Hybrid exchange Cube lists Access Protocol (ACS)

Incheon City Surveying Residents for Blockchain-Based Public ServicesIncheon Metropolitan City is surveying its residents to gather their opinions on the prospect of transforming the city into a thriving blockchain hub, according to a press release.The survey comprises 14 questions, delving into various aspects such as individuals’ experiences with public services, their perspectives on blockchain technology, and their specific needs pertaining to blockchain-based urban services.Photo by Lei Jiang on UnsplashUnderstanding the publicThe objective of this survey, which began yesterday and will run until June 30, is to discern the public’s preferences and requirements concerning blockchain-based services. As an incentive for participation, 100 lucky respondents will have the opportunity to win coffee shop gift cards. The outcomes of this survey are anticipated to play a pivotal role in shaping the city’s four-year plan for establishing a blockchain hub, with an estimated cost of 14 billion KRW ($10.8 million).Other promotion effortsIncheon has been taking a range of blockchain promotion initiatives, including dedicated educational programs and international conferences. Recently, the city hosted Incheon Metanomics 2023, an event that featured distinguished speakers from renowned companies such as global crypto exchange Binance, online game platform Roblox, and chip manufacturer AMD.Furthermore, Incheon Metropolitan City is collaborating closely with Incheon Technopark (ITP) to offer tailored support programs specifically catering to blockchain startups. These initiatives encompass funding for technology development as well as accelerator programs, all aimed at nurturing the growth and success of emerging blockchain ventures.Son Hye-young, the head of the city’s data industry division, underlined the growing importance of blockchain technology in shaping the future economy and the overall industrial ecosystem. Incheon is dedicated to fostering a business-friendly environment where its residents can tangibly experience the benefits of technological advancements firsthand.

Korean Financial Watchdog Warns Investors Against Crypto ScamsThe South Korean Financial Supervisory Service (FSS) issued a press release today to warn investors against fraudulent cryptocurrency investment schemes.406 reported scams in two monthsBetween June 1 and July 30, the FSS received a total of 406 reports of crypto scams that lured individuals with false promises of high returns. Some of these perpetrators went to the extent of misrepresenting themselves as employees at crypto exchanges or project foundations. The FSS installed a virtual asset scam report center two months ago, which will run until this year’s end, as an interim measure before the implementation of the Virtual Asset User Protection Act in July of next year.Photo by Growtika on UnsplashSix scam typesTo strengthen its efforts, the FSS has shared six reported case types with the public and has issued investment warnings accordingly. Investors are advised to exercise caution when dealing with unlisted cryptocurrencies at low prices, as accurately determining their value can be challenging. Similarly, the FSS cautions against investing in cryptocurrencies sold at low prices with trading restrictions, as this could lead to difficulties in liquidating tokens if the price drops.The FSS also emphasizes the importance of being wary of cryptocurrencies with low trading volumes, as they can experience drastic price fluctuations due to limited activity. To prevent falling victim to impersonation scams, investors are urged to be cautious of individuals claiming to be employees of domestic virtual asset service providers or presenting official documents to solicit investments.Furthermore, the financial watchdog stresses the risks associated with suspicious requests associated with electronic wallets, particularly connecting to them via unsolicited emails, as they pose a high risk of being hacked.Lastly, the watchdog warns against falling for promises of high returns linked to cryptocurrencies endorsed by celebrities or well-known companies, as these may be illegal deposit-taking activities performed by unlicensed entities. The FSS advises investors to remain vigilant, conduct thorough research, and approach investment opportunities with skepticism to protect themselves from potential crypto scams.

Dubai approves crypto license for climate-friendly Web3 startupIn a move that shows some potential towards fostering sustainable innovation within the crypto space, Dubai’s Virtual Assets Regulatory Authority (VARA) has granted a conditional license to Web3 Innovations FZE, which trades as “AYA.”Licensed subject to fulfilling conditionsAYA is the Dubai-based subsidiary of Singapore-headquartered Web3 launchpad, incubator and advisory service, Enjinstarter. The license will enable AYA to offer management and investment services related to crypto assets. However, the license remains non-operational at the moment, as it has been awarded subject to the fulfillment of specific conditions outlined by VARA. The conditional license, awarded on Tuesday, has significance as it is indicative of a commitment from the Dubai authorities to supporting environmentally conscious initiatives in the Web3 ecosystem.The license awaits full compliance with VARA’s stipulated conditions and select localization requirements. Enjinstarter’s AYA platform will undergo further regulatory verification and approval once these prerequisites are met, as stated in the official announcement:“The license remains non-operational until the company fully satisfies all remaining conditions and select localization requirements defined by VARA.”Dubai ‘obvious choice’Back in October, Enjinstarter confirmed Dubai as the chosen location for its AYA platform. At the time, Enjinstarter MENA’s Managing Director, Vasseh Ahmed, described it as the “obvious choice.” Vasseh stated:”No other jurisdiction provides the regulatory clarity and sustainability focus we are looking for. Beyond that, there is a palpable sense of action here, specifically in terms of real-world asset regulation and climate action.”Prakash Somosundram, the co-founder and CEO of Enjinstarter and the AYA Foundation, expressed the company’s dedication to adhering to the regulatory process outlined by VARA.Photo by Qingbao Meng on UnsplashClimate-focused launchpadAYA stands out as a climate-focused launchpad, championing sustainability through initiatives such as reforestation, nature credits, mangrove conservation and sustainable agriculture. Beyond its role as a finance platform for green initiatives, AYA actively supports climate action projects, leveraging blockchain and Web3 infrastructure.As AYA works towards fulfilling VARA’s operational license requirements, the company has also unveiled a collaboration with The Storey Group based in the United Arab Emirates (UAE). This joint effort aims to plant mangroves in Dubai, reinforcing AYA’s commitment to combating climate change. Vasseh Ahmed, Managing Director of Enjinstarter MENA, emphasized the company’s mission:“We are looking to work with founders and projects that have a unique proposition within our key focus areas by helping them build their product narrative, raise capital, and launch their projects.”In a recent interview, Deepa Raja Carbon, Managing Director and Vice Chair at VARA, highlighted the regulator’s agile and collaborative approach. VARA remains committed to responding swiftly and effectively to market needs by engaging in conversations with industry leaders, innovators, peer regulators and legislators. Carbon emphasized the comprehensive and market-aligned guidelines crafted in collaboration with Dubai’s established entities, ensuring a unified framework for the evolving crypto landscape.Dubai’s move to grant a conditional crypto license to AYA appears to reflect a forward-thinking approach, aligning with global efforts to integrate sustainability into the rapidly evolving Web3 and crypto ecosystem.