Korean Financial Watchdog: Investor Protection Boosts Crypto Market

Ubisoft Joins Cronos as a Network ValidatorUbisoft, a world-renowned video game publisher, distributor, and creator, has entered into an exclusive partnership with Cronos, a prominent blockchain inter-operating with the Cosmos and Ethereum blockchain ecosystems. Cronos and its native CRO token were established by Singapore’s Crypto.com.According to a blog post published by Cronos Labs on Tuesday, the collaboration aims to explore the potential of blockchain technology, with Ubisoft becoming a new node validator on the Cronos network through its Strategic Innovation Lab.Photo by Ketut Subiyanto on Pexels27 node operatorsAs part of this initiative, Ubisoft joins a pool of 27 other node operators on the open-source Cronos blockchain. By doing so, the company aims to contribute to the network’s security and stability. Each node actively participates in the decentralized validation of transactions, ensuring the timely development of new blocks at intervals of 5 to 6 seconds.Cronos’ strategic approach focuses on collaborating with open-source validators and contributors who have a strong technical track record. Ubisoft’s expertise in developing immersive and engaging gaming experiences through the adoption of cutting-edge technologies aligns perfectly with Cronos’ vision. Notable existing contributors to the Cronos blockchain include Allnodes, Dora Factory, Blockdaemon, and Crypto.com, among others.Contributing towards governanceAs a validator, Ubisoft will play a vital role in the blockchain’s governance and the authorization of network updates. This partnership is a natural progression of the long-standing relationship between the two companies. Ubisoft has been actively involved in the Cronos Accelerator project as a venture mentor, fostering a strong foundation for their collaboration.Commenting on the partnership, Ken Timsit, Managing Director of Cronos Labs, revealed that Cronos Labs has had ongoing communications with the Ubisoft team for years. He emphasized Ubisoft’s unparalleled understanding of the blockchain sector’s potential and limitations, particularly in connecting gamers and creators.With Ubisoft’s involvement as a validator, Cronos blockchain is set to strengthen its security, enhance network governance, and open up new possibilities for the integration of gaming and blockchain technology. This strategic collaboration is expected to propel both companies towards innovative advancements in the ever-evolving world of blockchain and gaming.Positive developmentThe partnership between Ubisoft and Cronos holds promise for the future of blockchain technology in the gaming industry. It’s a shot in the arm for blockchain and Web3, given Ubisoft’s standing in the gaming industry, and considering that Ubisoft itself and many other headline firms in gaming seemed to have cooled their interest in the emerging space.In a recent interview, the Co-Chief Operating Officer of video gaming behemoth Sega, had described blockchain gaming projects as “boring” while outlining that the company was scaling back its interest in Web3 and blockchain.In this instance, however, as both Cronos Labs and Ubisoft leverage their expertise and resources, the potential for groundbreaking innovations and seamless integration between gaming and blockchain is within reach.This collaboration underscores the growing recognition of blockchain’s transformative power in revolutionizing various industries, including gaming. Together, Ubisoft and Cronos are poised to make significant contributions to shaping the future of blockchain technology and its applications in gaming.

Civic Group Files Embezzlement Complaint Against Former Kakao Chairman Over KLAY TokensA South Korean civic group, known as Economic Democracy 21, filed on Wednesday a prosecution complaint against Kim Beom-soo, the former chairman of the internet giant Kakao, and several executives from Kakao’s affiliated companies. The allegations at hand pertain to embezzlement, specifically revolving around the virtual asset known as KLAY.Photo by Tingey Injury Law Firm on UnsplashKlaytn’s native tokenKLAY represents the native token of the Klaytn blockchain, which was developed by GroundX, a blockchain subsidiary of Kakao.Legal breach claimsThe complaint, formally submitted to the joint crypto-crime investigation division of the Seoul Southern District Prosecutors’ Office, asserts that Kakao executives have breached the Act on the Aggravated Punishment of Specific Economic Crimes and the Capital Markets Act.Clandestine pre-salesWithin the detailed complaint, Economic Democracy 21 alleges that following the issuance of KLAY, Kakao’s executives conducted private pre-sales of KLAY tokens before their official listing. These pre-sales activities reportedly raised between KRW 150 billion and 300 billion ($113 million and $226 million). The accusation is that these funds were not channeled into business endeavors, but rather diverted for personal use.The complaint also contends that Kim and other executives withdrew KLAY tokens from the company under the guise of investments, compensation, and service fees related to “overseas investment business” since 2022. The civic group further asserted that these corporate leaders employed a program to manipulate transaction records, presumably with the intent of preventing third parties from discovering the nature of these transactions.

SC Ventures cues up $100M crypto startup investment vehicle in UAESC Ventures, the Singapore-headquartered fintech investment arm of British financial services giant Standard Chartered, is set to forge a “Digital Asset Joint Venture” investment company in the United Arab Emirates (UAE) in collaboration with Japanese financial giant SBI Holdings.Photo by ZQ Lee on UnsplashBroad spectrum of crypto sector investmentThe CEO of SC Ventures, Alex Manson, outlined the joint venture’s strategic objectives in a press release published from Dubai on Thursday. Manson emphasized a focus on making strategic and minority investments in crucial areas such as market infrastructure, risk management, compliance tools, DeFi, tokenization, consumer payments and the metaverse.SBI Holdings has been collaborating quite a bit with Standard Chartered when it comes to the digital assets space over the course of the past year. It has invested in Standard Chartered subsidiary company Zodia Custody, a digital assets custodian. Subsequently, Zodia Custody has gone on to launch its services in Dubai, and in September, the company launched its services in Singapore.Meanwhile, SBI is similarly invested in Standard Chartered subsidiary Zodia Markets, an exchange and brokerage platform which recently received approval to trade in the UAE as a broker-dealer. A report by Nikkei Asia last month outlined that Standard Chartered is very much making a concerted effort to muscle its way into the Asian crypto space.Speaking at RippleSwell, an event held in Dubai earlier this week organized by blockchain company Ripple Labs, Zodia Custody CEO Julian Sawyer stated:“Blockchain is the future, tokenization is the future. It’s a question of how we get there and what speed we do that.”Building out a regional hubThis recent partnership comes as the UAE works towards strengthening its position as a fintech hub, leveraging improved infrastructure and a local talent base. Despite its roots in the UAE, the joint venture aims to explore opportunities within the global digital asset ecosystem. Manson highlighted the commitment to broader exploration beyond the local market, indicating a global perspective in navigating emerging opportunities.This development follows Standard Chartered’s earlier memorandum of understanding with the Dubai International Financial Centre in May. This agreement granted the bank approval to extend digital asset custody services to institutional clients on a global scale.While deeply entrenched in the crypto custody business, Standard Chartered is also actively engaging with the digital economy’s broader facets. In June, the bank partnered with PricewaterhouseCoopers China to produce a white paper on applications for central bank digital currency in the Greater Bay Area of China, encompassing Guangdong province, Hong Kong and Macao.Both SBI and Standard Chartered are collaborating with the Monetary Authority of Singapore (MAS) in a project that seeks to build a comprehensive framework for the provision of interoperable and open networks for tokenized digital assets.This multifaceted approach positions Standard Chartered as a key player navigating the dynamic intersection of traditional finance and the evolving digital landscape. Market reaction to this recent development has been positive with one crypto sector participant stating:”Excited to see Standard Chartered expanding its services to accommodate the growing demand for crypto custody, especially in the UAE where the regulatory environment appears to be more favorable. This move could pave the way for increased institutional adoption of Bitcoin and Ethereum.”