Dubai regulator tightens crypto marketing rules

Upbit Operator Doubles Down on ESG ManagementDunamu, the operator of the popular Korean crypto exchange Upbit, issued a press release on Friday stating it will donate 500 million KRW (~$385,000) to the Korean Red Cross in support of recovery efforts for the recent wildfire damage in Gangneung, a city located east of Seoul.©Pexels/Matthias ZomerESG managementThis is part of its efforts to double down on its environmental, social, and governance (ESG) management, according to Korean economic media Biz World.Wildfire recovery effortsLast year, Dunamu also donated 3 billion KRW (~$2.3 million) to Hope Bridge, a disaster relief association in Korea, to support the swift recovery from wildfires that ravaged areas near the cities of Uljin and Samcheok.Metaverse and NFTs for plant conservationUnder the slogan “climate change action,” Dunamu is engaging in various projects. Last month, the exchange operator launched the 2nd foRest campaign in collaboration with the Korea Forest Service and the Korea Forest Welfare Institute.The purpose of this campaign was to encourage citizens to participate in recovering wildfire-affected areas. Every tree planted in Dunamu’s metaverse platform 2nd Block led to the actual planting of two trees in the ravaged areas. More than 30,000 trees were planted through the project, and moreover, 10,000 of the participants were rewarded with coupons that can be exchanged for saplings.Dunamu has also made endangered plant conservation efforts with the Korea Arboreta and Gardens Institute. Upbit NFT Marketplace showcased ten endangered plants in NFT editions.Veronica Star Light, one of the editions revealed during the first airdrop, sold out within a day, reflecting its popularity. Dunamu will use the fees collected from these transactions to establish a fund for endangered plant conservation.Protecting plant diversityDunamu Chairman Song Chi-hyung said the company has been studying various means to utilize its technology and resources to contribute to society, and that it will continue to make multifaceted efforts to protect plant diversity.

Korean Crypto Firms Organize Consortium for Real-World Asset TokensElysia, a Korean decentralized autonomous organization (DAO) project, announced today that it organized a consortium to promote an ecosystem for real-world asset (RWA) tokens.Tangible assetsRWA tokens are virtual assets underpinned by tangible assets such as real estate properties and cars.The consortium comprises Neopin, a blockchain platform of Korean online game publisher Neowiz; Galaxia Metaverse, a blockchain subsidiary of Korean industrial conglomerate Hyosung Group; and BKEX Labs, a British Virgin Islands-based crypto investment firm. The companies will collaboratively research and develop a decentralized finance (DeFi) lending protocol supported by RWA tokens.Photo by Jessica Bryant on PexelsLending protocolsLending protocols based on physical assets offer better security and higher profitability compared to those based on unbacked virtual assets, which often experience high price volatility. As a DAO LLC approved by the state of Wyoming in the US, Elysia will leverage its RWA tokenization system to bolster security within the protocol and provide legal safeguards to investors.In addition, tokenized tangible assets are expected to offer small investors a chance to invest in markets that were previously out of reach due to the requirement of a significant amount of capital.According to Aju Business Daily, an Elysia official said that an RWA-based lending protocol would not only appeal to retail investors but also to institutions and projects. These entities are expected to park their excess funds and introduce RWA liquidity pools into their DeFi, the official added.Better liquidity of physical assetsElysia’s RWA tokens can be liquidated on its DeFi platform Elyfi. Users can create RWA tokens based on their tangible assets and visit Elyfi to sell those tokens or borrow virtual assets against them. Elysia aims to facilitate the liquidity of physical assets and offer a diverse range of financial services based on this model.

GDAC joins hands with Zodia Markets to cultivate global digital asset networkGDAC, a cryptocurrency exchange run by Korean blockchain-based fintech company Peertec, has signed a business deal with Zodia Markets, a European digital asset marketplace under the UK’s Standard Chartered Group. As key institution-first digital asset platforms in their respective regional markets, the two enterprises plan to work together to build a global digital asset and stablecoin network to drive innovation, with a focus on preventing money laundering and reducing financial costs.Photo by m. on UnsplashAbout Zodia Markets and GDACThe Standard Chartered Group established Zodia Markets in 2021 following approval from the UK’s Financial Conduct Authority (FCA). The group’s latest partnership with GDAC represents a step further into the Korean market, in which it is already a major player through its local branch, the Korea Standard Chartered Bank.GDAC has been making strides in cybersecurity by forging partnerships. The exchange teamed up with Genians, a cybersecurity firm listed on the KOSDAQ stock exchange, and attracted investments from it to accelerate the establishment of a global security network. In October, GDAC entered into a collaborative agreement with crypto wallet provider Bitgo, aiming to enhance the security of the exchange’s wallet services.The exchange serves not only profit-oriented corporations but also non-profit organizations, such as the Community Chest of Korea. It also runs the GDAC Fund Service, a digital asset management solution for corporate clients that it jointly founded with Woori Financial Group.Dedication to different client demographics“Through our partnership with Zodia Markets, a subsidiary of the UK’s Standard Chartered Bank, we look forward to providing even higher-value digital financial services to our corporate clients,” said Lee You-ree, CCO of GDAC. “We also plan to continuously launch helpful, high-liquidity digital financial services for individual customers as well through our work with a European digital financial platform.”