Renault Korea Establishes Metaverse Space for Car Enthusiasts

Gemini to Invest $24M as Part of India Expansion PlansUS-headquartered crypto exchange platform Gemini is exploring further operational expansion abroad, turning its attention specifically right now to India.The company first forayed into the world’s most populous country back in April with the announcement of the imminent launch of an engineering center.Having tested the waters in the South Asian country, the crypto exchange has decided to broaden its presence in the nation, according to a blog post published to the firm’s website on Tuesday. With a capital influx of Rs. 200 crore ($24 million), the exchange will be growing its development center in Gurgaon, a city that serves as an integral part of India’s National Capital Region (NCR).Photo by Naveed Ahmed on Unsplash70-member Gurgaon teamGemini has already onboarded over 70 staff members to its Gurgaon team. The company is actively hiring for more roles to fill its internal verticals, including tech development, finance, and compliance. In the next two years, the exchange plans to invest up to Rs. 200 crore ($24 million) in its Gurgaon facility, demonstrating a significant commitment where the Indian market is concerned.In an official statement, the company stated:“India has long been regarded as a hub for bar-raising talent by the world’s top technology companies, and we are thrilled to share that we are deepening our investment in the country. We are delighted to build on that announcement and reveal that we have opened our office within the Cyber Hub at Campus Cyber Greens.”The business is looking to tap into India’s rich pool of engineering talent to bolster its ecosystem with fresh Web3 solutions, inclusive of resource allocation towards optimized platform security.Singapore expansionPravjit Tiwana had previously been welcomed on board as the CEO of Gemini’s Asia-Pacific (APAC) operations earlier this year. He was previously the global chief technology officer (CTO) at the crypto exchange. Alongside this expansion, the company’s previous announcement in June to expand operations in Singapore is a task that also falls within Tiwana’s remit. At the time, the firm expressed the view that the APAC market will be crucial in securing the next phase of growth for the enterprise.Gemini signaled back in June that it intended to expand its reach in the Middle East also by pursuing a trading license in the United Arab Emirates.“India is undoubtedly a leading global hub for entrepreneurship and technological development. We are thrilled to build Gemini’s presence in India as we continue on our mission to unlock the next era of financial, creative, and personal freedom with crypto and Web3 innovation,” Gemini’s blog added, praising the ‘Startup India’ initiative.Growing interest in Indian marketPreviously, other crypto platforms like Coinbase and Algorand have also shown interest in onboarding software talent from India onto their teams. Amid the backdrop of India coming closer to possibly getting a concrete set of crypto rules around December this year, other crypto firms have also stepped into the market.In June, Gibraltar-based crypto-friendly bank Xapo announced its entrance into the Indian market. The OKX crypto exchange based in Seychelles is also scheduling a full-fledged expansion into the country.

South Korea Launches Blockchain Project to Streamline Public ServicesThe South Korean Ministry of Science and ICT and the Korea Internet and Security Agency (KISA) have launched the 2023 blockchain application project to bolster the domestic industry and adapt to the rapidly evolving global blockchain landscape.Photo by Ping Onganankun on Unsplash$1.6 million projectAs part of the Korean government’s broader strategy to promote the blockchain industry, the project has received a budget of approximately 20.7 billion KRW ($1.6 million). The project participants are focused on exploring blockchain-based services that offer convenience to the public and have the potential to penetrate the global market. The digitization of drivers’ licenses is such a service that has been developed and has simplified the lives of Korean citizens.The project encompasses both the public and private sectors, each undertaking six programs. The public sector programs aim to explore blockchain-based services that the government can provide, while the private sector programs are dedicated to supporting the commercialization of business prototypes developed by companies.Public sector programsThe six public sector programs are the implementation of digital badges for national licenses, the development of an online voting system for residents, the establishment of a remote pension eligibility check system, the enhancement of the electronic authentication system, the streamlining of drone operation applications, and the creation of a performance tracking platform for athletes.For instance, the implementation of digital badges for national licenses will greatly streamline the process for individuals who need to present their licenses to relevant organizations as a means of verifying their credentials. Presently, license holders are required to physically visit issuers or navigate their websites to gather the necessary documentation. However, the introduction of this new technology eliminates the need for this cumbersome process.Private sector programsMeanwhile, the private sector programs focus on developing the following six platforms: the battery life authentication system for electric vehicles (EVs), the oil waste trading platform, the non-fungible token (NFT) issuer for digital identity authentication, the NFT concert ticket system, the fractional investment platform for power plants, and the corporate management planner for environmental, social, and governance (ESG) initiatives.For example, the introduction of a blockchain-based certificate system to assess the remaining life of EV batteries holds significant implications for both car insurance and the trading of used cars. Currently, the lack of comprehensive data to evaluate the exact value of EV batteries poses challenges to the efficient trade of both used cars and batteries. Establishing this certificate platform will not only promote battery recycling but also positively impact the industry as a whole.

Korbit Report: SEC Commissioner Shares Insights on Crypto RegulationKorbit Research Center, a division of South Korea’s cryptocurrency exchange Korbit, on Monday, released a report that provides a comprehensive summary of its interview with Hester M. Peirce, a Republican Commissioner at the US Securities and Exchange Commission (SEC), which took place on August 18. The interview was conducted by Peter Chung, the head of research at Korbit Research Center.Photo by Joshua Hoehne on UnsplashKorbit’s meeting with US crypto expertsIn August, Chung made a trip to the United States, where he met with prominent figures and companies within the cryptocurrency industry to gain a deeper understanding of the ongoing institutionalization of cryptocurrencies in the United States. Through this opportunity, Korbit intends to release a series of reports that will encapsulate the valuable insights garnered during these interactions in the US.His first interviewee of the series was Commissioner Peirce, who serves as one of the five commissioners at the SEC. These commissioners are appointed by the President of the United States with the confirmation of the US Senate. To maintain political balance and impartiality, it is mandated that no more than three commissioners belong to the same political party.Peirce assumed her role as a Commissioner at the US Securities and Exchange Commission (SEC) in January 2018, following her appointment by President Trump. Before her tenure at the SEC, she held the position of Senior Counsel on the United States Senate Committee on Banking, Housing, and Urban Affairs. She is known as an advocate for technological innovation.Token safe harbor proposalPeirce earned the nickname “Crypto Mom” due to her advocacy for encouraging innovation within the cryptocurrency industry through the implementation of reasonable regulations. One notable initiative that exemplifies her perspective is the token safe harbor proposal. This proposal suggests giving blockchain network developers a three-year grace period during which they can work on building a decentralized network while being exempted from complying with the registration rules of federal securities laws, as long as certain conditions are met.During the interview, Peirce expressed concerns about recent actions taken by the SEC, which have added to the uncertainty surrounding cryptocurrency regulations. She also emphasized the need for swift legislative action to establish a framework for cryptocurrency regulation. Peirce noted that there appears to be a tendency to prioritize the classification of virtual assets over investor protection.Suggestions for KoreaAlthough Peirce hasn’t engaged in any direct interactions with Korean regulators, she suggested the Korean government optimize regulations for its own cryptocurrency industry. Her suggestion was to minimize unnecessary intervention and instead foster an environment where the sector can naturally evolve in accordance with the principles of a free-market economy.Furthermore, Peirce delved into detailed discussions on three pivotal topics: the classification of virtual assets as securities, the need for disclosure requirements, and the significance of assessing the extent of decentralization within a network.Classification of cryptocurrenciesThe Commissioner said that it is inappropriate for the SEC to contend that most cryptocurrency projects should fall under its regulatory purview. The SEC’s argument is based on the assertion that cryptocurrencies may constitute securities because they function as a medium of value exchange in fundraising activities, much like investment contracts in traditional financial markets. Despite this, she expressed optimism regarding the recent US court’s ruling on the Ripple vs. SEC case, which she believes may help rectify misconceptions surrounding the classification of investment contracts.Balancing investor protection and investor choiceMeanwhile, she expressed her viewpoint that regulations aimed at protecting investors should stay true to the disclosure principles introduced back in 1934 when the SEC was first established. However, she also argued that the SEC should avoid imposing arbitrary restrictions on investors’ choices. During the initial phases of a cryptocurrency project, there tends to be an inherent information asymmetry between crypto project leaders and individual investors. To ensure a fair investment environment, she advocated for legal mandates for disclosure. Notably, both her token safe harbor proposal and the Responsible Financial Innovation Act proposed by US Senators Kirsten Gillibrand and Cynthia Lummis incorporate such disclosure requirements.Decentralization assessmentCommissioner Peirce also approached the assessment of decentralization with a thoughtful perspective. Her Token Safe Harbor Proposal 2.0 states that after the three-year grace period, “token transactions may not constitute securities transactions if the network has matured to a functioning or decentralized network.” However, she admitted to grappling with the challenge of precisely defining what constitutes sufficient decentralization. During the conversation, she sought Mr. Chung’s perspective on this matter. In response, Mr. Chung shared that the Korbit Research Center regularly conducts measurements and assessments of the degree of decentralization for major blockchain networks every six months.Regarding the interview, Peter Chung expressed his admiration for the high-ranking official’s openness to innovation and strong communication skills. He also voiced his hope for more open discussions in Korea that could promote sustainable growth of the country’s crypto industry.