Coinone Boosts Crypto Account Security with Naver Two-Factor Authentication

Korean Parliament to Hold Hearing on Virtual Assets Amid ControversiesThe National Policy Committee (NPC) of the South Korean National Assembly has reached an agreement to conduct a hearing on virtual assets next month. This decision comes following discussions between the ruling and opposition parties, as reported by local news outlet Kukinews.Photo by KS KYUNG on UnsplashHearing dateLawmakers Yoon Han-hong and Kim Jong-min, who serve as administrative secretaries of the NPC, have agreed today to hold the virtual assets hearing on July 11. Yoon is a member of the ruling People Power Party (PPP), and Kim is a member of the opposition Democratic Party of Korea (DPK).During a full session held this afternoon, Lawmaker Kim proposed the idea of a hearing on virtual assets, to which NPC Chair Back Hye-ryun agreed.Growing public interestToday’s meeting was organized to foster a better understanding of the current issues surrounding virtual assets, given the increasing public interest, particularly in light of the recent controversy involving Lawmaker Kim Nam-kook’s alleged ownership of cryptocurrency tokens and the employment of PPP leader Kim Gi-hyeon’s son in a crypto-related company.The NPC intends to finalize the plan for the hearing on June 30, just before the plenary session on the day. The specific focus of the hearing and the participants, including witnesses, will be determined through consultations between the administrative secretaries.

IOTA accelerates Middle East expansion with $100M foundation launchIn a move aimed at catalyzing the adoption of its distributed ledger technology (DLT) in the Middle East, the Berlin-headquartered IOTA Foundation, the developmental force behind the IOTA-directed acyclic graph-based ledger network, unveiled a $100 million foundation in Abu Dhabi on Wednesday.Photo by Imtiyaz Ali on UnsplashTokenizing real-world assetsThe IOTA Foundation announced details of the initiative, known as the IOTA Ecosystem DLT Foundation, via a blog post published on its website on Wednesday. The new foundation is designed to facilitate the transformation of tangible assets into digital entities, marking a significant stride in the convergence of real-world assets with the digital realm, according to IOTA Co-founder and Chairman Dominik Schiener.Taking to the X platform, Schiener wrote:”We will double down on our efforts to bring the real world to Web3. We will pave the way to tokenize RWA [Real World Assets] assets on #IOTA and work with the governments in the UAE, across the Middle East and Africa to digitize their trade infrastructure and tokenize assets. We will make Blockchain real, with real use cases, real adoption, real yield and real assets.”IOTA is not a blockchain, but a related distributed ledger technology. DLT has garnered attention for its diverse applications over the past decade. IOTA’s digital tokens will serve as the financial backbone for this substantial investment, signaling a strategic move amidst recent setbacks in the cryptocurrency sector.Regulatory first in Abu DhabiThe IOTA Ecosystem DLT Foundation stands out as the first blockchain-focused foundation sanctioned by the regulatory authorities of the Abu Dhabi Global Market (ADGM), a key financial hub within the United Arab Emirates (UAE). The ADGM solidified its blockchain regulations in early November, creating a conducive environment for innovative blockchain-focused entities. The regulatory framework was crafted to offer a comprehensive structure specifically for DLT foundations and decentralized autonomous organizations (DAOs).Schiener expanded further on plans for the DLT Foundation:”With a new headquarter in the UAE, we are positioning IOTA from being an Enterprise Blockchain in Europe, to becoming one of the largest, global Crypto ecosystems. We will fully support Web3 and DeFi use cases on IOTA with the #EVM launch in Q1.”Endowed with over $100 million in IOTA tokens, the foundation’s funds will be gradually vested over the next four years.The financial infusion is earmarked for the development and expansion of the IOTA network. Additionally, IOTA will embark on asset “tokenization,” a process involving the representation of ownership rights for land or buildings as digital tokens stored on a blockchain. These tokens, akin to digital certificates of ownership, extend to virtually any valuable object.IOTA launched in 2015, and within its first two years, it rose to be a top-ten crypto project on the basis of market capitalization. Over the course of the last six years, the project has struggled to make the network less centralized. There have also been internal conflicts, which resulted in a number of the project’s co-founders stepping away from the project. With this latest development, Schiener suggested that IOTA could work its way back to being a top-ten project once again.

Gyeonggi-do Province Mandates Senior Officials to Report Crypto HoldingsSouth Korea’s most populated province which encircles Seoul has taken a proactive step towards regulating virtual assets by notifying the legislation of an amendment to the code of conduct for public officials. As reported by local news outlet Yonhap News Agency, the Gyeonggi-do province will gather public comments on the amendment until July 25.Photo by Ryoo Geon Uk on UnsplashProvincial levelUnder the revised code of conduct, Gyeonggi-do officials will be prohibited from engaging in property transactions or investments related to virtual assets, using any virtual asset information acquired during the course of their duties. Provincial officials are also forbidden from providing virtual asset information to others to aid their property transactions or investments.Implementation next monthThe amendment compels public officials whose duties involve crypto-related projects, as well as high-ranking officials with an obligation to report their wealth, to declare their virtual assets. Once reviewed by the Ordinance and Rules Review Committee early next month, the amendment will be implemented immediately.National levelA Gyeonggi-do official explained that the decision to preemptively amend the code of conduct regarding virtual assets was made in anticipation of the implementation of the revised Public Service Ethics Act. This act, passed during the National Assembly’s plenary session in May, mandates high-level government officials to report their virtual assets and is set to become effective on December 14.Gyeonggi-do’s crypto surveyGyeonggi-do has been active in taking measures related to crypto assets. In a recent announcement, the province revealed its plan to conduct a survey among residents, aimed at hearing their experiences with unfair virtual asset trading practices. The survey is scheduled to run from August to November and was prompted by a growing number of residents suffering unfair losses from crypto investments amidst an economic slowdown.