Korea ST Exchange joined by various firms to bring security tokens to agriculture industry

Hong Kong Takes Steps to Enhance Crypto Platform OversightIn the wake of the ongoing JPEX scandal, the Securities and Futures Commission (SFC) of Hong Kong has pledged to intensify its efforts to combat unregulated cryptocurrency trading platforms operating within the Chinese autonomous territory.Photo by Ruslan Bardash on UnsplashPublic registry plannedAs of Monday, the SFC has announced a comprehensive plan to address these concerns. One key initiative includes the publication of a publicly accessible list encompassing all licensed, deemed licensed, closing down, and application-pending virtual asset trading platforms (VATPs). The purpose of this list is to empower the public with the information needed to identify potentially unregulated VATPs conducting business in Hong Kong.Ongoing JPEX falloutThese new measures arrive in the aftermath of the ongoing JPEX crypto exchange scandal, which local media outlets have characterized as one of the most significant financial fraud cases to ever impact the region. JPEX, a Dubai-headquartered platform, stands accused of offering its services to Hong Kong residents without having applied for a license in the country.The SFC pointed directly to the issues at JPEX in its most recent announcement, stating: “The JPEX incident highlights the risks of dealing with unregulated VATPs and the need for proper regulation to maintain market confidence. It also shows that dissemination of information to the investing public through the Alert List, warnings and investor education can be further enhanced to help members of the investing public better understand the potential risks entailed by suspicious websites or VATPs.”Christopher “Kit” Wilson, the Director of Enforcement at the SFC, discussed these developments at a press briefing held on Monday, alongside addressing the JPEX scandal. Wilson revealed that, due to evasive behavior from stakeholders and unsatisfactory responses to information requests, JPEX was placed on the regulator’s alert list in July 2022.It emerged last week that Hong Kong police had taken social media influencer Joseph Lam into custody related to the scandal. More arrests followed later in the week while authorities indicated that they were looking to tighten up regulation in light of the unfolding JPEX saga. By Friday, access to the web and mobile platforms of JPEX had been blocked with JPEX encouraging users to use VPN to circumvent the measure.Wilson further elaborated that a complex investigation, involving multiple parties across various jurisdictions, was initiated by the SFC, which escalated following the receipt of the organization’s first official investor complaint in April 2023. This coincided with the full implementation of the Anti-Money Laundering Ordinance (AMLO) in June 2023, prompting the commencement of a formal fraud investigation.Wilson stated: “As a result of that investigation, we issued a formal warning on Sept. 13 and referred the matter to the police.”As it stands right now, the financial ramifications of the JPEX scandal are estimated to have reached approximately $178 million. Local law enforcement agencies have received over 2,200 complaints from affected exchange users.

Blockchain Solutions Provider Block Odyssey Launches NFT Ticket Service, “MakeDrop”Korean blockchain solutions startup Block Odyssey said Monday it is launching an NFT-based ticket issuance service dubbed “MakeDrop” in an effort to revolutionize ticketing and event services in the era of Web3.Photo by Andrey Metelev on UnsplashLimitations of traditional digital ticketsUntil now, major ticket reservation platforms have made it challenging for event organizers to streamline the ticketing process for events such as corporate or campus gatherings, concerts, festivals, and more.Event organizers have thus had to manually send notifications via text messages and emails, print paper tickets, and directly manage overall ticket sales and distributions. The absence of tools to identify ticket holders from attendees also makes it difficult to accurately determine participation and contribution ratios.Blockchain meets ticketingBut with the rapid advancement of digitized ticket issuance, NFT tickets have been gaining traction as a transparent and secure solution to such challenges. These tickets are verified and stored on a blockchain, setting them apart from traditional forms of digital tickets such as barcodes.About MakeDropBlock Odyssey’s MakeDrop is an open service that allows anyone to easily create, issue, and manage one-of-a-kind NFT tickets with individual ownership rights and transaction history. If secondary ticket transactions occur, all ownership changes can be verified on the blockchain, making it possible to block attempts at fraudulent or repetitive secondary trading.The service is particularly convenient for users, as they can automatically generate a wallet address for storing their NFTs by logging in to social media accounts without having to install a separate cryptocurrency wallet.As for event organizers, they can swiftly issue mobile tickets without using third-party ticket reservation platforms. Ticket invitations are sent to recipients via KakaoTalk, South Korea’s most popular messaging app, making the service more accessible as well. Those who have not received an invitation can still apply for participation if the event is public. Upon acceptance by the organizer, they will receive an approval notification through KakaoTalk, Block Odyssey explained.Participants can then present the NFT ticket’s QR code on the day of an event, and organizers can conduct real-time validation using the QR check feature provided by MakeDrop.Notably, while traditional ticket reservation platforms often do not share ticket holder information with event organizers, MakeDrop allows independent information management for all events. This allows organizers to identify low-engagement or idle members and offer more benefits to loyal participants.As part of its website launch promotion, MakeDrop is currently holding an event to distribute 100,000 free NFT tickets. The company also plans to release a mobile app in the future after incorporating user feedback and enhancing functionalities.

Dunamu Restructures Leadership at Its Blockchain Research ArmDunamu, the operator of South Korea’s largest cryptocurrency exchange Upbit, has implemented leadership changes at its blockchain research arm, Lambda256. That’s according to a report by local media outlet Decenter.Photo by Lea L on UnsplashCo-leadership structureStarting this month, Lambda256 welcomes a co-leadership structure, with tech maven Chung Ui-chung and financial specialist Park Yong-shin stepping in as co-CEOs. Each CEO holds independent signing authority. Chung previously held the role of Chief Technology Officer (CTO) at internet messaging giant Kakao, while Park Yong-shin boasts a distinguished career in public administration and finance, having passed the civil service examination and later steering the helm at Heungkuk Investment Trust Management, currently known as Heungkuk Asset Management.Tech expert and gov’t affairs specialistThe reshuffle follows the departure of former CEO Park Jae-hyun, who resigned last month. Shedding light on the division of roles, a Lambda256 official mentioned that Chung will spearhead practical endeavors, whereas Park Yong-shin will liaise with government sectors. Industry analysts perceive this strategic move as Lambda256’s intensified drive to hone its technological edge and navigate the evolving government regulations surrounding security tokens and associated blockchain ventures.Dunamu, holding a dominant 60.6% ownership in Lambda256, established the company in 2018, entrusting the leadership to Park Jae-hyun, a former employee of SK Telecom and Samsung Electronics. The subsequent year saw Lambda256 evolve into a subsidiary, rolling out blockchain platforms like Luniverse. However, financial challenges loomed, with the firm recording net losses of KRW 2.1 billion ($1.6 million) in 2020, KRW 3.7 billion in 2021, and KRW 46.5 billion in 2022.