GroundX releases membership NFT for JND Studios’ character figures on Klip Drops

Potential of Blockchain Technology in Korean JournalismDuring a journalism conference held in Korea, the founder of a blockchain-based news app provider delivered a talk to underline the potential of blockchain technology in journalism, according to a press release by blockchain-based news app provider Publish.©Pexels/Suzy Hazelwood2023 World Journalists ConferenceThe 2023 World Journalists Conference, hosted by the Korean Press Association, commenced its six-day run on Tuesday, marking the event’s eleventh iteration. Being convened for the first time in four years due to the COVID-19 pandemic, the conference saw the attendance of over 70 journalists from 50 countries who were gathered to discuss the future of journalism in the context of digital transformation.Token reward systemKwon proposed a revenue model for media companies that incorporate a token reward system to encourage reader engagement.Under this system, news enthusiasts can participate in various activities, such as reading and sharing articles, or leaving comments, and be rewarded with tokens. This approach can foster a sustainable community and cultivate a loyal customer base, enabling writers to prioritize journalism over creating clickbait articles. A more efficient advertisement distribution process can also be achieved through this system.Blockchain technologyThe news app developer aims to implement blockchain technology to enhance, rather than dismantle, the existing journalism model. Blockchain technology can be used to record and validate every activity in the news industry, which can then be rewarded with cryptocurrencies.Publish’s decentralized identifier (DID) app enables users to take part in surveys without revealing their personal information, and will also support fundraising for news writing.NFTsMedia companies can also explore additional revenue streams by creating non-fungible tokens (NFTs). By tokenizing their articles and photos, firms can establish ownership and authenticity, facilitating more efficient transactions.Kwon noted that this blockchain-driven incentive system not only allows media organizations to improve their user experience, but also empowers readers to engage with journalism as active stakeholders, sharing its value in various ways.

Thai SEC Implements Measures to Protect Crypto InvestorsIn response to the crypto lending crisis that unfolded in 2022, prompting companies like BlockFi and Celsius to declare bankruptcy, Thailand’s Securities and Exchange Commission (SEC) has introduced new regulations aimed at safeguarding investors in the digital assets space.Photo by Jakob Owens on UnsplashDisclosing risk warningsThe guidelines, issued on Monday, require digital asset service providers to provide comprehensive warnings that emphasize the risks associated with cryptocurrency trading. All platforms must prominently display a message stating: “Cryptocurrencies are high risk. Please study and understand the risks of cryptocurrencies thoroughly, because you may lose the entire investment amount.” Prior to utilizing the service, users must consent to and acknowledge the risks.Crypto lending prohibitionIn addition to the risk disclaimer, the new guidelines explicitly forbid service providers from using customer funds for lending or investment purposes. This ban on crypto lending services prevents platforms from offering any returns on deposited crypto to customers. By implementing these measures, the Thai SEC aims to enhance investor protection and shield investors from the risks posed by lending services. The regulations are scheduled to take effect at the end of the month.Today’s guidelines are the product of months of deliberation. Discussions surrounding investor protection regulations commenced on September 1, 2022, when the SEC acknowledged the necessity for security warnings by cryptocurrency businesses to disclose the risks associated with trading digital assets. The prohibition on digital asset operators offering deposit-taking and lending services was deliberated during meetings held on December 1, 2022, and May 11, 2023.Response to crypto platform failuresThe introduction of these investor protection rules follows a significant crisis in the crypto lending sector that unfolded during the bear market of 2022. Several crypto lending firms, which had collected billions of dollars in customer deposits by promising substantial returns, collapsed during this period. Prominent lending companies such as Celsius and BlockFi filed for bankruptcy, resulting in investors’ funds being trapped in lengthy bankruptcy proceedings.The Thai SEC’s proactive approach in implementing these regulations reflects the growing concern for investor welfare within the cryptocurrency industry. By requiring clearer risk disclosures and prohibiting the use of customer assets for lending and investment, the SEC aims to instill greater confidence and transparency in the digital asset service sector.Crypto academyThailand’s SEC has run other initiatives in efforts to better protect investors. In January the Commission launched the SEC Crypto Academy, an e-learning course. The objective of that initiative was to provide investors with a basic understanding of the digital assets space prior to investing. At the time of the launch of the course, the SEC said that “the more you know your investments, the less risk you will have.”These latest regulations not only serve as a protective measure for Thai investors but also set an example for other jurisdictions to evaluate and enhance their own regulatory frameworks. As the crypto industry continues to evolve, prioritizing investor protection becomes crucial in fostering a more sustainable and responsible ecosystem.

Hyperithm, a digital asset management firm based in Tokyo and Seoul, has invested in JPYC Inc., the issuer of JPY Coin (JPYC), the first stablecoin pegged 1:1 to the Japanese yen. First launched in January 2021, JPYC is a legal Prepaid Payment Instrument in Japan that is issued on various blockchains, including Ethereum and Polygon. The total figure for the investment was not disclosed by either party.Photo by Precondo CA on UnsplashInsights from industry leaders"We believe that stablecoins linked to fiat currencies are essential to expanding the cryptocurrency ecosystem. Japan became one of the first countries to officially issue stablecoins after the revision of the Payment Services Act in June," said Lloyd Lee, CEO of Hyperithm. "We expect that the widespread adoption of JPYC will increase the inflow of Japanese capital into the cryptocurrency ecosystem." Noritaka Okabe, CEO of JPYC Inc., explained that the firm aims to create more connections between crypto and everyday life, forging an environment where everyone can participate in innovation and capital liquidity. JPYC Inc.'s strategic evolutionAlthough it is currently issued as a third-party Prepaid Payment Instrument, JPYC Inc. plans to acquire a license to conduct transactions including money transfers and electronic payments in accordance with the revision of the Payment Services Act, which took effect in June 2023. This will serve to strengthen the stablecoin’s trust structure and remove limits on remittances. After acquiring the license, Mitsubishi UFJ Financial Group, a bank holding and financial services company based in Tokyo, will be responsible for JPYC's fiat currency reserves. Pioneering crypto financeFounded in January 2018, Hyperithm provides crypto corporate finance services to institutional and upper-class investors. It is one of South Korea’s 29 companies that are licensed by the Financial Intelligence Unit (FIU) to operate as a Virtual Asset Service Provider (VASP). Notably, it raised $11 million in a series B funding round in 2021, which was led by former clients Hashed and Wemade Tree. The company’s CEO, Lee, was also listed on Forbes’ 30 Under 30 Asia under the Finance and Venture Capital category.