Japan progresses bill to enable VCs to hold crypto assets

Planetarium Labs’ blockchain MMORPG Nine Chronicles M launches worldwideWeb3 gaming company Planetarium Labs has officially released its mobile game Nine Chronicles M worldwide, which is now available for download on Google Play and the App Store.Photo by Jonas Leupe on UnsplashRedefining the MMORPG genreNine Chronicles M is the mobile version of the popular Nine Chronicles, a fully on-chain open-source massively multiplayer online role-playing game (MMORPG) — the first of its kind in the world — set against the backdrop of Norse mythology. The PC version of the game has consistently topped the ranks of dApp store DappRadar’s blockchain game listings with more than 200,000 users worldwide. Building on this experience, Planetarium Labs stated that the mobile version would provide an even more immersive game experience surpassing that of the original version.“With Nine Chronicles M, we aim to create an experience where the community not only enjoys the game but actually owns it,” said Kim Jae-seok, CEO of Planetarium Labs, referring to the game’s fully decentralized format and interactive open-source protocol. “From various events to creative and enhanced gameplay and the largest reward pool known in PvP battlegrounds, we promise to deliver an exciting and thrilling gaming experience.”Successful pre-registration turnoutThis latest release comes after the global pre-registration event that recently ended on Wednesday (UTC), which attracted some 200,000 gamers. Various rewards will be distributed to participants through a gacha game dubbed “Dvergr’s Gacha Workshop”. Such rewards include rare character costumes and allotted amounts of the in-game currency Nine Chronicles Gold (NCG), which can be used to purchase in-game items or staked to earn additional rewards. They can be claimed by downloading and logging into the game, Planetarium Labs explained.

Safeheron, a Singapore-based provider of digital asset self-custody solutions for institutions, has released the world’s first open-sourced trusted execution environment (TEE) related to Intel Software Guard Extensions (SGX).  The Intel SGX is a hardware-based security technology integrated within some Intel processors. It enables application developers to run application code within a secure isolated environment, while preventing access to that code or modification of it by other applications or by the operating system running on that hardware.Photo by Shubham Dhage on UnsplashAddressing Web3 security & scalability challengesThe Intel SGX enables a TEE, creating a black box for computation. In a blog post published by Safeheron on May 6, the company claimed that its open-source framework “addresses fundamental security and scalability challenges within blockchain and Web3 ecosystems, offering broad potential for deployment across critical scenarios.” The company asserted that the enabling of off-chain TEEs as achieved by its framework, provides for robust blockchain layer-2 scaling, together with privacy-preserving computation. In this way, layer-1 blockchain load can be minimized while enhancing network throughput and verifiability. Safeheron further claimed that this all paves the way for the evolution of a trusted “second execution layer” for decentralized applications. Overcoming Intel SGX complexitySafeheron developed the TEE framework using C++, a high-level object-oriented programming language. The firm open-sourced the SGX framework due to the significant challenges that developing with Intel SGX poses, arising from its complexity and its engineering overhead. On X, the company claimed that the new framework reduces SGX TEE development complexity, enabling developers to build applications securely for blockchain, cloud security and privacy computing. The framework optimizes advanced cryptographic support, enhanced testing capabilities, high-level API design and secure and encrypted file input and output. Moving beyond closed and opaque systemsSafeheron added that it open-sourced the framework as it had seen concern expressed within the Web3 sector regarding the development of closed and opaque systems, with that concern elevated in relation to ongoing security failures related to Web3 platforms. Safeheron CEO Wade Wang told Cointelegraph that in open-sourcing the framework, the firm is “not threatened by competitors,” but that it is concerned about “slow innovation due to closed systems.” The Singaporean firm was established in 2021. It counts HashKey Capital, Bixin Ventures, Antalpha Ventures, M77 Ventures and Kryptos among its investors. Back in 2022, it raised $7 million in a pre-Series A funding round. At the time, the project’s mission was to make private keys, which individuals use to control and self-custody their digital assets, safer. In terms of products offered, the company markets its MPC Node Suite, a white-label solution that allows clients to build out multi-party computation (MPC) wallet-based applications. It also offers Keyless Wallets that facilitate the development of wallets that don’t require traditional keys.  In February crypto exchange platform BYDFi partnered with Safeheron, leveraging its MPC technology and TEE to build out a key management system.

Korea’s Intragovernment Group Launched to Thwart Crypto-Related CrimesThe South Korean government has taken a significant step today in combating cryptocurrency crimes with the launch of a dedicated intragovernmental division. The newly established joint crypto-crime investigation division operates under the Seoul Southern District Prosecutors’ Office and comprises 30 skilled investigators from seven different government agencies.Photo by Daniel Bernard on UnsplashMulti-agency collaborationThese agencies are the Public Prosecutors’ Office, the Financial Supervisory Service (FSS), the Korea Financial Intelligence Unit (FIU) of the Financial Services Commission (FSC), the National Tax Service (NTS), the Korea Customs Service (KCS), Korea Deposit Insurance Corporation (KDIC), and Korea Exchange (KRX).The growth of the domestic crypto market in South Korea has been remarkable since the advent of cryptocurrency exchanges in 2014, attracting approximately 6.27 million individuals and reaching a valuation of 19 trillion KRW ($14.9 billion). Daily average trading volumes have surged to three trillion KRW, involving participants from various age groups, with individuals in their 30s and 40s constituting the largest share.Regulatory absenceHowever, the absence of adequate regulations has exposed customers to unfair practices in virtual asset trading. Although the recent passage of the Virtual Asset User Protection Bill at the National Assembly is encouraging, implementing comprehensive policies to safeguard crypto investors will take a significant amount of time.The risks associated with virtual asset investments are highlighted by the frequent delisting of cryptocurrencies from the nation’s top five exchanges. In the past two years, 1,053 cryptos have been delisted, and an additional 1,010 have been flagged as risky. The prevalence of unstable cryptocurrencies has resulted in high price volatility, incurring losses for investors. This volatile environment has also given rise to various crypto-related crimes, including unlawful listings, market manipulation, illegal foreign exchange trading, and pyramid schemes.Two teamsTo address these challenges, the joint crypto-crime investigation division is structured with two teams. The research and analysis team will study virtual asset issuers and distributors, identifying suspicious transactions. Virtual assets found to be fraudulent will be reported to the investigation team, which will then conduct thorough investigations and pursue legal action against problematic projects, while also recommending regulatory enhancements. Profits obtained through illegal means will be confiscated by the Seoul Southern District Prosecutors’ Office.The division’s main focus lies on virtual assets that have been rapidly delisted, those marked as risky, and those exhibiting significant price volatility. Committed to upholding fairness and transparency in the crypto industry, the joint crypto-crime investigation division will strive to protect market participants and make valuable contributions to the Korean economy.