use such a currency. He stated: “Many transactions in rural areas are cash-based, even for wage payments, and the rate of people with bank accounts is low."  However, cash-based systems have significant overheads, and it's thought that a CBDC could reduce such costs considerably. Last month, the Pakistan Institute of Development Economics published an article written by Dr. Ahmed Fraz, an assistant professor of finance with the organization, in which he claimed that the digital rupee pilot project is part of a “profound digital transformation” that Pakistan is moving towards.  Dr. Fraz asserted that a CBDC would enhance financial inclusion in Pakistan through the reduction of transaction fees, digitization of welfare payments and the financial inclusion of millions of unbanked citizens within the formal economy.He added that the digital rupee “is not intended to replace existing payment systems immediately but to complement platforms” and to modernize Pakistan’s financial architecture.

Korea’s Code Launches System to Detect Blacklisted Crypto WalletsCode, the only Travel Rule solution provider in South Korea, announced on Monday the launch of Protector, a detection system designed to identify blacklisted wallets in the cryptocurrency space. Established by a collaboration between three major Korean cryptocurrency exchanges (Bithumb, Coinone, and Korbit), Code aims to enhance security and compliance in the industry.Photo by Mariia Shalabaieva on UnsplashTravel RuleThe Travel Rule is a regulation that requires financial institutions to share information with each other about transactions to ensure their legitimacy and to prevent money laundering, terrorist financing, and other illicit activities.Wallet risk assessmentsThe Protector system of Code allows its members to assess risks associated with external wallets and take appropriate measures during the withdrawal and deposit of virtual assets. Risks will be categorized into three levels, represented by the colors white, gray, and black. A white designation signifies a normal status, gray serves as a warning, and black indicates a danger.Not only does Protector enable members to manage risks linked to crypto wallets more effectively, it also allows them to monitor the management status of Code’s Travel Rule.Streamlining regulatory complianceCode CEO Lee Sung-mi stated that the recently launched Protector system is designed to streamline regulatory compliance for Code members. By utilizing Protector, members can concentrate on their projects without being burdened by compliance concerns. Lee also emphasized that Code is committed to expanding its range of services for members in the future.The detection system was developed and is operated in partnership with Uppsala Security, a Singapore-based cybersecurity company specializing in blockchain-powered solutions.