Hana Bank Teams Up with Content Distributor Danal Ent to Establish Security Token Ecosystem

NFT Artists Coming to Seoul in September for The Gateway: KoreaThe Gateway: Korea, the world-renowned annual Web3 event held to celebrate the NFT community and digital artists, is set to take place next month as part of the sixth annual Korea Blockchain Week 2023. It will be held on September 7 to 8 at SFactory, a culture and arts hub in Seongsu-dong, Seoul.The Gateway has been organized by the Web3 digital media platform nft now since 2021. This year, it will be co-hosted by the blockchain community FactBlock, which is also the co-host of Korea Blockchain Week.Bringing realms togetherCentered around the theme of convergence — specifically, the convergence of man and machine, East and West, and URL and IRL — The Gateway: Korea aims to connect Web3 technology and Korean culture. It will feature activities such as interactive experiences and immersive galleries.Photo by fabio on UnsplashExploring digital art and visionary voicesThe event will also include various programs, including keynote speeches and fireside chats. Most notably, there will be an exhibition of works by famous digital artists like Beeple, who famously sold his NFT art piece titled “Everydays — The First 5000 Days” for a record-breaking $69 million two years ago at an online auction held by auction house Christie’s.Other invited artists include DeeKay, Emonee LaRussa, and Krista Kim, among others.“I am delighted that we are able to achieve global expansion through the September event in Seoul,” said Matt Medved, Co-Founder, CEO, and Editor-in-Chief of nft now.“Korea is experiencing an unprecedented moment where cultures from around the world intersect. This event will welcome leading creators and innovators in the Web3 field.”

Woori Bank Joins Forces with Samsung Securities and SK Securities to Pioneer Security Token MarketWoori Bank has recently forged a memorandum of understanding (MOU) with Samsung Securities and SK Securities, aiming to swiftly venture into the security token market in anticipation of the forthcoming institutionalization of security tokens in South Korea, according to local news outlet Dailian.Photo by Anna Evlanova on UnsplashKorea’s regulatory pathway for security tokensIn February, the Financial Services Commission unveiled guidelines for regulating the issuance and distribution of security tokens. This initiative aligns with the South Korean government’s broader goal of driving innovation in digital finance. Following this, the National Assembly conducted a public hearing on the proposed legislation. Additionally, the Financial Supervisory Service organized an informative session discussing the updated application procedure for investment contract securities and the corresponding examination protocols. As a result, the outlines of the regulatory framework are beginning to take on a more defined form.Compliance with regulatory frameworkWoori Bank President Byung-Kyu Cho, Samsung Securities President Chang Seok-hoon, and SK Securities CEO Kim Shin were present at the signing ceremony. During this event, the three financial institutions agreed to embark on their collaborative efforts to explore business models for security tokens in compliance with the regulatory framework. Their aims include constructing the infrastructure for security tokens and validating distributed ledgers, as well as forming Finance 3.0 Partners (F3P), a collaborative consortium dedicated to formulating investor protection measures.Three entities’ individual endeavorsWoori Bank has undertaken extensive preparations to make its foray into the security token market. In an effort to swiftly adapt to the changing legal dynamics surrounding security tokens, the bank has established a dedicated division and is operating a task force responsible for devising strategic approaches, with participation from Woori Financial Group’s affiliates. By partnering closely with the securities firms, Woori aims to leverage its wealth of corporate finance expertise to identify innovative business models.Samsung Securities has successfully concluded its own functional verification of the security token platform. Furthermore, the company has secured the technology necessary to connect blockchain wallets and securities accounts. These efforts will contribute to providing stable services. Samsung is also anticipating the utilization of security tokens as a fresh avenue for financing, collaborating with various enterprises to discover their practical applications. Through these endeavors, the company intends to offer attractive and stable investment products to its clientele.SK Securities stands out as the sole Korean securities firm to have established an account management system for security tokens, with the intention of seeking designation as an innovative financial service by the Financial Services Commission. Initiatives chosen as innovative financial services are granted regulatory exemptions. SK Securities has partnered with a variety of fractional investment firms to spearhead the research and development of security token issuance and distribution systems. It also plans to collaborate with experts in the domains of finance, technology, and content. This joint effort aims to build the infrastructure necessary to create a financial ecosystem that welcomes diverse participants and creates new value.An F3P official highlighted that this tripartite partnership would facilitate the alignment of their members’ security token products with regulatory guidelines. The person also mentioned their commitment to swiftly establishing a top-notch platform and ecosystem that will help position them as market leaders.

Korbit relists blockchain gaming token WEMIXKorbit, a major fiat-to-cryptocurrency exchange in South Korea, is relisting WEMIX, a cryptocurrency issued by blockchain gaming company Wemade. Korbit’s decision follows in the footsteps of its local competitors, Coinone and Gopax, who have also recently reinstated WEMIX. The WEMIX token is used to pay transaction fees, stake and vote on governance proposals.Starting at 1:00 a.m. UTC on Dec. 7, Korbit users gained the ability to create a WEMIX wallet and deposit the token on the exchange. Trading and withdrawals of WEMIX will be enabled at 3:00 p.m. UTC on the same day.The Korbit exchange only accepts WEMIX deposits originating from the Wemix network. Deposits of WEMIX sent from other blockchain networks, including BNB Beacon Chain, Ethereum and Klaytn, may be processed improperly and carry the risk of becoming irretrievable.Photo by Asa E-K on UnsplashDecision reversal and underlying rationalesOver a year ago, the Digital Asset eXchange Alliance (DAXA), a coalition of the five Korean fiat-to-crypto exchanges — Upbit, Bithumb, Coinone, Korbit and Gopax — collectively decided to delist WEMIX from all their platforms. This decision was based on several concerns, including unreliable disclosure of the token’s circulating supply, provision of inadequate and misleading information to investors and inconsistencies in the data provided during the explanation period. These issues collectively eroded trust in the company.However, Korbit has determined that the previously identified issues with WEMIX have been addressed. The exchange observed that the circulating supply of WEMIX has been reduced to a level that aligns with the schedule initially submitted to DAXA. The launch of the WEMIX mainnet rectified the discrepancy where the circulating supply displayed on crypto data platforms like CoinMarketCap was twice the actual figure. Additionally, the collateral that Wemade had deposited in decentralized finance (DeFi) protocol Kokoa Finance has been recovered.The crypto trading platform also believes that Wemade has resolved the problem of providing misleading information to investors by making corrections to its third-quarter earnings report.Regarding data fallacies, Korbit holds the view that the game publisher has taken steps to address the inaccuracies in the data previously provided to the alliance. These efforts to reduce uncertainty and fulfill disclosure responsibilities include several measures: Wemade now live-updates the circulating supply of WEMIX and other pertinent details on its official blog. The gaming company has also entrusted the management of its non-circulating WEMIX supply to Ceffu, the sole institutional custodian for Binance, a global crypto exchange. Furthermore, Wemade now makes announcements about token movements whenever they occur.Restrictions imposed on GopaxMeanwhile, Korbit stated its commitment to complying with voluntary regulations and common listing guidelines established between DAXA members. This statement is particularly noteworthy in light of the recent developments with Gopax. Gopax faced the three-month suspension of its voting rights from DAXA, following the relisting of WEMIX.