SBI–Zodia venture to shut down amid Japan crypto regulatory hurdles

South Korea, Chainalysis Collaborate to Thwart North Korea’s Crypto CrimesSpecial Representative for Korean Peninsula Peace and Security Affairs Kim Gunn from the Ministry of Foreign Affairs held a meeting with Investigations VP Erin Plante and Korea Country Manager Paek Yong-khi of Chainalysis, a New York-based blockchain analysis company, according to the Ministry’s press release.Photo by Pixabay on PexelsGrowing North Korean crypto theftsSpecial Representative Kim and the Chainalysis representatives discussed response measures against North Korea’s increasing virtual asset theft and money laundering activities. Both sides recognized the severity of North Korea’s illegal cyber activities, which not only jeopardize national security by funding nuclear and missile development, but also threaten the establishment of a healthy cryptocurrency ecosystem.Chainalysis has been tracking North Korea’s illicit virtual asset operations and providing analytical information to a range of organizations, including law enforcement agencies and financial authorities.Special Representative Kim expressed gratitude for the private sector’s role in analyzing and monitoring North Korea’s crypto theft and money laundering activities. Both parties concurred on the importance of public-private cooperation to strengthen countermeasures against illegal cryptocurrency activities as North Korea’s techniques have become increasingly sophisticated.Plante also appreciated the South Korean government’s initiative in thwarting North Korea’s illicit cyber activities. These measures include imposing independent sanctions on North Korean hacker organizations and tech personnel and establishing a working group with the United States to counter North Korean cyber threats.Korean police and ChainalysisIn addition to its collaboration with the Ministry of Foreign Affairs, Chainalysis has been working with another Korean government agency. It was recently reported that the Korea National Police Agency (KNPA) is intensifying its efforts to enhance its expertise in investigating digital asset-related crimes. To achieve this goal, the KNPA is encouraging its officers to obtain certifications provided by Chainalysis.

Thai Opposition Party Offers Election Crypto SweetenerThailand’s opposition party, the Pheu Thai Party (PTP), has made a controversial move ahead of next month’s general election by offering 10,000 baht (approximately $300) in digital assets to citizens above 16 years old in exchange for their votes.©Unsplash/Markus WinklerThe stated intention of the policy is to spread the use of blockchain-based assets and attract international digital currencies, as well as to distribute products made in Thailand abroad using blockchain technology. Prommin Lertsuridej, who runs the party’s economic policy committee has claimed that 55 million Thai citizens will benefit from the measure if the PTP wins the election.Populist policiesThe plan will cost $15 billion and it is claimed that it will serve to revive the country’s struggling economy while providing relief to those struggling with debt. Additionally other populist measures will be pursued including an increase in the minimum wage and a minimum monthly household income guarantee.The policy has been met with mixed reactions from citizens, with some welcoming the extra cash and others accusing the party of blatant, cynical manipulation. The PTP has tried to sidestep accusations of manipulation by stating that the money will be limited to spending on local economic stimulus projects. Additionally, it cannot be used for gambling or debt repayment, and must be spent within a four-kilometer radius. The party’s chief adviser on public participation and innovation, Paetongtarn Shinawatra, called this policy an attempt to draw the attention of international currencies to Thailand.New crypto regulationsThis policy announcement comes just two months after the Securities and Exchange Commission (SEC) of Thailand issued new regulations for crypto service providers. The regulations were implemented to prevent a situation similar to the recent FTX collapse and hack, which resulted in the loss of millions of dollars’ worth of digital assets. The SEC has required service providers to establish a digital wallet management system to ensure efficient custody and to have a contingency plan in case of a security breach.Unintended consequencesWhile the PTPs policy has been met with criticism, it has also been seen as a bold move towards promoting the use of blockchain-based assets and digital currencies in Thailand. By offering citizens an incentive to use digital assets, the policy may encourage more people to explore this emerging market, which has the potential to create new opportunities for investment and economic growth.Populist politics and policy comes with a heavy longer term cost. The PTPs policy may be successful in achieving its intended goals, or it could ultimately lead to unintended consequences. Regardless of the outcome, the PTPs policy is a significant development in Thailand’s growing digital asset market and may set a precedent for other countries seeking to promote the use of blockchain-based assets and digital currencies.From an international perspective, even if the move backfires economically within Thailand, ever greater use and normalization of digital assets as in this case can only lead to greater overall adoption.

Lemon Healthcare launches blockchain-based electronic prescription serviceSeoul-based healthcare data platform company Lemon Healthcare’s blockchain-based, personalized electronic prescription service dubbed “LemonCare” has officially been launched in three major hospitals in the North Gyeongsang Province region of South Korea, according to an article published by local news outlet Etnews on Thursday. This comes after the recent end of the service’s development and pilot operation period.Photo by Christina Victoria Craft on UnsplashRevolutionizing healthcareThe aim of the project was to replace paper prescriptions with electronic prescriptions through a blockchain-based mobile service that offers patients an additional layer of security as well as the ability to view and manage their prescription history. It also reduces and prevents risks such as duplicate prescriptions.Kyungpook National University Hospital, Kyungpook National University Chilgok Hospital and Daegu Fatima Hospital — all located in Daegu Metropolitan City in North Gyeongsang Province — were selected as participants in the pilot project, during which they were responsible for electronically prescribing medication to patients, which would then be compounded and delivered by nearby pharmacies. They will also be the first to implement the app as an official service.Advancing healthcare accessLemon Healthcare stated that it has also hired new personnel, applied for patents related to electronic prescriptions and issued some 500 electronic prescriptions.Patients who have received treatment at any of the three hospitals and want to utilize the electronic prescription service can do so under the “Electronic Prescription Delivery” option on the hospital’s mobile app. After completing user authentication, the patient’s prescription is transmitted to the pharmacy of their choice, from which patients can pick up their medication.Leveraging its blockchain technology, Lemon Healthcare plans to bring secure and accurate electronic prescription services to more people in the future.