Wemade Signs MOU with Hub71 to Expand WEMIX Ecosystem in the UAE

The South Korean financial authority will establish new policies and guidelines for token listing and provide admirable examples from past listing events for local exchanges to follow, according to local media outlet News1.  So far, fiat-to-crypto exchanges in Korea have been listing tokens on their platforms under a guideline issued by Digital Asset eXchange Alliance (DAXA) – a self-regulatory consultation group comprised of five major Korean crypto exchanges. The existing DAXA guideline outlines basic yet vague instructions, which have allowed exchanges to list tokens largely at their discretion.  However, the new guideline from the financial authority, expected to be released by this June, will mark the government’s first official manual on token listing. This is in line with the upcoming Virtual Asset User Protection Act, which will be effective in July. Photo by Hitesh Choudhary on UnsplashSetting clear guidelines for token listingsThe new guidelines are expected to include examples of past fraud detection and real-time monitoring cases which are deemed to have set precedents for the industry players. Moreover, the financial authority plans to distribute past exemplary cases of token listing as early as April, which is anticipated to set a model listing process and help local crypto exchanges adhere to the law and requirements.  This announcement comes after the local game company Wemade relisted its native token WEMIX on Korbit, one of DAXA's member exchanges, just a year after it was delisted on major exchanges due to its deviant practices in token issuance. The relisting of WEMIX has since raised concerns among crypto insiders about the lack of criteria regarding token listings. More refined token listing process As the crypto market's bullish trend continues, Bithumb and Coinone – the second and third-largest exchanges in Korea – are stepping up their efforts to speed up the listing of new coins. Industry experts expect these exchanges will double down on their efforts in screening and reviewing processes for tokens to align with the new guidelines in the future.  An official from the Korean Financial Intelligence Unit (FIU) said that while the anticipated listing process is not legally binding, it will definitely have a more profound impact on local crypto exchanges compared to the self-regulated DAXA guidelines.  

Public Confidence in Crypto Wanes in Hong Kong Amid JPEX ScandalThe development of cryptocurrency in Hong Kong has been dented in terms of public sentiment following the JPEX cryptocurrency exchange scandal, according to a recent survey conducted by the Hong Kong University of Science and Technology’s (HKUST) business school.Photo by Alex Plesovskich on UnsplashA two-phase survey methodologyThe survey, the preliminary results of which were disclosed by the business school on Tuesday, aimed to gauge how public attitudes toward virtual assets had been affected by the JPEX scandal, which rocked the crypto community within the Chinese autonomous territory.While the survey is set to conclude on October 20, the preliminary findings have already revealed a noteworthy shift in public perception. Notably, 41% of respondents expressed a preference not to hold virtual assets, marking a 12-percentage-point increase from the earlier study conducted in May.Moreover, only 20% of respondents indicated a desire to hold virtual assets in the future, reflecting a five-percentage-point decrease compared to the previous survey. These findings suggest a growing skepticism among Hong Kong’s populace regarding the cryptocurrency industry.Post-JPEX public sentimentThe initial survey involved 5,700 participants aged 18 and above and was conducted between April 24 and May 23. Phase two of the survey commenced on September 28, approximately 11 days after the allegations against JPEX came to light. The results were compared to a similar survey conducted between April and May to assess the evolving sentiment. Between September 28 and October 5, phase two of the survey had compiled responses from 2,200 individuals.HKUST acknowledged that the second survey occurred in the “aftermath of an alleged financial fraud” involving a cryptocurrency platform but refrained from directly naming JPEX in the report.Professor Allen Huang, Associate Dean of HKUST’s business school, attributed the shift in sentiment to the recent financial scandal, which thrust the cryptocurrency industry into the spotlight. This heightened attention has led to a “more conservative investment appetite” among the public. He emphasized the need for greater educational initiatives to enhance public awareness and understanding of the risks and potential of this emerging field.HKUST’s business school stated that the survey’s primary objective was to assess the attitudes and viewpoints of Hong Kong’s residents regarding virtual asset investments, considering their experiences, intentions, and the regulatory safeguards in place.JPEX falloutThe JPEX scandal, which allegedly involved a $166 million fraud scheme, unfolded over several months before Hong Kong authorities publicly announced their investigation into the exchange. It forced local regulators to reassess the soundness of crypto trading-related regulatory measures applied within the Chinese autonomous territory.That reassessment led to regulators concluding that efforts needed to be intensified to combat unregulated platforms operating within Hong Kong. In response to the JPEX saga, the Hong Kong Police Force and the Securities and Futures Commission (SFC) established a cryptocurrency-focused working group earlier this month to combat illicit activities on cryptocurrency exchanges.The evolving sentiment in Hong Kong reflects the broader challenges and concerns surrounding the cryptocurrency industry. As regulatory scrutiny increases and major incidents like the JPEX scandal come to light, it’s clear that fostering public trust and understanding is a pressing priority for crypto businesses and the broader crypto community.

Foblgate adds Ripple market for increased investor opportunitiesSouth Korean cryptocurrency exchange Foblgate has added a Ripple (XRP) market, where cryptocurrencies can be traded for XRP, according to an article published by South Korean news outlet Blockchain Today. This is the third crypto-to-crypto market on Foblgate along with Bitcoin and Ethereum, providing users with expanded investment opportunities and convenient trading options.Photo by Kanchanara on UnsplashThe Ripple market opened at 10 a.m. today (local time) with a transaction fee of 0.01% and a minimum order amount of 6.5 XRP. Currently, it supports trading for EOS and BNB. Foblgate plans to add more trading pairs in the future.Ripple’s rise in South KoreaThe exchange revealed that it decided to add a Ripple market due to the cryptocurrency’s fast transaction speed and low trading fees, along with its popularity in the South Korean market. The company also emphasized the widespread expansion of Ripple’s ecosystem based on its blockchain network, XRP Ledger, and active participation from the country’s Ripple community.Foblgate’s vision“We have always been sensitive to the demands of investors and market changes,” said Ahn Hyun-jun, the CEO of Foblgate. “The launch of our XRP market aims not only to provide new investment options but also to play a role in promoting the growth and innovation of the crypto industry.”