MARBLEX Announces Game Tokenomics Revamp and New Game Title

As the Virtual Asset User Protection Act is set to take effect in July, South Korean virtual asset services providers (VASPs) are preparing themselves for new crypto accounting standards. This development is pushing crypto businesses to take consultation services from accounting firms, local media outlet Yonhap Infomax today reported.  Pronounced last year, the new crypto accounting guideline is scheduled to be applied to VASPs starting this July. Rather than providing clear and explicit standards, the guideline requires crypto businesses to interpret it on their own based on “reasonable grounds.” One accountant in the crypto industry said that individual crypto exchanges are wrapping their heads around the new crypto accounting standards, pondering over numerous issues such as whether to manage customer assets in a single record-keeping system. Photo by Volkan Olmez on UnsplashThe most significant concern among VASPs is that the new standard will highly likely recognize crypto assets entrusted by customers as either assets or liabilities. So far, local crypto exchanges haven’t recognized custodial tokens as assets; instead, they have been including these tokens in the footnotes. Only the money users deposited in Korean won has been acknowledged as “customer deposit liabilities.” Dunamu, the operator of crypto exchange Upbit, stated in the footnotes of its previous quarterly report that virtual assets entrusted by customers do not meet the accounting definition of an asset, leading the exchange to exclude its users’ custodial tokens from the asset category.  Varying interpretation of ‘control over custodial assets’ A lot is at stake depending on how individual crypto exchanges interpret the new guideline. If crypto exchanges are deemed to have control over custodial assets, they must meticulously document the details of the assets in custody on their financial statements, including the total amount of custodial assets and how they are managed under what policies.  These details would serve as decisive factors in determining who bears the liabilities in the event of future incidents.  Crypto businesses’ accounting dilemmaThe Korean financial regulators have explained that the new guideline is not the ultimate golden rule, implying that there could be a leeway for crypto businesses if they have reasonable grounds for not following the new accounting standard. However, regulators said they will conduct thorough examinations on the financial statements following their publishment, to ensure that custodial assets are not left out in the documents. This is where VASPs face a difficult choice between two different options; they can either classify custodial tokens as something other than an asset and undergo thorough examinations, or they can recognize them as an asset and risk being included in the “mutual investment-restricted group.” This is a group consisting of large local firms with over nearly KRW 10 trillion ($7.5 billion) in total assets. The companies listed in the group are subject to strict government regulations.  Previous recognition of Dunamu as ‘big firm’ raises concerns among VASPsThe local regulatory authority previously classified Dunamu as part of the mutual investment-restricted group in 2022.  At the time, Korean won deposits made by Upbit users, categorized under the customer deposit liabilities, were recognized as part of its assets by the Korea Fair Trade Commission (KFTC). The KFTC determined that Dunamu had controlling power over the customers’ deposits. This judgment by the KFTC led the company to fall under the mutual investment-restricted group. Once the new accounting standard takes effect in July, the likelihood is that the exchange’s custodial tokens, currently valued at KRW 20.2 trillion, will also be recognized as assets. Meanwhile, another prominent crypto exchange Bithumb is reported to have KRW 4.5 trillion in total assets.   Another accountant in the crypto industry expressed concerns, saying that VASPs will have to deal with more regulations if incorporated into the mutual investment-restricted group. The person added that recognizing custodial tokens as assets could further heighten the management risks for crypto businesses. 

ZTX Collects $13 Million in Seed Funding for Web3 Metaverse PlatformSingapore-based Web3 metaverse platform ZTX, a joint blockchain venture by ZEPETO and Jump Crypto, has raised a total of $13 million in its most recent seed funding round. The platform, currently undergoing development, will serve as an immersive three-dimensional open world where Web3 creators can interact and trade digital assets.Photo by Markus Winkler on Unsplash“We’re excited to share news about our fundraising round,” said Chris Jang, Co-CEO of ZTX. “We have been building steadily and discreetly for well over a year, and with our token launch happening in the coming months we want to emphasize the commitment that our investors, just like our team, have toward our vision to provide an infrastructure layer to creators.”Global backing for ZTXThe latest funding round led by Web3 infrastructure firm Jump Crypto attracted investors from around the world, such as Parataxis Capital, MZ Web3 Fund, Collab+Currency, and more, due to its promising outlook in the Web3 sphere.“We believe that ZTX has the potential to create a unique world, setting it apart from all other Web3 metaverse projects. The seamless integration of digital asset creation and trading in the metaverse with Web3 technology is truly exciting, making their application within Web3 applications a natural fit. Moreover, the ZTX team’s expertise in both the metaverse and Web3 is exceptional, and we have high expectations for their future endeavors,” said Yuki Kanayama, General Partner at MZ Web3 Fund.Strong foundation and team expertiseZTX’s creator ZEPETO also offers solid promise as South Korea’s leading metaverse platform that touts over 400 million lifetime users. It is the fourth-largest metaverse platform in the world, holding its spot among the same ranks as Roblox, Fortnite, and Minecraft. It has also partnered with major brands such as Gucci and Starbucks along with celebrities like the K-pop girl group Blackpink.Made up of industry veterans from tech and Web3 giants like Apple, Roblox, Solana, Cosmos, and more, the ZTX team plans to utilize its various underlying advantages to globalize Web3 and bring it to a wider mainstream audience.The team has consistently been building the ZTX ecosystem from the ground up. In a recent development, the platform ran its first private, invite-only beta test last month, dubbed “Playtest”. It has also worked with Dust Labs, the software provider for NFT projects such as DeGods and y00ts, to launch ZTX Partner Wearables, a community-driven initiative that provides tools to IP partners for creating 3D assets and contributing to the expansion of the narrative within an open-world environment.“As a crypto-focused venture fund, we back visionary teams who are using decentralized technology to shape the next wave of consumer products. We are thrilled to be part of this round, supporting ZTX’s exceptional team and their unique advantages. ZTX can provide a distinct infrastructure layer for diverse NFT projects and Web3 builders with its creator-focused tooling, and we look forward to helping ZTX succeed in its ambitious mission,” said Stephen McKeon, Partner at Collab+Currency.Future projectZTX’s upcoming activities include the launch of the Genesis Home Mint, featuring 4,000 bespoke 3D District Homes. This collection offers benefits such as a district membership in one of the four districts — Arts, Financial, Fashion, and Games — as well as exclusive access to future releases, events, and enhanced gameplay experiences within ZTX.

South Korea Launches Blockchain Project to Streamline Public ServicesThe South Korean Ministry of Science and ICT and the Korea Internet and Security Agency (KISA) have launched the 2023 blockchain application project to bolster the domestic industry and adapt to the rapidly evolving global blockchain landscape.Photo by Ping Onganankun on Unsplash$1.6 million projectAs part of the Korean government’s broader strategy to promote the blockchain industry, the project has received a budget of approximately 20.7 billion KRW ($1.6 million). The project participants are focused on exploring blockchain-based services that offer convenience to the public and have the potential to penetrate the global market. The digitization of drivers’ licenses is such a service that has been developed and has simplified the lives of Korean citizens.The project encompasses both the public and private sectors, each undertaking six programs. The public sector programs aim to explore blockchain-based services that the government can provide, while the private sector programs are dedicated to supporting the commercialization of business prototypes developed by companies.Public sector programsThe six public sector programs are the implementation of digital badges for national licenses, the development of an online voting system for residents, the establishment of a remote pension eligibility check system, the enhancement of the electronic authentication system, the streamlining of drone operation applications, and the creation of a performance tracking platform for athletes.For instance, the implementation of digital badges for national licenses will greatly streamline the process for individuals who need to present their licenses to relevant organizations as a means of verifying their credentials. Presently, license holders are required to physically visit issuers or navigate their websites to gather the necessary documentation. However, the introduction of this new technology eliminates the need for this cumbersome process.Private sector programsMeanwhile, the private sector programs focus on developing the following six platforms: the battery life authentication system for electric vehicles (EVs), the oil waste trading platform, the non-fungible token (NFT) issuer for digital identity authentication, the NFT concert ticket system, the fractional investment platform for power plants, and the corporate management planner for environmental, social, and governance (ESG) initiatives.For example, the introduction of a blockchain-based certificate system to assess the remaining life of EV batteries holds significant implications for both car insurance and the trading of used cars. Currently, the lack of comprehensive data to evaluate the exact value of EV batteries poses challenges to the efficient trade of both used cars and batteries. Establishing this certificate platform will not only promote battery recycling but also positively impact the industry as a whole.