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Korean National Assembly Members’ Crypto Holdings to Undergo InvestigationThe Anti-Corruption and Civil Rights Commission of Korea (ACRC) has announced that it has convened a special investigative team to conduct an investigation into the virtual asset dealings of members of the 21st National Assembly, particularly details on acquisition, trading, and losses.Photo by Mediamodifier on UnsplashComing under scrutinyThe National Assembly passed a resolution back in May titled “The Resolution on Voluntary Reporting and Investigation of Virtual Assets of National Assembly Members,” requesting that all members of the Assembly should voluntarily report the status and changes in their holdings of virtual assets for a thorough investigation by the ACRC amid public concern about conflicts of interest and illegal transactions.As a result, individual consent forms for the collection, use, and third-party provision of personal information were submitted to the ACRC last Monday by Assembly members of the ruling and opposition parties.Other minor political parties like the Justice Party, Basic Income Party, and Transition Korea Party that had previously submitted their personal information consent forms have resubmitted their forms in accordance with the format of those submitted by the ruling and opposition parties. Independent lawmakers and some non-negotiation bodies have also voluntarily submitted forms of their own.Extensive legal probeThe scope of the investigation includes the domestic acquisition, trading, and losses of virtual assets by Assembly members starting from the beginning of their term on May 30, 2020, to May 31, 2023, when their personal information consent forms were submitted. The ACRC will compare this information with reports formerly filed by the members themselves.The ACRC appointed Vice Chairman and Secretary General Jung Seung-yoon as the head of the team and assigned some 30 investigators to carry out a census for 90 days starting on September 18. It will be executed under the Act On The Prevention Of Corruption And The Establishment And Management Of The Anti-Corruption and Civil Rights Commission and the Personal Information Protection Act.“As this is an important matter of public interest, we will conduct the investigation promptly and fairly in accordance with the law and guidelines,” said Jung. “We will also strictly protect the data acquired during the investigation process, including the personal information consent forms.”

Korean Telecommunications Firms Ramp Up ESG Efforts with NFTsSouth Korea’s top three leading telecommunications companies — SK Telecom (SKT), KT, and LG Uplus — are using non-fungible tokens (NFTs) to boost their corporate environmental, social and governance (ESG) efforts and engage younger audiences in their initiatives.Photo by Noah Buscher on UnsplashKT’s Raon NFT projectEarlier this year, KT launched an internal collaborative project between its device division and its blockchain division, KT MINCL, to issue profile picture (PFP) NFTs of its intellectual property — the feline character Raon. The project consists of four editions of NFT mintings, each with a different concept promoting mindful consumerism. 3,000 NFTs each were minted for the first two editions back in December and June, and KT is gearing up to release the third edition soon, according to industry reports on Sunday (local time). A portion of the proceeds from the upcoming third edition sale will also be donated under the project’s name. Notably, all 3,000 NFTs from the first edition were sold out in just a minute.KT has designed the NFT purchase system to encourage ESG-related activities. Buyers can receive items that reflect ESG values, such as bags from The Fair Story, a company that promotes fair trade products made by brands from developing countries. “We will continue to work with companies related to our ESG values to develop household products, miscellaneous goods, and more that are linked to NFTs,” KT said.LG Uplus and SKT’s ESG-led collaborationsLG Uplus and SKT have followed suit by incorporating eco-friendly themes into their own blockchain technologies. In particular, SKT recently signed a business agreement with WinCL, a carbon credit marketplace encouraging carbon offset efforts. The deal aims to combine SKT’s NFT marketplace, TopPort, and WinCL’s carbon credit system to issue NFTs for companies that need help managing their ESG performance indicators.On October 18, LG Uplus announced that a select number of holders of its Moono Crew NFT will be the first to purchase NFTs from the Incheon Heroes NFT collection — a collection launched on the Klaytn Mainnet as part of Incheon City’s Incheon Universe Project, aimed at introducing Incheon’s natural, cultural, historical, and technological heritage, and motivating participation in eco-friendly activities from younger generations. The company had collaborated with Incheon and Lotte Home Shopping to promote and expand the ecosystem of the collection.

In the immediate aftermath of the approval of spot bitcoin exchange-traded funds (ETFs) in the United States earlier this week, a Hong Kong legislator has spoken out to encourage a proactive response within the Chinese autonomous territory, while asset managers appear to be responding accordingly.Photo by Simon Zhu on UnsplashCompetitive responseLawmaker Johnny Ng has called on the local government to swiftly embrace the recent ETF approval in the United States. In a post on X, Ng emphasized the need for Hong Kong to proactively lead the way in the cryptocurrency space, fostering innovation to secure a global position amidst intense competition. Ng highlighted the Securities and Futures Commission's (SFC) previous expression of readiness to accept applications for spot bitcoin ETFs. He urged Hong Kong to capitalize on the rapidly evolving virtual asset sector, implementing policies and products that position the city as a global hub for virtual assets. "This presents an opportunity to solidify Hong Kong’s position as a global hub for virtual assets," Ng stated, emphasizing the importance of seizing this moment in the market's development. In December, Hong Kong's regulatory bodies, the SFC and the Hong Kong Monetary Authority (HKMA), reviewed their existing policies, releasing circulars that outlined the requirements for spot crypto ETFs. Fund managers explore ETFsHashKey, a licensed crypto exchange in Hong Kong, confirmed its potential participation in spot crypto ETFs through engaging in crypto transactions associated with ETFs and providing crypto custody services. The company, which obtained a license from the SFC to offer retail crypto trading services in August, positions itself to play a pivotal role in the emerging market. Livio Weng, COO of the Hong Kong-based crypto exchange, revealed that approximately ten fund managers, backed by Chinese capital and others from Asia and Europe, are exploring the launch of spot crypto ETFs in Hong Kong. Weng, in an interview with Chinese financial news media Caixin, disclosed that seven or eight of these fund managers have already been in contact with the SFC, forming teams to design investment products. Highlighting the importance of education in the crypto space, Ng called on the Hong Kong government to prioritize public education. He stressed the need to increase awareness of virtual assets among the public while simultaneously reducing opportunities for illicit activities involving digital assets. Substantial impactIn an interview earlier this week, Yat Siu, the co-founder of Hong Kong-based crypto venture capital and game software firm Animoca Brands, expressed the view that the spot bitcoin ETF approval in the U.S. would have a more substantial impact on the overall development of crypto in Asia. As Hong Kong prepares to pave the way for spot crypto ETFs, the SFC and the HKMA have already reviewed existing policies, outlining the requirements for such investment products. The December circular from the SFC emphasized that transactions involving spot crypto ETFs should occur through licensed crypto platforms or authorized financial institutions, ensuring regulatory compliance in the growing crypto market.