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Wemade and SK Planet Team Up for Blockchain and Online Platform CollaborationSouth Korean gaming publisher Wemade and SK Group’s data and tech subsidiary SK Planet have entered into a strategic partnership to expand their presence in the blockchain and online platform ecosystem.Photo by GuerrillaBuzz on UnsplashBlockchain integrationThe two companies plan to expand their collaboration through the use of blockchain technology, such as issuing membership non-fungible tokens (NFTs) for OK Cashbag, the membership reward program of SK Planet. They are also actively exploring joint marketing and promotional strategies by leveraging their respective technological and service capabilities.“SK Planet is a company with long-standing marketing platforms like OK Cashbag. We believe we can achieve significant synergy through WEMIX’s partnership with SK Planet. In the future, we will contribute to the growth of the Korean market through connections such as that with Wemade’s transparent society platform Wepublic,” said Henry Chang, CEO of Wemade. Wemade operates the WEMIX3.0 decentralized blockchain mainnet whose native token is WEMIX.“We expect that this partnership will bring innovation to the platform ecosystem and provide users with new experiences and customer value,” added SK Planet CEO Lee Han-sang.Strategic investmentsNotably, both companies are engaging in mutual equity investments to further accelerate their strategic alliance. Wemade and its subsidiary, Chuanqi IP, will acquire 7.08% and 5.31% stakes, respectively, in SK Planet from its parent company SK Square. The acquisition amounts to KRW 20 billion for Wemade and KRW 15 billion for Chuanqi IP, totaling KRW 35 billion (approximately $26 million).SK Planet will acquire KRW 20 billion worth of convertible bonds issued by Wemade along with approximately KRW 15 billion worth of shares held by Wemade Chairman Park Kwan-ho, gaining a 1.27% stake in Wemade.Chairman Kwan-Ho Park will then use the proceeds from this stock sale to purchase WEMIX in a move to support the growth and activation of the WEMIX ecosystem.Meanwhile, Wemade plans to initiate a broad range of partnerships with other major local and international companies following its partnership with SK Planet.

Cheongju City Targets Cryptocurrency to Recoup Unpaid TaxesSouth Korea’s Cheongju City, located 112km south of Seoul, has announced today that it will tackle local tax delinquents, focusing on the confiscation of their virtual assets.Photo by Karolina Grabowska on PexelsTax debtors owing over KRW 1 millionTo address this challenge, Cheongju City has requested records of cryptocurrency holdings for 8,520 individuals, each owing over KRW 1 million ($747) in local taxes, from seven cryptocurrency exchanges, including Upbit and Bithumb. The city’s plan is to seize and then liquidate these cryptocurrencies to recover the pending tax amounts.This move is facilitated by the amended Act on Reporting and Use of Specified Financial Transaction Information. Under this act, virtual asset service providers (VASPs) must uphold obligations such as confirming the identity of their customers and notifying authorities of dubious transactions. Moreover, the city is keenly monitoring the transfer of virtual assets, focusing particularly on those owned by individuals with unresolved tax dues.Legal groundsIn 2018, the South Korean Supreme Court ruled that virtual assets are recognized as intangible yet legitimate assets, which can be subject to confiscation. It is this ruling that empowers Cheongju City to act against tax arrears by seizing cryptocurrencies.Last year, Cheongju City scrutinized the crypto records of 16,000 individuals and successfully recouped KRW 68 million in taxes from 17 defaulting taxpayers. Cryptocurrencies of those still evading their tax responsibilities remain under confiscation.A city official said that Cheongju will take firm and swift action to collect delinquent payments from those who conceal assets or are repeat offenders.

UAE’s Royal Office Visits Korea to Further Security Token Collaboration with AIITONEAIITONE, a Korea-based augmented reality firm specializing in security tokens, invited journalists to showcase its strategy to foster business collaborations between South Korea and the United Arab Emirates (UAE) on the occasion of the Korean visit of the Private Office of His Highness Sheikh Ahmed Bin Faisal Al Qassimi.Photo by Ethan Brooke on UnsplashPrivate Office’s return visitThe Private Office is a Dubai-based corporate conglomerate that operates businesses in various areas including real estate, energy, and finance. This visit by the Private Office marks a return visit following AIITONE’s visit to the UAE in July.The conference took place at a hotel in Gangnam, Seoul, and was attended by Lee Jin-yeop, CEO of AIITONE; Bruce Jeong, Chairman of Middle East Investment; and H.H. Sheikh Ahmed Bin Faisal Al Qassimi.Security tokens, CBDCs, smart defenseChairman Jeong, leading AIITONE’s global initiatives, said that their primary endeavor is to set up a Korean branch of the Royal Office. This branch will function as an international business hub, facilitating collaborations across three key sectors: security tokens, central bank digital currencies (CBDCs), and smart defense ventures.The event also featured presentations by AIITONE officials who introduced the company’s focus areas.Kang Man-soo, who leads AIITONE’s defense unit, highlighted the company’s technical expertise in maintenance training equipment, interactive electronic technical manuals, and integrated system support. He pointed out that AIITONE has been actively involved in the development of technical manuals and training simulators for various defense assets, including warships, guided weapons, and fighter aircraft. Kang emphasized that AIITONE’s strategic partnerships with Korean defense firms have propelled their engagement in initiatives aimed at exporting these products to countries such as Indonesia, Malaysia, and Poland.Lee Joo-hyung, the head of AIITONE’s extended reality (XR) content division, revealed the company’s plan to create portable products that can replicate the physical sensations of the real world, including sensations like physical contact and heat. Additionally, Lee introduced MOUM, a metaverse platform that features blockchain-powered security functions and generative artificial intelligence (AI) capabilities.Park Sang-il, who is at the helm of the firm’s security token project, showcased AIITONE’s comprehensive security token platform, which enables users to both issue and distribute security tokens. Notably, the platform is compatible with hyperledgers Besu and Fabric.Since arriving in Korea last Wednesday, the Royal Office has met with representatives from Standard Chartered Bank Korea and lawyers from law firm Kim and Chang, as well as lawmaker Yang Hyang-ja. Additionally, the Royal Office made a visit to smart farms located in South Jeolla Province.H.H. Sheikh Al Qassimi expressed a high regard for South Korea, acknowledging its beautiful natural landscapes and significant economic development. He underlined that this visit serves as an opportunity for the Royal Office to strengthen cooperation between UAE companies and their Korean counterparts, further fostering economic exchanges between the two countries.