Blockchain Experts Gather at KBW 2023 Side Event to Discuss Future Prospects of South Korea

Starbucks Korea implements NFT initiative to boost sustainability effortsStarbucks Korea is set to take on several eco-friendly initiatives in the new year to promote the use of personal reusable cups, including an NFT wallet and a new tumbler coupon policy, according to local news outlet Newsis on Thursday (KST).Photo by Battlecreek Coffee Roasters on UnsplashNFTs and eco-friendly effortsIn a newfound development, the brand also said that it would start issuing NFTs through a new NFT wallet on its mobile app next month as part of its eco-friendly consumption campaign. Until now, NFTs have been widely utilized in fields like art, music and entertainment due to their ability to prove individual ownership of digital assets. Starbucks’ adoption of the technology is a significant step in its implementation into daily life, which will lead to an increase in the number of real-world use cases and an acceleration in the transition to the era of Web3.To celebrate the launch of the NFT wallet, Starbucks plans to hold a promotional event where customers who use a reusable cup for one beverage ordered via the Siren Order function will receive one Eco Stamp. Up to three stamps can be collected per day. These can be exchanged for various types of NFTs, which are categorized as Basic, Creative and Artist, and each customer can only own one.Starbucks’ NFTs will be minted in collaboration with Seoul-based art platform and gallery Print Bakery (PBG) and PBG exclusive artist DADAZ, featuring images of unique cups, tumblers and more.The franchise plans to hold an offline exhibition to showcase images of the NFTs as well as its achievements in corporate sustainability at the Starbucks Jongno R store located in Jongno-gu, central Seoul, early next month.Sustainable sipsThe coffee franchise is also known for offering a complimentary beverage voucher to customers who purchase a reusable cup or tumbler. Next month, this voucher will be renamed the Eco Tumbler Beverage Coupon, which customers can exchange for a tall-sized beverage of their choice. This policy is aimed at encouraging the use of personal cups and providing tailored benefits to customers who embrace sustainable options.This new introduction was partially driven by the steady increase in the number of personal cups used at Starbucks stores around the country over the past three years. The annual number of cases has risen from 17.39 million in 2020 to 21.9 million in 2021, then 25.3 million last year.This figure has spiked significantly this year in particular, with the cumulative yearly number reaching 26.7 million last month, surpassing last year’s total. If this trend continues until the end of the year, the estimated figure is expected to be around 29.6 million, representing a 17% increase compared to 2022.This upward trend is attributed to the immediate KRW 400 discount offered to customers who participate, as well as an alternative benefit where customers can earn one “Star”, or reward point, for each purchase that they make. Until last month, the total value of benefits that were distributed via these two systems — with one Star valued at KRW 500 — exceeded KRW 12 billion. The ratio of immediate discount and Star rewards in this value stands at 30% and 70%, respectively.Green commitmentStarbucks also plans to continue its No Single-Use Cup Day campaign, a collaboration with the Korea Zero Waste Movement Network that has been ongoing for the past five years. The brand dedicates the tenth of every month as a day without single-use disposable cups, giving out merchandise like mugs, tumblers, coffee ground planting kits and stickers. Since last year, various events have been organized to celebrate the day, such as coupons gifted to customers who use reusable cups the most. Approximately one million people have participated in these promotions since the campaign’s inception in 2018.Starbucks expressed its hopes that these initiatives would act as a catalyst for positive changes in local communities by encouraging the reduction of waste.

Dubai-based Emirates NBD, one of the United Arab Emirates’ (UAE) top banks, has enabled a crypto trading service via its subsidiary bank, Liv Digital Bank. Liv Digital Bank has launched the crypto trading service through its Liv X mobile banking app. App users now have the ability to buy, hold and sell a range of cryptocurrencies. Users will have access to custody solutions. They can control both virtual currencies and fiat currencies from within one application.Photo by Markus Winkler on UnsplashAquanow collaborationThe offering has been brought online through a collaboration with digital assets infrastructure provider Aquanow. Taking to X, Aquanow CEO Phil Sham said that "incumbent institutions like Emirates NBD will play a pivotal role in driving the next wave of digital asset adoption.” Aquanow has acquired the necessary licensing from the Virtual Assets Regulatory Authority (VARA) in Dubai to enable the service offering on a compliant basis. Sham told Cointelegraph that the collaboration “showcases how traditional banking and digital assets can coexist, providing consumers with seamless, secure, and compliant access to the evolving digital economy.” Zodia as digital asset custodianZodia Custody, a virtual asset custodian that serves institutional clients, has been chosen to custody assets held as a result of crypto trading on the app. The custodian, a subsidiary company of British multinational banking group Standard Chartered, launched its service in Dubai back in 2023. Emirates NBD is government-owned and the UAE’s second largest bank. The service will facilitate users in trading Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, Cardano (ADA) and some other cryptocurrencies. The bank’s Group Head of Retail Banking and Wealth Management, Marwan Hadi, commented on the development, stating: “Offering cryptocurrency on Liv X is the next step towards the overall vision of Liv being a pioneer in innovation and excellence.” He added that “with the highest crypto adoption rate in the UAE, [Emirates NBD is] keen to launch [its] own virtual asset offering to capitalise on this trend.” This is not the first touch point with the crypto sector for the Emirates NBD subsidiary. Last year, Liv Digital partnered with tokenized real-world assets (RWA) firm Ctrl Alt. Accessing Ctrl Alt’s RWA tokenization expertise, Liv is opening investing opportunities for its customers in the area of tokenized assets. In November 2024, Emirates NBD signed up as a member of the Partior Network, the distributed ledger technology (DLT) clearing and settlement network. Partior uses tokenized instruments for the wholesale settlement of cross-border payments in conjunction with correspondent banks. In the past, the Dubai-based bank had made efforts to educate its customers with regard to the benefits of cryptocurrency and blockchain. Last year, American blockchain analysis firm Chainalysis reported that the Middle East and North Africa (MENA) accounted for 7.5% of global digital asset trading volume over the course of 12 months from July 2023 to June 2024. Chainalysis itself chose Dubai to set up its regional headquarters in May 2024.

Hong Kong Authorities Unite to Form Crypto-Centric TaskforceAuthorities in Hong Kong are taking action to address recent mounting concerns surrounding illicit cryptocurrency activities, particularly in light of the recent JPEX scandal. The Hong Kong Police Force and the Securities and Futures Commission (SFC) have come together to establish a specialized working group dedicated to closely monitoring and countering suspicious activities connected to virtual asset trading platforms (VATPs).In a statement published by Hong Kong’s Securities and Futures Commission (SFC) on Wednesday (local time), the agency set out details of a collaborative task force which has been formed in the wake of a high-level meeting held on September 28.The collaboration draws on input from the SFC as well as a number of law enforcement divisions within the Chinese autonomous territory, including the Commercial Crime Bureau, Cyber Security and Technology Crime Bureau, and Financial Intelligence and Investigations Bureau.Photo by Cheung Yin on UnsplashGreater coordination and information sharingThe primary objectives of this alliance are to enhance coordination, foster information sharing, assess risks tied to VATPs, and, above all, safeguard the interests of the Hong Kong public.Christopher Wilson, Director of Enforcement at the SFC, underscored the regulator’s commitment to allocating resources to combat problematic VATPs and safeguard investor interests. Eve Chung, Assistant Commissioner of Police (Crime) at the Hong Kong Police Force, emphasized the significance of intelligence exchange and collaborative efforts in responding to the challenges posed by VATPs to protect the Hong Kong public.Knee jerk response to JPEX scandalIt would appear that the necessity for such a concerted effort became patently clear as a direct response to the errant activities of Dubai-based crypto platform JPEX within Hong Kong.Issues with the exchange first emerged in September when the platform outlined that it was having liquidity issues as a consequence of some third party market makers having withdrawn their services. JPEX subsequently raised withdrawal fees to an unreasonable level to deter customers from withdrawing funds from the platform.The saga has affected over 1,600 investors with more than $150 million in assets becoming unavailable to them. The case resulted in the arrest of at least 20 individuals, with local telecom providers blocking online access to the platform as requested by law enforcement.Earlier, on September 13, the SFC had issued a warning accusing JPEX and crypto influencers of disseminating false or misleading information on social media about their application for a virtual asset trading license in Hong Kong.The ongoing JPEX controversy has prompted regulators in Hong Kong to explore measures to strengthen regulations governing the cryptocurrency market. The establishment of the task force signifies a proactive stance to address these concerns and ensure swift, effective action against illicit activities in the crypto sector.In addition to the joint task force, the SFC has taken steps to enhance transparency by publishing a comprehensive list that includes licensed, deemed licensed, closing down, and application-pending crypto exchanges, along with a list of “suspicious VATPs.” This transparency initiative aims to provide clarity and protect investors by offering insights into legitimate and questionable cryptocurrency trading platforms operating in Hong Kong.