Korea to introduce more effective guidelines for crypto listing and delisting

Galaxia Metaverse Teams Up with Rotonda to Expand Blockchain EcosystemGalaxia Metaverse, a blockchain company under Galaxia Moneytree, said Thursday that it has signed a strategic partnership deal with Rotonda, a subsidiary of Korean crypto exchange Bithumb and the operator of the Web3 digital wallet Burrito Wallet.Photo by Shubham’s Web3 on UnsplashBolstering the blockchain ecosystemThrough this new collaboration with Rotonda, Galaxia Metaverse aims to establish a cooperative framework for expanding the blockchain ecosystem by seamlessly integrating their respective blockchain-based Web3 wallets, Galaxia Wallet and Burrito Wallet, into the on-chain environment to secure on-chain liquidity and more users. Burrito Wallet supports 11 major mainnets, such as Bitcoin, Ethereum, Solana, and Polygon, as well as over 1,300 cryptocurrencies.The two companies also plan to leverage Rotonda’s global business network to increase the user base of Galaxia Wallet.Advancing on a global scaleThis comes as part of Galaxia Metaverse’s ongoing efforts to expand its presence on the global stage through collaborations with various partners, including Gopax, MVL, Elysia, Klaytn, and Bithumb. The partnership also marks another significant step in the evolution of the blockchain and metaverse industry, as companies continue to forge alliances both domestically and abroad to create more accessible and integrated virtual ecosystems.Meanwhile, Rotonda recently signed a memorandum of understanding (MOU) with global metaverse platform The Sandbox to support wallet integration within The Sandbox’s platform. The company also teamed up with blockchain gaming platform Oasys in further efforts to expand its global business scope.

Korea Bolsters Crypto Oversight and Anti-Fraud EffortsThe Korean National Police Agency (KNPA) is planning to build a system that allows for the swift suspension of wallet addresses on Binance, the giant global cryptocurrency exchange, during criminal investigations, according to a report by news outlet Edaily. This move comes as Binance is in the process of acquiring Gopax, one of the five major crypto exchanges in South Korea.Photo by Pixabay on PexelsPolice and crypto exchangesThe KNPA met today with these exchanges (Upbit, Bithumb, Coinone, Korbit, and Gopax) and Binance to discuss this matter. In October last year, the KNPA signed a business agreement with the five exchanges to establish a crypto exchange compliance management system.The system serves as a tool for the police to search wallet addresses that are under investigation and determine which of the five exchanges is managing them. Operating 24 hours a day, the hotline enables them to swiftly request freezes and execute warrants. As of May of this year, the system has been utilized by 2,086 investigators.The police are currently working on expanding the system to incorporate Binance. Hence, the focus of today’s agenda is to introduce additional functionalities to the system that would allow the police to thoroughly examine wallet addresses on Binance and initiate freezes when necessary. Until now, the police have been making verbal requests via the hotline before issuing formal letters.In addition to addressing the integration of Binance into the system, the police will engage in discussions regarding enhancements to the compliance system for crypto exchanges and the management of the hotline. Looking ahead, their goal is to extend the application of the compliance system to encompass all 36 crypto exchanges operating in Korea at present.Financial authority bolsters probe unitMeanwhile, the Korean Financial Supervisory Service (FSS) held a press conference today to announce its plan for enhancing its capacity to combat the escalating prevalence of unfair trade practices. Particularly rampant in unregistered investment entities and social media chat rooms, these practices have prompted the FSS to take decisive action.To address this pressing issue, the FSS has devised a plan to bolster its investigative prowess. It intends to augment the manpower of its three investigation units, increasing the number of investigation officers from the current 70 to 95. Furthermore, the establishment of three additional teams is on the horizon, further strengthening the FSS’s investigative capabilities.The Special Investigation Team will fully dedicate its efforts to combating severe unfair trading practices that have the potential to cause substantial losses for investors. The Information Collection Team will employ a multifaceted approach to gather pertinent information. Through both in-person interactions and online activities, this team will diligently collect data essential to uncovering and addressing unfair trade practices. The Digital Investigation and Response Team will delve into the intricacies of emerging digital assets, including cryptocurrencies and security tokens. Their primary objective is to develop and refine investigative techniques specifically tailored to these novel forms of digital assets.In order to enhance its responsiveness to unfair trading practices, the FSS will introduce a new system for sharing investigative information with cryptocurrency exchanges. This collaborative effort aims to foster closer cooperation between the FSS, the prosecution, and the police, ensuring swift and effective responses to any instances of misconduct.The Korean financial authority has affirmed its commitment to working closely with relevant agencies to strengthen investor protection and promote transparency in the capital market. Additionally, it has warned investors to exercise caution and avoid falling victim to investment frauds or engaging in excessive leveraging that may result in substantial losses.

NEOPIN and MEVerse Join Hands to Expand Blockchain EcosystemCentralized decentralized finance (CeDeFi) protocol provider NEOPIN said Tuesday that it has teamed up with MEVerse, the blockchain mainnet operated by gaming company ME2ON Group, to expand the global blockchain ecosystem and optimize the accessibility and functionality of their respective platforms.Photo by Gerd Altmann on PixabayPromoting blockchain worldwideBoth parties have agreed to collaborate on integrating their platforms to build a global user base consisting of those who have completed necessary verification procedures like Know Your Customer (KYC) and Anti-Money Laundering (AML). They will also support each other’s global partner networks, contributing to service enhancement and ecosystem expansion. NEOPIN has also vowed to introduce MEVerse to its global user community.“Initiating the integration of NEOPIN and MEVerse platforms, we are poised to play an active role in fostering the growth and widespread adoption of the blockchain ecosystem. This includes the enduring fusion of blockchain technology with Korean content.” said Ethan Kim, CEO of NEOPIN.Collaborative synergyMEVerse possesses various blockchain infrastructures, including the Web3 P2E casual game portal MEVerse GameZ, non-fungible token (NFT) marketplace MEVerse DEX, blockchain explorer MEVerse Scan, and more. The platform said that it is currently in the process of establishing a borderless Web3 ecosystem by boosting compatibility with its mainnet ecosystem and leveraging cross-chain technology.“MEVerse’s strengths lie in its possession of a wide range of blockchain platforms and content, from its blockchain mainnet to the Web3 gaming ecosystem and Korean content,” Kim commented.Meanwhile, NEOPIN has accumulated knowledge and expertise on blockchain operations during its time as a node validator for various blockchain networks such as Ethereum and Cardano since 2017. Last year, the platform launched its CeDeFi protocol, providing a secure and user-friendly DeFi platform.“We are thrilled to partner with NEOPIN, a pioneer in the DeFi sector. Through tangible integration examples, we look forward to facilitating user engagement and cultivating an expanded Web3 ecosystem,” said Jong-ho Hong, CEO of MEVerse.