Falcon Labs fined in settlement with CFTC

At the World Trade Organization’s (WTO) 13th Ministerial Conference (MC-13) in Abu Dhabi, a consortium of major global institutions including distributed ledger project IOTA came together to ink a landmark pact aimed at enhancing digital trade, including the tokenization of real-world assets. The agreement, termed the Teaming Agreement, signifies a collective effort to propel digital trade forward, emphasizing the creation of an open, non-profit and inclusive digital infrastructure for trade data sharing. The initiative involves IOTA’s recently-formed Abu Dhabi-based IOTA Ecosystem DLT Foundation.Photo by Belinda Fewings on UnsplashCapital pledgeThe Foundation has pledged an investment of $10 million towards early-stage startups focusing on digital trade and the tokenization of real-world assets (RWAs). These investments, to be unveiled publicly over the next few weeks, will support TradeTech or trade finance technology ventures and provide assistance to startups utilizing IOTA through an accelerator program. The signatories to the Teaming Agreement include esteemed organizations such as the World Economic Forum (WEF), the Institute of Export and International Trade, the Tony Blair Institute for Global Change (TBI), the IOTA Foundation, TradeMark Africa and the Global Alliance for Trade Facilitation (GATF). This collaboration brings together a diverse range of expertise and resources, blending tech and trade proficiency to streamline supply chains and customs procedures. More efficient cross-border tradeThe primary objective of the agreement is to foster collaboration and information sharing across global supply chains, with the aim of reducing barriers and enhancing inclusivity in international trade. By leveraging digital infrastructures, the coalition aims to minimize the time and cost associated with cross-border trade, thus promoting greater participation in global commerce. The timing of this agreement is particularly pertinent, given the multitude of challenges facing global supply chains. Threats such as attacks on shipping routes and the potential rise of protectionist policies underscore the necessity for enhanced information sharing and cooperation across trade networks. Trade Logistics Information Pipeline (TLIP)At the core of this initiative lies the Trade Logistics Information Pipeline (TLIP), a public global trade infrastructure developed by TradeMark Africa in collaboration with the IOTA Foundation. Leveraging open-source technology, TLIP facilitates seamless information exchange in international trade, promoting transparency and inclusivity while empowering participants to retain control over their data. The implementation of TLIP is expected to address challenges such as document loss, information discrepancies and fraud, thereby fostering a more efficient and secure global trade ecosystem. Commenting on the development, IOTA Co-Founder Dominic Schiener stated:"By investing in the future of TradeTech, we are not just facilitating smoother trade transactions; we are laying the groundwork for a more interconnected and efficient global trade ecosystem. Our collaboration with leading organizations through the TLIP is a testament to our commitment to innovation and excellence in this field." In a separate positive development for the IOTA project on Feb. 29, Jelle Millenaar, the co-founder of Impierce Technologies and a former IOTA software engineer, outlined that his company intends to develop a digital identity wallet on top of the IOTA Identity framework. The intention is to build a wallet that is compliant with digital identity regulation within the European Union.

South Korea, Chainalysis Collaborate to Thwart North Korea’s Crypto CrimesSpecial Representative for Korean Peninsula Peace and Security Affairs Kim Gunn from the Ministry of Foreign Affairs held a meeting with Investigations VP Erin Plante and Korea Country Manager Paek Yong-khi of Chainalysis, a New York-based blockchain analysis company, according to the Ministry’s press release.Photo by Pixabay on PexelsGrowing North Korean crypto theftsSpecial Representative Kim and the Chainalysis representatives discussed response measures against North Korea’s increasing virtual asset theft and money laundering activities. Both sides recognized the severity of North Korea’s illegal cyber activities, which not only jeopardize national security by funding nuclear and missile development, but also threaten the establishment of a healthy cryptocurrency ecosystem.Chainalysis has been tracking North Korea’s illicit virtual asset operations and providing analytical information to a range of organizations, including law enforcement agencies and financial authorities.Special Representative Kim expressed gratitude for the private sector’s role in analyzing and monitoring North Korea’s crypto theft and money laundering activities. Both parties concurred on the importance of public-private cooperation to strengthen countermeasures against illegal cryptocurrency activities as North Korea’s techniques have become increasingly sophisticated.Plante also appreciated the South Korean government’s initiative in thwarting North Korea’s illicit cyber activities. These measures include imposing independent sanctions on North Korean hacker organizations and tech personnel and establishing a working group with the United States to counter North Korean cyber threats.Korean police and ChainalysisIn addition to its collaboration with the Ministry of Foreign Affairs, Chainalysis has been working with another Korean government agency. It was recently reported that the Korea National Police Agency (KNPA) is intensifying its efforts to enhance its expertise in investigating digital asset-related crimes. To achieve this goal, the KNPA is encouraging its officers to obtain certifications provided by Chainalysis.

Dunamu likely to extend CEO Lee’s tenure, ensuring continuity in Upbit leadershipDunamu, the operator of Upbit, South Korea’s largest cryptocurrency exchange, recently convened a board meeting where a key decision was made to extend the term of Lee Sirgoo as Dunamu’s CEO, as reported by local news outlet Newsis, citing industry sources.Photo by Benjamin Child on UnsplashFinal decision on Dec 5The final decision on the extension of CEO Lee’s term at Dunamu is set to be made at the extraordinary general meeting on Dec. 5. The crypto industry is largely confident about Lee’s reappointment, especially given the presence of major executives, including Chairman Song Chi-hyung, at the recent board meeting.Responding to changing regulationsIn light of these developments, industry insiders are keenly observing whether CEO Lee will maintain Upbit’s market dominance in Korea. A key factor influencing Upbit’s future success will be Dunamu’s strategy in adapting to the changing market conditions, particularly in response to the upcoming Virtual Asset User Protection Act, which is due to come into effect in July next year.One source familiar with the matter said that Lee’s reappointment is almost assured, barring the emergence of any unexpected factors.If confirmed, this will mark Lee’s second reappointment as CEO of Dunamu since his first in 2020. This extension would bring his total tenure to nine years, continuing through 2026, considering that he initially assumed leadership in December 2017.Emphasis on stability and blockchain adoptionThis move likely underscores Dunamu’s prioritization of stability, especially considering Chairman Song’s emphasis on the company’s commitment to the widespread adoption of blockchain technology, as highlighted in the recently convened Upbit D Conference (UDC). Such a focus suggests that the company is leaning more towards maintaining its current status rather than embarking on new ventures.An executive from a Korean crypto research firm observed that Dunamu’s annual UDC event is a significant indicator of the company’s business direction. The person highlighted this by comparing it to last year’s event, where Dunamu officials focused on new initiatives, particularly in the realm of NFTs. This was evident in their collaboration with Levvels, a joint venture between Dunamu and HYBE, the management agency of the popular K-pop boy group BTS.The executive further elaborated that the widespread adoption of blockchain technology requires strengthening the Upbit business, an area in which Lee excels. The research expert suggested that if he had diverted his efforts towards other new projects outside of Upbit, the outcomes might have been different.CEO Lee’s ability to steer Upbit effectively in the burgeoning field of blockchain technology can be attributed to his rich academic and professional journey. He holds a diverse academic background with degrees from Seoul National University, the University of Hawaii at Manoa and Lewis & Clark Law School. His career spans journalism, law and corporate leadership, including roles as a reporter for JoongAng Ilbo, counsel for IBM Korea, CEO of NHN USA and co-CEO of Kakao Corporation.