Ministry of Science and ICT to hold conference to explore future of Web3

XPLA and PERPLAY join forces to bolster rewarding mechanism to Web3 gamesSouth Korean gaming corporation Com2uS Group’s layer 1 blockchain XPLA has entered a business agreement with the mobile Game and Earn (G&E) platform PERPLAY to boost the sustainability of its ecosystem and take Web3 gaming to new heights, according to an official announcement on Thursday (KST).Photo by ROBIN WORRALL on UnsplashXPLA’s vision“XPLA is a project working towards promoting new levels of fun in Web3 gaming and building an ecosystem based on a fair system of sharing rewards with users,” said Paul Kim, Team Leader at XPLA. “Through this partnership with PERPLAY, we are one step closer to fulfilling our Web3 philosophy, which is centered around the participants in our ecosystem.”Rewards for everyoneThe PERPLAY app runs on a Proof of Play (POP) algorithm that employs a rewarding mechanism that distributes tokens to users based on their game playtime and collection of tiered NFTs. PERPLAY users can earn $XPER and $PER token rewards by playing any mobile game — existing or newly downloaded — that they have registered in the PERPLAY app.XPLA hopes to integrate this algorithm into its ecosystem to add a rewarding layer to various games on its mainnet, offering a unique and elevated gaming experience. The first of these games will be Com2uS Holdings’ popular mobile role-playing game (RPG) The Walking Dead: All-Stars.“We see this partnership with XPLA as an opportunity to further strengthen the PERPLAY user ecosystem,” said Lim Jae-chung, CEO of PERPLAY. “Starting with The Walking Dead: All-Stars, we will bring the PERPLAY experience to various Web3 games on XPLA.”In a related development, XPLA has partnered with Google Cloud, which will serve as a Volunteer Validator for its blockchain protocol. The collaboration with the cloud computing platform is expected to enhance the integrity of the XPLA network.

True Potential of Asian Crypto ETFs Yet to Be RealizedA recently published report by Hong Kong Exchanges and Clearing Ltd. (HKEX), the Hong Kong stock exchange, has found that crypto exchange traded funds (ETFs) have the potential to play a significant part in unlocking the next phase of digital asset expansion in Asia.©Pexels/Burak The WeekenderThe report, titled “Crypto ETF: Key to unlocking the next phase of digital asset growth in Asia,” highlights how crypto ETFs could attract more institutional investors and lead to increased liquidity in the digital asset market. Furthermore, HKEX claims that the ETF investment mechanism can play its part in offering a more regulated and safe manner through which investors can gain exposure to digital assets.Regulatory progressWhile the report cites an Asian regulatory environment that is becoming increasingly more supportive of digital assets of late, it still identifies a need for further progress to be made to improve the level of regulatory clarity and to provide a truly standardized approach to digital assets. That, it says, will result in crypto ETFs becoming more accessible, offering a diversified way in which the investor can access and gain exposure to digital assets in Asia.Nonetheless, HKEX applauds the work done thus far by regulatory authorities in Hong Kong and Singapore, where regulatory frameworks relative to crypto ETFs have been implemented. Those are measures that the Hong Kong stock exchange believes will increase investor confidence, and in turn, bring about further adoption of digital assets.Modest daily trading volumeBetween December 16 and February 7 the two Bitcoin ETFs and one Ether ETF listed on the Hong Kong stock exchange achieved a daily trading volume of $1.19 million. That’s rather underwhelming when compared with the $3 billion in daily volume being achieved by the Chicago Mercantile Exchange (CME) relative to its Bitcoin and Ether futures ETF in the United States. On the New York stock exchange ProShares Bitcoin Strategy ETF achieves a daily average trading volume of $196 million.These findings are a bit counter-intuitive given the contrasting regulatory approaches in the two territories. In the US, regulators have failed to approve a physically settled Bitcoin ETF. Furthermore, the Securities and Exchange Commission (SEC) has denied the attempts of Grayscale Bitcoin Investment Trust (GBTC) to convert the Bitcoin fund into an ETF. Meanwhile, Hong Kong has much more regulatory clarity but yet trading volume in crypto-related ETFs remains minuscule by comparison with the United States.Despite that, the report remains upbeat with regard to what can be achieved in the market with crypto-related ETFs. It makes a case for crypto ETFs as a means for traditional financial institutions to enter the digital assets market with relative ease. Similarly, it sees a role for global stock exchanges in facilitating future growth of crypto-related ETFs and in developing new ETF products that could unlock access to specific digital assets or bespoke investment strategies.

Korea’s prominent crypto exchanges Bithumb and Korbit have recently resumed charging trading fees, local media outlet Edaily reported. However, these changes in fee policies are reinforcing Upbit’s dominant market position while downsizing Bithumb’s and Korbit’s market shares. Meanwhile, the local banks affiliated with crypto exchanges are benefitting from an uptick in fee revenue from the recent bitcoin boom. According to crypto data intelligence platform CoinGecko on Feb. 28, Upbit accounted for 77.4% of the local market share in crypto transactions, followed by Bithumb (20.43%), Coinone (1.73%), Korbit (0.35%) and Gopax (0.09%). Photo by Markus Winkler on UnsplashShifts in market sharesAs of March 2, the market shares of Bithumb and Korbit decreased by 8.59 percentage points and 0.21 percentage points, respectively. Conversely, Upbit’s dominance grew to 86.57%, up by over 9 percentage points. A Korbit official said it’s too early to pass judgment on Korbit’s market performance, as the exchange’s policies on trading fees could change depending on the market sentiment. The person added that CoinGecko tracks only eight types of tokens traded on Korbit and does not cover all the transactions on the exchange.  Bithumb had previously benefited from charging no fees, driving up its market share to as high as over 40% in December. Following the decision to impose a fee of 0.04% on Feb. 6, however, the exchange has been experiencing a drop in transaction volume. Korbit also reinstated trading fees last Thursday, roughly four months after eliminating them on Oct. 10 as a promotional move. However, it's worth mentioning that the newly introduced trading fee is 0.07%, which is lower than the earlier rate of 0.2%. Meanwhile, Gopax currently exempts fees for users who trade BTC, ETH, XRP and USDC.  No local regulations on fees for crypto transactions At the moment, there are no local regulations on fees for crypto transactions, leaving the task of setting such fees to individual trading platforms. It is known that crypto exchanges in other countries, such as the U.S., set their own rates as well.