Hong Kong’s HaskKey launches app following regulatory approval

Korean Drama Studio Unveils Web3-Based Project Featuring BTS UniverseChorokbaem (CRB) Media, a renowned South Korean drama production studio, has revealed an innovative content distribution project based on Web3 technology, featuring the popular BTS universe, as reported by the Maeil Business Newspaper.Photo by Shubham’s Web3 on UnsplashBTS Universe-based dramaCRB Media announced on Monday its participation in Paris Expo Porte de Versailles, where it showcased a minute-long teaser of “YOUTH,” a drama that centers around the universe of K-pop sensation BTS. This new initiative by the Korean production studio aims to transcend the limitations of existing online streaming platforms.The Most Beautiful Moment in LifeThe production of “YOUTH” has been in the works since 2020 and revolves around the story that goes back to BTS’s 2015 album, “The Most Beautiful Moment in Life.” The BTS Universe has already seen successful adaptations across various entertainment platforms, including novels, webtoons, and short films.Web3 fan engagementAn official from CRB Media said that Web3 technology allows network participants to be both content consumers and providers, enabling fans who were previously passive consumers to monetize their engagement and foster an even more vibrant independent fandom culture.24 episodes starting in 2HThe drama series “YOUTH” comprises a total of 24 episodes, with one or two episodes set to be released weekly starting in the second half of this year.The series is directed by Kim Jae-hong, known for his work on “Beloved Eun-dong” and “Steal Heart,” and written by Kim Soo-jin, the talented screenwriter behind notable productions such as “Dazzling,” “Weightlifting Fairy Kim Bok-joo,” and “Songgot: The Piercer,” among others.CRB Media’s legal issuesMeanwhile, it’s been reported that the Seoul Southern District Prosecutors’ Office’s Financial Investigation Division 2 executed a search and seizure operation on CRB Media last week. The raid was conducted after the prosecution obtained circumstantial evidence indicating the studio’s potential role in an embezzlement scandal. The case involves Kang Jong-hyun, who stands accused of misappropriating a colossal sum of 62.8 billion KRW ($46.9 million) from affiliates of Bithumb, a major Korean cryptocurrency exchange. Kang is currently under suspicion as the clandestine owner of the exchange.

Tether Alters ToS in Singapore Restricting USDT RedemptionTether, the issuer of the world’s largest stablecoin, USDT, has made substantial revisions to its Terms of Service (ToS), which may have a significant impact on its user base in Singapore.News of the change emerged on Monday, with Dr. Julian Hosp, CEO of Cake Group, the project team behind Singapore-based Cake DeFi, taking to social media and providing a copy of an email from Tether’s Compliance Department, confirming the change. That notification read:”Tether has changed its terms of service to, among other things, restrict its onboarding standards. Corporates controlled by; another entities, directors, shareholders residing in Singapore are no longer permitted to be Tether customers.”In his commentary, Hosp stated that he wouldn’t be in a position to confirm “if redeeming $USDT into $USD is actually possible, due to being in #Singapore.”Photo by DrawKit Illustrations on UnsplashToS Change in ContextWithin the cryptocurrency ecosystem, eyebrows have been raised regarding the timing of Tether’s ToS change, as it has coincided with a major instance of crypto-related money laundering. Conversely, some argue that the issue could be specific to Cake DeFi. The DeFi protocol had been flagged for enhanced due diligence (EDD), suggesting that the modification in Tether’s ToS might potentially be a result of a partnership issue between the two entities.Stablecoins like USDT play a pivotal role in the digital asset ecosystem, serving as a bridge between the volatile world of cryptocurrencies and the stability of traditional fiat currencies like the US dollar. Any disruption in their usage can trigger a domino effect in the crypto markets.The cryptocurrency sector is grappling with regulatory uncertainties worldwide, and Singapore is no exception. The Monetary Authority of Singapore (MAS) has been actively reviewing and updating its crypto-related regulations to align with international standards and mitigate risks to financial stability.The precise motive behind Tether’s decision to restrict USDT redemption for specific customers in Singapore remains unclear. Notwithstanding that, Tether’s Chief Technology Officer (CTO) Paolo Ardoino expressed the view that the matter is being misunderstood. He tweeted:Spreading FUD”Before spreading FUD [fear, uncertainty and doubt] it would be great if you guys did take a look at webarchive… This is Jan 2022…. And if you open the link below: Last updated: May 12, 2020… Again, take a moment to search and verify information before YOLO [you only live once] posting.”Clearly Ardoino is making the point that the ToS change is consistent with existing compliance policy which has been in place since 2020. Notwithstanding that, in reviewing related records, media outlet Protos found that USDT issuance and redemption after May 2020 demonstrate that the firm continued to do business with Singapore-based entities. The publication cited UQPAY specifically, a Singapore-based payments processor. It was found to have issued USDT between May 14 and May 18 in 2020.

Korea’s financial regulator establishes dedicated units for crypto oversightThe Financial Supervisory Service (FSS) of South Korea revealed in a Wednesday (local time) press release that it is introducing new units specifically focused on virtual asset matters. This move is in anticipation of the upcoming implementation of the Virtual Asset User Protection Act scheduled for next July. The establishment of these dedicated organizations is a strategic step towards bolstering the integrity of the crypto market, with the goal of enhancing consumer protection.Photo by Ethan Brooke on UnsplashSupervision and investigation bureausThe newly established units will be known as the Virtual Asset Supervision Bureau and the Virtual Asset Investigation Bureau. These units are being created in response to the burgeoning crypto market.The Supervision Bureau will be responsible for extensive oversight of cryptocurrencies. Its roles will include supervising and inspecting virtual asset service providers (VASPs), monitoring market activities and enhancing policy and regulations in the sector. Additionally, the bureau is tasked with ensuring the effective implementation of these regulations and contributing to the promotion of market stability.The Investigation Bureau, the other key component of the new structure, will concentrate on identifying and addressing market abuse activities in the cryptocurrency sector, specifically targeting unfair trading practices.Until now, the Financial Intelligence Unit (FIU) of the Financial Services Commission (FSC) has played a leading role in overseeing the crypto sector, primarily due to its responsibility in evaluating applications from VASPs.FSS’s greater role in crypto oversightThe FSS, on the other hand, has maintained a digital asset research team, which has been responsible for supporting virtual asset legislation, along with conducting market analysis and monitoring. However, the latest move is set to the FSS’s role in regulation and oversight within the crypto market.The Supervision Bureau will be under the leadership of Lee Hyun-duk, who currently serves as Head of Financial Investment Examination Department 2. Meanwhile, Moon Jung-ho, the present leader of Audit Oversight Department 1, will take charge of the Inspection Bureau. The process of appointing team members to these bureaus is scheduled to take place in early January.