Korea’s FSS Seeks to Protect Investors from Crypto Exploit Losses

Bunzz expands Web3 enterprise services in JapanSingapore-based company Bunzz, one of the largest dApp development platforms in the Asian region, has expanded its enterprise service offering to include the introduction of a specialized hackathon service geared towards developers in Japan.Photo by Jezael Melgoza on UnsplashWeb3 hackathon serviceThe new service offering, disclosed by the Singaporean startup via a press release published on Tuesday, follows on from a successful seed funding round that injected $4.5 million into the company. Bunzz is introducing a specialized hackathon service exclusively tailored for developers in Japan.The new service from Bunzz is designed to provide comprehensive support to projects and companies in planning and hosting hackathons, with a keen focus on meeting the unique needs of the Japanese developer community.Bunzz offers a suite of services that includes assistance in creating hackathon concepts, formulating effective marketing strategies for Japanese developers and providing extensive support throughout the entire hackathon process — from logistical arrangements to technical guidance and judging assistance. The hackathon-related service offering includes hackathon planning and design, marketing and promotion and management support.Capitalizing on Japanese Web3 growthThis expansion is not just an arbitrary move. The dApp development platform has taken note of Japan’s strong inclination towards embracing Web3 services. With that, it’s looking to capitalize on that market development.With Japan known for its openness to adopting new technologies, Japanese firms are actively seeking opportunities to integrate Web3 solutions into various facets of their operations. Back in April, the Japanese authorities published a whitepaper on Web3 titled “Web3 for All: The Future of the Digital Economy in Japan.” The objective of that whitepaper was to formulate a roadmap that could lead to the fostering of innovation when it comes to Web3.In September, Japan took a step towards allowing startups to raise capital from venture capital firms using digital assets instead of equity. The nation’s robust interest in decentralized applications and technologies has set the stage for Bunzz’s innovative offering. Added to that, Kenta Akutsu, Bunzz’ Co-Founder and CEO, is Japanese, and that may also have played into the decision to target the Japanese market in this instance.‘Bunzz for Enterprise’Earlier this month, Bunzz launched “Bunzz for Enterprise.” As part of that initiative, Bunzz offers consulting and system development support to companies attempting to enter the Web3 domain. The firm claims to have at its disposal over two hundred smart contract templates, made available to platform users via its Smart Contract Hub.In June, the fledgling Web3 platform launched a developer tool called DeCipher in an effort to assist developers in their approach to smart contract documentation, making that process more streamlined and efficient.Through this latest service offering, Bunzz is attempting to extend a warm invitation to projects and companies eager to tap into the skills and potential of Japanese developers through hackathons. This initiative presents an excellent opportunity for engagement with a community that purports to be deeply invested in Web3 and enthusiastic about exploring new technological frontiers.

AMO Labs, the operator of a driving data platform that facilitates the exchange and valuation of automotive data, has secured a strategic partnership with Webility, a Web3 mobility sharing economy service, to expand its business endeavors in the mobility field, according to Korean media outlet SEN TV on Tuesday (KST).Photo by Luis Villasmil on UnsplashDiversification of blockchain-based servicesLaunched this year, AMO Labs’ service provides automotive data such as car information and sensor-based data, which helps contribute to a safer and more efficient driving experience with value-added products and services. Meanwhile, Webility brings blockchain technology to Web2-based sharing economies, creating a new decentralized Web3 service where service users and providers can be directly connected. Its main products include an AI node service and an NFT sharing economy service. Under the new agreement, the two companies agreed to expand their services and provide various products to users to innovate South Korea’s mobility as a service (MAAS) ecosystem. Anticipation for cooperation“Through our cooperation, we will strengthen data related to automobiles and micro-mobility and expand the blockchain-based mobility data pool,” Webility said. “We plan to bring mobility users into a new Web3 environment, diversify the blockchain-based mobility market and expand our cooperation for mutual growth.”

Singaporean takes helm at Binance as CZ steps asideIn a significant leadership shift, Richard Teng, a seasoned professional with an extensive background in regulatory affairs, has assumed the role of Chief Executive Officer at Binance.News of the appointment came on Tuesday, in a tumultuous day in the crypto sector that saw Binance Founder and CEO Changpeng Zhao (CZ) step down following criminal charges in the U.S.Photo by Syed Hussaini on UnsplashStarting out at Binance SingaporeTeng, a Singaporean industry veteran, initially joined Binance in 2021 as the CEO of Binance Singapore, demonstrating his efforts at bolstering global compliance for the crypto giant. His trajectory within the organization has been noteworthy, progressing from leading regional markets to ultimately becoming the CEO. Binance’s official statement highlights Teng’s diverse experience, overseeing regions such as the Middle East and North Africa (MENA) and Europe, culminating in his responsibility for all markets outside the U.S.Before joining Binance, Teng held the position of CEO at the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM). He had taken up that role following a spell as Chief Regulatory Officer at SGX, a Singapore-based multi-asset exchange, where he showcased his leadership in regulatory divisions, specifically shaping policies related to listing trading and clearing activities.Teng’s career is further distinguished by a 13-year tenure at the Monetary Authority of Singapore (MAS), where he served in various capacities, including Director of Corporate Finance. His involvement in regulatory matters spanning banking, insurance and capital markets, particularly during the late 1990s transformation of Singapore’s financial services sector, underscores his deep understanding of industry dynamics.In a statement, Teng expressed his commitment to leveraging his three decades of financial services and regulatory experience to guide Binance’s innovative team. Taking to the X social media platform, he stated:”We operate the world’s largest cryptocurrency exchange by volume. The trust placed on us by our 150m users and thousands of employees is a responsibility that I take seriously and hold dear. With CZ, and our leadership team’s support, I have accepted this role so that we can continue to meet and exceed the expectations of stakeholders while achieving our core mission, the freedom of money.”Setting prioritiesWhile the broader crypto community was still digesting the settlement that had been struck by Binance and CZ with the Financial Crimes Enforcement Network (FinCEN), the U.S. Commodities Futures Trading Commission (CFTC) and the Office of Foreign Assets Control (OFAC) in charges related to money laundering, unlicensed money transmission and sanctions violations, Teng was already setting out his objectives going forward.Teng outlined that his focus will turn towards “reassuring users that they can remain confident in the financial strength, security and safety of the company.” Secondly, the industry veteran intends to concentrate efforts on “collaborating with regulators to uphold high standards globally that foster innovation while providing important consumer protections.” Lastly, Teng highlighted “working with partners to drive growth and adoption of Web3” as another area where he will focus his attention.Analysts from American multinational financial services giant JPMorgan said on Wednesday that they see the Binance settlement as a positive for the crypto space as it removes uncertainty and risk from the company and the sector overall.