SynFutures launches V3 on Blast’s optimistic rollup network

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.”

Philippines Delays Crypto Framework PublicationThe Philippines’ financial regulator has decided to postpone the release of a legal framework for the crypto industry, originally scheduled for late 2022, despite a tumultuous year.That’s according to a report published by local news outlet, Philstar Global. In the face of numerous market failures in 2022, the Philippines’ financial regulator has opted for a cautious approach and delayed the publication of a legal framework for the crypto industry, which was initially expected to be released by the end of the same year. However, work on the guidelines is still ongoing, and there is a possibility that the results could be made public in 2023.Photo by Krisia on PexelsScrutinizing crypto failuresAccording to the chairman of the Philippines Securities and Exchange Commission (SEC), Emilio Aquino, the regulatory authority has adjusted its previous deadlines for introducing the crypto framework in the country. The SEC had originally planned to roll out the guidelines in 2022, but they held back in order to thoroughly study the reasons behind the collapse of the FTX exchange and ensure the protection of investors.Aquino stated that there is still a chance that the framework will be issued by the end of 2023, saying, “We haven’t closed the door. We really just have to make sure people don’t get burned.”Earlier this year, the SEC joined forces with the University of the Philippines Law Center (UPLC) to collaborate on the development of guidelines for digital assets. In January 2023, the regulator introduced the Implementing Rules and Regulations of Republic Act No. 11765 for public comment. This act, which was signed into law in 2022, however, does not explicitly mention “crypto” or “blockchain.”The crypto industry in the Philippines has been facing increasing pressure. The country’s central bank has been urging citizens to refrain from engaging in any transactions with unregistered or foreign crypto exchanges, and the SEC has echoed these recommendations.In May 2023, the SEC identified Gemini Derivatives as an unregistered security product under national law. In the investor advisory, the Commission wrote: “The public is advised not to invest or to stop investing in the investment scheme of Gemini Trust Company, LLC.”Last month the country hosted a meeting of the Regional Consultative Group for Asia of the Financial Stability Board. That meeting, held in the Philippines' oldest city, Cebu, highlighted the risks pertaining to crypto assets.Potential for positive approachNevertheless, the Philippines remains an attractive destination for crypto enthusiasts. With its rapidly growing economy, it has emerged as one of the world’s fastest-growing markets, with over 11.6 million Filipinos owning digital assets, placing it 10th worldwide in terms of crypto adoption.In an opinion piece published by Forkast News in April, Robert De Guzman, Head of Legal Compliance at Philippines-based cryptocurrency exchange Coins.ph, outlined his view that the country is forging a positive, workable framework for crypto assets. With that, it sounds like while the delay is unwelcome, the more important factor is that the South East Asian country devises a framework that is fit for purpose relative to the innovation at hand.

Coinone reports decline in customer inquiries due to improved user convenienceKorean crypto exchange Coinone revealed on Tuesday (local time) that the number of customer inquiries sent to its support center has nearly halved since it began introducing various updates to boost user convenience in the second quarter of this year. The exchange explained that it has been consistently collecting and analyzing customer feedback and then applying these insights to enhance its products and services.Photo by Petr Macháček on UnsplashTaking initiative to improve user experienceA recent analysis of voice of the customer (VOC) data collected by the support center up until this year’s third quarter showed that the overall volume of inquiries began to decrease in Q2, and the total number of inquiries in Q3 subsequently decreased by 24.7% compared to Q2. Notably, in September, the inquiries decreased by a whopping 45.5% compared to April. This translates to an average monthly decrease of about 11%.This trend can be attributed to ramped-up efforts for product convenience starting in Q2, which has had a positive impact on reducing customer inquiries. Earlier in May, during a short period of transition when Coinone changed its affiliated bank from Nonghyup Bank to KakaoBank, the exchange released notices with relevant information regarding transactions, deposits and withdrawals that made it easier for customers to navigate the transition. The number of related inquiries subsequently decreased by 86%.Furthermore, in June, queries regarding password recovery and mobile device authentication reset decreased by 58% and 65%, respectively, after Coinone provided simple guidelines for inactive customers to reset their passwords without having to contact the support center. Submissions to the support center for assistance with fiat deposits and withdrawals also dropped after the exchange added Naver as a channel for two-factor authentication (2FA) to its account setup system.Additional updatesOther noteworthy updates include the Coinone app version 3.0, which came with a new updated interface with five tabs — transactions, trading prices, charts, market prices and other information — for users to explore.