Telcoin makes users whole in exploit recovery

Thailand’s Securities and Exchange Commission (SEC), the Southeast Asian nation’s securities regulator, is believed to be considering moving towards approving spot Bitcoin exchange-traded fund (ETF) products.  In an interview with Bloomberg, the Thai SEC’s Secretary-General, Pornanong Budsaratragoon, said that the agency is weighing up whether to allow individual investors and institutions to access spot Bitcoin ETFs. Budsaratragoon stated: “We have to adapt and ensure that our investors have more options in crypto assets with proper protection.”Photo by Photo By: Kaboompics.com on PexelsMoving along with global crypto adoptionJanuary 10 marked the first anniversary of the approval of spot Bitcoin ETFs in the United States. Given that the U.S. is home to the world’s largest capital markets, that decision has had an impact internationally. That reality is borne out by one of Budsaratragoon’s comments. She stated: “Like it or not, we have to move along with more adoption of cryptocurrencies worldwide.” While the SEC Secretary-General’s comment suggests that she feels a compulsion to move forward in line with developments elsewhere, that wasn’t the agency’s position in January 2024 following spot Bitcoin ETF approval in the U.S.  Shortly afterwards, the regulator, alongside its regional counterpart in Singapore, outlined that it had no plans to approve the product in Thailand, stating: "The SEC has been following these developments closely but we do not have a policy to allow spot Bitcoin ETFs to be established in Thailand for the time being.” Initial access to overseas productsIn March of last year, the agency had warmed to the Bitcoin ETF product offering to a greater extent, by approving access to such products listed overseas to high-net-worth individuals and institutions. Off the back of that approval, One Asset Management (ONEAM) launched a fund of funds in June 2024, enabling Thai investors to gain exposure to Bitcoin ETFs which had been publicly listed overseas. Back in October, Nirun Fuwattananukul, CEO of Binance Thailand, stated in an opinion piece published by the Bangkok Post that he felt that the Thai crypto market was moving from retail towards a focus on the institutions. He stated:“By allowing more institutional funds to participate, the SEC is enabling a diverse range of investment strategies and helping digital assets gain broader acceptance in the mainstream.” Fuwattananukul suggested that the local regulator had made some changes on Oct. 9, paving the way for institutional-grade mutual and private funds to invest in crypto products. The approval of locally listed Bitcoin ETF products would broaden investor access to digital assets in Thailand, particularly in relation to institutional investors, which is in line with the thinking of the Binance executive. Earlier this month, Thailand’s Deputy Prime Minister, Pichai Chunhavajira, announced that a pilot program was being launched to help foreign tourists pay for goods and services using crypto within the Thai resort city of Phuket.  Meanwhile, former Thai Prime Minister Thaksin Shinawatra expressed a bullish view on crypto in a speech he made in Bangkok last week. Shinawatra called on the country’s institutions to be more open to cryptocurrency, while citing regulatory developments in the U.S. relative to the emerging asset class.

Japan’s Premier Says the Country is Committed to Fostering Web3Japanese Prime Minister Fumio Kishida, in a keynote address at the WebX conference in Tokyo, emphasized Japan’s commitment to fostering the Web3 industry and its potential to revolutionize the internet and catalyze societal change.During his address, Kishida underscored the transformative impact of Web3, envisioning it as a catalyst for innovation across various industries. He expressed his hope for the Web3 sector to regain attention and vitality, fostering the birth of numerous novel projects.EOS Foundation CEO Yves La Rose, present at the conference, noted the Prime Minister’s encouraging words and highlighted the welcoming attitude Japan is cultivating towards Web3 in the Asian region.Photo by Bastian Riccardi on UnsplashRegulatory progressKishida went on to describe Web3 as part of “the new form of capitalism,” recognizing its potential to drive economic growth while addressing social issues. Koichi Hagiuda, Japan’s Liberal Democratic Party’s Policy Research Council chairman, added that the country is diligently working to establish a robust regulatory framework to safeguard investors, providing a foundation for further Web3 policies.Japan has proven to be ahead of the curve already on workable regulation when it comes to digital assets by comparison with most of its international peers. Last month, the local regulator, the Financial Services Authority (FSA), announced that it was participating in Singapore’s “Project Guardian,” an initiative by the Singaporean regulator to explore the potential of digital assets.The country has found itself with a more progressive regulatory policy in place as a direct response to the collapse of the Mt.Gox crypto exchange in 2014. For that reason, FTX Japan had to safeguard client funds and is in a position to look towards restarting the business.Hagiuda also pointed to the significance of initiatives like “Start Next Innovator,” a project by Japan’s Economy, Trade and Industry Ministry that aims to send 1,000 entrepreneurs and students to Silicon Valley over five years to foster Web3 startups.Japanese launch imminent for BinanceThe event, which was initially reported on by local media on Tuesday, coincided with a significant announcement from Binance CEO Changpeng Zhao, revealing the imminent launch of the cryptocurrency exchange’s services on a new Japanese platform in August 2023.Binance, in its bid to enter the Japanese market, confirmed its plan to offer cryptocurrency services to Japanese users starting in August. The exchange had acquired the local platform Sakura Exchange Bitcoin (SEBC) in November 2022, which paved the way for its reentry into the country.Binance’s CEO, Changpeng Zhao (CZ), virtually addressed the WebX conference, praising Japan’s innovative approach to the Web3 sector and recognizing it as a leading country in terms of Web3 regulatory environment. He fondly recalled his own experiences living in Japan during the early stages of his career as a developer, emphasizing the clarity of Japan’s regulatory boundaries towards cryptocurrencies and stablecoins since 2017.The Web3 industry in Japan witnessed a flurry of headlines in June 2023, with the national tax agency revising legislation to exempt token issuers from paying corporate taxes on unrealized cryptocurrency gains.Prime Minister Kishida’s affirmation of Japan’s commitment to Web3 and Binance’s planned launch in the country reflect the growing interest and enthusiasm surrounding the Web3 sector in the Asian nation.

Momentica’s NFT Photo Cards Captivate K-Pop EnthusiastsMomentica, a fan-artist engagement platform, has been captivating K-pop enthusiasts with NFT photo cards featuring their favorite artists.Dunamu and HYBELevvels, the company behind Momentica, has garnered significant attention from both the tech and the entertainment industries, as it is a joint venture between Dunamu, the operator of Korea’s leading crypto exchange, and HYBE, the agency representing world-renowned boy band BTS.K-pop photo cardsOne of the primary goals of this promising company is to introduce the K-pop fandom culture to global audiences. K-pop fans enjoy collecting photo cards featuring their favorite singers or actors, and thanks to blockchain technology, these cards can now be transformed into non-fungible tokens (NFTs), ensuring their authenticity and preventing forgeries and counterfeits. Dunamu’s blockchain expertise has combined with HYBE’s intellectual property to create a range of collectible items for K-pop fans.In a recent interview with Donga Ilbo, Levvels CEO Cha Sang-hoon explained the company’s current status and future plans. Cha said that Levvels is primarily a blockchain-based Web3 company aiming to leverage various technological tools to offer a range of services.Levvels’ Momentica issues digital photo cards called TAKEs, which capture unique and memorable moments of artists, and the collection, appreciation, and trading of these cards are facilitated through the Momentica app. Fans can use Momentica to collect digital cards featuring artists such as Seventeen, Le Sserafim, and Fromis_9. The authenticity of TAKEs is verifiable, as they are recorded on the blockchain.© Pexels/Sebastian ErviPhysical to digitalMomentica transitions the fan experience from the physical world to the digital realm. Through the app, K-pop aficionados can now exchange photo cards, promote their favorite stars, and maintain a virtual album. Exclusive content, including pictures, videos, and handwriting from some artists, will be available only on Momentica.Cha mentioned that Momentica has users across 93 countries, with Koreans constituting 40% of the total. Japanese users represent over 30%, indicating the app’s strong presence in the Japanese market. Taiwan, Indonesia, and the US follow in the number of users. Overall, the app’s popularity aligns with regional interest in K-pop.Beyond HYBEWhile the current service focuses on limited collections of digital photo cards, Momentica plans to enhance the experience by allowing K-pop fans to personalize and directly exchange cards. The company is also working on collaborations with artists from labels beyond HYBE for them to participate in Momentica.