Wemade Signs Contracts with Game Developers to Expand WEMIX PLAY’s Lineup

Terraform Labs civil trial proceeds with confidential filingsSingaporean blockchain development firm Terraform Labs, the creator of the failed Terra blockchain protocol, has reached an agreement on a protective order in their ongoing civil case with the United States’ Securities and Exchange Commission (SEC).Photo by Thomas Habr on UnsplashData shielded from public disclosureThe decision, sanctioned by the U.S. District Court Judge Jed Rakoff in the Southern District of New York on Wednesday, ensures that materials marked as confidential by the involved parties will remain shielded from public disclosure. The court is obligated to seal any discovery filings labeled confidential ahead of the trial.Judge Rakoff conveyed his likelihood of denying requests to unseal these confidential documents, although the order did not delve into the specific rationale for maintaining their confidential status beyond citing “good cause.” The finalized agreement on this protective order took place on Dec. 18, with legal representatives from both the SEC and Terraform Labs, including co-founder Do Kwon, giving their consent. Kwon, presently detained in Montenegro, faces potential extradition to the United States or South Korea.Pivotal momentThe depegging of Terraform’s stablecoin TerraUSD (UST) from the U.S. dollar marked a turning point in the cryptocurrency sector. This event is believed to have significantly contributed to the crypto market downturn in 2022, as it had a knock-on effect on countless other crypto businesses and platforms that were over-exposed to the flawed algorithmic currency.That chain of events led to the SEC taking action after the fact. However, it has subsequently also pursued a much criticized “regulation by enforcement” policy relative to the crypto sector. To that end, the Commission has pending cases against Coinbase, Ripple, Kraken and Binance, among others.In February, the SEC accused Terraform Labs and Do Kwon of conducting a multi-billion dollar crypto asset securities fraud by offering and selling unregistered securities. As proceedings have unfolded, both Terraform and the SEC have traded unsuccessful attempts to obtain summary judgment.Far-reaching consequencesThe ongoing SEC vs. Terraform civil case carries potential far-reaching consequences in terms of legal precedents within the cryptocurrency sector. In a separate ruling in August, the court allowed Terra to issue subpoenas to FTX entities as part of FTX’s bankruptcy proceedings. Judge Rakoff, in November, accepted confidential materials from Jump Crypto Holdings for discovery in this case.Troubled crypto lender Genesis Trading has also been tangled up in the proceedings with the courts directing it to comply with a subpoena initiated by Terraform Labs. The outcome of this case is poised to offer essential legal guidance for numerous companies operating in the crypto space.The SEC’s regulatory approach toward cryptocurrency firms in the United States has been subject to considerable debate and criticism. The commission’s alleged “regulation by enforcement” strategy, especially in dealings with major players in the crypto industry, has drawn accusations.While many in the U.S. have been unhappy with “regulation by enforcement,” the upside is that over the longer haul, the courts will be able to eventually furnish the regulatory clarity that the SEC refuses to provide. The ongoing scrutiny of regulatory approaches and the outcomes of cases like Terraform Labs vs. SEC will undoubtedly shape the future legal landscape of the cryptocurrency industry.

Blockchain Mainnet FNCY to Collaborate with Web3 Community Platform GALXENetmarble F&C, a subsidiary of South Korean game developer Netmarble, announced on Tuesday that FNCY, the blockchain mainnet of its subsidiary Metaverse World, has established a strategic partnership with Web3 digital credential network GALXE.Photo by Shubham’s Web3 on UnsplashEmpowering the Web3 communityGALXE is a platform with over 11 million users dedicated to building the Web3 community. In collaboration with some 2,900 partners — including networks like Optimism, Polygon, and Arbitrum, among others — it offers rewards like non-fungible tokens (NFTs) and on-chain achievement tokens (OATs) to users when they contribute to their favorite Web3 community.Strengthening the FNCY chainThrough the new partnership, FNCY and GALXE plan to hold various events and campaigns to bolster the FNCY Chain. In addition, various decentralized applications (dApps) onboarding the FNCY Chain will be able to open channels and hold events themselves.“This partnership will play a significant role in adopting blockchain technology on a global scale and providing users with new experiences,” said Charles Wayn, CEO of GALXE.Seo Woo-won, CEO of Netmarble F&C, also described GALXE as the most suitable partner for forming and expanding the Web3 community and FNCY’s blockchain ecosystem.FNCY, previously called CUBE, is a Web3 entertainment platform where users can enjoy various content, including games, webtoons, and web novels. Users can also view transactions, blocks, wallet addresses, and other on-chain data.

Key appointment sees Turkey’s central bank enhance crypto expertiseTurkey’s President, Recep Tayyip Erdogan, has taken a step in integrating blockchain and cryptocurrency expertise into the nation’s monetary policy by appointing Professor Fatma Ozkul to the central bank’s rate-setting committee.Photo by Engin Yapici on UnsplashIncorporating digital financial knowledgeThis decision, which became effective on Saturday, marks a significant move towards incorporating digital financial knowledge within the economic framework of Turkey.As part of Turkey’s economic strategy, President Erdogan has been restructuring the economic management team since his victory in the May general election. This reshuffling included the appointment of ex-Goldman Sachs banker Hafize Gaye Erkan as the central bank’s governor in June.That appointment led to a series of policy rate increases, totaling 3,400 basis points, bringing the rate to 42.5%. Further changes in the Monetary Policy Committee (MPC) occurred in July, reinforcing the trajectory of monetary tightening.Crypto credentialsProfessor Fatma Ozkul, a lecturer at Istanbul’s Marmara University, joins the MPC with a primary focus on accounting, finance and auditing. Notably, she brings expertise in blockchain technology and crypto assets, having conducted courses on these subjects. Her recent work has delved into the implications of blockchain and crypto assets on finance, culminating in the publication of a book on crypto asset accounting in 2022.While Ozkul’s appointment may not immediately alter the current monetary policy direction, it reflects an understanding of the need to incorporate digital financial tools when formulating economic and monetary policy. Her extensive knowledge in digital finance is expected to contribute significantly to the process of setting benchmark interest rates, a critical instrument in controlling inflation within Turkey.President Erdogan’s emphasis on digital banking aligns with Turkey’s proactive steps in this direction. The central bank introduced a digital Turkish lira collaboration platform in 2021 and successfully tested digital lira transactions in late 2022. Additionally, the government is anticipated to submit a draft law regulating crypto assets in the coming year.Crypto adoptionThe political and economic climate in Turkey has shown a growing interest in cryptocurrencies, particularly Bitcoin. Chainalysis, a blockchain analytics company, reports that Turkey recorded nearly $170 billion worth of cryptocurrency transactions between July 2022 and June 2023, ranking fourth globally in terms of raw transaction volumes.A report by KuCoin earlier this year identified a noteworthy increase in the overall number of crypto investors in Turkey over the course of the past 18 months. That growth in adoption was found to be youth-driven. The importance of the Turkish market within the crypto sector is further evidenced by the recent revelation that the Turkish Lira is the most dominant fiat trading pair on leading global crypto exchange Binance.In response to this surge, the Turkish government has been working on cryptocurrency regulations, focusing on licensing and taxes. This regulatory move aims to remove Turkey’s name from the Financial Action Task Force’s “gray list” and align the country with global financial norms.As Professor Ozkul assumes her role, her expertise and input may well play a pivotal part in shaping Turkey’s evolving position and approach where digital assets, blockchain and cryptocurrencies are concerned.