Samjong KPMG and Xangle seminar says crypto market will improve this year

DigiFT, a Singapore-based regulated exchange for real-world assets (RWAs), has brought its latest product offering to the digital asset market by introducing its U.S. Treasury bill depository receipt (DR) tokens. These tokens offer investors fractional ownership in U.S. Treasury bills, providing an avenue to engage with the traditionally secure U.S. debt market without requiring significant upfront capital, as detailed in a press release issued by the company on Monday.Photo by Karolina Grabowska on PexelsDemocratizing market accessThe conventional route to investing in U.S. Treasury bills typically demands substantial financial resources. DigiFT's DR tokens aim to democratize access to this market by enabling investors to purchase fractional shares of these bills. Henry Zhang, the founder and CEO of DigiFT, highlighted the innovative nature of the DR structure, noting its capacity to address challenges within the current market and empower investors with direct ownership of assets and returns. Zhang emphasized the company's intent to expand the scope of traditional financial assets in the Web3 space, leveraging the DR model to enhance investor protection and transparency. The DigiFT U.S. Treasury Tokens (DRUST) represent the inaugural offering in a series under the DR structure. These DR tokens, a type of security token, offer fractional ownership of an underlying asset. In the case of DigiFT, these tokens are specifically backed by U.S. Treasury bills, providing investors with exposure to the secure US debt market. Each DRUST token is directly backed by AA+ rated, highly liquid and short-term U.S. Treasury Bills, offering stability and tailor-made solutions for stablecoin issuers and Web3 product developers seeking regulatory-compliant treasury and cash management options. Pursuing regulatory complianceIn its latest announcement DigiFT has outlined its intention to pursue regulatory compliance, a facet intended to instill confidence and assurance among investors. Having been established in 2021 and previously operating within the Monetary Authority of Singapore's (MAS) FinTech Regulatory Sandbox, DigiFT obtained a Capital Markets Services (CMS) license and was acknowledged as a Recognised Market Operator (RMO) in December 2023. By adhering to regulations, DigiFT aims to simplify the investment process and broaden accessibility for investors. DigiFT highlights that institutional and accredited investors can access DRUST tokens from authorized self-custodial wallets using fiat currency or stablecoins, providing flexibility and convenience. Growing popularityThe growing popularity of tokenized funds, particularly those tied to U.S. treasuries, is evident in recent reports. Moody’s revealed a surge in the value of tokenized funds, driven by the increasing tokenization of U.S. treasuries. Both public and private blockchains are witnessing the inclusion of various assets, reflecting a broader trend toward asset tokenization. Tokenized funds offer numerous benefits, including enhanced liquidity, accessibility, reduced costs, fractionalization, decreased reliance on intermediaries, shortened settlement times, automated processes through smart contracts and improved transparency. Last June, Hong Kong-based cryptocurrency firm Finblox provided details of a tokenized version of U.S. Treasury Bills it has been working on. In November, the Bureau of the Treasury in the Philippines announced the issuance of one-year tokenized bonds to the value of $179 million. Binance Research has identified real-world asset tokenization as a key theme in crypto for 2024, noting its potential to improve transparency and efficiency by bringing off-chain assets onto blockchain networks.

Korbit, one of South Korea’s leading crypto exchanges, has recently conducted an education session on anti-money laundering (AML) for its employees, local tech media outlet ZDNet Korea reported.  Held in the office lounge of Korbit, the session was led by Hwang Seok-jin, an expert in financial crime and anti-money laundering regimes. A professor at the Graduate School of International Information Protection of Dongguk University, he has served as a compliance officer and a consultant at Digital Asset eXchange Alliance (DAXA), a group consisting of five leading cryptocurrency exchanges in South Korea.  Photo by Viacheslav Bublyk on UnsplashEmphasis on the Virtual Asset User Protection Act  Mr. Hwang informed Korbit’s employees about the upcoming Virtual Asset User Protection Act, effective July, highlighting guidelines for investor protection, prohibitions against unfair transactions and the financial regulators’ authority and oversight. The session especially focused on explaining the Virtual Asset User Protection Act, given that the Act would deeply influence many departments of Korbits ranging from the accounting and finance unit handling customer deposits to blockchain-related units responsible for the custody of virtual assets.  Korbit maintains a no-negotiation policy that bars projects from interacting with exchange employees prior to their tokens being listed. This policy enhances the transparency of Korbit’s evaluation process, ensuring that the exchange assesses projects impartially, without third-party influence or external pressures. After listing an asset, Korbit conducts quarterly risk assessments on all crypto assets traded on the platform. Additionally, it plans to adopt a stricter approach to internal controls to enhance customer protection, in line with the upcoming enactment of the Virtual Asset User Protection Act. 

Seoul to Host Web3 Festival This Summer, Igniting the Future of TechThe Seoul Metropolitan Government, together with blockchain company Baobab Partners and the Seoul Design Foundation (SDF), will host the Seoul Web3 Festival (SWF2023) from July 31 to August 2 at Dongdaemun Design Plaza (DDP), according to the South Korean capital’s press release.Photo by Mathew Schwartz on UnsplashSeoul and Web3 communitySWF2023 marks the inaugural event hosted by the Seoul Metropolitan Government in conjunction with the private sector, aiming to actively engage with the flourishing global Web3 community. The festival aims to enhance Seoul’s standing as a leading global city for pioneering technology and innovation.Under the slogan “Change, Chance, Challenge,” the festival offers an array of programs including a three-day hackathon, demo day for startups, an after-party for networking, and the introduction of the DDP 45133 project — an initiative converting the DDP building’s external panels into non-fungible tokens (NFTs).Three-day hackathonThe three-day hackathon will bring together teams consisting of two to six university students and tech professionals, both local and international. These teams will collaborate to develop practical Web3 solutions. With around 400 participants from 100 teams anticipated, the top ten teams will be selected based on criteria including applicability, business potential, teamwork, and innovation.Demo dayTo support the growth of Web3 technologies and blockchain companies, a demo day will be incorporated into the festival. Korean and international companies interested in participating need to complete an online application process. Out of the applicant pool, eight to ten teams will be chosen to showcase their products and services on-site during the demo day.The festival presents an opportunity for networking with accelerators, venture capitalists, and potential buyers, allowing selected companies to attract investments and establish growth foundations within the blockchain industry.DDP NFT projectThe DDP 45133 Project, managed by the SDF, aims to digitize the 45,133 silver panels of the DDP structure into NFTs. Owning an NFT of a DDP panel offers several benefits, such as the chance to join the DDP community. The Foundation sees this project as a way to highlight one of Seoul’s iconic landmarks and an innovative example of public facility shared ownership.Participating partnersAmong SWF2023’s partners are Korean companies Hexlant and Fingerlabs, along with global collaborators like Crypto.com, Cronos Labs, LBK Labs, and HK Central Research.Benefits for top-performing teamsTop-performing teams from the hackathon and demo day stand to gain support through accelerator programs provided by global companies. This could include valuable resources like mentorship, early-stage investments, networking opportunities, and support for overseas expansion, fueling the growth and success of the participating teams.The application window for SWF2023 will be open from May 23 to June 30, with interested parties able to apply via the official website: www.swf2023.com.With its spotlight on Web3 innovations, SWF2023 aims to familiarize the public with emerging trends, while offering a springboard for blockchain projects to secure investments.