Singapore Prime Minister issues warning on AI-generated crypto scam

Wemade to Participate as Main Sponsor in G-STAR 2023South Korean blockchain game developer Wemade will participate as the main sponsor in this year’s G-STAR 2023, the global game exhibition to take place from November 16 to 19 in the southern port city of Busan. This marks the company’s second consecutive year as a main sponsor of the event, highlighting its commitment to promoting Korea’s rapidly growing global blockchain gaming market.“We hope that G-STAR will mark a turning point for Wemade as a blockchain pioneer in the domestic gaming market,” said Henry Chang, the company’s CEO.Leading the future of gamingAt the exhibition’s B2C section, Wemade will unveil its upcoming releases set to enter the global market via WEMIX PLAY, its blockchain gaming platform. The developer said it will showcase games including the MMORPG “Legend of YMIR,” which is currently in the works at Wemade’s extended reality subsidiary Wemade XR, and the baseball game tentatively titled “Round 1 Baseball” under development by Round 1 Studio, which Wemade will publish.Photo by Jack B on UnsplashWemade also plans to participate in discussions regarding potential collaboration opportunities with other domestic and international gaming and blockchain companies in the B2B section.CEO Chang is set to deliver the opening keynote speech at G-CON 2023, a conference to be held at the exhibition, on November 17 at 10 AM. He will present his insights into the future vision for the blockchain gaming market.Moreover, various outdoor events are being prepared to create a festive atmosphere for visitors to enjoy throughout different areas of Busan.Wemade plans to publish an online page for G-STAR 2023 to provide detailed information about their showcased works and general details about the event.Success storyNotably, at last year’s G-STAR, Wemade unveiled “Night Crow,” — an MMORPG made by Madngine, a game-developing company that Wemade invested in this year — which drew the attention of the attendees. The game has since topped popularity and sales rankings following its domestic release in April. A blockchain version of the game utilizing tokenomics is also set to launch in the global market at the end of this year.

Chinese authorities are unveiling new strategies to expedite the integration of the digital yuan in selected districts in Beijing and Shanghai, with a separate initiative furthering cross-border use of the e-CNY with Hong Kong.Photo by Yigang Zhou on UnsplashPudong New AreaAccording to the Xinhua news agency, the Chinese authorities have introduced an extensive reform initiative for Shanghai's Pudong New Area, which is scheduled to span from 2023 to 2027. This five-year plan, issued by the Chinese Communist Party Central Committee and the General Office of the State Council, aims to position the Pudong District as a leader in modernization. The reform plan places a strong emphasis on the pilot implementation of the digital yuan across various sectors in Pudong. As part of the plan, Pudong will be granted new authorities to evolve into an international hub. Key aspects of the reform include the integration of digital yuan into trade settlement, e-commerce payments, carbon trading and green power trading. This move is expected to standardize and broaden the application scenarios of the digital currency. Beijing's ‘Digital Yuan Adoption Demonstration Zone’Simultaneously, a member of the Beijing Municipal Committee and Hong Kong Professionals Association president, Fung Kwok-yau, has advocated for the swift progress of Beijing's "Digital Yuan Adoption Demonstration Zone." In a recent interview, Fung suggested expanding the digital yuan's application by installing e-CNY terminals in local stores at popular tourist destinations, malls and shopping districts. Fung acknowledges challenges in promoting the digital yuan, including late entry into the contactless payment market, high user acceptance barriers and difficulties in sustaining subsidies. To overcome these challenges, Fung recommends that culture and tourism departments take the lead in popularizing the concept of central bank digital currency (CBDC) and educating the public on digital yuan usage. To encourage small and medium-sized merchants already using digital yuan terminals, Fung proposes providing incentives to help consumers understand and use the currency. He emphasizes the need for a regular promotion mechanism and measures such as electronic consumption coupons to boost citywide adoption. PBoC cross-border e-CNY pilotIn a related development, the People's Bank of China (PBoC) plans to expand its cross-border digital yuan pilot in Hong Kong. Deputy Governor Xuan Changneng expressed the intention to deepen the cross-border e-CNY pilot to enhance convenience for businesses in both Hong Kong and mainland China. According to a social media post from Chinese news outlet Caixin, the PBoC will collaborate closely with the Hong Kong Monetary Authority (HKMA) to introduce new policy measures, including financial services and cooperation initiatives to drive CBDC adoption. Areas of cooperation between PBoC and HKMA include providing support for institutions participating in the pilot, increasing convenience for digital yuan users, expanding the number of Hong Kong-based banks handling e-CNY and exploring new digital yuan-powered cross-border remittance services for micro-payments. The goal is to develop digital yuan services that align more closely with the habits of Hong Kong residents and promote interoperability with Hong Kong payment systems. The PBoC aims to make further progress in key scenarios such as cross-border e-commerce and education. 

The Thai Securities and Exchange Commission (SEC) has issued a directive mandating Zipmex, a Singapore-based digital asset trading and brokerage platform, to temporarily suspend its operations. This decision is driven by the SEC's call for significant changes in Zipmex's management structure and an improvement in its financial position. The regulator outlined that the cryptocurrency exchange can resume normal operations if it addresses these concerns.Photo by Dan Freeman on Unsplash15 days to rectify issuesIn an official announcement last Friday, the SEC conveyed that Zipmex has a specified period of 15 days to rectify its financial position and operational deficiencies, aligning with the prior orders from the financial regulator. The SEC emphasizes that once the crypto exchange fulfills the regulator's requirements, users should be able to resume fund withdrawals. The securities watchdog had initially issued an order to Zipmex on Jan. 12, instructing the exchange to adjust the maintenance of its net liquid capital and modify its business administration structure and personnel to enhance efficiency and protect customer interests. Anek Yooyuen, Deputy Secretary General of the SEC, explained the legal process involved, stating: "According to the process specified by law, if the digital asset business operator is unable to comply with the SEC’s orders within the specified period, the SEC may propose that the Minister of Finance consider revoking the order." Implementation of robust system to protect investorsIn addition to implementing the SEC's orders regarding its financial operation and operational deficiencies, the exchange is required to establish a robust system protecting investors' deposited assets against exploitation. Once these objectives have been achieved within the required timeframe, Zipmex is obligated to submit a report on these implementations for SEC approval, paving the way for the resumption of operations. The Thai regulator stated that “Zipmex will be able to resume normal business operations upon receiving permission from the SEC.” Longstanding regulatory scrutinyZipmex has been under the regulatory microscope since 2023, facing scrutiny following the company’s struggles off the back of the last crypto market downturn. The SEC's investigation includes a probe into an acquisition by V Ventures and whether Zipmex operated in Thailand without regulatory approval. V Ventures canceled its $100 million buyout of the company in 2023, which would have included the return of customer deposits. The Thoresen Thai Agencies subsidiary company deemed the entire deal terminated on the basis that Zipmex had not fulfilled its contractual obligations relative to the buyout. The platform suspended trading in November 2023, citing regulatory compliance as the reason. Despite the operational suspension, user withdrawals will remain accessible to facilitate an exit from the platform. The initial freeze of withdrawals in July 2022 due to Terra's ecosystem collapse, coupled with crypto lender bankruptcies, led Zipmex to seek court protection and legal assistance to raise capital for creditor payouts. The platform presented a reorganization plan last year, proposing creditor payouts of up to 30 cents on the dollar, subject to asset recovery. However, the initial offer was set at 3.35 cents, with the potential for a higher repayment figure based on the firm's eventual asset recovery.