Moomoo adds more cowbell with MAS license approval

Intella X Explores Ways to Integrate YGG’s Soulbound Reputation Tokens into Its WalletIntella X, a South Korean Web3 gaming platform, has announced its partnership with Yield Guild Games (YGG), a leading DeFi-powered gaming guild.Photo by Shubham Dhage on UnsplashBoosting Intella X’s global presenceThis collaborative effort is expected to boost Intella X’s presence in the global Web3 sector. YGG, boasting a membership base of over 450,000 worldwide and collaborating with more than 80 gaming companies, recently launched Superquest, a new way to earn in-game rewards. Superquest awards soulbound reputation tokens to gamers based on their level of community engagement and contributions. The two organizations will explore ways to integrate YGG soulbound reputation tokens into Intella X Wallet (IX Wallet), a Web3 wallet designated for the Intella X platform.In an attempt to expand its ecosystem, Intella X has soft-launched the Android and web versions of IX Wallet. Furthermore, the Korean Web3 platform in February joined forces with IndiGG, a sub-decentralized autonomous organization of YGG in India.Neowiz’s Q2 financialsIn the midst of these developments, Neowiz, the parent company of Intella X, last week disclosed its financial performance for the second quarter. The company garnered revenues amounting to KRW 70.1 billion ($52.7 million), signifying a year-on-year decrease of 0.2%. Neowiz incurred an operating loss of KRW 4.9 billion during the same period, venturing into negative territory in Q2. This setback can be attributed to escalated marketing expenditures associated with the launch of the mobile role-playing game “Brown Dust 2” and the third-year anniversary celebration of the MMORPG title “Kingdom.” The latter is the brainchild of game developer FOW Games, a company Neowiz acquired in May.Meanwhile, Neowiz’s Q2 net income recorded an 8% year-over-year increase, totaling KRW 22.4 billion. This one-time gain is due to the sale of certain shares the company owned in another entity as part of the wider FOW Games acquisition strategy.Path to recoveryIn the latter half of this year, Neowiz is gearing up for recovery, channeling its focus into in-house developed titles. A key highlight among these is the imminent launch of “Lies of P” on September 19. As the launch date of this soulslike video game, inspired by the narrative of Pinocchio, draws near, the company is poised to offer game packages for pre-sale commencing September 17. These packages will be accessible both online and in-person through the e-commerce platform SSG.com and the warehouse chain E-Mart Traders. An extensive global marketing campaign is also in the works, with Neowiz set to participate in Germany’s Gamescom 2023 later this month.

South Korean credit card companies are preparing to develop a stablecoin-powered payment system, Yonhap Infomax reported. The Credit Finance Association (CREFIA)—a nonprofit comprising credit card firms, leasing companies, and venture capitalists—plans to launch a second task force this month. The group aims to prepare for the anticipated regulatory framework governing stablecoins.Photo by rupixen on UnsplashStablecoin cards, settlement under reviewThe task force will discuss building a comprehensive system covering the entire transaction process, from stablecoin-based card payments to merchant settlements. The agenda also includes testing stablecoin-powered debit cards, which would allow users to pay at standard card terminals just as they would with traditional cards. This second task force will include nine credit card companies—including Samsung Card, Shinhan Card, and KB Kookmin Card—that participated in the initial task force formed last July. At that time, CREFIA and the participating firms held weekly meetings on regulatory and technological issues while gathering input from external advisors. Through that process, the group examined whether credit card companies could legally engage in stablecoin businesses under the current Specialized Credit Finance Business Act. They also jointly filed 30 stablecoin-related trademark applications and reportedly sought consultations with financial authorities on securing payment and settlement accounts for stablecoin transactions. This push into the sector comes despite lingering uncertainty regarding the government’s phase-2 virtual asset legislation. Progress on the draft has been delayed due to disagreements between financial and monetary authorities. The Bank of Korea favors a model where only consortia with majority bank ownership can issue stablecoins. By contrast, the Financial Services Commission opposes setting a specific bank-ownership threshold in law to allow participation by non-bank firms. The forthcoming legislation is expected to comprehensively regulate stablecoins, including their issuance, distribution, and custody, leaving companies to await clearer guidance. Despite the legislative delays, the credit card companies are positioning themselves to move quickly once the rules are finalized. Investor sentiment shifts to U.S. equitiesWhile traditional financial firms explore digital assets to expand their business, South Korean investors are prioritizing U.S. equities over cryptocurrencies for this year. According to a weekly survey of 2,000 respondents conducted by CoinNess and Cratos, 30.8% said they plan to focus on U.S. stocks. Cryptocurrencies ranked second at 25.5%, followed by gold and silver (18.3%), Korean stocks (12.8%), and cash (12.7%). Market sentiment toward Bitcoin also appears cautious. 22.7% of respondents said they expect Bitcoin to rise or surge this week, down from 28.9% the previous week. Meanwhile, 38.3% predicted the price would move sideways, while 39% expected a fall or plunge. Asked about the broader crypto market, 50.8% of respondents said fear or extreme fear was prevailing. 

Terraform Labs fails to halt class action lawsuitThe High Court in Singapore has dismissed an appeal filed by Terraform Labs and its co-founders, marking a significant step forward for the plaintiffs behind a class action initiated against the company.That’s according to a report published by Singaporean publication, the Business Times, on Thursday. The legal development follows the collapse of TerraUSD (UST) tokens in May of 2022, resulting in the loss of billions of dollars in market value. The collapse, in turn, has led to several lawsuits against Terraform, its founders and affiliated entities, with those court actions playing out in courtrooms in Singapore, South Korea, Montenegro and the United States.Photo by Wesley Tingey on UnsplashFraudulent misrepresentation allegedThe class-action suit, initiated in September 2022 by Julian Moreno Beltran and Douglas Gan on behalf of 375 others, alleges fraudulent misrepresentation by Terraform, Co-Founders Do Kwon and Nikolaos Alexandros Platias and the Luna Foundation Guard (LFG). The claimants argue that these misrepresentations induced them to purchase UST, stake the tokens and retain them as their value plummeted.UST had been designed to be pegged to the U.S. dollar with a 1:1 ratio. However, flaws in the tokenomics behind that digital asset meant that it faced a loss of confidence in May 2022, trading at around $0.05 when the court’s decision was released. The claimants collectively suffered losses of nearly $57 million.Terms of use cited in attempt to dismissTerraform attempted to have the lawsuit dismissed by invoking an arbitration clause in its website’s terms of use, asserting that users had waived their rights to a jury trial or participation in a class action. However, the Assistant Registrar (AR) rejected this application, stating that the defendants failed to establish an arbitration agreement.The AR highlighted that the terms of use were inconspicuous on the website, and there was insufficient effort to draw users’ attention to those clauses. Terraform, Kwon and associated entities appealed this decision, which was heard by Justice Hri Kumar Nair on Sept. 25.Despite establishing a prima facie case for an arbitration agreement, the court ruled that Terraform’s participation in the legal proceedings, including filing a defense and counterclaim, meant it could no longer seek a stay in favor of arbitration.Multiple actionsIt’s a busy time for all stakeholders relative to the Terraform collapse. Playing out within the same timeframe is a lawsuit in the United States taken by the Securities and Exchange Commission (SEC) against Terraform and Do Kwon, where the SEC claims that crypto asset securities fraud has been carried out.The latest installments in that saga in recent weeks have seen both parties file to seek summary judgment. Last week, a court in New York approved the confidential treatment of specific documentation which had been produced by Jump Crypto, a division of proprietary trading firm Jump Trading.There are also criminal actions underway. In a South Korean court in October, Terraform Labs Co-Founder Daniel Shin denied wrongdoing in the Terra/Luna collapse. Meanwhile, a court in Montenegro has approved the extradition of Do Kwon, with a final decision to be made shortly as regards whether he should be extradited to the United States or South Korea.