Bizplay Improves Payment Experiences for Foreign Tourists in South Korea

Qatar Criticized for Regulatory Inaction Against Crypto CompaniesThe Qatari Central Bank (QCB) has come under fire from the Financial Action Task Force (FATF) for its lack of efforts in enforcing regulations that prohibit virtual asset service providers.In a report released earlier this week, the global watchdog for money laundering and terrorist financing highlighted the need for Qatar to enhance its capabilities in effectively combating evolving forms of criminal activity, including taking action against virtual asset service providers.Photo by Akbar Nemati on PexelsContinuous improvement neededAlthough acknowledging “substantive improvements” applied to its control system, the FATF report emphasized that Qatar must further improve its understanding of more complex forms of money laundering and terrorist financing.While Qatar has shown positive progress in gathering beneficial ownership information through its unified register, which consolidates data on its citizens, the FATF report emphasized the need for stronger controls to ensure the accuracy and currency of the collected information. The report also criticized Qatar’s authorities for underutilizing their sophisticated analysis capabilities in identifying instances of money laundering.Lack of control despite VASP banDespite the Qatar Financial Centre Regulatory Authority’s (QFCRA) announcement in December 2019 that virtual asset service providers (VASPs) are not allowed within or from the Qatar Financial Centre, the country’s regulatory authority has made little progress in penalizing firms that facilitate or provide crypto asset services.Interestingly, while Qatar has banned virtual asset service providers, it has expressed interest in exploring the potential use cases of a central bank digital currency (CBDC). In June 2022, it was reported that the QCB is in the early stages of developing a CBDC.Sheikh Bandar bin Mohammed bin Saoud Al Thani, the governor of Qatar’s central bank, revealed that the QCB is evaluating the advantages and disadvantages of CBDCs and determining the appropriate technology and platform.As the country explores the potential of a CBDC, it must ensure that its regulatory framework aligns with international standards and best practices. By doing so, Qatar can strike a balance between fostering innovation in the digital currency space and safeguarding its financial system from illicit activities.Global coordinationThrough the Paris-based money-laundering watchdog, and calls from the G7, the European Central Bank, and others to regulate on a global basis, the official response to controlling digital assets and VASPs is becoming more globally coordinated. Central bankers and government officials have learned that decentralized finance has the ability to be borderless.FATF has been active in getting more countries on board. Effective from Thursday, Japan now implements FATF’s “travel rule” with respect to digital assets. That action was taken following a FATF finding that Japan wasn’t following best practice relative to anti-money laundering (AML) measures. Pakistan recently banned cryptocurrencies in an effort that appears to have been motivated by wanting to stay off the FATF’s gray list of non-compliant countries.While Pakistan managed to get itself off that list, the United Arab Emirates found itself on the gray list. The UAE’s Central Bank issued guidance on AML relative to virtual asset companies, in an effort to come back into FATF compliance.It remains to be seen how Qatar will respond to the FATF’s critique and whether it will take concrete actions to address the concerns raised. The international community will be closely monitoring Qatar’s efforts to combat financial crimes in the virtual asset sector and to establish a robust regulatory framework for its future CBDC endeavors.

SK Telecom and Polygon Labs Team Up for Web3 Ecosystem DevelopmentSouth Korean telecommunications giant SK Telecom (SKT) and global blockchain firm Polygon Labs have joined hands to foster the growth of the Web3 ecosystem.Photo by GuerrillaBuzz on UnsplashThe two companies signed a memorandum of understanding (MOU) on Thursday at SK-T Tower located in Euljiro, Seoul. SKT’s Web3 Chief Officer, Oh Se-hyeon, and Polygon Labs’ CEO, Marc Boiron, were in attendance.Polygon Labs is the operator of the Polygon blockchain network, which is critically acclaimed for its superior blockchain performance, scalability, Ethereum compatibility, and more. The firm is also well-known for its engagement with various global enterprises and Web3 projects.“Polygon Labs has developed optimal blockchain technology for the popularization of Web3, and we expect our collaboration with SKT to serve as a key opportunity to offer Web3 experiences and services to a wider audience,” said Polygon CEO Boiron.Empowering NFT trade and connectivityAccording to the agreement, SKT’s NFT marketplace “TopPort” and the company’s upcoming Web3 wallet will operate on Polygon’s blockchain network. On the other hand, Polygon Labs will aid in integrating SKT’s Web3 services into its global ecosystem.This will enable NFT creators who use TopPort to trade their NFTs on the Polygon network. In addition, NFTs issued on TopPort will now be tradable on other NFT marketplaces within the Polygon network, enhancing global compatibility and scalability.SKT and Polygon also plan to allow SKT’s Web3 wallet to be used across various decentralized applications (dApps) within the Polygon ecosystem. Furthermore, they are exploring the possibility of facilitating NFT trading on TopPort using Polygon’s native token, MATIC.Promoting the advancement of Web3This partnership aims to drive sustained growth within the Web3 ecosystem, particularly by finding and incubating promising Web3 enterprises. To do so, Polygon Labs is considering investments in Web3 startups endorsed by SKT through its investment arm Polygon Ventures.SKT’s Web3 Chief Officer Oh expressed high hopes for the synergy between SKT’s blockchain service technology and expertise and Polygon Labs’ infrastructure technology and ecosystem, saying, “This collaboration could become a cornerstone for the future popularization of Web3.”All of these efforts are geared towards paving the way for Web3’s mainstream adoption, as these two industry giants combine their strengths to spearhead the evolution of the Web3 ecosystem.

Eggverse and SPLabs team up to venture into Southeast Asian Web3 marketSeoul-based non-fungible token (NFT) resell platform Eggverse has signed a strategic business agreement with SPLabs, a blockchain hub operating across Asia, according to the South Korean news outlet Maeil Business Newspaper on Thursday. The two companies plan to work together to enter the Southeast Asian Web3 market, vowing to share their respective technologies and insights into navigating international markets. They agreed to jointly work on digital marketing campaigns, organize networking events and analyze data to develop the best strategies for a successful business landing overseas.Photo by Shubham’s Web3 on UnsplashGrowing global reach“Through this agreement, we aim to introduce our unique services and technology to global users, thus strengthening our competitiveness,” Eggverse said. “With the addition of SPLabs’ expertise in the Southeast Asian market, we look forward to the synergies that will be created.”Leading innovationHeadquartered in Singapore, SPLabs specializes in blockchain platform development and Play-to-Earn (P2E) game publishing. As a global blockchain hub with a focus on Vietnam, South Korea and Japan, the firm specializes in creating gaming finance (GameFi), metaverse and Web3 platforms. It also has extensive experience in building on blockchains, such as BNB Chain, Avalanche, Ethereum, Polygon, Sui and more.Eggverse is known for its Web3-compatible service that allows customers to mint and resell real-life items like hotel vouchers and artwork as NFTs — the first of its kind in South Korea. The company also recently established a business partnership in September with Lotte Homeshopping to work on NFT, metaverse and blockchain services.