Nexon Korea Intensifies its Blockchain Focus with Nexon Universe

Blockchain Meat Marketplace MOOxMOO Achieves $30m in Distribution VolumeMOOxMOO, the blockchain-based meat marketplace platform operated by South Korea’s Life In Commerce, has surpassed a cumulative distribution volume of KRW 40 billion (approximately $30 million) since its launch in February of last year.Photo by Kyle Mackie on UnsplashRevolutionizing the meat industryLife In Commerce attributed this significant achievement to the use of blockchain technology on the platform. By leveraging smart contract and soulbound token (SBT) technology, MOOxMOO provides a supply and transactional platform that streamlines business-to-business (B2B) and business-to-consumer (B2C) transactions among participants of local meat supply chains, volume retailers, and retail customers.The platform essentially embeds wholesale and retail transaction information into smart contracts, which are impossible to tamper with once minted into immutable and non-transferrable SBTs.This makes MOOxMOO a transparent and decentralized distribution platform that offers various benefits like increased liquidity, faster transaction settlement times, and boosted security. It also addresses the issue of price deviations caused by market practices.In addition, MOOxMOO has its own utility token, MOOX, that can be used for deposits and transactions.The platform’s application of blockchain technology has revolutionized the meat distribution industry by breaking away from common problems such as unfair pricing. As a result, it has not only enhanced price competitiveness but also built a reputation for trustworthiness among consumers.Future plansLife In Commerce has ambitious plans to enhance the platform further. They are currently developing a new B2B platform that will utilize the weight of transaction credits using SBT in the trade of raw materials required for meat processing and distribution. This will offer additional benefits to suppliers and buyers.

Korea’s FSS to Collect Public Comments on Financial Statement Guidelines for Virtual Asset EntitiesThe South Korean Financial Supervisory Service (FSS) has revealed a set of exemplary financial statements aimed at clarifying the disclosure requirements of virtual asset-related entities. These guidelines have been designed to align with the Korean version of International Financial Reporting Standards (K-IFRS), which was established by the Korea Accounting Institute (KAI).It was reported earlier this month that the Financial Services Commission (FSC) brought forward these regulations to tackle accounting uncertainties within the blockchain industry.The main goal of these exemplary guidelines is to help entities provide financial statement readers with essential information regarding virtual assets. This includes details about the reserve amount held by virtual asset issuers and information about the virtual assets held by virtual asset service providers (VASPs).Photo by Kelly Sikkema on UnsplashPresentation sessionsTo ensure effective dissemination and understanding of these guidelines, the FSS, KAI, and the Korean Institute of Certified Public Accountants (KICPA) have planned presentation sessions. These sessions will take place from July 26 to August 11, which will involve visits to VASPs, listed companies, and accounting firms. Valuable feedback and suggestions from these stakeholders are anticipated, as the events encourage open two-way communication and welcome participation from anyone interested.Discussion meetingsTo further refine the ideas put forward during the presentation sessions, two separate discussion meetings with experts are scheduled for September and October. The recommendations gathered from the industry will undergo a careful review by experts and be thoughtfully incorporated into the guidelines.The FSS will finalize the guidelines in cooperation with the FSC, and the Securities and Futures Commission under the FSC will review them and give approval for their implementation. This is expected to take place between October and November.The FSC has stated that these exemplary guidelines are currently in their preliminary stage and open to potential changes during the public comment period. Additionally, companies have the flexibility to make necessary adjustments to these practice guidelines to suit their specific needs and requirements.Issuers, holders, exchangesThe exemplary practice guidelines are specifically targeted at three types of entities: virtual asset issuers, virtual asset holders, and virtual asset trading exchanges.For virtual asset issuers, providing essential information about their virtual assets is a key requirement. This information should encompass their business models, accounting policies, obligations (e.g. whitepapers), and the current status of their projects. Such details should be disclosed in the annotations of their financial statements. Furthermore, revenue generated from the sales of virtual assets must be recognized, and any changes to their obligations should be duly noted. Moreover, disclosure of the reserved amount of issued virtual assets and their intended usage plan is mandatory.Companies holding virtual assets must provide information regarding accounting policies, the total value of assets held, the reasons behind their holdings, and any gains or losses incurred. Additionally, holders are obligated to disclose risks associated with virtual assets and their potential impact.Virtual asset trading platforms, such as exchanges, are mandated to disclose not only their own virtual asset holdings but also those held on behalf of their customers. This disclosure should encompass detailed information about their accounting policies, the total value of assets under their custody, associated risks, and the involvement of third-party custodians. In particular, the platforms must indicate whether they treat customer assets under their custody as assets or liabilities and provide a clear rationale for such classification in the annotations of their financial statements.

OKX, a global crypto exchange, is understood to be considering carrying out an initial public offering (IPO) in the United States. That’s according to a report published by The Information on June 22. The development indicates changing fortunes for the firm in North America. In February, the company agreed to pay a fine of $84 million and surrender revenues earned through U.S. customers of around $420 million to the U.S. Department of Justice (DoJ). Photo by appshunter.io on Unsplash‘New era for OKX’The DoJ had taken action against the crypto exchange on the basis of allegations of unlicensed money transfers. Having put this matter behind it and in taking advantage of a more positive regulatory approach to the crypto sector in the U.S. by the Trump administration, in April OKX relaunched its service offering in the U.S. The company described the newly launched service as a “new era for OKX in the U.S.” Another consequence of that positive regulatory approach in the U.S. has been a renewed interest from crypto companies in pursuing IPOs. Yueqi Yang, a reporter with The Information, stated on X: “From IPOs to crypto treasury stocks, crypto is booming right now, but the rally is playing out in the stock market, at valuations that even surprised industry insiders.” USDC stablecoin issuer Circle (CRCL) executed its IPO on the New York Stock Exchange (NYSE) on June 5. Circle’s experience is likely to be encouraging for other crypto firms considering going public. Since going public, the company’s stock has surged by more than 675%. Circle raised in excess of $1 billion with an IPO share price of $31. During Monday’s trading, the company’s market cap exceeded that of Coinbase (COIN). The current market environment has encouraged other crypto firms to follow suit. In March, American crypto exchange platform Gemini filed confidentially for an IPO. Bullish has also taken this option, according to reports earlier this month. Kraken, another global crypto exchange platform, has indicated that it intends to pursue an IPO in Q1 2026. OKB token holder fearsNews of OKX’s intentions to go public has led to crypto community discussions surrounding the use of an exchange token as a means of fundraising versus a traditional stock market listing. OKX launched OKB, its native token, in March 2018.  Commentators have pointed out that those who invest in traditional shares will have access to more liquid markets whereas platform token liquidity is oftentimes concentrated on that specific exchange. Some OKB token holders fear that following the IPO, their token will be sidelined or abandoned. OKX has been working towards expanding across various regional markets recently. Last year it launched OKX TR to cater towards the crypto community in Turkey. It also acquired trading licenses in Singapore and the United Arab Emirates (UAE).  It emerged last week that the company had launched its services in Germany and Poland having acquired regulatory approval in both countries.  OKX was first founded in Beijing in 2013, later moving its headquarters to the Seychelles due to regulatory changes in China.