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Ret Games Teams Up with Binance to Support Blockchain Acceleration ProgramKorean Web3 gaming studio Ret Games said Tuesday it has signed a memorandum of understanding (MOU) with Binance, the world’s largest crypto exchange, to support a blockchain company acceleration program spearheaded by Incheon Technopark’s Blockchain Center.Bolstering blockchain startupsThe two firms will team up as a single operator of the accelerator program that will supply Incheon-based startups and small companies with the resources required to grow their blockchain businesses and establish Incheon, a city next to the nation’s capital of Seoul, as a blockchain hub. They will also be joined by a third member of the operator — on-chain risk rating solution developer Undefined Labs.Photo by Shubham’s Web3 on Unsplash“We plan to work with Binance to operate an efficient and innovative acceleration program for Incheon-based startups, fostering their growth and development,” said Kim Sung-yoon, CEO of Ret Games.Binance will provide global networking and business consultations in areas such as business modeling and blockchain technology development, while Ret Games will contribute its blockchain infrastructure and development. Additionally, Undefined Labs will provide comprehensive insights into the blockchain industry, covering technology, market trends, and use cases.Five companies for the acceleration program were chosen by Incheon Technopark — AO2, Bemuse, enterBlock, Swan Electronics, and Asia Auto Pacific. They will begin receiving support worth 20 million KRW (approximately $15,000) starting this month.The operator will be required to monitor the progress of these companies during the course of the program, which will end on November 30.Second operatorThere will also be another operator for the program besides the consortium, which solely consists of venture capital firm Nanuhm Angels. It will enable participants to test their business models by granting them access to Rotonda’s launchpad. Rotonda is a subsidiary of the Korean crypto exchange Bithumb and operates the Web3 Burrito Wallet.

Over the course of the past two weeks, the unit price of Ethereum (ETH) has surged 32%, with a report from a Singapore-based crypto financial services firm asserting that the Asian market has had a large part to play in that increase. Taking to X on July 16, Matrixport, a crypto financial services platform, provided its daily analysis in which it suggested that “Ethereum’s recent outperformance appears to be heavily influenced by Asia.”Photo by DrawKit Illustrations on UnsplashAsian market influenceThe company included a graph in which it had plotted Ethereum’s recent performance during Asian trading hours, asserting that as much as 17% of the uptick in the Ether unit price can be accounted for by the actions of market participants within the Asian market. It added:"The influence of the Asian market in the pricing of crypto assets is continuing to rise, whether in terms of volatility or trading momentum.” ETH ETFs in Hong KongSpot ETH exchange-traded funds (ETFs) were approved in Hong Kong in April 2024. Hong Kong ETH ETF volumes have risen substantially in July, with significant inflows being recorded related to both retail and institutional investors.  In the past, many commentators have suggested that the addition of staking would be an attractive prospect for institutional investors who like the idea of accumulating an ongoing yield. With that, Asian investors may be enticed to delve further into Ethereum positions going forward, given that ETF issuers are trying to add that component to their offerings. Huaxia Fund, a subsidiary of China Asset Management (ChinaAMC), is preparing to launch staking as part of its ETH ETF. Another potential driver for ETH in Asia in the future lies with the ongoing enablement of trading via established institutions. Earlier this week, China Merchants Bank’s brokerage arm received a virtual asset license in Hong Kong to trade crypto assets. It’s the first mainland China-affiliated brokerage to be awarded such a license, with licensing enabling it to offer trading services related to assets like Ether. Global assetWhile Asia is playing a role in ETH’s recent move upwards, the asset is traded globally and with that, factors further afield are also playing a role. Tom Lee, founder of American financial research firm Fundstrat, pointed out on X that ETH had been range-bound since 2021. However, he believes that the rise of stablecoins, which by and large run on Ethereum, together with ongoing growth in the tokenization of real-world assets (RWAs), is driving demand for the digital asset. While Bitcoin treasury companies have played a significant part in driving Bitcoin in recent months, Ethereum is starting to see similar activity. Lee made the point that Strategy (formerly MicroStrategy) “set the standard for Treasuries,” but that now BitMine “wants to be the Microstrategy of Ethereum.” The crypto mining and treasury firm confirmed on July 17 that it now holds $1 billion worth of Ethereum. Arthur Hayes, co-founder of BitMEX and chief investment officer (CIO) at Hong Kong family office, Maelstrom, said that it was “ETH szn” and that the Maelstrom Fund is buying the digital asset. Tom Dunleavy, head of venture at Varys Capital, asserts that ETH will hit a unit price of $10,000 by the end of 2026.

Korea’s financial regulator establishes dedicated units for crypto oversightThe Financial Supervisory Service (FSS) of South Korea revealed in a Wednesday (local time) press release that it is introducing new units specifically focused on virtual asset matters. This move is in anticipation of the upcoming implementation of the Virtual Asset User Protection Act scheduled for next July. The establishment of these dedicated organizations is a strategic step towards bolstering the integrity of the crypto market, with the goal of enhancing consumer protection.Photo by Ethan Brooke on UnsplashSupervision and investigation bureausThe newly established units will be known as the Virtual Asset Supervision Bureau and the Virtual Asset Investigation Bureau. These units are being created in response to the burgeoning crypto market.The Supervision Bureau will be responsible for extensive oversight of cryptocurrencies. Its roles will include supervising and inspecting virtual asset service providers (VASPs), monitoring market activities and enhancing policy and regulations in the sector. Additionally, the bureau is tasked with ensuring the effective implementation of these regulations and contributing to the promotion of market stability.The Investigation Bureau, the other key component of the new structure, will concentrate on identifying and addressing market abuse activities in the cryptocurrency sector, specifically targeting unfair trading practices.Until now, the Financial Intelligence Unit (FIU) of the Financial Services Commission (FSC) has played a leading role in overseeing the crypto sector, primarily due to its responsibility in evaluating applications from VASPs.FSS’s greater role in crypto oversightThe FSS, on the other hand, has maintained a digital asset research team, which has been responsible for supporting virtual asset legislation, along with conducting market analysis and monitoring. However, the latest move is set to the FSS’s role in regulation and oversight within the crypto market.The Supervision Bureau will be under the leadership of Lee Hyun-duk, who currently serves as Head of Financial Investment Examination Department 2. Meanwhile, Moon Jung-ho, the present leader of Audit Oversight Department 1, will take charge of the Inspection Bureau. The process of appointing team members to these bureaus is scheduled to take place in early January.