Korean Police Establishes Task Force to Tackle Virtual Asset-Related Crimes

As the 2024 F1 season gears up for its launch on March 2, leading NFT marketplace and crypto exchange OKX is set to take center stage by showcasing its logo on McLaren F1 cars.Photo by Jesper Giortz-Behrens on UnsplashThe move, outlined in a recent press release, will see the OKX brand on the side of McLaren’s cars in 20 high profile races. Going beyond a mere branding endeavor, the sponsorship initiative has been put together in an effort to energize the blockchain-centric world of F1, enhancing track-side aesthetics and elevating the visibility of the Web3 company. ‘Stealth Mode’The collaboration will see OKX's branding appear on various elements of McLaren cars, from side pods and rear wings to mirrors, drivers' helmets and team apparel. OKX's logo will be prominently featured during 20 out of the 24 races in the upcoming F1 season. The primary 2024 livery of the vehicle draws inspiration from the OKX-McLaren "Stealth Mode" design showcased during the Singapore and Japan Grand Prix races in 2023. According to Haider Rafique, the Chief Marketing Officer at OKX, the decision to expand the sponsorship deal with McLaren aligns with the increased brand awareness achieved through their partnership. Building upon existing sponsorship dealThe collaboration between McLaren and OKX isn't new. OKX's initial partnership with McLaren commenced in May 2022 as a primary partner to its F1 team and laid the foundation for this continued collaboration. The crypto platform’s livery featured on McLaren MCL60 F1 cars at the Singapore and Japan Grand Prix races in 2023.  Surveys conducted post-event revealed that 80% of attendees expressed interest in learning more about the exchange, indicating a curiosity within McLaren's fan base about Web3 and digital finance. This resonance with the audience aligns with OKX's mission to make the crypto economy accessible to everyone and educate the public about the benefits and opportunities within this space. Looking ahead, Rafique expresses OKX's intent to pursue a long-term partnership with McLaren, emphasizing the value derived from longevity and growth over time. He envisions the McLaren-OKX partnership as potentially spanning decades, fostering generational associations akin to his own fondness for Ayrton Senna and McLaren from his youth. Broader crypto sector marketingThe broader trend of the cryptocurrency sector's increased involvement in F1 is evident, with partnerships like Crypto.com creating NFTs for every lap and Kraken's marketing collaboration with the Williams Formula One racing team. Earlier this month, crypto gambling platform Stake signed a sponsorship deal with the Sauber F1 team. Crypto.com has been a prominent sponsor of Formula 1 since 2021, showcasing its logo at Grand Prix circuits globally and sponsoring the Aston Martin Aramco Cognizant F1 team. The other high profile sports sponsorship forum for crypto businesses appears to be the English Premier League (EPL). In this arena too, OKX has been active, having an ongoing deal in place with Manchester City which it strengthened last year. Singapore-based crypto trading platform BingX recently followed suit, securing a sponsorship deal with Chelsea Football Club.  

Busan Introduces Blockchain-Powered Cards for Multi-Children Families to Offer Social BenefitsBusan Metropolitan City, home to South Korea’s largest port, announced on October 20 (local time) a revision in its criteria for “multi-children families” who enjoy social welfare benefits and the launch of new blockchain-powered cards for these families. The city will reduce the requisite number of children in these families from three to two to extend benefits and encourage a higher fertility rate. To qualify for these benefits, at least one child in the family must be under the age of 19.Photo by Minku Kang on UnsplashBlockchain integrationStarting October 31, eligible families can access these benefits through “family love cards,” which will be available on BPASS, a mobile identification card app developed with blockchain technology. Some of these family love cards will be issued in collaboration with credit card company Shinhan Card.Diverse benefitsThe benefits include discounts at public facilities, restaurants, cram schools (commonly referred to as hagwons), and daycare centers. Specifically, public parking lots and sports facilities will offer services at half the usual rate. Meanwhile, other establishments targeting adolescents and women will either waive their fees entirely or provide reductions.On November 1, Busan will host the 16th annual Multi-Children Family Day ceremony at the City Hall’s international conference center. Having started this event in 2008, Busan stands out as the only metropolitan municipality to celebrate this occasion each year.Efforts to boost fertility rateThis year’s ceremony will highlight Busan’s initiatives to enhance support for multi-child families. The event will honor outstanding families and a childbirth-friendly organization, as well as districts and counties that have been exceptional in implementing childbirth promotion policies. Additionally, the occasion will be marked by special commemorative performances.Busan Mayor Park Heong-joon affirmed the city’s dedication to nurturing children alongside their families. He added that Busan will persistently refine and improve its childbirth policies to offer full support.

NEAR Foundation and Dongdaemun District of Seoul Forge MOU to Boost Web3 IndustryThe NEAR Foundation, the organization behind blockchain network NEAR Protocol, announced today its memorandum of understanding (MOU) agreement with Dongdaemun District of Seoul, the South Korean capital, to promote the Web3 industry.Photo by Farrel Nobel on UnsplashMutual support and growthIn this collaborative partnership, both parties aim to establish a framework that fosters mutual support, growth, and development. Their joint efforts will encompass initiatives such as streamlining administrative processes, introducing tax benefits, implementing talent incubation programs, and creating communication channels to ensure a seamless workflow.One-stop administrative hubProjects entering the NEAR ecosystem will have access to a convenient one-stop administrative hub responsible for regulatory approvals. They will also benefit from local tax exemptions for a specific period and receive a dedicated workspace for project operation and development. These supportive measures are anticipated to play a significant role in facilitating their entry into the Web3 sector.NEAR Protocol stands out as a layer-1 blockchain that lowers the barriers to Web3 adoption. This is achieved through its FastAuth feature, which enables users to effortlessly create accounts for any website or application that integrates with the Blockchain Operating System (BOS). BOS is a solution that enables developers to build on any blockchain using familiar programming languages.Business and job opportunitiesLee Pil-hyeong, Head of Dongdaemun District, expressed his enthusiasm for the partnership with the NEAR Foundation, highlighting its potential to offer innovative business opportunities to the younger generation in the district. He emphasized Dongdaemun’s commitment to consistently creating jobs and delivering job support programs.Use cases in public-private sectorsMarieke Flament, CEO of the NEAR Foundation, shared a similar sentiment, expressing her excitement about the chance to nurture the Web3 industry in South Korea, a country renowned for its world-class talent pool. She outlined NEAR’s plans to offer education and support with the goal of cultivating a sustainable ecosystem. Flament believes that NEAR’s collaboration with Dongdaemun will lead to the discovery of valuable use cases in areas where the public and private sectors collaborate.