Web3 chatting app Beoble acquires $2 million in pre-seed funding round

Do Kwon Out On Bail Following AppealDo Kwon, the South Korean Co-Founder of Singapore-headquartered Terraform Labs, has been granted bail in Montenegro following a court appearance last week.Photo by Tingey Injury Law Firm on UnsplashAppeal dismissalThe appeal brought by state prosecutors was dismissed by a Montenegrin court according to a statement released by the courts on Friday. The Basic Court in Podgorica confirmed that the State Prosecutor’s Office’s appeal against an earlier bail agreement was rejected, allowing Kwon and Terraform Labs’ chief financial officer Han Chang-joon to await further legal proceedings under house arrest in Montenegro.The court reinstated the original bail terms set during a hearing on May 12, requiring both individuals to pay 400,000 euros ($436,000) each to secure their release from custody. Kwon and Han are now under strict bail conditions and are not permitted to leave Han’s legal residence in Montenegro.According to the court statement: “The court appreciated the fact that they are persons who are not Montenegrin citizens, which is why it accepted their statements about the value of the property they own, which were supported by concrete evidence.”The Montenegrin court found, following the first appeal, that the original decision to permit bail was not based on a sound assessment of “concrete evidence.” That allowed prosecutors to overturn that original decision, which has itself been overturned to permit bail once again.Local police will closely monitor both individuals, and any violation of the supervision measures or departure from the residence will result in the forfeiture of the bail amount. To ensure compliance and discourage flight attempts, Kwon and Han provided personal and financial information to the local authorities, including evidence of property ownership and a sales contract for an apartment, parking space, and basement owned by Han. Kwon also submitted an invoice for a vehicle and bank account statements.Alleged fake passportsKwon and Han were arrested in Montenegro in March 2023 for allegedly using false travel documents while attempting to leave the country. Their original passports had been confiscated in South Korea in October 2022.The court acknowledged that verifying the authenticity of the Belgian passports and identity cards held by the defendants would require additional time. However, it deemed the agreed-upon bail amount sufficient to ensure their presence during legal proceedings.International interestDespite being granted bail in Montenegro, Kwon remains wanted in multiple jurisdictions. South Korean authorities seek to extradite him for investigation into the collapse of the Terra ecosystem, which caused an estimated $40 billion loss in the cryptocurrency market in June 2022. Interpol has also issued a Red Notice for Kwon in connection with the charges in South Korea, and he faces several fraud charges in the United States.The recent decision in Montenegro allows Kwon and Han temporary freedom while they await further legal proceedings. However, their legal troubles extend beyond Montenegro, with ongoing investigations and charges in South Korea and the United States casting a shadow over their future.The pair are due back to appear before a Montenegrin court once again on June 16. Prosecutors have three days in which to file another appeal of the latest bail decision.

Non-Fiat Crypto Exchanges in Korea Urge Banks for Real-Name AccountsThe Virtual Asset Exchange Association (VXA) made an announcement today regarding its recent due diligence request sent to 12 South Korean banks, as reported by local news outlet Digital Today. These banks have not yet entered into contracts to provide real-name deposit and withdrawal accounts to cryptocurrency exchanges.VXA is a group comprised of representatives from ten non-fiat crypto trading platforms in the country. Among its members, eight exchanges–Aprobit, Probit, BTX, Foblgate, GDAC, Flata Exchange, Flybit, and High Block (previously known as Huobi Korea)–participated in the request.Photo by Eduardo Soares on UnsplashPartnerships with banksThe objective of the request is to urge the banks to consider establishing partnerships with competent non-fiat exchanges. The requesters argued that such collaborations would promote fair trading in the market and provide customers with more options. They highlighted the growing presence of the virtual asset trading sector in the capital market.Uneven crypto marketAn official from VXA emphasized the key role played by real-name bank account issuers in creating a healthy environment that addresses the existing monopoly in the Korean crypto market. According to a March report published by the Financial Services Commission, non-fiat crypto trading platforms accounted for only 3 percent of the total Korean crypto market capitalization during the second half of 2022. The remaining 97 percent was attributed to fiat-supporting crypto exchanges.The official further explained that allowing more exchanges to support the trading of the Korean won currency would contribute to shaping a free market while bolstering transparency and investor protection.Legal requirementsEarlier this month, VXA also sought fair due diligence from five Korean banks that have already formed partnerships with fiat-supporting crypto exchanges. In Korea, crypto trading platforms are required by law to obtain real-name accounts from banks in order to provide cash deposit and withdrawal services.

BOCI Partners with UBS in Hong Kong on First Tokenized NotesIn a groundbreaking move, the investment arm of the Bank of China (BOCI), has partnered with Switzerland-headquartered global financial services company UBS, to issue tokenized notes in Hong Kong.Photo by Eric Prouzet on UnsplashHong Kong’s first tokenized notesThis marks the first instance of a Chinese financial institution issuing a tokenized note in the region. Leveraging the power of blockchain technology, the notes were tokenized on the Ethereum blockchain. UBS announced the milestone development via a press release published to its website on Friday.The Swiss banking giant has some expertise in this area, having first issued a tokenized fixed rate note in December 2022, recorded on a permissioned blockchain and established under English and Swiss law. On this occasion, the Hong Kong-issued tokenized notes will be compliant in terms of both Swiss and Hong Kong law.The issuance of these tokenized notes involved a significant amount, with BOCI issuing 200 million Chinese yuan worth of notes, equivalent to approximately $28 million. The collaboration with UBS aims to simplify digital asset markets and products for customers in the Asia Pacific region, specifically by developing blockchain-based digital structured products tailored to their needs.Ying Wang, Deputy CEO at BOCI, expressed enthusiasm for the digital transformation and innovative development of Hong Kong’s financial industry, recognizing the evolving digital economy in the region. Wang expressed the view that the development puts BOCI “at the forefront of innovation in technology finance and digital finance.”She sees the UBS collaboration as a means of driving “the simplification of digital asset markets and products, for customers in Asia Pacific through the development of blockchain-based digital structured products, designed specifically for customers in Asia Pacific.”Embracing digital assetsHong Kong has been actively working towards establishing itself as a hub for cryptocurrencies. Paul Chan Mo-po, the Chinese autonomous territory’s Financial Secretary, has emphasized the region’s intention to embrace regulation in this domain. Despite recent fluctuations in the virtual asset market and the closure of certain virtual asset exchanges, Chan remains optimistic about the prospects of Web3 and believes it is the opportune moment to drive its advancement.This month, Hong Kong lifted its ban on crypto retail trading and encouraged crypto exchanges to seek licenses within the region. The Securities and Futures Commission (SFC) has introduced exchange guidelines, leading firms such as Huobi, OKX, and BitMEX to express their intentions to apply for licenses in Hong Kong. Furthermore, in light of the recent lawsuit filed by the SEC against Coinbase, Hong Kong legislator Johnny Ng extended an invitation to the exchange to establish a hub in Hong Kong.The collaboration between BOCI and UBS is significant as unlike UBS’ previous tokenized note project which was established on a permissioned blockchain, this Hong Kong-based project is making use of Ethereum. By issuing tokenized notes on the Ethereum blockchain, these institutions are exploring the decentralized potential of digital assets and paving the way for further innovation in the Asia Pacific region.