Streami Appoints New CEO, Boosting Hopes for Regulatory Crypto Approval in Korea

OKX Burns $244M $OKB in Record Exchange Token Supply CutSeychelles-headquartered OKX, the world’s second largest cryptocurrency exchange, has conducted its largest-ever burn of its exchange token, $OKB, according to on-chain data.Approximately 5.5 million OKB tokens, equivalent to around $244 million, were removed from circulation. This record-breaking burn represents a significant milestone for OKX, surpassing the previous burns conducted since the monthly program’s inception.The burn was valued at approximately $258 million when calculated based on a 90-day average price, as reported by OKX. Chinese reporter Colin Wu highlighted that this burn marked another significant milestone in terms of the value of OKB tokens burned.Taking to Twitter on Thursday, Wu wrote: “The OKX exchange carried out the 20th OKB repurchase and burning on June 8, with a total of about 5.5 million OKB, or about 244 million US dollars, which once again set a new record for the value of OKB burning. OKX previously stated that it will burn OKX according to the seasonal market and operating performance, but has not disclosed the specific rules.”Photo by Jens Mahnke on PexelsBuy-Back & Burn program$OKB is described by OKX as a “global utility token issued by the OKX Blockchain Foundation,” offering holders various benefits such as discounts and exclusive access. The global exchange initiated the first Buy-Back & Burn program in May 2019. Since then, it has burned a total of 64,042,314.70 tokens as part of that ongoing burning process. Despite this significant development, the price of OKB has remained relatively stable, experiencing a slight increase of 0.29% on OKX. At the time of publication, the token was trading at a unit price of $44.97.Exchange token concernExchange tokens have recently garnered attention following the United States Securities and Exchange Commission’s (SEC) lawsuit against global crypto exchange Binance. The SEC has levied charges related to the sale of unregistered securities, resulting in a steep decline of nearly 15% in the value of Binance’s exchange token, BNB, over the past week.That scrutiny is likely to have followed the collapse of Bahamas-based cryptocurrency exchange FTX in November. At that time, it became apparent that the exchange was using its exchange token, $FTT, to prop up the business. FTX had issued $FTT tokens and used them as collateral, a dangerous act given that exchange tokens have no real-world asset backing and limited token utility.As the crypto market continues to face regulatory scrutiny and legal challenges, the burn of $OKB by OKX stands as a noteworthy event within the industry. The burn not only reduces the supply of $OKB tokens but also underscores OKX’s commitment to managing and enhancing the value of its exchange token. Market participants will undoubtedly monitor the implications of this burn and how it may influence OKB’s future performance in the evolving cryptocurrency landscape.Exchanges like OKX are likely to carefully manage the supply levels of exchange tokens, given market perceptions in relation to the extent of the utility of such tokens, the scrutiny of regulators, and the problems caused in over-extending supply in the case of other exchanges in the past.

South Korea's Democratic Party of Korea (DPK) plans to introduce a bill this week aimed at establishing a legal framework for digital assets, according to Edaily. The move is part of the party's ongoing efforts to advance its crypto policy agenda ahead of the upcoming presidential election. The proposed law would define the legal status of digital assets and set rules for their issuance, distribution and listing. The bill is expected to keep the requirement for Korean won-pegged stablecoin issuers to obtain authorization with a minimum reserve of 5 billion won ($3.58 million), a key point of debate.Photo by Brady Bellini on UnsplashA DPK official stated that the bill has been drafted and is set to be introduced to the National Assembly this week, following feedback from internal subcommittees. Most of the provisions remain consistent with last month’s draft, but final comments are still being collected on stablecoin reserve requirements, which have been a major point of discussion. Defining digital assetsThe bill defines digital assets as "electronic records with economic value based on blockchain technology" and establishes a regulatory framework for issuers, exchanges and custodians. Key provisions include permitting initial coin offerings (ICOs) and creating a digital asset committee under the Financial Services Commission (FSC). This committee would oversee legal framework design, market monitoring, and policy promotion. Additionally, an industry association will establish a separate committee to oversee token listing practices, ensuring consistent listing standards across exchanges. The most contentious part of the draft has been the regulations for won-based stablecoins. It classifies stablecoins as digital assets akin to fiat currency, requiring a minimum reserve of 5 billion won and authorization from the FSC. It also mandates real-time reserve disclosures, secure asset custody and quarterly reporting. Divide over stablecoin reserve requirementOpinions on the reserve requirement are divided. Some industry insiders argue that the 5 billion won threshold is too high, creating a barrier for startups. Others believe a minimum capital requirement is necessary due to stablecoins' role in payments and their potential as currency substitutes. Lee Jung-yup, president of the Blockchain Law Society, stressed that stablecoins must maintain a basic level of trust, warning that those failing to meet the 5 billion won threshold could become prone to insolvency or fraud. However, Lee acknowledged concerns about the centralized regulatory approach led by financial authorities and the potential for market dominance by large corporations. He suggested exploring the creation of an independent regulatory body for cryptocurrencies, warning that overly strict regulations could stifle domestic digital finance innovation amid growing global competition. Crime surges with market growthWhile regulations continue to evolve, crypto crimes are also rising sharply amid the expanding digital asset market. According to Segye Ilbo, South Korean police arrested about 2,100 individuals for crypto-related offenses last year—17 times more than in 2017, when data collection began. The total losses from such crimes now exceed 1 trillion won ($714 million) annually. Since the election of U.S. President Donald Trump, known for his crypto-friendly stance, Korea's crypto market has experienced rapid growth. This surge has raised concerns about an increase in fraud targeting investors chasing quick profits. 

Wemade Introduces New DeFi Services on WEMIX3.0 MainnetKorean blockchain game maker Wemade announced today that it will deploy decentralized finance (DeFi) services Kurrency and Konverter on the WEMIX3.0 Mainnet.Photo by Shubham Dhage on UnsplashTwo DeFi servicesKurrency utilizes a collateralized debt position (CDP) model, providing users with the capability to lock up a certain amount of virtual assets in order to mint, deposit, and swap the WEMIX Crypto Dollar (WCD). WCD, a cryptocurrency designed to minimize price fluctuations, complements the WEMIX Dollar, which is fully backed by the stablecoin USDC.Konverter is a new decentralized exchange (DEX) that combines the strengths of established DEXs. On June 9, Konverter will demonstrate functions that contribute to the efficiency of Kurrency. These functions involve seamless swaps between WCD and a variety of stablecoins. The full-fledged version of Konverter, set to launch in the second half of this year, will offer a broader array of swap services along with a “governance function” that doesn’t require forced lock-ups.Mainnet firstThe initial launch of Kurrency and Konverter will take place on the WEMIX3.0 Mainnet. Their goal is to magnify the ecosystem’s scope by boosting the utility of assets within the network and harnessing the synergies derived from decentralized apps (dApps).Multichain expansionLater, the two services on the WEMIX3.0 Mainnet will become more refined and reliable, paving the way for a multichain expansion. A successful implementation will improve interconnectivity between various blockchains, ultimately bolstering the value of the WEMIX ecosystem.Engaging usersStarting today, Kurrency is initiating various quests to encourage user participation. Users gaining experience from these quests will become eligible to join community events, promoting a more vibrant and engaged user base.