Dubai Increases Monitoring of Crypto License Holders

SK C&C to provide ChainZ Security Token service for Hana SecuritiesSK C&C, a comprehensive digital solutions provider and the affiliate of South Korean conglomerate SK Group, announced Tuesday (local time) that it will provide the blockchain-based ChainZ Security Token service to Hana Securities for the securities firm’s construction of a security token system.Security tokens enable the conversion of assets such as real estate, art and carbon credits into digital tokens. These digital representations open up opportunities for retail investors to make fractional investments in assets that were previously beyond their reach due to high minimum investment requirements.Hana Securities’ involvement in security tokens emerged when its parent company, Hana Financial Group, joined a consortium called the Next Finance Initiative (NFI) in June to expand the security token ecosystem. In this collaborative effort, Hana Securities is set to develop infrastructure that will enable the establishment of extensive security token services. This infrastructure will support functions such as the issuance, distribution and procurement of security tokens.Photo by Shubham Dhage on UnsplashSecurity tokens on EthereumThe ChainZ platform allows the creation, issuance and trading of tokenized assets on the Ethereum network by simply calling an application programming interface (API). The company explained that being compatible with several Ethereum standards, including ERC-20, ChainZ enables users to create diverse token-related services with just a few clicks.SK C&C will leverage the ChainZ platform, which supports distributed ledger services, to manage token offerings and allocations. Additionally, the company will offer security token-related services, which will include processing investor orders and facilitating the buying and selling of tokens.Choi Cheol, Head of SK C&C’s Web3 and Convergence Group, said that the security token system of Hana Securities will lay a foundation for securities firms to adopt security token services and engage in business collaborations with each other. According to Choi, SK C&C is committed to providing secure trading services for security tokens, catering not only to securities companies but also to a broader range of enterprises and general investors. The tech company is also planning to take an active role in NFI and other consortiums with securities firms as a part of its strategy to enhance these efforts further.

South Korean digital marketing firm FSN has entered into a strategic alliance with Fingo Company, the operator of the music copyright platform Fingo, to jointly work on a tokenized securities project based on the recently raised funds, according to local news site Newsis on Monday (KST).Photo by Chris Liverani on UnsplashUnlocking synergiesThrough this partnership, FSN and Fingo aim to collaborate on a token securities project. As both companies have experience in leveraging IP, they are expected to apply their expertise to the new business. In particular, FSN operates several IP-based Web3 projects such as Sunmiya Club and Bellygom NFT through its subsidiary Finger Labs, through which the firm has been demonstrating its competitive edge. Fingo also owns a variety of content-based IPs and is cooperating with major domestic securities companies. The two firms’ business capabilities are thus expected to create great synergy in the market. Fingo’s service allows anyone to share revenue made from music, a concept referred to as music revenue sharing, which was once limited to creators or singers only. Last year, it took a step into the tokenized securities sphere by signing a business deal with Mirae Asset Securities, the country’s largest asset manager, to establish a token securities service and launch innovative financial investment products. FSN has been gearing up to take on this collaborative project, namely a recent success in raising a total of KRW 10 billion (approximately $7.5 million) in funding. The company explained that with this considerable funding paired with its knowledge of Web3 and blockchain technology and experience in collaborative partnerships, it will be equipped to settle into the tokenized securities market seamlessly. Charting new horizons"As we have secured large-scale funding under stable conditions, we expect to successfully pursue new businesses, including that in tokenized securities," FSN CEO Lee Sang-seok said. "We will steadily expand new businesses by establishing partnerships with companies with competitiveness in various areas, starting with Fingo Company, which has a competitive edge in tokenized securities and music IP," he said.

Lotte Group Leaps into the NFT Market to Boost Customer EngagementThe Lotte Group, a prominent industrial conglomerate in South Korea, has embraced the realm of non-fungible tokens (NFTs) in its efforts to boost customer engagement.Building the brand’s metaverseIn a collaborative endeavor, Lotte’s affiliates, Daehong Communications and Lotte Hotels and Resorts, have come together to introduce Magic Ride NFTs. These NFTs enable their owners to contribute to the development of LOLO:VERSE, Lotte’s metaverse where virtual meets reality. As community members, holders of Magic Ride NFTs will have the opportunity to engage in decision-making processes and contribute to the design of project roadmaps for LOLO:VERSE.Photo by Markus Winkler on PexelsCooperation with NFT marketplaceMagic Ride NFTs will be made available in three different types through Korea’s largest NFT trading platform, Pala, starting from June 30. Type A NFTs will feature tickets to Lotte World, the group’s renowned amusement park. Type B will offer 60,000 KRW ($46) worth of points for use at Lotte Duty Free. Type C will include an electronic voucher worth $50, redeemable at Lotte Hotels. The price of each of these NFTs is set at 50,000 KRW ($38) or an equivalent value in MATIC tokens.Daehong Communications, the advertising agency affiliate of the Lotte Group, has been actively establishing its presence in the Web3 landscape by fostering partnerships with various blockchain enterprises. The collaboration between Daehong and Pala on the Magic Ride NFTs marks the first joint project between the two entities. Pala’s launchpad offers a user-friendly experience, particularly catering to individuals who are new to purchasing and utilizing NFTs.