IEEE to deploy skill certificates on blockchain for Indian members

Korea’s Legislative Research Body Suggests Expanding Blind Trust System to Include CryptoThe National Assembly Research Service (NARS) of South Korea last Friday issued a report emphasizing the need to broaden the scope of the country’s blind trust system for public officials. Currently, this system primarily covers traditional stocks, but the report highlights the necessity of extending its coverage to include cryptocurrencies.Photo by O-seop Sim on PexelsPublic Service Ethics ActUnder the existing Public Service Ethics Act, public officials holding a rank of 4 or higher within the finance department of the Ministry of Economy and Finance and the Financial Services Commission are mandated to either divest themselves of stocks linked to their official duties and responsibilities or transfer them into a blind trust if the total value of these stocks exceeds KRW 30 million (about $23,000).Blind trustA blind trust is a mechanism through which a public official transfers their stock holdings to a trustee. Subsequently, the trustee handles these entrusted stocks by exchanging them for other assets and overseeing their management, administration, and disposition. Importantly, the original owner of the stock, who is the public official, is barred from participating in these aspects of the trust and is also kept uninformed about the trust property’s status or details.Debate over expansionThe current policy confines the blind trust framework exclusively to stocks. Nevertheless, there is an ongoing debate advocating for the inclusion of other assets, such as virtual assets and real estate, within its scope. The rationale behind this argument is that these types of assets can also potentially give rise to conflicts of interest. However, counterarguments have been raised, expressing concerns that extending the blind trust to these assets could excessively limit the property rights of public officials. Consequently, as of now, this broader application has not been implemented.Comparison with the USThe Korean blind trust system was inspired by the United States’ Ethics in Government Act of 1978, which does not limit the types of assets that can be included in a blind trust. In the US, a blind trust can encompass not only stocks but also bonds, mutual funds, virtual assets, and real estate. In light of this, the report recommends the expansion of the blind trust system to encompass virtual assets and real estate. This step is proposed to prevent conflicts of interest among public officials pertaining to a wider array of asset types.Enhancing trustee discretionMeanwhile, NARS also argued for broadening the trustee’s discretion in trust management to render the system more reasonable. This stems from the concern that the existing uniform property sale approach could lead public servants to incur losses. NARS has proposed potential solutions, such as extending the time limit for property sales or mandating the sale of only a portion of the assets, as viable options to address this issue.

The decision by U.S. regulators to approve spot Bitcoin exchange-traded funds (ETFs) in January appears to be having some knock-on effects, with the latest such response seeing the Thai authorities enable access to such products for institutional investors and ultra-high-net-worth individuals within Thailand.Photo by Karolina Grabowska on PexelsMeeting a growing demandAccording to a report in the Bangkok Post on March 12, Thailand’s Securities and Exchange Commission (SEC) has agreed that Thai asset management firms may manage and offer funds that incorporate investment in U.S. spot Bitcoin ETF products. The decision was arrived at following a recent SEC board meeting. The SEC's decision reflects a strategic response to the growing demand for digital asset exposure among institutional investors. It would appear that spot Bitcoin ETF approval in the United States has bolstered investor confidence in this investment instrument on an international basis. Urging cautionDespite the opportunities this presents for institutional investors, the SEC has emphasized caution, citing the high-risk nature of digital asset investments. SEC Secretary-General Pornanong Budsaratragoon verbalized that need for caution, stating: "Asset management firms asked the SEC for them to have exposure in digital assets, especially Bitcoin and spot Bitcoin ETFs, but we need to consider carefully whether to allow asset management firms to invest in digital assets directly due to the high risk.”It’s interesting to note that in an immediate response to the approval of these products in the United States in January, Thailand’s SEC clarified that it had no plans to allow asset management firms to launch similar products within Thailand. For the moment at least, it seems that demand will be satisfied by accessing products that have gained exposure to U.S. spot Bitcoin ETFs instead. Retail investors excludedWhile this move expands the investment landscape for institutional players, retail investors in Thailand find themselves sidelined due to regulatory restrictions. The amended regulations primarily cater to accredited investors, leaving retail participation in spot Bitcoin ETFs out of reach. This exclusion contrasts with the popularity of retail crypto trading in Thailand, albeit within regulated boundaries. Recent government regulations have both facilitated and restricted certain crypto activities. Thailand's move aligns with broader trends in the cryptocurrency sector, with several countries, including South Korea and Hong Kong, exploring opportunities in the space. In Hong Kong, regulators are currently processing applications for Bitcoin ETFs, with several financial institutions expressing interest in introducing spot Bitcoin ETFs. Just like the Thai authorities, the governor of the Royal Bank of India (RBI) had also responded in the aftermath of product approval in the U.S. stating that he didn’t favor the approval of such products in India. Despite that, news emerged on March 11 that Indian crypto investment platform Mudrex is planning to meet demand by providing clients with access to these U.S. products. As institutional investors gear up to capitalize on this opportunity in Thailand, the regulatory framework surrounding digital assets will continue to shape market dynamics, both domestically and internationally.

Cryptocurrencies tied to the family of U.S. President Donald Trump began trading on South Korea’s major exchanges on Monday. Upbit, the country’s largest exchange, listed WLFI—the native token of World Liberty Financial, a DeFi platform backed by the Trump family—and World Liberty Financial USD (USD1), a stablecoin the platform says is pegged 1:1 to the U.S. dollar and backed by dollars and government money market funds. Bithumb also listed both WLFI and USD1, while Coinone listed WLFI only.Photo by Scottsdale Mint on UnsplashFrom global listings to a volatile debutWLFI’s first session was volatile. It opened on Upbit at a floor price of 433.76 won ($0.31) and, roughly 17 hours later, was down about 25% at 323 won ($0.23) at the time of publication.Source: WLFI/KRW spot trading pair on UpbitThe Korean launch comes alongside listings on major global venues, including Binance and Coinbase. Until its exchange listings, WLFI holders had been unable to trade their tokens. The Wall Street Journal estimated the Trump family’s holdings, representing less than a quarter of the supply, to be worth close to $5 billion after the listing. Trump’s three sons are named as co-founders of World Liberty, which says tokens allocated to founders and team members will remain locked. President Trump is described as the project’s “co-founder emeritus.” Political controversy over crypto and holdingsThe project has drawn criticism from those who argue it could serve as a conduit for influence, with partners and investors seeking political favor. In April, Democratic lawmakers Senator Elizabeth Warren and Representative Maxine Waters warned the U.S. Securities and Exchange Commission that the family’s stake posed “an unprecedented conflict of interest” in oversight of the crypto industry. Later, White House press secretary Karoline Leavitt said, “Neither the President nor his family have ever engaged, or will ever engage, in conflicts of interest.” Controversy over public officials’ crypto exposure is not new. Recently, it was reported by The Chosun Ilbo that as of Aug. 14, Lee Eog-weon, nominee to chair South Korea’s Financial Services Commission (FSC), held 10 shares of Strategy, a Nasdaq-listed Bitcoin treasury company with 632,457 BTC in reserves. The disclosure indicates no legal violation because the holdings predate his nomination, but it highlights tension with his public views. In a letter to parliament ahead of his confirmation hearing, Lee questioned crypto’s intrinsic value and argued its volatility undermines its utility as a store of value or medium of exchange. If Lee were not seeking a government post, his holdings of crypto-related stocks would hardly surprise South Koreans. According to Money Today, citing data from the Korea Securities Depository (KSD), Korean investors increased purchases of crypto-related U.S. equities amid expectations of U.S. rate cuts. Bitmine Immersion Technologies—a Bitcoin miner that also accumulates Ethereum as a treasury asset—was the second-most purchased U.S. stock by Koreans in August, with net buys of $252.77 million, or 7.6% of all purchases among the top 50 U.S. stocks. Stablecoin issuer Circle ranked 10th at $92.62 million, and the GraniteShares 2x Long COIN Daily ETF, which delivers twice the daily price movement of Coinbase, ranked 11th at $90.74 million. In total, crypto-related stocks and ETFs accounted for 30.4% of the top 50 U.S. equity holdings by value. South Korea weighs spot ETFs amid investor surgePolicy is moving in tandem with market interest. Spot crypto ETFs have recently been elevated to South Korea’s national agenda, opening the door to potential approval. Analysts say such products could repatriate demand that has been flowing overseas. Kim Jin-young of Kiwoom Securities argues that expanded regulatory approval could reshape Korea’s capital market by widening investor access, drawing in institutional capital, stabilizing prices, and diversifying available crypto-linked products.