Hong Kong Analyzes Web3 Approach of Regional Peers

Korean Ministry of Government Legislation Holds Lecture on Generative AI and BlockchainThe Korean Ministry of Government Legislation said it held a lecture on generative artificial intelligence and blockchain in light of the global rise of advanced technologies on Thursday as a means of educating and enhancing the digital capabilities of its employees.The legal environment is expected to undergo rapid and substantial changes in tandem with the fast-paced advancement of technological innovation. In response, the Ministry is conducting a three-part series of special lectures on the expected demands of legislation in the future to help its employees prepare accordingly.This lecture was the second installment in the series, titled “Essential Survival Strategies in the Era of Generative AI.”It was planned as per Minister Lee Wan-kyu’s special orders to educate Ministry employees on the promotion and regulation of new technologies such as generative AI and blockchain, which have been gaining traction as key topics in recent legislative discussions.Photo by RUT MIIT by UnsplashA future led by blockchainThe first lecture, held on July 20, was led by Professor Park Seong-jun, Head of the Blockchain Research Center at Dongguk University in Seoul. During the session, he discussed how blockchain technology would impact South Korean society in the future and shared his insights into the trajectory of related legislation.Living with generative AIThe most recent second lecture featured Chief Judge Kang Min-gu of the Seoul High Court, who delved into the kind of mindset that public officials should adopt in the era of generative AI. He emphasized the need to strike a balance between digital and analog expertise and highlighted the importance of reassessing our attitude towards innovative technology while still valuing the essential principles for our way of life.Managing money launderingThe upcoming final lecture, scheduled for next month, will be given by Park Jeong-hoon, the former Head of the Korea Financial Intelligence Unit, regarding the topic of virtual assets and anti-money laundering. Given the existing concerns about the potential for virtual assets to facilitate money laundering due to their key characteristics such as anonymity and decentralization, this lecture aims to underscore the significance of instituting regulatory measures for preventing money laundering related to virtual assets.“Our laws must evolve to reflect the times that we are living in. Our society is currently experiencing rapid digital innovation — through the enhancement of the digital capabilities of our Ministry employees, I hope that legal administration can undergo innovation as well,” said Minister Lee, who also attended the lectures.“In the future, we will continue to expand capacity-building education opportunities for Ministry employees, enabling them to facilitate legislation that is demanded by modern times.”

Representatives from various judicial authorities in China, including the country’s Supreme People’s Court, held a seminar recently to discuss crypto-related legal issues. Speculation on easing of crypto regulationsThat event has sparked a wave of speculation within the crypto sector about a potential softening of the official stance in China relative to crypto. The Chinese government banned crypto trading and mining in 2021. However, beyond these speculative takes, no verifiable information has arisen following the seminar to indicate that the Chinese authorities are pivoting and looking to overturn the current bans on crypto trading and crypto mining. A report emerged on Feb. 25 on Chinese social media platform WeChat that the seminar was held on Feb. 23. Among the attendees was the Dean of the Law School of the Renmin University of China, the Dean of the Law and Fintech Institute (China University of Political Science and Law) and officials from the Supreme People’s Court. Photo by Mikhail Pavstyuk on Unsplash‘Virtual currency disposal issues’The research topic, “virtual currency disposal issues,” included consideration not just of the disposal path of virtual currency but also how to establish and improve digital currency supervision going forward. Participants scrutinized both criminal and civil cases that had involved digital assets, with a focus on possible future enforcement strategies. Some attendees highlighted financial security concerns at a national level relative to digital assets, proposing a strengthening of Chinese regulations in order to minimize that risk. One official from Beijing’s Third Intermediate People’s Court outlined past rulings within the Chinese judicial system in crypto-related cases, while suggesting that there was a need for further research to be carried out in order to further refine the approach taken by the courts. Some proposed a need for further research that takes into consideration legal theory together with real-world application relative to the treatment of virtual assets. This view received the backing of Zhai Chao, vice president of the Supreme People’s Court, the highest court within the People’s Republic of China.Establishing legal precedentOver the last few years, Chinese courts have had the opportunity to establish several precedents relative to digital assets. In 2023 the People’s Courts recognized the legal status of cryptocurrency, classifying it as property. Around the same timeframe, the Shanghai Second Intermediate People’s Court published a report which recognized the unique attributes of Bitcoin, with the report also considering the legal treatment of cryptocurrencies. In September of last year, the People’s Court Daily, a state-run media outlet, published an article calling for standardization in terms of the legal treatment of virtual currencies within the court system. Last August a court in the Chinese province of Hubei ruled that investors must bear their own losses from virtual asset investments where such losses were caused by the closure of a crypto exchange. November 2024 saw further crypto-related court precedent in China, with the Shanghai High Court recognizing virtual currency as property, while a court in Shenzhen ruled that an employment contract that included payment of wages using stablecoin was invalid.

Korean health management app leverages blockchain for iris-based solutionsIRIS, a blockchain foundation focused on healthcare, announced on Wednesday (local time) the launch of a health management app developed in collaboration with Hongbog, a South Korean provider of iris-based biometric systems. This app offers services customized to each user’s health status and lifestyle.Photo by Kalea Jerielle on UnsplashIridology-based health analysisUnlike other healthcare platforms that primarily focus on exercises, IRIS’ app offers long-term and periodic health trend analysis reports through iris photography. This approach is based on “iridology,” a concept used in traditional Korean medicine, and the app also recommends visits to specialized healthcare providers based on its findings.The app instantly analyzes a user’s biometric information through artificial intelligence once a picture of their eyes is captured with a smartphone camera. Within 15 seconds, users can view their results, based on which the app recommends personalized exercises and nutrients.This platform serves both personal disease management and prevention, and can also be utilized by public health centers for monitoring the health of local residents. Presently, it provides five health ratings for cholesterol, stress levels, and four specific organs: the brain, lungs, liver and kidneys. Future updates will optionally include information on an additional 15 organs, such as the heart, bronchi, pancreas and stomach.Blockchain-powered privacy protectionA representative from IRIS conveyed that their goal in an aging society is to assist customers in preventing serious illnesses and promoting longer, healthier lives. They emphasized that the app enables regular measurement of health indicators, aiding in disease prevention and management. The representative also mentioned that by storing sensitive healthcare information on the blockchain, the service eliminates the risk of personal data leaks.