Hong Kong lawmaker suggests action on ETFs as asset managers explore potential

Bank of Korea and Samsung Team Up for Offline CBDC ResearchIn a move aimed at advancing central bank digital currency (CBDC) technology, the Bank of Korea (BOK) signed a memorandum of understanding (MoU) with Samsung Electronics on Monday, according to a press release. The agreement was sealed during a signing ceremony attended by Lee Seung-heon, BOK’s Senior Deputy Governor, and Choi Won-joon, Executive Vice President and Head of Development in the Mobile Experience (MX) Division at Samsung Electronics.Under the terms of the MoU, both parties have committed to ongoing research on CBDC issued by the Bank of Korea, with a specific focus on collaboration in the offline payment sector. Samsung Electronics had previously participated in the second phase of the CBDC simulation study conducted by the BOK last year.Photo by Aleksandar Pasaric on PexelsCBDC without InternetThe company’s efforts have led to the development of an offline CBDC technology that facilitates transfers and payments via near-field communication (NFC) between devices without requiring an internet connection. These transactions are conducted within the embedded secure element (eSE) chip of Samsung Electronics’ mobile devices, which holds one of the highest levels of security certification, CC EAL 6+.The Evaluation Assurance Level (EAL) is a numeric grading system that measures the security level of tech products and systems according to the Common Criteria (CC) security standard. It ranges from EAL0 to EAL7, with EAL7 representing the highest level of security.Leveraging this technology, the BOK and Samsung will continue their joint research to enhance security in offline payments using Samsung Galaxy smartphones and watches. Additionally, they aim to provide support for stable payments in situations where network connectivity is disrupted, such as during disasters.Growing interest in CBDCsGiven the global interest in CBDCs, with central banks worldwide exploring their potential, the research collaboration between the BOK and Samsung assumes great significance. The results of this partnership will guide further cooperative efforts to develop the international CBDC ecosystem.BOK Senior Deputy Governor Lee Seung-heon emphasized the significance of the joint achievement, expressing optimism that the partnership would keep Korea at the forefront of offline CBDC technology.Samsung’s Executive Vice President Choi Won-joon underscored that the company’s collaboration with the Korean central bank allowed Samsung to utilize its advanced security technology in digital currency. He expected their combined efforts would considerably contribute to the global development of CBDC technology.

MARBLEX Token to Be Listed on Japanese Crypto Exchange Zaif Next WeekMARBLEX, the blockchain subsidiary of South Korean game developer Netmarble, has announced the upcoming listing of its governance token, MBX, on the Japanese cryptocurrency exchange Zaif next Wednesday (local time).Photo by Chris Barbalis on UnsplashPenetrating the Japanese marketThe token had previously gained whitelist approval in the Japanese crypto market in July following a thorough assessment by the Japanese Financial Services Agency (FSA), making it the first token from a Korean blockchain gaming project to be whitelisted in Japan. MARBLEX highlighted that it would focus on subsequently expanding the token’s utility in order to establish a sustainable and secure gaming and tokenomics ecosystem.Opening detailsTo celebrate the listing, MARBLEX plans to hold an opening event from tomorrow to next Tuesday, during which it will offer the first 550 Zaif account holders who buy MBX tokens and file applications an additional batch of MBX tokens that amount to 10% of the total number of tokens that they buy. This applies to users who complete their Zaif account registration by tomorrow, and the winners will be announced separately next Tuesday, the company said.The purchase price for MBX coins will be calculated based on the average closing price of MBX on CoinMarketCap from this coming Saturday to Monday. The minimum order quantity per person is 10,000 yen, and the maximum is 500,000 yen.

Cryptotax and KODA Team Up For Transparency in Virtual Asset TaxationSouth Korean virtual asset tax service platform Cryptotax said Tuesday it signed a memorandum of understanding (MOU) with Korea Digital Asset (KODA), a virtual asset custody provider, to jointly enhance the transparency and reliability of processing virtual asset taxes.Photo by charlesdeluvio on UnsplashFostering financial complianceCryptotax plans to initiate a broad range of cooperative efforts targeting companies that utilize KODA’s virtual asset custody services, the company said. These efforts include providing its solution dubbed “Cryptotax Enterprise” — which provides services related to virtual asset taxation and accounting to corporate clients — and exploring business models with KODA to ensure the credibility of accounting for virtual assets.In Korea, the imposition of taxes on virtual assets is slated to commence in 2025.The agreement was formalized in a signing ceremony attended by Yoon Dong-hwan, CEO of Cryptotax, and Moon Geon-gi, CEO of KODA, along with key executives from both companies.Elevating accountability“Through this collaboration with Cryptotax, we will be able to offer transparent accounting services for virtual asset taxation and accounting,” said CEO Moon of KODA. “We will also take a leading approach in responding to the recently announced government guidelines and disclosure amendments related to the supervision of accounting for virtual assets.”CEO Yoon also added that Cryptotax and KODA would provide diverse measures for support so that companies can alleviate the uncertainty and challenges that come up in the accounting process for virtual assets.This collaboration aims to facilitate a more streamlined and straightforward virtual asset taxation and accounting process, addressing the evolving regulatory landscape and industry demands.