Korea Blockchain Week to Expand Online Next Year

Cebu Meeting of FSB Highlights Crypto RisksThe Regional Consultative Group for Asia of the Financial Stability Board (FSB) has highlighted the risks implicated by crypto assets in a series of meetings held on Thursday and Friday in Cebu, the Philippines.The FSB is an international body with a mandate to monitor the global financial system, as well as make recommendations in respect of that system. The agency was established by the G20 group of countries in April 2009, replacing its forerunner, the Financial Stability Forum.Photo by John Alvin Merin on UnsplashA regulatory framework for cryptoThe two-day event focused on non-bank financial intermediation (NBFI) in Asia and the development of an effective global regulatory framework for crypto-assets. It discussed recent developments in financial markets, together with their regional impact.In opening remarks, Philippine Central Bank Governor, Felipe Medalla, stated: “Crypto, the biggest issue there is, whether we like it or not is quite a lot, especially younger people who are actually gambling. They have huge losses, our view right now. Well, you’re there, it’s your problem and the regulation becomes strict the moment crypto meets banking.”International participants highlighted the need for the development of an effective global regulatory framework for crypto-assets. Particular concern exists with regard to the potential for systemic risk in relation to crypto and a potential overflow into the traditional financial system.Earlier this year, the FSB proposed a complete regulatory framework for cryptocurrencies, with the report having been originally submitted in October of last year. Among its key components is the imposition of tighter controls. It proposed the guiding principle of “same activity, same risk, same regulation” for crypto assets, mirroring the approach taken for traditional financial assets.Global approach to taming cryptoThis approach has proven to be problematic for people working within the digital assets space. Many of the core facets of cryptocurrencies are entirely different to anything we see in traditional finance. Trying to frame crypto within an existing approach and standard has been perceived by many to be akin to trying to fit a square peg in a round hole.It’s not the FSB's role or place to affect policy directly. That responsibility lies with policymakers and regulators in each individual country. However, the organization is seeking to influence those individuals and entities in the hope that they will employ its suggested regulatory framework.Klaas Knot, Chair of the FSB and President of the Dutch Central Bank, provided this view on crypto: “We will come up with a global regulatory framework. It also only makes sense to regulate this from a global perspective. Because, nowadays you can take a server and put it anywhere in the world and start issuing these digital assets.”From Knot’s take, it’s clear that governments and central bankers are cottoning on to the fact that individual nation-state regulation is futile to an extent where decentralized innovations like cryptocurrency are concerned. Others such as European Central Bank (ECB) President Christine Lagarde and Mark Branson, President of German financial markets regulator BaFin, similarly have called for a globally enforced regulatory approach over the course of the past year.Ongoing struggleWhile regulation can be helpful, particularly when it comes to the points at which crypto meets the traditional system, there’s no doubt that this emerging innovation will disrupt the conventional system to some degree or other. That may place an incentive before central bankers and governments to try and stymie the further development of digital assets.While a truly global approach to regulating digital assets could retard development of the sector, there is rarely total consensus among world governments on a single issue. Therefore, by its very nature, crypto, and the digital assets sector will likely continue to develop regardless. It’s more a question of how long that process takes.

The blockchain gaming realm witnessed another milestone moment as "Heroes of Mavia," the mobile gaming sensation backed by Vietnam-based Skrice Studios, set the stage for a token airdrop on Tuesday, according to an announcement by the studio. Top free mobile game on AndroidJust days since its launch on both Apple and Android platforms, "Heroes of Mavia" has surged past the milestone of 1 million downloads, with an impressive 230,000 daily active users already immersed in its captivating world. Garnering acclaim as the top free mobile game on Android devices in China and dominating the Google Play store charts in Nigeria, the game's ascent continues with high rankings in Poland, Finland and Canada on Apple's App Store, according to Skrice Studios. While the quest to propel blockchain gaming into the mainstream remains a formidable challenge, "Heroes of Mavia" is already carving a path to success. Joining the ranks of ambitious gaming ventures vying for mainstream acclaim, including "Star Atlas," "Illuvium" and "Shrapnel," its promising trajectory is marked by its early triumphs.Photo by LinkedIn Sales Navigator on Pexels100,000 benefit from airdropA grand total of 100,000 players have earned eligibility for today's token airdrop of the MAVIA token, with a generous allocation of up to 6,250,000 tokens available for claim, representing 2.5% of the total token supply of 250 million. With a valuation soaring to $100 million, Skrice Studios stands as a testament to its remarkable growth since its last funding round two years ago, which saw an infusion of $2.5 million led by Crypto.com Capital. The studio's ascent was further fueled by a $5.5 million seed round in 2021 spearheaded by Binance Labs. In total, Skrice Studios has amassed $9 million in funding, as disclosed in its latest statement. The studio's enduring appeal has attracted notable venture capital firms keen on blockchain gaming, evidenced by its seed round in January 2022. Led by Binance Labs, that round also saw participation from esteemed investors such as Genblock Capital, Delphi Digital, Mechanism Capital, Alameda Research and Animoca Brands, among others. In a strategic move to ensure the sustainability and vitality of its in-game economy, "Heroes of Mavia" officially enlisted in Machinations’ Game Economy Health Monitoring Service. The Machinations platform can be harnessed to design and predict game economies and systems for play-to-earn blockchain games. Drawing parallels to the iconic Clash of Clans, "Heroes of Mavia," captivates players with its strategic depth, emphasizing base building, resource management and immersive tactical combat. The highly anticipated "Heroes of Mavia" token commenced trading at 7 a.m. ET on Tuesday on major exchanges such as Bybit, KuCoin and HTX, debuting with a unit price of $1.83. As of the latest update, the token is trading at $3.62, signaling a promising start to its trading journey. Blockchain gaming emerged through projects such as Axie Infinity, developed by Vietnam’s Sky Mavis. Engaging gameplay didn’t factor in the first play-to-earn iteration. However, through projects like Heroes of Mavia, 2024 could prove to be very different. 

Crypto Exchange Bithumb Holds Free Trading Event To Boost User Base and LiquidityBithumb, South Korea’s second-largest cryptocurrency exchange, has announced a major “no trading fee” event in an attempt to narrow the gap with its competitor Upbit, the leading exchange in the market.The event started on August 1, with select listed virtual assets available for trading without having to pay a fee on the exchange’s Korean won market.Photo by Pierre Borthiry — Peiobty on UnsplashAssets with no trading feesAptos (APT), Stacks (STX), Flow (FLOW), Sui (SUI), Bitcoin Gold (BTG), FirmaChain (FCT2), Blur (BLUR), Waves (WAVES), Metal (MTL), and Loom Network (LOOM) will be the first assets to have no fees during the event.The cryptocurrencies eligible for free trading can easily be distinguished by the blue “Free” badge displayed next to their names. Users can also check the full list through the “Fee-Free” category displayed at the top of the exchange chart.The event is scheduled to continue until further notice and an additional ten assets eligible for free trading will be added every week as well.Boosting liquidityAccording to a Bithumb official, the virtual assets to be unveiled later on will be “subject to active domestic and international investment,” and the exchange will strategically select those that have the highest potential to expand liquidity.Through this event, Bithumb aims to support the diversification of cryptocurrency investors’ portfolios and increase its user base, thereby enhancing trading liquidity.