KLEVA to undergo upgrade and migrate to WEMIX3.0 network

Korean government to seize crypto for unpaid child supportStarting next year, the South Korean government is set to begin seizing virtual assets such as bitcoin from parents who are obligated to pay child support but fail to do so.Photo by Bonnie Kittle on UnsplashKorea Credit Bureau to assist in crypto seizuresAccording to a report by local news outlet Dailian, the Child Support Agency (CSA) of the Korean Institute for Healthy Family (KIHF), which operates under the Ministry of Gender Equality and Family, announced on Wednesday (local time) a partnership with the Korea Credit Bureau (KCB). This collaboration will empower the agency to confiscate virtual assets from parents who are delinquent in paying child support.Since 2015, the CSA has been offering emergency child support for approximately a year to low-income single parents who have not received payments from non-custodial parents. In this process, the agency initially pays the child support on behalf of the non-custodial parents and subsequently pursues reimbursement from them. This system ensures that the immediate needs of the children are met while still holding non-custodial parents accountable for their financial responsibilities.Before July 2022, the CSA was required to initiate lawsuits against non-compliant parents to recover child support payments. However, since then, the agency has been authorized to directly pursue reimbursements by following the compulsory national tax collection process.Challenges in enforcing child support paymentsDespite these improved measures, the government still encountered challenges in enforcing child support payments. Some non-compliant parents have resorted to earning income under other people’s names or deliberately concealing their properties, including virtual assets, to evade their child support obligations.Against this backdrop, the recent partnership between the CSA and the KCB is a strategic move to enhance the enforcement of child support payments. This collaboration will grant the CSA access to KCB’s virtual asset management system. With this access, the CSA will be able to efficiently search for and seize the cryptocurrency holdings of non-compliant parents.Jeon Joo-won, the head of the CSA, underlined the significance of the agency’s collaboration with the KCB. She pointed out that utilizing KCB’s financial transaction data will improve the CSA’s enforcement of child support payments. Jeon also emphasized that the mutual support between the two agencies will serve as a foundation for promoting social values, highlighting the broader societal impact of their combined efforts to ensure responsible child support compliance.

Amberdata Expands into Asia-Pacific with New Hong Kong OfficeAmberdata, a provider of digital asset data and analytics for institutional customers, is making significant strides in expanding its presence with the announcement of a new office in Hong Kong, marking its entry into the Asia-Pacific (APAC) region.Photo by Pixabay on PexelsMarket data offeringThe company published a press release on Tuesday, providing details on the milestone. The strategically positioned Hong Kong office will provide local sales and support to APAC customers, granting them access to Amberdata’s suite of products. These offerings include extensive on-chain, DeFi, spot, and derivatives market data, along with valuable market intelligence.Tongtong Gong, the COO and Co-Founder of Amberdata of the US-based firm, will spearhead the company’s operations in the region. Gong, expressing her excitement about returning to her home country, shared her aspirations to contribute to the growth of Amberdata’s presence in Asia.She highlighted the burgeoning development of Web3 in Hong Kong, which benefits from a clear regulatory environment and strong government support, making it an exceptional location for the new office.Industry trends eastwardsThe expansion into APAC by Amberdata aligns with the global trend of accelerating institutional adoption of cryptocurrencies and digital assets. By addressing the increasing demand for institutional-grade data infrastructure and analytics, Amberdata is positioned to serve as a crucial partner to financial institutions.The company’s foray into APAC is yet another demonstration of a trend among US-based digital assets companies to establish themselves in the east, where the regulatory environment is developing in a much more progressive, forward thinking way by comparison with the United States.Shawn Douglass, the CEO of Amberdata, said that the move was with a view towards expanding its presence in Asia, “to deliver the highest quality digital asset data and analytics to institutional investors in the region.”Hong Kong’s crypto credentialsHe emphasized the growing prominence of Hong Kong as one of Asia’s leading crypto hubs and highlighted the city’s suitability as the location for their new office. The establishment of a local office enables the company to effect a more direct sales and support pipeline to both new and existing customers within APAC.Amberdata holds a paramount position as the leading provider of digital asset data. Their comprehensive insights into blockchain networks, crypto markets, and decentralized finance seek to empower financial institutions with invaluable data for research, trading, risk assessment, analytics, reporting, and compliance.Also on Tuesday, the company added new product features. Taking to Twitter, Amberdata outlined the addition of derivatives data relative to a well-known trading and futures options platform, the Chicago Mercantile Exchange (CME). Service users are also now being given complete visibility on externally owned accounts and wallets within lending and borrowing protocols.As financial institutions increasingly enter the digital asset class and participate in digital asset markets, Amberdata’s robust infrastructure is being positioned as a vital component, enabling them to make informed decisions and navigate the dynamic landscape effectively.

Crypto.com Gets AI UpgradeSingapore-headquartered Crypto.com has launched an updated service offering which pioneers further innovation through the use of artificial intelligence (AI).Adding an AI companionAnnouncing the addition on its website on Tuesday, the company outlined that it is “furthering its innovation pipeline by introducing its first-ever Artificial Intelligence (AI) powered-initiative, Amy.”An AI companion which is based on OpenAI’s ChatGPT, Amy has been added to help users learn about crypto and the crypto industry, with the ability to provide close to real time information relative to specific crypto projects and tokens. The objective of the company in adding the tool is to provide greater help and support to the average Crypto.com user.Beta phase roll-outWhile the innovation is grounded and driven by ChatGPT, it will be customized and further trained to provide more accurate and more relevant results based on the likely needs and queries of a typical Crypto.com service user.The feature has been launched as part of a beta phase offering. For the moment, customers will be restricted to its use relative to Crypto.com/Price , and that feature availability is being restricted to a group of select users for the time being.The company plans to broaden the AI-based offering over time, with the feature being rolled out on a scaled basis to additional Crypto.com users over a number of weeks. Crypto.com’s Executive Vice President of Product, Abhi Bisarya, said that “as with other businesses and sectors, we see incredible potential and opportunity in the convergence of AI with the crypto industry and our platform specifically.”Bisarya went on to add: “We are excited to be testing this emerging technology through our Amy pilot project. We are bullish on the innovation of AI in crypto, and we look forward to continuing to enhance the utility of Amy and deploy additional AI-powered capabilities.”AI surgeAI has captured the imagination of the broader public in recent months. Central to the surge in interest in the technology has been the roll-out of ChatGPT. The AI tool achieved an active user-base of 100 million in the space of just two months. To put that in perspective, it took Instagram two and a half years to achieve that metric. More recently, TikTok got there in nine months.Crypto.com is not alone in harnessing the power of AI to develop a higher quality product and service offering. At the beginning of March Changpeng Zhao (CZ), CEO of Binance, announced the launch of Bicasso, an AI-driven non-fungible token (NFT) platform.The tool allows users to harness AI to produce NFT-based digital art. By providing the AI innovation with descriptive prompts, the tool then generates an AI-infused artwork for the user.Additionally, last month the global crypto exchange launched Binance Sensei, an AI-driven learning tool that the company has integrated with its crypto and blockchain education platform, Binance Academy. The tool leverages AI to assist users in accessing the Binance Academy knowledge base.Photo by Markus Winkler on Unsplash