Korean Financial Watchdog to Penalize Bankers Involved in Illegal Foreign Remittances

AMO Labs, the operator of a driving data platform that facilitates the exchange and valuation of automotive data, has secured a strategic partnership with Webility, a Web3 mobility sharing economy service, to expand its business endeavors in the mobility field, according to Korean media outlet SEN TV on Tuesday (KST).Photo by Luis Villasmil on UnsplashDiversification of blockchain-based servicesLaunched this year, AMO Labs’ service provides automotive data such as car information and sensor-based data, which helps contribute to a safer and more efficient driving experience with value-added products and services. Meanwhile, Webility brings blockchain technology to Web2-based sharing economies, creating a new decentralized Web3 service where service users and providers can be directly connected. Its main products include an AI node service and an NFT sharing economy service. Under the new agreement, the two companies agreed to expand their services and provide various products to users to innovate South Korea’s mobility as a service (MAAS) ecosystem. Anticipation for cooperation“Through our cooperation, we will strengthen data related to automobiles and micro-mobility and expand the blockchain-based mobility data pool,” Webility said. “We plan to bring mobility users into a new Web3 environment, diversify the blockchain-based mobility market and expand our cooperation for mutual growth.”

Hong Kong regulators consider opening up crypto ETFs to retailHong Kong regulators are now exploring the possibility of allowing retail investors to participate in spot crypto exchange-traded funds (ETFs).The CEO of Hong Kong’s Securities and Futures Commission (SFC), Julia Leung, was cited by Bloomberg on Sunday as having indicated that provided that the necessary regulatory approvals and checks are in place, the regulator may be open to the notion of retail participation where spot crypto ETFs are concerned. Leung emphasized the regulator’s openness to innovative technology that enhances efficiency as long as it addresses potential new risks.Photo by Markus Winkler on Pixabay‘Happy to give it a try’She stated: “We welcome proposals using innovative technology that boosts efficiency and customer experience. We’re happy to give it a try as long as new risks are addressed. Our approach is consistent regardless of the asset.”While both the United States and Hong Kong currently permit futures-based cryptocurrency exchange-traded funds (ETFs), the adoption of such instruments has been relatively modest in comparison to the broader fund industry.In Hong Kong, there are currently ETF listings for products like Samsung Bitcoin Futures Active, CSOP Bitcoin Futures and CSOP Ether Futures, with a total combined asset value of approximately $65 million. In June, Hong Kong’s largest ETF manager, Hang Seng, suggested that it too was considering a crypto product offering.In accordance with the SFC’s digital asset regulations, individual investors already have the opportunity to trade prominent cryptocurrencies like Bitcoin and Ether on licensed cryptocurrency exchanges since June 1. Presently, BC Technology Group Ltd.’s OSL and HashKey Exchange are the only platforms in Hong Kong with permits for cryptocurrency trading. Additionally, there are expectations that mandatory regulations concerning stablecoins will be introduced over the course of the next year.Prioritizing investor protectionLeung expressed the regulator’s cautious approach, stating:“As the crypto ecosystem evolves step-by-step to the point where we’re comfortable, then we’re happy to open up more access to the wider investing public.”Notably, Hong Kong also recently unveiled its Web3 plans, highlighting its commitment to embracing blockchain and decentralized technologies.Hong Kong introduced a specialized regulatory framework for virtual assets in June which are designed to attract businesses while prioritizing investor protection. That need to protect consumers has been underscored recently by the alleged fraud that has subsequently been uncovered involving HK$1.6 billion ($204 million) at the unlicensed JPEX cryptocurrency exchange in the city.Market reactionThe significance of such a move isn’t lost on crypto market participants. Taking to X, one wrote: “Seismic shift. Hong Kong’s play could reshape the Asian crypto landscape. #Bitcoin ETFs? A strategic move to anchor HK as the digital nexus of Asia.” Another claimed that this “might redefine the crypto landscape and fuel the next bull market.”A report published by the Hong Kong Stock Exchange in April found that crypto ETFs have the potential to play a significant part in the next phase of digital asset innovation in Asia.Leung emphasized the importance of a strong and comprehensive regulatory structure, highlighting the SFC's efforts to enhance transparency in processing license applications for virtual asset exchanges.Moreover, the Hong Kong Monetary Authority (HKMA), the Chinese autonomous territory’s central bank, is actively exploring the possibility of offering guidance to banks regarding the provision of digital asset custodial services. These services are considered vital for nurturing the growth of a digital asset ecosystem and ensuring investor security.

The government of Bhutan, the Buddhist kingdom nestled in the Himalayas, has partnered with cryptocurrency payment service Binance Pay to launch the world’s first national-level crypto tourism payment system. In a recent blog post, Binance outlined details of the collaboration. Alongside the government and Binance, Bhutanese digital bank DK Bank will also play a role. The payment system enables international visitors to Bhutan who also happen to be Binance account holders to pay for a range of services within the kingdom.Photo by Mariia Shalabaieva on UnsplashFacilitating spending of over 100 cryptosUsing the Binance app, tourists visiting Bhutan can use dynamic or static QR codes in order to complete secure transactions via participating merchants in real time. The system supports users in spending over 100 cryptocurrencies to pay for goods or services, including hotel stays, tour guides and entrance fees to touristic sites. Payment using these digital assets will be settled instantly in Bhutan’s sovereign currency, the Ngultrum (BTN), with that settlement facilitated by DK Bank. Binance also asserted that the initiative facilitates inclusion and innovation by enabling small businesses in remote areas to accept crypto and in that way, to go digital. Bridging ‘cultures and economies’Binance CEO Richard Teng said that the initiative not only advances the use of crypto in the tourism sector, it also sets a precedent for “how technology can bridge cultures and economies.” Teng added:“This initiative exemplifies our commitment to innovation and our belief in a future where digital finance empowers global connectivity and enriches travel experiences.” Damcho Rinzin is also of the opinion that the initiative adds value beyond just being a tourism-related payment system. He stated:“This is more than a payment solution – it’s a commitment to innovation, inclusion, and convenience.” Binance described the new payment system as the first of its kind to offer end-to-end crypto-based payments at a national level, in a fully integrated manner. It added that previous systems established elsewhere had limitations and that by offering real-time confirmations, near-zero fees and a regulatory-compliant bank handling settlements, this system overcomes past limitations. Early adopterWhile Bhutan appears to have established a world-first with this system, it is no stranger to being innovative related to crypto. The kingdom has amassed a Bitcoin holding with a value in excess of $1 billion. It has collaborated with Bitcoin miner and Bitcoin mining equipment manufacturer Bitdeer on crypto-related ventures. In January it was announced that the Gelephu Mindfulness City (GMC), a special administrative region within Bhutan, is moving forward with plans to hold Bitcoin, Ethereum and BNB, a digital asset that was created by Binance back in 2017, within its strategic reserve. Bhutan’s early interest in crypto hadn’t gone unnoticed by Binance founder Changpeng Zhao (CZ). Last November, CZ commented on the X social media platform, in response to the news that Bhutan had accumulated in excess of $1 billion in Bitcoin, that many countries will use Bitcoin as a strategic asset going forward. The following month he visited the kingdom, meeting with the King of Bhutan.  During a panel discussion at Token2049 in Dubai in April, CZ commented that Bhutan is already advanced in its efforts to implement a national Bitcoin strategic reserve.