Aave v3 Launches on Metis Scaling Network

Korean Financial Regulator Reveals Crypto Accounting Guidelines to Prevent Inflated Company ValuationsThe Korean Financial Services Commission (FSC) has announced new regulations to address accounting uncertainties in the blockchain industry, according to local news outlet KBS News. The rapid growth of the industry and the increasing impact of cryptocurrency transactions on corporate accounting have resulted in confusion due to the lack of clear guidelines.Last month, the National Assembly’s plenary session passed the Virtual Asset User Protection Bill, emphasizing the need for improved regulation. In line with this development, the FSC has introduced practical guidelines and measures to resolve accounting uncertainties.The FSC has introduced two measures to achieve this goal: virtual asset accounting guidelines and mandatory disclosure of virtual assets in annotations within financial statements.Photo by Beatriz Pérez Moya on UnsplashAccounting guidelinesThe virtual asset accounting guidelines state that when an issuer sells virtual assets to a customer, they must fulfill all obligations, such as the sales process, in order to recognize it as revenue. Any costs incurred during the issuance of a virtual asset and the creation of its platform should be recognized as expenses, unless there is clear evidence that these activities specifically contribute to the development of the virtual asset. Additionally, any reserved virtual assets after issuance cannot be treated as assets on the company’s balance sheet. These guidelines aim to prevent companies from artificially inflating the value of their companies using virtual assets.When recognizing virtual assets as assets or liabilities, virtual asset service providers (VASPs) must consider the concept of economic control. Economic control refers to the entity’s authority to dispose of a virtual asset without needing customer authorization.Virtual assets in annotationsFurthermore, companies are obligated to disclose their virtual asset transactions and holdings in annotations to the financial statement. This requirement ensures that users of corporate accounting information have sufficient details. Public companies holding virtual assets for investment purposes must state the basis for classifying the assets as assets or liabilities. They must also provide the book and market values of their virtual assets in their financial statements.Companies that have created or issued virtual assets are required to provide comprehensive information about the quantity and characteristics of these assets. They must also explain their revenue recognition methodology in the event of asset sales. Companies must provide disclosure regarding the historical utilization of cryptocurrencies that have been issued but remain unsold. This disclosure includes various factors such as portfolios and volumes.VASPs must disclose the volume and market value of virtual assets entrusted to them by customers for each asset, regardless of whether these assets are recognized as assets or liabilities. VASPs also have to provide information about the level of protection measures they have implemented to mitigate risks such as hacking.The FSC expects that these measures will enable readers of financial statements to make meaningful comparisons between VASPs while ensuring the provision of reliable information.The accounting guidelines, after incorporating industry feedback, are expected to undergo deliberations and resolutions by both the accounting standards review committee and the Korean Securities and Futures Commission, as per local news outlet Kyunghyang Shinmun. Once the guidelines receive final approval, they will be promulgated and implemented immediately. This process is anticipated to take place between October and November.Meanwhile, the inclusion of virtual asset disclosures in the annotations of financial statements will be enforced next January.

Blockchain gaming platform Intella X has partnered with Galxe, a Web3 protocol that allows users to own, manage and share their digital credentials, according to an official announcement by Intella X’s operator Neowiz on Tuesday (KST). The two companies vowed to leverage Galxe's community network and expertise to create an Intella X channel on the Galxe platform, revitalizing the Intella X ecosystem.Photo by GuerrillaBuzz on Unsplash"Through this partnership, we look forward to exchanging our knowledge with Galxe and effectively growing the Intella X community, which will help revitalize the Intella X ecosystem and strengthen our global competitiveness," said Jose Ko, CEO of Intella X. Leading the way in Web3 communitiesWith over 14 million on-chain users, Galxe is a pioneer in Web3 community building. Its vast network supports 26 blockchains and various social networking websites, including X, Discord and more. In particular, the protocol also operates a rewards-based Loyalty Points system with over 3,300 partners, including Optimism, Polygon and Arbitrum, which distributes points rewards based on participation in project campaigns. "We will strive to leverage the Galxe community and introduce Web3 technology that serves to expand the Intella X ecosystem. Through our collaboration, we will bring innovations, developers and gamers to the Web3 market,” said Galxe CEO Charles Wayn. Revolutionizing blockchain gamingIntella X, which is built on the Polygon Network, is a Web3 gaming platform that emphasizes contribution and rewards. Services include a decentralized exchange (DEX), NFT marketplace and digital wallet, as well as a service protocol that rewards platform participants. In December last year, the platform also beta-launched a service last month dubbed Space Candy Store, an innovative platform service designed to reward gameplay.

Web3 Fashion Platform doDRESS Opens Pop-up Store in SeouldoDRESS, a fashion and lifestyle platform created by the faculty at Kookmin University in Seoul, has opened a pop-up store in Seoul in line with the launch of its new website. doDRESS aims to create a decentralized Web3 fashion ecosystem centered around brands, creators, and influencers, providing a space to communicate with consumers and promote their businesses and content. In turn, consumers can get the chance to dive into a new form of Web3 technology and express themselves through their personal style.Photo by No Revisions on UnsplashInteractive space for creators and consumersThe pop-up store, which was revamped from an old auto repair shop, has invited some 40 designers and graphic artists to showcase and sell their unique street fashion-inspired clothing and graphic art to consumers. It will also present an opportunity for them to interact with influencers who can contribute to the marketing and distribution of their products, thus boosting their value.Creators and those who wish to become creators can upload the products they make on doDRESS. When a product is sold, every individual in the platform’s Web3 ecosystem who contributed to making it will receive a portion of the revenue.Visitors, on the other hand, can customize their own clothing by printing designs created by the artists themselves through doDRESS’s fashion stickering service, which is available both online and offline at the pop-up store. The platform also said that it would give out custom doDRESS products worth KRW 40,000 (approximately $30) on a first-come, first-served basis to 70 visitors on weekdays and 200 on weekends.Future plans for growthIn the future, doDRESS aims to expand on a global scale and add more clothing products to its services utilizing various production techniques like 3D printing.The pop-up store will be open until next Wednesday (local time) in Seongsu-dong.