Fingerlabs launches Web3 solution to help partners build membership NFTs

Seoul Prosecutors to Establish Dedicated Division to Combat Crypto CrimesSeoul Southern District Prosecutors’ Office announced that by the end of this month, it will establish a specialized division dedicated to investigating cryptocurrency crimes, according to local news agency Yonhap. This move marks the introduction of the first-ever cryptocurrency-focused investigation organization within South Korea’s prosecution system.Photo by Markus Winkler on UnsplashInvestigation and legal analysisThe newly formed joint cryptocurrency investigation division will prioritize its efforts on combating various crypto-related crimes, including fraudulent activities. Furthermore, the division will examine legal documents to determine whether certain virtual assets constitute securities.This introduction of a specialized division by the public prosecution is expected to streamline and expedite ongoing investigations into cryptocurrency-related cases, demonstrating the authorities’ dedication to addressing the emerging challenges associated with illicit activities in the crypto sphere.Investor protection effortsSouth Korea has been ramping up its initiatives to safeguard crypto investors. Notably, last month, the National Assembly’s plenary session passed the Virtual Asset User Protection Bill, which is scheduled to take effect in July of next year. Further strengthening the protective framework, the Financial Services Commission (FSC) recently announced a plan to require companies to disclose their virtual asset holdings in the footnotes of financial statements.

Chinese City Unveils Plan to Develop MetaverseThe city of Zhengzhou in China recently announced a set of policy proposals aimed at supporting the growth and development of metaverse companies in the region. These initiatives, introduced by the municipal government, include the establishment of a dedicated fund worth 10 billion yuan ($1.42 billion) to facilitate the advancement of the metaverse industry.Photo by Jéan Béller on UnsplashDraft policy proposalsAccording to the government’s draft which was published on Wednesday, metaverse companies that choose to relocate their headquarters to Zhengzhou will have the opportunity to receive a startup capital investment of up to 200 million yuan ($28.34 million). In addition, these companies will be eligible for various other benefits, such as rent subsidies, to help facilitate their operations.It’s worth noting that the policy extends beyond companies with headquarters in Zhengzhou. Any company engaged in metaverse-related use case development within the city, regardless of their headquarters location, can apply for funding. Projects certified as viable by the municipal government can receive up to 5 million yuan ($710,000) in financial support.While the specific date for fund allocation has not been disclosed yet, the municipal government of Zhengzhou has outlined its long-term vision for metaverse development in the city. It anticipates that metaverse-related industries in Zhengzhou will generate an annual revenue exceeding 200 billion yuan ($28.34 billion) by the end of 2025.Stimulating metaverse developmentThese policies apply to local enterprises operating in two distinct areas. Firstly, research endeavors focused on metaverse-related technologies, such as virtual reality, augmented reality, and brain-computer interfaces, are eligible for support. Secondly, the utilization of metaverse technologies in real-world industries, including education, entertainment, and commerce, can also qualify for funding.In addition to the dedicated fund, the government of Zhengzhou plans to collaborate with other governmental agencies and investment firms to secure an additional 50 billion yuan ($7.08 billion) in funding. This funding will be allocated to support various metaverse-related development projects. Furthermore, the city intends to provide cash rewards to metaverse companies upon their listing on China’s primary stock exchanges, aiming to incentivize growth and market participation.The comprehensive plan encompasses crucial technologies in the metaverse industry, such as blockchain, next-gen computer rendering, human-computer interfaces, and artificial intelligence. Furthermore, it strives to establish a digital asset market leveraging non-fungible token (NFT) technology.Broader metaverse strategyZhengzhou joins a growing list of Chinese cities and provinces that aspire to become leaders in the country’s metaverse development. The metropolis of Shanghai, located in the southeastern region, is actively pursuing its own metaverse aspirations. It predicts that its metaverse industry will achieve annual revenues of 350 billion yuan ($49.6 billion) by the year 2025.Elsewhere in China, there has been plenty of activity relative to Metaverse development. Zhengzhou belongs within Henan Province, and at a provincial level, administrators established a metaverse fund earlier this month. Around the same time-frame, Alibaba Cloud, the cloud division of the Chinese e-commerce giant, partnered with layer one blockchain project Avalanche with a view towards creating a metaverse launchpad.As the metaverse continues to evolve and gain prominence worldwide, it will be intriguing to observe the progress and impact of the policies implemented by Chinese cities like Zhengzhou. The concerted efforts to foster metaverse development reflect a broader global trend of recognizing the significance of virtual environments and their potential to reshape various aspects of society.

Ethereum Co-Founder Highlights User-Friendly Crypto Wallets at Ethcon Korea 2023Ethereum co-founder Vitalik Buterin delivered a keynote speech last Friday at Ethcon Korea 2023 — a hackathon and conference sponsored by Ethereum for the Korean Ethereum community in Seongsu-dong, Seoul — where he emphasized the importance of making crypto wallets user-friendly by striking a balance between user familiarity and decentralization.Photo by Nenad Novaković on UnsplashEnhancing security and convenienceParticipating in the event via video call, Buterin explained Ethereum’s ERC-4337 account abstraction upgrade during his speech, which was livestreamed on the Ethcon Korea YouTube channel. “The goal of account abstraction — a field that many wallets are currently working on developing — can be broadly categorized into two areas: security and convenience,” he said.Deployed on the Ethereum mainnet in March, the ERC-4337 is a standard that makes it possible to transact and create contracts in a single contract account, paving the way for more user-friendly crypto wallet designs. At its core are features such as easy account recovery, improved security, and customized services like auto-pay and bundled transactions. This provides a more convenient alternative to other crypto wallets, which mostly rely on private keys for account access, complicating setup and recovery procedures especially if a user loses their seed phrase.“Wallets must fundamentally be secure in a decentralized way, but there should also be ways to recover passwords as hardware wallets do,” Buterin stated. “However, many projects still rely on methods such as account recovery via email.”Simplifying transactionsAnother change introduced through the update is gas flexibility. Gas is a fundamental fee that users must pay to conduct transactions or execute a contract on Ethereum. Wallets backed by ERC-4337 can pay gas fees with any Ethereum utility tokens and more, including USD coins (USDC).From a convenience standpoint, Vitalik argued, it is very useful for first-time Ethereum users to be able to pay for gas with the USDC they already have. Sponsored transactions, where applications pay for fees, will be a great way to attract new users, especially for non-financial applications.He further elaborated that in order to transition from being user-friendly but centralized to more decentralized, a combination of a faster but precarious centralized approach with a slower but safer decentralized approach is required.He also stressed the importance of utilizing the various options available in modern technology concerning convenience, security, and decentralization, saying that it is essential to utilize these options effectively, continuously improve them, and take advantage of the benefits.Since 2019, Buterin has used Ethcon as a platform to announce Ethereum’s development roadmap and major technical updates.