NEOPIN Launches South Korea’s First ETH Liquid Staking Product

Foblgate adds D’CENT and Trust as supported external walletsSouth Korean cryptocurrency exchange Foblgate will allow users to register the external digital wallets D’CENT and Trust on their accounts, offering more options for managing and trading crypto assets, according to local news site Etoday on Tuesday (KST).Photo by Shubham’s Web3 on UnsplashD’CENT is a hardware wallet that safeguards users’ assets through a robust security system employing biometric technology, encrypted storage, firmware authentication and security certification. It supports some 3,000 cryptocurrencies and allows users to create up to 80 addresses in a single wallet. Trust, on the other hand, is a one-stop Web3 wallet where holders can trade and swap crypto, earn rewards, manage NFTs and enjoy various decentralized applications (dApps). Like D’CENT, it is known for securing customer assets and privacy.“By providing support for external wallets, we are striving to enhance user convenience, respond to various demands and create a safe and convenient trading environment on Foblgate,” Ahn Hyun-jun, CEO of Foblgate, emphasized.Travel Rule requirementsAs per the Travel Rule under Korea’s Act on Reporting and Using Specified Financial Transaction Information, any user who wants to transfer cryptocurrencies worth more than KRW 1 million (approximately $775) via a personal wallet must register that wallet beforehand. The Travel Rule refers to the Financial Action Task Force’s (FATF) Recommendation #16, which outlines that VASPs must share certain personal information about customers — including names and account numbers — when facilitating crypto transactions that exceed a certain amount. This is aimed at preventing money laundering and other illicit activities.Expanded optionsFoblgate currently supports several other external wallets as well, including MetaMask, Blockchain.com, MyEtherWallet, Klip and Burrito Wallet, which was added at the end of last month. The two newest additions, D’CENT and Trust, bring the total number of supported wallets to seven. The exchange has also uploaded a guide on its website on how to add external wallets.

UK Watchdog Adds Crypto Exchanges to Warning ListThe UK’s Financial Conduct Authority (FCA) has expanded its warning list to include nearly 150 digital asset companies, including crypto exchanges HTX and KuCoin.Photo by Maxim Hopman on UnsplashPromotion without approvalThese firms have been added to the list due to their promotion of services in the UK without obtaining the necessary regulatory approvals. The move comes as the FCA strengthens its oversight of the cryptocurrency sector.The FCA recently broadened its rules on financial promotions, effective from October 8, to encompass crypto-asset service providers, regardless of their geographical location. This means that all crypto platforms are now obligated to display clear risk warnings to UK-based consumers and adhere to more rigorous technical standards. Additionally, they must implement a mandatory 24-hour cooling-off period for new customers.Exchanges respondIn response to the inclusion of their platforms on the FCA’s warning list, both HTX and KuCoin issued statements. A spokesperson for HTX, known until recently as Huobi, clarified that the firm does not operate or market its services in the UK. KuCoin, on the other hand, acknowledged that it doesn’t operate in the UK but expressed its commitment to adapt its products and services to ensure compliance with the relevant laws and regulations in each country.Another exchange, OKX, alongside global exchange Binance, have both indicated that they are working towards complying with the FCA’s regulatory requirements in respect of marketing.The FCA issued a generic warning message for both HTX and KuCoin, stating:“This firm may be promoting financial services or products without our permission. You should avoid dealing with this firm.”Non-compliance with the FCA’s regulations can result in severe penalties, including takedown requests for websites and apps, substantial fines, and potential legal action, which could lead to imprisonment.It’s worth noting that HTX Advisor, Justin Sun, has encountered regulatory challenges in the past. In March, the US Securities and Exchange Commission (SEC) accused Sun of fraud and market manipulation related to TRX, the native cryptocurrency of his Tron blockchain. Despite holding licenses to operate in various jurisdictions, HTX’s website does not specifically mention the UK as a prohibited venue.KuCoin has its platform restricted in several countries, including the US, Singapore, Hong Kong, mainland China, Thailand, Malaysia, and Canada’s Ontario province. Notably, the UK is not listed among these restricted locations.The FCA’s decision to rapidly identify and publicize crypto firms violating the expanded rules underscores increasingly stringent regulatory requirements. The regulator is continuously updating its list of violators as new infractions are uncovered. In August, the UK regulator published data that demonstrated that only 13% of crypto businesses who have applied to trade in the UK have been offered permits to do so.Lucy Castledine, the FCA’s Director of Consumer Investments, emphasized the dynamic nature of the list, which is constantly evolving to keep pace with emerging issues within the crypto sector.As the FCA takes a more proactive stance in overseeing crypto businesses, the warning list serves as a tool for consumer protection, signaling the importance of adherence to regulatory standards in the cryptocurrency ecosystem.

Samsung Plans to Expand Its Business Through NFTsSamsung Research, the research arm of Samsung Electronics, set up a new task force earlier this year to launch new projects to combat slowing demand for home appliances.Photo by Markus Winkler on PexelsSamsung’s endeavors in NFTsOne of its projects will involve non-fungible tokens (NFTs), in which Samsung has been showing its continued interest. Last February, Samsung Electronics displayed NFT artworks on their high-end televisions, and more recently, the high-tech company signed a memorandum of understanding with Hana Financial Group to develop NFT-related products.TVs to offer NFT art trading functionalityIt is predicted that in the first half of this year, Samsung will release a premium television with an application that allows TV viewers to trade NFT artworks. It is analyzed that the leading hardware manufacturer now attempts to expand its business models through NFTs and other content services while maintaining its dominance in the TV market.