Ripple supports Japanese Web3 initiative & crypto research within APAC

KICA partners with PiLab and CODE for Web3 authentication servicesThe Korea Information Certificate Authority (KICA) has signed a memorandum of understanding (MOU) with two new business partners — dApp provider PiLab and CODE, a Travel Rule solutions provider and joint venture co-founded by Korean cryptocurrency exchanges Bithumb, Coinone and Korbit — according to local news outlet Kyunghyang Games. The three companies’ CEOs attended the signing ceremony and vowed to establish a credible authentication system to contribute to a healthy Web3 environment.Photo by GuerrillaBuzz on UnsplashEstablishing secure and compliant solutionsThrough this collaboration, the companies plan to leverage their respective capabilities to develop and distribute Web3 authentication services that comply with virtual asset service providers’ (VASPs) Know Your Customer (KYC) verification procedures as well as international standards such as the crypto Travel Rule. “We aim to create a secure and efficient environment for both providers and users of various Web3 services in line with global regulatory trends,” explained Park Do-hyun, CEO of PiLab.Setting new standardsKim Sang-jun, CEO of the KICA, anticipates that the KICA’s expertise and capabilities in identity verification and security authentication in Web2 would help the collaboration become a new benchmark in the Web3 authentication industry. “Eventually, we will expand our services to include SoulBound tokens (SBTs), enhancing identity verification, license certification and attribute certification, solidifying our position as a leading company in the Web3 industry,” he said.Furthermore, CODE CEO Lee Sung-mi emphasized the importance of complying with international standards like the crypto Travel Rule for a healthy Web3 service environment. She also pledged to ensure that CODE would use its capabilities to establish a solid connection between VASPs and the Web3 service market.This collaboration represents a strategic move towards shaping the future landscape of Web3 authentication and security services, combining the strengths of these companies to meet the evolving needs of the industry.

GameFi-Oriented MARBLEX Decides to Burn 670M MBX TokensMARBLEX, the blockchain subsidiary of South Korean gaming company Netmarble, is going to burn 670 million of its native token MBX on July 19, according to a press release. This move is part of MARBLEX’s plan to overhaul the MBX tokenomics, which was announced last month.This token burn event involves the elimination of 67% of the total distribution of 1 billion MBX tokens. The tokens earmarked for burning have no designated purpose.Photo by Cullan Smith on Unsplash99% support for burning tokensTo determine the fate of these tokens, MARBLEX conducted a voting process from July 4 to 10, allowing Marbleship NFT holders and MBX token holders to participate. The outcome of the vote revealed that 99% of the participants supported burning the tokens.In preparation for the token burn, MARBLEX plans to share information about the event on cryptocurrency data tracking websites CoinMarketCap and Xangle.Moving forward, MARBLEX intends to introduce an improved token burn policy in the second half of this year. The revision of its tokenomics will enhance the utility of the MBX token, contributing to the establishment of a sustainable and trustworthy ecosystem.MBX token usesAccording to CoinMarketCap, the MBX token is traded on centralized exchanges Bithumb, Huobi, Bybit, Gate.io, MEXC, and Indodax, as well as on the decentralized exchange KLAYswap. Token holders can use MBX to buy items in marketplaces, trade MBX for in-game tokens, and exchange MBX with other game players. Notable MBX games include A3: Still Alive, a battle royale MMORPG; Ni no Kuni: Cross Worlds, a fantasy MMORPG; The King of Fighters ARENA, a fighting game; and Meta World: My City, a Web3 property management game.

Seoul Auction Blue seeks to register security tokens with the FSS for Andy Warhol’s artworkSeoul Auction Blue, the operator of fractional artwork investment platform Sotwo, recently submitted an application to the South Korean Financial Supervisory Service (FSS), local news outlet Seoul Economic Daily reported on Wednesday (local time). Its aim is to register security tokens linked to artworks with the financial authority, marking it the third entity in the country to pursue this innovative financial venture.Photo by Guido Coppa on UnsplashAndy Warhol’s ‘Dollar Sign’The artwork investment app plans to issue security tokens based on Andy Warhol’s “Dollar Sign,” a piece measuring 51.0 cm in height and 40.5 cm in length. This artwork was purchased by Seoul Auction Blue at an auction for KRW 626.2 million (approximately $485,000). The total value of the security tokens, inclusive of issuance costs, is approximately KRW 700 million. The firm will issue a total of 7,000 tokens, each valued at KRW 100,000. Upon receiving regulatory approval, Seoul Auction Blue is set to open for subscription requests from Dec. 20 to 26.In its endeavor to issue digital investment contract securities, Seoul Auction Blue has meticulously prepared its documentation in line with the FSS’s guidelines. The selection of the artwork of Andy Warhol, the renowned and iconic 20th-century artist, aligns with the FSS’s recommendation to choose a significant piece by an internationally acclaimed artist. This strategic choice reflects the company’s commitment to compliance and the recognition of Warhol’s global stature in the art world.Preventing conflicts of interestThe registration application submitted by Seoul Auction Blue includes specific restrictions aimed at preventing conflicts of interest with its affiliates related to security tokens. As per these rules, the company is barred from buying idle assets of affiliates to back its security tokens. Instead, Seoul Auction Blue is permitted to acquire them only through public methods like participating in an open bid or a post-sale bid process. Notably, the token issuer is in principle prohibited from purchasing these assets via intermediaries in private sales or any other non-transparent settings.The acquisition of underlying assets requires approval from the compliance monitoring committee. Furthermore, this regulation strips Seoul Auction Blue of the capacity to determine the final trading prices or conditions for these transactions.In addition, the company is collaborating with a couple of securities firms to safeguard investors’ funds, creating a buffer against any potential bankruptcy of the issuer. The funds raised from subscriptions for the security tokens will be managed in accounts overseen by KB Securities. Additionally, an investor protection fund is being set up, which will be handled as a trust fund by Shinhan Securities. This fund acts as an extra layer of security, offering investors enhanced protection for their investments.