NEOPIN teams up with Ticker Capital to expand Web3 ecosystem

Beijing Municipal Government Unveils Web3 White PaperIn what is being perceived by many as a significant development, the Beijing Municipal Science and Technology Commission, also known as the Administrative Commission of Zhongguancun Science Park, has released a white paper titled “Web3 Innovation and Development.”Photo by zhang kaiyv on PexelsThe “inevitable trend” of Web3This announcement, as reported by local news outlet, The Paper, was made during the Zhongguancun Forum. The Forum is an event focused on technological advancements and innovation. The white paper acknowledges Web3 technology as an “inevitable trend for future Internet industry development.”The objective of the Beijing Municipal Government is to establish the city as a global innovation hub for the digital economy. To support this ambition, the government plans to allocate a minimum of 100 million yuan (approximately $14 million) annually over the next two years.Enhanced policy supportThe white paper points towards Beijing’s intention to enhance policy support and accelerate technological advancements to foster the growth of the Web3 industry. This strategic move aligns with what appears to be China’s evolving stance toward the crypto industry, as the government aims to leverage the potential of emerging technologies.The timing of the white paper release coincides with the upcoming implementation of new digital asset regulations in Hong Kong. At the beginning of next month, the Securities and Futures Commission (SFC) of Hong Kong will introduce new rules for the cryptocurrency sector, permitting retail investors to engage in crypto trading. This stands in stark contrast to the current regulatory environment in the United States, where authorities have been tightening their control over cryptocurrencies.Second guessing China’s approach to cryptoChina had previously banned the use of cryptocurrencies in 2021. Notwithstanding that, the release of the Web3 white paper may suggest a potential shift in the country’s approach. Notably, on May 23, China Central Television, a state-owned media outlet, aired a segment focused on cryptocurrencies, prominently featuring the Bitcoin logo and a Bitcoin ATM in Hong Kong.This coverage holds significance, but the fact that the video was quickly taken down from the broadcaster’s website casts doubt on just how far down the crypto rabbit hole China is willing to go.Changpeng Zhao (CZ), the Founder and CEO of global crypto exchange Binance, tweeted out that the timing of the publication of the paper is apt given other blockchain and crypto-related initiatives taken on by various Chinese entities. A recent study suggested that Hong Kong is emerging as a leading jurisdiction when it comes to its crypto readiness.It remains to be seen how these developments will unfold and whether Beijing’s proactive approach will pave the way for further integration of blockchain technology and cryptocurrencies in China’s digital economy.For the time being, with the release of the white paper, Beijing appears to have taken a significant step forward in shaping its future as a leading player in the global Web3 landscape. However, to what extent Beijing is ‘all in’ on crypto remains imponderable.

Welcome Savings Bank Implements Blockchain-based Bank ID for Enhanced Customer ConvenienceWelcome Savings Bank, one of the mutual savings banks in South Korea, has announced a significant step towards enhancing identity security and customer convenience with the incorporation of Bank ID, a blockchain-based decentralized identity (DID) solution operated by the Korea Financial Telecommunications and Clearings Institute (KFTC), a payment services institution.Photo by Jonathan Cooper on UnsplashDID technology to prevent identity fraudThe utilization of DID technology marks a notable stride in preventing identity fraud. By storing user data on a secure distributed ledger, the system becomes highly resilient to counterfeiting or forgery attempts, ensuring a safer environment for customers’ personal information.Single sign-on functionalityWith this initiative, Welcome Savings Bank has become the first savings bank in the country to implement Bank ID, a solution predominantly adopted by prime commercial banks. This strategic move bolsters the bank’s digital competitiveness and improves customer convenience. With Bank ID, users can enjoy seamless access to their accounts across 18 Korean financial institutions without the hassle of logging in separately for each one, streamlining their banking experience.Customers of Welcome Savings Bank can utilize the bank’s mobile app to acquire a Bank ID by undergoing a verification process through a one-time password or security card. For existing Bank ID holders, adding Welcome Savings Bank to their list of banks is a straightforward procedure.The decision to embrace this innovative technology highlights the bank’s commitment to meeting the high standards set by prime commercial banks. By aligning with industry trends and bolstering their digital capabilities, savings banks like Welcome and other subprime banks can deliver improved convenience and a seamless banking journey to their valued customers.

Dunamu likely to extend CEO Lee’s tenure, ensuring continuity in Upbit leadershipDunamu, the operator of Upbit, South Korea’s largest cryptocurrency exchange, recently convened a board meeting where a key decision was made to extend the term of Lee Sirgoo as Dunamu’s CEO, as reported by local news outlet Newsis, citing industry sources.Photo by Benjamin Child on UnsplashFinal decision on Dec 5The final decision on the extension of CEO Lee’s term at Dunamu is set to be made at the extraordinary general meeting on Dec. 5. The crypto industry is largely confident about Lee’s reappointment, especially given the presence of major executives, including Chairman Song Chi-hyung, at the recent board meeting.Responding to changing regulationsIn light of these developments, industry insiders are keenly observing whether CEO Lee will maintain Upbit’s market dominance in Korea. A key factor influencing Upbit’s future success will be Dunamu’s strategy in adapting to the changing market conditions, particularly in response to the upcoming Virtual Asset User Protection Act, which is due to come into effect in July next year.One source familiar with the matter said that Lee’s reappointment is almost assured, barring the emergence of any unexpected factors.If confirmed, this will mark Lee’s second reappointment as CEO of Dunamu since his first in 2020. This extension would bring his total tenure to nine years, continuing through 2026, considering that he initially assumed leadership in December 2017.Emphasis on stability and blockchain adoptionThis move likely underscores Dunamu’s prioritization of stability, especially considering Chairman Song’s emphasis on the company’s commitment to the widespread adoption of blockchain technology, as highlighted in the recently convened Upbit D Conference (UDC). Such a focus suggests that the company is leaning more towards maintaining its current status rather than embarking on new ventures.An executive from a Korean crypto research firm observed that Dunamu’s annual UDC event is a significant indicator of the company’s business direction. The person highlighted this by comparing it to last year’s event, where Dunamu officials focused on new initiatives, particularly in the realm of NFTs. This was evident in their collaboration with Levvels, a joint venture between Dunamu and HYBE, the management agency of the popular K-pop boy group BTS.The executive further elaborated that the widespread adoption of blockchain technology requires strengthening the Upbit business, an area in which Lee excels. The research expert suggested that if he had diverted his efforts towards other new projects outside of Upbit, the outcomes might have been different.CEO Lee’s ability to steer Upbit effectively in the burgeoning field of blockchain technology can be attributed to his rich academic and professional journey. He holds a diverse academic background with degrees from Seoul National University, the University of Hawaii at Manoa and Lewis & Clark Law School. His career spans journalism, law and corporate leadership, including roles as a reporter for JoongAng Ilbo, counsel for IBM Korea, CEO of NHN USA and co-CEO of Kakao Corporation.