Binance Labs clarifies involvement in SkyArk Chonicles’ latest funding round

Gyeonggi-do Province Mandates Senior Officials to Report Crypto HoldingsSouth Korea’s most populated province which encircles Seoul has taken a proactive step towards regulating virtual assets by notifying the legislation of an amendment to the code of conduct for public officials. As reported by local news outlet Yonhap News Agency, the Gyeonggi-do province will gather public comments on the amendment until July 25.Photo by Ryoo Geon Uk on UnsplashProvincial levelUnder the revised code of conduct, Gyeonggi-do officials will be prohibited from engaging in property transactions or investments related to virtual assets, using any virtual asset information acquired during the course of their duties. Provincial officials are also forbidden from providing virtual asset information to others to aid their property transactions or investments.Implementation next monthThe amendment compels public officials whose duties involve crypto-related projects, as well as high-ranking officials with an obligation to report their wealth, to declare their virtual assets. Once reviewed by the Ordinance and Rules Review Committee early next month, the amendment will be implemented immediately.National levelA Gyeonggi-do official explained that the decision to preemptively amend the code of conduct regarding virtual assets was made in anticipation of the implementation of the revised Public Service Ethics Act. This act, passed during the National Assembly’s plenary session in May, mandates high-level government officials to report their virtual assets and is set to become effective on December 14.Gyeonggi-do’s crypto surveyGyeonggi-do has been active in taking measures related to crypto assets. In a recent announcement, the province revealed its plan to conduct a survey among residents, aimed at hearing their experiences with unfair virtual asset trading practices. The survey is scheduled to run from August to November and was prompted by a growing number of residents suffering unfair losses from crypto investments amidst an economic slowdown.

Oman’s Crypto Mining Expansion Signals Further Economic DiversificationOman has recently unveiled a state-of-the-art digital asset mining facility, as it continues in its quest to diversify its economy beyond oil exports.$150 million facilityThis cutting-edge mining facility was recently inaugurated, valued at around 135 million Omani rials, approximately $150 million, as a result of collaboration between Exahertz, an Omani company, and Moonwalk Systems, a Dubai-based blockchain solutions firm.Situated within the Salalah Free Zone, a hub that offers tax benefits to corporate entities, the facility is powered by mining hardware provided by leading Chinese mining equipment manufacturer Bitmain Technologies and is primed to house 2,000 machines, making for an 11-megawatt facility.Photo by Anusree Mohan on UnsplashExpansion plansSam Ferdows, the CEO of Moonwalk Systems, hailed the project, emphasizing the company’s dedication to expanding the facility’s capacity. Ferdows shared that plans are already in motion to increase the mining operation’s capacity to accommodate 15,000 miner units by October, with aspirations to expand to multiple cities. Recognizing the importance of corporate social responsibility relative to sustainability, Moonwalk Systems aims to train citizens through dedicated programs, further promoting the growth of the digital asset sector.Engineer Said Hamoud, Oman’s Minister of Transport, Communications, and Information Technology, who led the inauguration of the project, underscored its significance as a pivotal step in the nation’s digital transformation. He expressed confidence that the new mining facility would contribute to Oman’s growing digital economy.Second mining projectThis marks Oman’s second major move into the cryptocurrency mining space within nine months. Back in November 2022, the country inaugurated its first mining facility with a price tag of approximately $389 million. The combined investment in these ventures totals $740 million, which aligns with the broader regional push toward embracing the opportunities presented by blockchain and Web3 technologies.In the Middle East, several governments are actively investing in blockchain-related infrastructure. The United Arab Emirates, a neighbor to Oman, has notably begun to accept applications from Web3-related companies. The Virtual Assets Regulatory Authority (VARA), the local regulator in Dubai, has rolled out comprehensive regulatory directives that govern licensing requirements, company operations, and compliance.Oman, for its part, is not just focusing on infrastructure. It is also addressing regulatory aspects by requiring registered digital asset firms to establish a presence within the country. Evidence of those efforts emerged earlier this month when the Omani regulator, the Capital Market Authority (CMA), invited public feedback on a consultation paper that feeds into the development of a virtual asset regulatory framework in Oman. This versatile approach suggests that the Sultanate is making a conscious commitment to fostering a thriving blockchain ecosystem within the country.As Oman attempts to position itself as a regional blockchain hub, it recognizes the transformative power of cryptocurrencies and blockchain technology in propelling its economy forward. On that basis, the Middle Eastern country is making a resolute pivot from its oil-based past to a blockchain-enabled future.

Crypto Exchange Bithumb’s Operator Closing BusinessesBithumb Korea, the operator of a major South Korean cryptocurrency exchange, has been streamlining its businesses in response to its ongoing struggle to generate profits.Photo by Tim Mossholder on PexelsAccording to a report by local news outlet Business Watch, Bithumb Systems, a tech solution subsidiary of Bithumb Korea, has recently ceased operations. Bithumb System was launched in March of last year with the aim of advancing blockchain and exchange technology. However, due to the decline in the crypto industry and challenges in profitability, the company had to undergo liquidation.An official from Bithumb Korea explained that the decision to close its tech solution arm was made in order to prioritize improving the competence of the exchange amidst the changing landscape of domestic and foreign markets.Other affiliates of Bithumb Korea are also facing difficulties. For instance, Bithumb Live, an e-commerce platform jointly established by Bithumb Korea and content production firm Bucket Studio, has been on hiatus since October last year. The platform incurred a net loss of 10 billion KRW ($7.75 million). Bithumb Korea, holding 37.5% of Bithumb Live’s shares, invested 6 billion KRW ($4.65 million) into the platform in 2021. Bithumb Korea recognizes these investment losses using the equity method.Additionally, Bithumb META, despite raising the highest amount of funds among its sister affiliates, has encountered challenges in making much progress since its establishment last year. Its NFT marketplace, Naemo Market, is still without a mobile application, and the introduction of its metaverse platform is still pending. Although Bithumb META managed to attract 9 billion KRW in investments last March from esteemed companies such as LG CNS, CJ OliveNetworks, and SK Square, it incurred a loss of 7 billion KRW ($5.4 million) in 2022.Furthermore, earlier this month, it was reported that the exchange closed its research center due to a decline in trading volume, despite its importance in assisting investors to make better-informed decisions.A representative from Bithumb stated that the company is actively seeking new sources of revenue through its mobile Wallet platform operator, Rotonda, and Bithumb META. However, given the market slowdown, Bithumb is now compelled to prioritize enhancing the competence of the exchange.