DeSpread partners with Arbitrum to build ecosystem for Korean developers

South Korea’s ruling Democratic Party has set up a new task force to accelerate the creation of a clear regulatory framework for stablecoins, aiming to unify competing legislative proposals ahead of government guidelines expected in October. According to Etoday, the nine-member group, chaired by Representative Lee Jung-moon of the National Policy Committee, is composed of lawmakers from three key parliamentary committees. Its primary objective is to consolidate the party's position on digital asset policy and coordinate with the Financial Services Commission (FSC) to establish a definitive rulebook for the burgeoning sector. Lee stated that the task force would work to harmonize multiple stablecoin bills already circulating within the party, noting that there was mounting pressure from both regulators and the private sector. He explained that government agencies had urged swift legislative action, while financial institutions and exchanges preparing to launch won-pegged stablecoins were waiting for regulatory certainty.Photo by SC Jang on UnsplashRegulatory debate over capital standardsA central point of contention for the task force will be establishing appropriate capital requirements for stablecoin issuers. Current proposals vary in scope, with suggested thresholds ranging from 500 million won (approximately $358,000), a figure intended to encourage fintech innovation, to as high as 5 billion won (about $3.58 million) to prioritize investor protection. The committee is tasked with striking a balance between fostering market growth and ensuring financial stability. Seoul's initiative reflects a broader global movement toward formal oversight of fiat-backed digital currencies. The U.S. passed its GENIUS Act for stablecoins in July, while the EU has implemented its Markets in Crypto-Assets (MiCA) regulation. Similarly, Japan amended its Payment Services Act in 2023 to restrict stablecoin issuance to licensed banks and registered financial firms. Former White House crypto advisor’s inputThe push for clear rules has drawn keen interest from industry leaders. Speaking at Korea Blockchain Week 2025 in Seoul, Bo Hines, chief executive of Tether USAT, stressed the regulatory clarity provided by the GENIUS Act in the U.S. According to ZDnet Korea, he noted that his company's new dollar-backed token, USAT, is designed for full compliance with U.S. law, featuring one-to-one reserves and audits by top-tier accounting firms to attract institutional investors. Hines, a former digital assets adviser at the White House, clarified that USAT is intended to serve the regulated U.S. market, complementing Tether’s flagship product, USDT, which has a global user base exceeding 500 million. He also discussed Tether’s view of South Korea as a key market, pointing to the significant USDT trading volumes there. Hines encouraged the country to adopt comparable stablecoin standards and expressed optimism that it would move toward a more open and efficient global financial network. With the FSC’s guidance approaching, the Democratic Party’s task force is working to reconcile differing legislative proposals. The resulting framework will shape the pace at which stablecoins move from pilot projects to an established part of South Korea’s financial system. 

China Mobile Establishes Metaverse Industry AllianceChina Mobile, one of the leading telecommunications companies in China, has taken a significant step forward in the development of the metaverse by announcing the establishment of an industry alliance during the 2023 Mobile World Congress in Shanghai.News of the development broke via a state-backed media outlet, the Shanghai Securities Journal, in its reporting from the event on Wednesday.Photo by julien Tromeur on UnsplashA trillion yuan marketAt the forefront of this endeavor is Zhao Dachun, Deputy General Manager of China Mobile. Dachun emphasized the metaverse’s potential as a trillion-yuan level market. Recognizing its significance, China Mobile has unveiled the first batch of 24 members of the metaverse industry alliance. Among them are renowned companies such as iFlytek, a leading AI company, HTC, a prominent manufacturer of VR goggles, and MGTV, a popular video streaming platform.The establishment of the alliance serves multiple purposes. It provides a platform for industry partners to engage in discussions and collaboratively shape the future of the metaverse industry. This cooperative effort will contribute to the development of industry standards, facilitating a shared vision for the metaverse ecosystem.More effective metaverse collaborationAdditionally, the alliance aims to foster resource sharing, encouraging deeper integration and collaboration among its members. By adopting a win-win mindset, the alliance members seek to collectively benefit from the new opportunities that arise within the digital economy.Further supporting the metaverse vision, Migu, the digital content unit of China Mobile, has taken significant steps by establishing its metaverse headquarters in Xiamen, a city located in the Fujian province of China.Regional government partnershipIn a promising partnership, Migu has entered into a strategic cooperation agreement with the Xiamen government to spearhead the development of a metaverse within the city. The metaverse, a digital world created through advanced technologies such as virtual reality and augmented reality, holds great potential for transforming Xiamen into a “high-quality, high-value, modern, and international” city that thrives on digital intelligence.Migu’s plans extend beyond theoretical concepts, as they outline concrete steps to realize the metaverse vision. Key application scenarios, such as the development of a metaverse version of Gulangyu Island, a renowned tourist destination celebrated for its natural beauty and historical significance, will be a primary focus. By bringing this iconic location to the metaverse, visitors will have the opportunity to experience its charm in a new digital dimension.Moreover, Migu is dedicated to accelerating research on digital governance within the metaverse. With the metaverse expected to have a profound impact on society, understanding how to effectively manage and regulate this emerging digital landscape becomes paramount. Migu aims to lead the way in establishing best practices and frameworks for responsible and inclusive digital governance.Through collaborative efforts, the promotion of industry standards, and strategic investments in key application scenarios, China Mobile is likely to play an important role in unlocking the vast potential of the metaverse. In turn, the initiative is likely to fuel the growth and transformation of the digital economy.

Fingerlabs, a subsidiary under South Korean digital marketing firm FSN, has secured a strategic partnership with the OGN gaming television channel to work on a blockchain-based content and IP project by utilizing its Web3 content distribution hub Xclusive, according to local news site Digital Times on Tuesday (KST).Photo by Luis Villasmil on UnsplashFrom Starcraft to the metaverseSince its inception as Ongamenet in 2000, OGN has grown significantly by broadcasting Starcraft matches, thus popularizing esports and leading the global standard for esports broadcasting. After being acquired by global league stats website OP.GG in 2022, OGN has been expanding its range of content to include other, more innovative games and technologies such as VR, XR, and the metaverse. It also recently launched a live channel and VOD service on the popular Korean OTT service Wavve. Through this partnership, the two companies plan to produce and distribute Web3 content through Xclusive by leveraging various IPs owned by OGN. The South Korean market has already been a hotbed of esports since the early 2000s when Starcraft’s popularity skyrocketed. More recently, the country’s interest and reputation in esports has grown exponentially when it hosted the League of Legends World Championship last year. Subsequently, expectations are building for Web3 content based on OGN's IPs. Xclusive’s journeySince it transitioned from a traditional NFT marketplace to a Web3 content distribution platform, Xclusive has teamed up with various projects. This includes the upcoming BTS Universe-based drama "Begins Youth," as well as the popular South Korean singing competition Miss Trot Season 3. This, coupled with the OGN collaboration, is expected to pave the way for Xclusive to expand beyond entertainment-related content and into the gaming industry.