Xsolla and Crypto.com Collaborate on Gaming Industry Payment Solution

South Korean lawmakers are moving to seize control of the nation’s stalled second phase of digital asset legislation, aiming to bypass months of interagency gridlock and introduce a comprehensive regulatory framework by January. The legislative acceleration comes as Seoul races to align with global standards following the implementation of the U.S. GENIUS Act in July, a shift that has intensified pressure on local regulators to formalize oversight of the crypto sector. According to a report from the Maeil Business Newspaper, the ruling Democratic Party of Korea (DPK) plans to introduce the Digital Asset Basic Act as a lawmaker-sponsored bill rather than wait for a government submission. The procedural move is intended to ensure that formal deliberations can begin during the February provisional session. Lawmaker Kang Jun-hyeon, a DPK member of the National Policy Committee, told reporters on Dec. 11 that relying on the government’s timeline would jeopardize passage of the bill in the first half of next year. Kang cited points of disagreement among the parliament, the government, and industry stakeholders. Among the authorities, in particular, a standoff between the Bank of Korea (BOK) and the Financial Services Commission (FSC) over monetary policy and issuance authority has been a key source of delay.Photo by Lauren Seo on UnsplashDraft sets ‘major’ stablecoin requirementsAt the heart of the legislation is a new classification system for stablecoins. The government delivered its draft for the Digital Asset Basic Act to DPK’s Digital Asset Task Force, outlining its intention to classify won-denominated stablecoins exceeding a certain issuance threshold as “major digital payment tokens.” According to Blockmedia, citing sources familiar with the closed-door briefing to the task force, these assets would fall under a rigorous oversight framework developed in consultation with the central bank. Under the draft rules, issuers would be required to maintain 100% reserves, prohibited from making interest payments to holders, and obliged to submit detailed issuance plans to the FSC. Foreign-issued stablecoins would only be permitted to circulate domestically if the issuer establishes a local branch. Although the government ultimately submitted its draft to the DPK, the delivery was delayed by two days, missing the Dec. 10 deadline set by the party. Officials attributed the postponement to unresolved interagency disagreements. The central bank had argued that any issuance should require unanimous approval from all relevant agencies, including itself, but the government agreed to involve the bank only when a token is designated as “major.” The Bank of Korea continues to advocate for a bank-led consortium issuance model, highlighting the coordination challenges that have complicated the bill’s preparation. Supply thresholds emerge as fault lineCritics warn that the proposed regulations could inadvertently tilt the market against domestic innovation. Analysts argue that if the threshold for the "major" designation is set too low, new won-based issuers may face compliance costs that could undermine their business viability before they reach meaningful scale. They added that setting the bar for entrenched dollar-backed issuers such as USDT and USDC is also complex, given that their combined global issuance already exceeds $250 billion. Market participants said concerns about triggering the “major” designation could prompt Korean issuers to cap supply to avoid heightened scrutiny, effectively stifling growth from the outset. Despite these concerns, political will to close the policy vacuum is hardening. The DPK intends to move the legislation forward on its own timetable, incorporating the government’s input but steering the process through parliament. Lawmaker Kang emphasized that while numerous issues remain, the task force aims to narrow the debate to a few essential questions before the bill’s planned introduction in January. Industry representatives have largely welcomed the clearer timeline, viewing the move as a necessary step to reduce uncertainty as the global crypto sector comes under more formal regulatory oversight. 

DWF Labs Enters Into Strategic Partnership with TRONDWF Labs, a Singapore-headquartered global digital asset market maker and Web3 investment firm, has announced a strategic partnership with TRON, the leading blockchain network focused on decentralizing the Internet through decentralized applications (dApps).Photo by Ketut Subiyanto on PexelsProviding liquidityThe partnership was announced via a press release published on Tuesday. As part of this collaboration, DWF Labs has become a liquidity provider for TRON, aiming to strengthen the ecosystem support of the blockchain.Andrei Grachev, the Managing Partner of DWF Labs, expressed confidence in the TRON ecosystem, highlighting its impressive adoption in the Web3 space. Grachev stated: “TRON stands as one of the fastest-growing dApps ecosystems in the space at the moment, and the consistent rollout of innovative tools and services proves that TRON has a leading role in paving the trail in blockchain.” He further emphasized DWF Labs’ commitment to supporting the ecosystem through additional investments in the near future.DWF Labs, known for its active support and investments in Web3 protocols, had previously allocated $15 million to the Web3 Industry Recovery Initiative, led by Binance Labs, to aid struggling protocols in the industry’s recovery. The company has also formed strategic partnerships with other prominent players in the crypto industry.Global market makerDWF Labs, as a global digital asset market maker and multi-stage Web3 investment firm, supports portfolio companies throughout various stages, from token listing to market making to OTC trading solutions. With offices in multiple locations worldwide, including Singapore, Switzerland, the United Arab Emirates (UAE), Hong Kong, South Korea, and the British Virgin Islands (BVI), DWF operates as an affiliate of Digital Wave Finance (DWF), known for its proprietary technology in high-frequency trading and consistently ranking among the top 5 trading entities by volume in the cryptocurrency world.The firm has been on a spending spree in recent months. In April, it invested $10 million into Singapore-based payments provider Alchemy Pay. In the same month, it led a Series A funding round into Crypto GPT, an AI-powered blockchain platform. A $60 million investment in layer one blockchain EOS followed.A spokesperson for TRON expressed delight in partnering with DWF Labs, acknowledging their expertise and excellence in further strengthening the TRON ecosystem. Together, the aim is to advance TRON’s vision of a decentralized future, empowering decentralized commerce and community for every individual worldwide.By joining TRON as a liquidity provider, DWF Labs intends to contribute to the growth and development of the TRON ecosystem. This partnership aims to enhance the accessibility of the blockchain network for all TRON users and community members.TRON, founded in September 2017 by Justin Sun, has achieved significant milestones since the launch of its Mainnet in May 2018. Notably, the integration of BitTorrent, a decentralized Web3 services pioneer with over 100 million monthly active users, into the TRON ecosystem in July 2018. TRON has gained significant traction, with over 166.5 million total user accounts, more than 5.85 billion total transactions, and over $11.52 billion in total value locked (TVL) as of June 2023, according to TRONSCAN.

Xangle Joins Com2uS Group’s Blockchain Mainnet XPLA as ValidatorCrossAngle, the operator of the virtual asset analysis platform Xangle, said Thursday that it has joined Com2uS Group’s blockchain mainnet XPLA as a validator.Photo by Shubham Dhage on UnsplashIn crypto, validators are entities in Proof of Stake (PoS) blockchain networks who operate nodes and contribute to the network’s maintenance and security by validating new transactions.Xangle will participate as a validator in the XPLA mainnet, contributing to the security and well-being of the blockchain ecosystem.About XPLA and XangleXPLA is a global mainnet that offers multiple services like a non-fungible token (NFT) marketplace, a metaverse, and entertainment services. It has partnered with many leading Web3 companies from around the world, including Com2uS Holdings, Oasys, Animoca Brands, Yield Guild Games, Blockdaemon, Cosmostation, and more. Xangle has now joined as a validator, adding its name to the list.Xangle is a major platform providing research and analytics on virtual assets. It aims to address information asymmetry within the blockchain ecosystem and promotes the mass adoption of Web3.Xangle and XPLA have consistently worked together to cultivate the popularization of Web3 and create a transparent and well-maintained blockchain ecosystem. Xangle had previously participated as a partner company in the Beyond Boundaries Web3 hackathon co-hosted by XPLA and Oasys last month following XPLA’s adoption of Xangle’s on-chain analytics service in April.Xangle’s innovative solutionsXangle is also set to launch blockchain data-based corporate solutions catered to virtual asset and Web3 businesses later this year. One of these solutions, dubbed “Explorer,” will allow search and analysis of on-chain data generated within blockchain networks. The company also announced that it will launch the beta version of Xangle Beacon — a comprehensive service to help Web3 companies operate, manage, and scale their services.