Bybit Overhauls Institutional Trading Platform Bybit Institutional

FanC – a South Korean blockchain reward project designed for creators and users of the Watch-to-Earn short-form video app CELEBe – has signed a business agreement with Coins.ph, the largest cryptocurrency exchange in the Philippines. Through this agreement, the two companies aim to expand their respective global ecosystem through fanC’s rewards system, according to an article by local news outlet Daehan Kyungjae.Photo by Lance Anderson on UnsplashEmpowering creators and rewarding viewersThe CELEBe app aims to bring content creators and viewers together through Create-to-Earn and Watch-to-Earn mechanisms. The platform has notably collaborated with some 4,000 well-known figures, ranging from actors and singers to YouTubers and athletes. Connecting communitiesUnder the agreement, fanC's reward token (FANC) will be available for trading on Coins.ph, allowing fanC to deepen its roots not only in the Filipino market but also in the larger Asian blockchain community. "This agreement marks an important step in fanC's global expansion strategy," said Lee Dong-ho, CEO of fanC. "Through our collaboration with Coins.ph, we will build a stronger global network." Meanwhile, fanC plans to continue to strengthen its partnership with Coins.ph through activities like global meetings to lead the growth of its global fan community. The platform is thus committed to consistent technological development and innovation through collaborations with various global partners. Through these efforts, it aims to provide new value by building an ecosystem that connects the global blockchain community.

Wemade has signed an agreement with Swedish gaming company Crypto Rogue Games to onboard the developer’s blockchain game Crystals of Naramunz to WEMIX PLAY, according to an official press release on Tuesday (KST).Photo by Anas Alshanti on Unsplash“Our collaboration represents a convergence of expertise and creativity,” said Åke Andre, CEO of the development studio. “Crypto Rogue Games is thrilled to announce our partnership with WEMIX PLAY. This marks a significant milestone in our vision to reach the pinnacle of excellence in the Action RPG genre by providing everlasting experiences and value to our players.” Post-apocalyptic funCrystals of Naramunz is an upcoming free-to-play action role-playing game (RPG) set in a post-apocalyptic steampunk world called Naramunz. Players can explore Naramunz, which is characterized by ruins and dungeons, maximize the benefits of their in-game items and skills, and collect and trade in-game assets. The game also features fast and explosive action sequences, character upgrades and a barter economy. Unveiling potentialCrypto Rogue Games recently held an Alpha playtest for Crystals of Naramunz to gather feedback and assess improvements that can be made. A report published on the game’s official Medium page disclosed that reactions were positive, noting strengths and weaknesses of the game in its current stage of development. Crypto Rogue Games is led by a team of industry veterans from various RPG projects like the Path of Exile series and Pillars of Eternity, as well as the strategic simulation game Stellaris.

Korean Banks Impose Crypto Exchanges to Maintain a Reserve of at Least 3B KRWIn a significant step towards regulating the cryptocurrency market and ensuring the safety of virtual asset users, South Korea’s Federation of Banks (KFB) has collaborated with financial authorities and virtual asset exchanges to establish the “Guidelines for the Operation of Real Name Accounts for Virtual Assets.” The KFB, as a group of banks and financial institutions, facilitates cooperation between its members and promotes the development of the financial industry.Photo by rc.xyz NFT gallery on UnsplashThe guidelines come as a response to the increasing need for stronger money laundering prevention measures and standardization in the crypto industry. The first step towards this was taken in 2018 when crypto exchanges became obliged to establish a real name account at a bank in order to provide Korean Won (KRW) deposit and withdrawal services to their customers. Currently, the exchanges that won such bank accounts are Upbit, Bithumb, Coinone, Korbit, and Gopax.However, this policy brought with it a set of challenges, including differing practices among various cryptocurrency exchanges, leading to inconveniences for users. Additionally, varying user protection measures, such as reserve requirements, caused confusion in the market.3 billion KRW in reservesTo address these issues, the new guidelines aim to clarify how banks operate cryptocurrency real-name accounts and bolster overall security. One of the key changes is the requirement for crypto exchanges to maintain a reserve of at least 3 billion KRW ($2.36 million). This reserve fund serves as a precautionary measure to address potential financial losses resulting from hacking incidents or system failures at crypto exchanges.Furthermore, the guidelines mandate banks to manage deposit and withdrawal limits by categorizing user accounts into limited and normal accounts. A limited account will not be converted to a normal account, which grants higher deposit and withdrawal limits, until the user’s transaction purpose and the source of funds are verified.Enhanced due diligenceIn addition, banks will perform annual enhanced due diligence (EDD) for individual account holders. This thorough review will encompass users’ identification, transaction purposes, and the origin of funds.User asset segregationTo safeguard users’ funds, crypto exchanges will be required to ensure that customer deposits are held separately or placed in trust. Regular due diligence at crypto exchanges will also be conducted by banks, with mandatory visits occurring at least once a month. Moreover, third-party services will be engaged to perform independent due diligence every quarter on crypto exchanges, providing an additional assessment of their operations.The official launch of these new guidelines is scheduled for January of next year. However, the requirement of depositing at least 3 billion KRW will come into effect earlier, starting in September of this year. Additionally, the implementation of guidelines for expanding deposit and withdrawal limits is anticipated in March of next year.