28 crypto service providers register with India’s FIU

Seongnam City Hosts Seminar on Industry 4.0 AdvancementSeongnam City of Gyeonggi Province announced that it held a seminar on Tuesday under the theme “Seongnam: 50 Years Today, 50 Years Tomorrow” at the city hall to discuss the vision and prospects of the city’s identity as a technological hub for the Fourth Industrial Revolution, or Industry 4.0. Some 100 individuals were in attendance, including the city’s mayor, Shin Sang-jin, and the Director of the Seongnam Research Institute, Im Jong-soon, along with other experts, citizens, and city officials.Photo by Sandro Katalina on UnsplashPath to the Fourth Industrial RevolutionFor Seongnam to develop further, Shin emphasized the need for a specific vision for the city’s future growth. “Gathering individual talent and corporations to drive innovation is the key to leading the Fourth Industrial Revolution,” he said.Shin presented seven major tasks required to achieve this goal, including the establishment of a next-generation semiconductor cluster, a bio cluster, an Industry 4.0 cluster, a special zone dedicated to blockchain and the metaverse, a metaverse platform, and a smart city, as well as a Digital Twin City project. Director Im Jong-soon pledged that the Seongnam Research Institute would support the city’s development through extensive research.During the seminar, multiple experts also gave presentations on various topics, such as the growth process of Seongnam’s industry, digital transformation, and the city’s tasks in becoming an Industry 4.0 hub.Following the presentations, a panel discussion was led by Jang Yoon-jong, a research fellow at the Korea Development Institute. The discussion included participation from Lee Kwang-yong, Head of Policy Strategy at Naver; Kim Seo-gyun, Secretary-General of the Korea Fabless Industry Association; and Kwon Soon-bum, a research fellow at the Seongnam Research Institute. The panelists engaged in a lively debate on the prospects of Seongnam’s development.Innovation and research for a vibrant futureThe Seongnam Research Institute was established on July 3, becoming the first of its kind among cities with a population of over 500,000 to provide policy alternatives and improve the quality of life for citizens through systematic research on current issues.

Hana Financial Group, one of South Korea’s largest financial institutions, plans to establish a new task force focused on digital assets, according to a report by News1. The move comes as the cryptocurrency market continues to expand and institutional adoption grows worldwide.Photo by POURIA 🦋 on UnsplashGroupwide crypto task forceThe company intends to use the task force to develop a coordinated response system linking its banking, card, and securities subsidiaries. It also plans to introduce crypto-related products, services, and infrastructure in line with forthcoming legislation on digital assets. As its first initiative, the task force will focus on stablecoin-related projects, including issuance and reserve management. Another key objective is to build a merchant network that enables customers to make payments using stablecoins. Beyond its crypto initiatives, Hana Financial Group also aims to expand the use of artificial intelligence (AI) to advance its digital finance capabilities. Ongoing AI research at the Hana Institute of Technology will serve as the foundation for integrating AI across the group’s subsidiaries, with a particular focus on enhancing sales divisions. Commenting on the initiative, Chairman Ham Young-joo said the group will strengthen its capabilities in both crypto and AI, underlining the transformative potential of digital assets in capital markets and payment networks. Paycoin expands retail acceptanceThe rising adoption of cryptocurrencies in South Korea is reflected in Paycoin’s (PCI) recent expansion into the convenience store chain Emart24. Operated by Danal Fintech, the blockchain affiliate of Danal, Paycoin now allows customers to make purchases with its PCI tokens at Emart24 locations, according to a report by Etoday. With 7-Eleven scheduled to start accepting PCI later this month, the digital asset will soon be usable across all four major convenience store chains in the country, joining CU and GS25, which already support it. Building on this momentum, Paycoin aims to expand its utility across a wider range of sectors, including restaurants, sports facilities, shopping malls, and accommodations. The platform has already established a presence at well-known eateries such as Domino’s and Pizza Hut, as well as at Dal.Komm, Danal’s coffee chain. Market manipulation probesHowever, the growing acceptance of digital assets has also brought side effects—specifically, a rise in crypto-related crimes. Amid stricter oversight, South Korea’s Financial Supervisory Service (FSS) has voted to refer alleged cryptocurrency market manipulators to law enforcement. The decision concerns two separate cases, Edaily reported. In the first case, a suspect is accused of generating illicit profits by artificially inflating the price of a particular cryptocurrency. The individual reportedly accumulated tokens worth billions of Korean won before placing a series of sell orders at higher prices. Using an application programming interface (API), the suspect repeatedly executed these orders, prompting ordinary investors to buy in and drive prices even higher—ultimately securing profits for the manipulator. The second case involves multiple individuals accused of employing similar methods across various tokens. They allegedly used APIs to automate trades, creating false impressions of high trading volumes and inflated prices to reap unlawful gains. These developments offer a broader view of how South Korea’s nascent digital asset industry is taking shape. The growing presence of cryptocurrencies in everyday life reflects Seoul’s push to align with the global trend of embracing crypto as both a new payment method and an emerging asset class. While crime prevention and investor protection remain key concerns, forthcoming legislation is expected to give regulators clearer guidelines. Ranked 15th worldwide in crypto adoption in this year’s Chainalysis study, South Korea continues to stand out as a market that merits close attention from investors and industry observers alike. 

Abu Dhabi Global Market (ADGM), an international finance center and free zone, and Solana Foundation have forged a collaboration aimed at advancing the development of blockchain ecosystems. Nurturing DLT innovationThe primary objective of this partnership, which was announced earlier this week, is to enhance Distributed Ledger Technology (DLT) solutions and propel innovation within the blockchain sphere. Hamad Al Mazrouei, CEO of ADGM Registration Authority, expressed enthusiasm about the collaboration, stating:"We are excited to partner with Solana to pioneer the future of technology, and further enhance the level of knowledge in the space of blockchain by emphasizing the value of regulation and compliance in ensuring robust and sustainable development." Lily Liu, president of the Solana Foundation, shared her optimism about the partnership on the X social media platform, stating:“I spent the day with the @ADGlobalMarket leadership, and have come away with great optimism about their progressive, consultative approach to regulation.”Photo by Shubham's Web3 on UnsplashEmerging crypto hubAbu Dhabi is swiftly emerging as a prominent hub for crypto and blockchain ventures, attracting top firms globally due to its strategic location and supportive government policies. The ADGM has approved a raft of licenses for leading digital asset sector firms. New York-headquartered blockchain and tokenization infrastructure platform Paxos secured an in-principle license back in November. That same month, retail and social trading platform eToro and virtual asset firm M2 both secured trading licenses from ADGM. In September, Standard Chartered-backed digital asset marketplace Zodia Markets secured in-principle approval.Framework for DAOs and foundationsAbu Dhabi Global Market has created an enabling environment for such partnerships to flourish. The emirate has recently launched a $2 billion initiative dedicated to fostering startups in the Web3 and blockchain technology sectors, underscoring its commitment to nurturing the growth of the crypto and blockchain industry. Last year, ADGM introduced regulations to streamline the establishment of blockchain startups in its international free trade zone, aiming to attract investments and enhance market competitiveness and efficiency. In particular, it rolled out a framework for the establishment of decentralized autonomous organizations (DAOs) and blockchain foundations. To establish a distributed ledger technology (DLT) foundation, founders are required to submit a signed Charter to the Registrar, affirming compliance with all relevant laws and financial obligations. Notably, ADGM's regulatory framework for DLT foundations has already yielded significant results, with the recent announcement of the Berlin-based IOTA Foundation unveiling a $100 million foundation in Abu Dhabi. This latest Solana Foundation collaboration is further evidence of the fruits of that framework. In addition to regulatory advancements, Abu Dhabi Global Market introduced a virtual platform in 2022 to connect individuals with virtual asset firms, consolidating its status as a crypto hub. This initiative has attracted several crypto firms to the UAE, drawn by the region's plans to establish itself as a leading crypto hub. Dubai, Abu Dhabi's neighboring emirate, has also witnessed a surge in crypto firms, buoyed by the proactive approach of Dubai’s Virtual Asset Regulatory Authority, which serves as a global model for regulator-industry collaboration.