Korea’s Premier Law Firm to Jointly Hold Seminar on Preventing Crypto Exploits

Animoca Brands Partners With Yuga Labs on ‘Wreck League’ LaunchHong Kong’s Animoca Brands and its San Francisco-based subsidiary nWay, a developer and publisher of multiplayer games, have partnered with Yuga Labs, unveiling their latest creation: “Wreck League.”Photo by Haidan on UnsplashLeveraging Web3Diving into uncharted waters in the realm of esports, this game leverages Web3 technology to empower players with the ability to construct, possess, and engage in battles with their very own distinctive Mech fighters.“Wreck League” challenges the traditional boundaries of gaming by permitting enthusiasts to craft their fighters, engage in fierce competitions, and secure on-chain rewards. Set to debut its maiden season, the game will draw inspiration from the Web3 stalwart, Yuga Labs.The game boasts a dual-pronged design, encompassing both Web2 and Web3 versions. In a savvy maneuver to capture a wide-ranging audience, nWay has devised a marketing strategy that seamlessly integrates effective user acquisition techniques from their previous ventures while circumventing complex blockchain terminology.Clarifying the ingenious concept behind the game, Taehoon Kim, the CEO of nWay, explained: “Wreck League stands as a fusion of Web3 and Web2 concepts. Our mission revolves around unifying communities and players, tapping into the creative wellspring of the Web3 community to consistently elevate the game’s content.”Designed for player retentionWithin the player community, creators, owners, and participants converge to partake in league events. The crux of the game revolves around the assembly of high-performance Mechs, crafted from a collection of 10 distinct Mech Parts NFTs.Player retention is a cornerstone of its design, driven by an engaging trajectory of in-game progression through upgradable mech parts, enhancing gameplay dynamics, and embedding the notion of asset ownership. The more players invest in refining their assets and advancing through levels, the stronger their bond with the game becomes. Active participation in events and tournaments further reinforces player allegiance.Yat Siu, the Co-Founder and Executive Chairman of Animoca Brands, is optimistic regarding the transformative potential of “Wreck League” within the esports sector. Siu envisions the game, where digital asset ownership is the norm, as a harbinger of a monumental shift in competitive gaming dynamics.Expanding market reachFor Yuga’s part, the NFT and metaverse company is using gaming, through this particular partnership, as a mechanism to broaden the reach of its well-established NFT brand. That said, it has also made its own individual efforts in that regard recently. The Web3 studio, best known for having created the Bored Ape Yacht Club (BAYC) NFT collection, has released two games, Dookey Dash and Forge, independently.nWay and Animoca Brands get to benefit from access to Yuga’s well-known NFT collections through the partnership. The companies confirmed that as part of the gaming experience, gamers will be able to collect and take ownership of in-game digital assets in the form of NFTs.Animoca acquired nWay in December 2019 for $7.69 million. The games developer and publisher creates and distributes triple A games on console, PC, and mobile platforms. At the time of the acquisition Animoca Brands outlined that it foresaw nWay innovating in the area of blockchain-based games, with the intention of both companies working together relative to that endeavor.

Experts Discuss Korean Security Token MarketSince the Korean financial regulator released regulatory guidelines on security tokens in February, many have anticipated that the introduction of security tokens would transform the concept of investment and give rise to new market strategies based on blockchain technology.©Pexels/PixabayIndustry professionals have expressed their opinions on the matter in interviews with media outlets.Token issuance and distributionPark Hyo-jin, vice president at Sejong Telecom, in a recent interview with Korean media outlet Digital Today, expressed his disappointment about the Korean government’s decision to separate token issuance from token distribution. Sejong Telecom is the developer and operator of the blockchain-based real estate fractional investment platform Bbric.According to Park, the capital market law separates token issuance from token distribution in order to prevent conflicts of interest, as interested parties may attempt to control financial products according to their own preferences. However, things are different with security tokens, Park believes. With the help of blockchain technology, a mainnet can issue and distribute tokens without intermediaries.Higher investment limitsPark emphasized the importance of increasing investment limits and cited the small size of the Korea New Exchange (KONEX), a stock exchange for small enterprises, as a reason for its lack of activity. He added that higher caps would result in positive ripple effects.Regarding real estate security tokens, Park doesn’t expect more profitable products, but sees that more investment choices will be available. He is particularly interested in investment contract securities. One such example is renting a piece of land to farmers to distribute harvest profits.Connection with virtual assetsThe security token market will face limitations if it’s not connected with its virtual asset counterpart. He mentioned the need for a digital asset law to create an ecosystem that links security tokens with virtual assets.Meanwhile, in an interview with Economic Review, Lee Kun-ho, former CEO of KB Kookmin Bank, showed a somewhat pessimistic view about the Korean security token market while admitting its potential.Various uncertaintiesIn his opinion, while real estate holds potential as a security token investment, government policies may introduce uncertainties. Likewise, the markets for music and artwork are also subject to unpredictability. Consequently, security token strategies in these areas could encounter limitations.Lee also sees that some of the services don’t necessitate blockchain technology. It is unlikely that any clear winners will emerge in the short term; therefore, it is vital for the industry to approach this issue with prudence, he added.

Singapore-headquartered cryptocurrency exchange platform Crypto.com is making a move to further its global reach through an application for a virtual asset trading platform (VATP) license with the Hong Kong Securities and Futures Commission (SFC). Application via Fortis DAX HK LimitedA number of months ago, the SFC established a list of both licensed platforms and license applicants. Crypto.com is the latest entity to appear on that list through a locally incorporated entity, Fortis DAX HK Limited. The application was made on Feb. 9, 2024. In this pursuit of regulatory approval in Hong Kong, Crypto.com now joins 16 other exchanges, including notable players like Bybit, Bullish, OKX and VAEX.Photo by Jie Yeu Teoh on UnsplashRegulatory ultimatumThe urgency to obtain a VATP license has become more immediate, given the regulatory ultimatum issued by the SFC recently. A stern warning from the Hong Kong regulator has been issued, mandating that exchanges must apply for the said license by Feb. 29, 2024, with a looming shutdown deadline of May 31, 2024, for those that fail to comply.  Currently, only two platforms, OSL and HashKey Exchange, hold the coveted licenses, underscoring the rigorous process and the importance of compliance in operating within the Hong Kong market.  Despite recent approvals of spot bitcoin exchange-traded funds (ETFs) in the United States and the acceptance of applications for similar products in Hong Kong, regulators are once again asserting their authority in the crypto space, demanding stringent compliance measures to safeguard investors and combat financial crimes.  Julia Leung, the chief executive officer of the SFC, emphasized the importance of regulatory oversight in today's landscape, highlighting the need to protect investors and hold wrongdoers accountable.  In light of these developments, the SFC has issued a cautionary advisory to investors, urging them to verify the regulatory status of the platforms they engage with. While exchanges can continue operating during the application process, investors are encouraged to take proactive measures, such as closing accounts with unlicensed platforms or transferring their assets to SFC-licensed exchanges before the looming deadline.  Licensing and partnerships Despite the regulatory pressures, Crypto.com appears to be navigating the challenges adeptly, leveraging its strategic partnerships and growth initiatives to reinforce its position in the market. In a recent interview, Eric Anziani, the COO of Crypto.com, highlighted the success of the company's collaborations with sports giants like F1 and the UFC, as well as a stadium naming rights deal in Los Angeles that has led to the Crypto.com Arena. These partnerships not only enhance brand visibility but also serve as avenues for attracting new users to the platform. With an approaching user base of 100 million, Crypto.com continues to expand its offerings, recently introducing Crypto.com Prime, an exclusive program tailored for high-net-worth individuals requiring a $1 million deposit. Anziani emphasized the importance of compliance, user convenience and competitive fees, while also acknowledging the diverse trading preferences among users. This license application is the most recent example of Crypto.com’s efforts to expand compliantly. Over the course of the past 12 months, the company has secured trading licenses in Spain, the UK, Dubai and Singapore.