Korean Crypto Firms Organize Consortium for Real-World Asset Tokens

PDAX gears up for trading surge amidst Binance market exitThe Philippine Digital Asset Exchange (PDAX), an order book exchange, is planning to take full advantage of Binance’s regulatory issues in the Philippines, with the expectation of an uptick in trading volume as a direct consequence.Photo by iSawRed on UnsplashMarket opportunityAccording to a Filipino English-language broadsheet publication, The Daily Tribune, PDAX CEO Nichel Gaba sees the exit of Binance, flagged by the Securities and Exchange Commission (SEC) as an unauthorized exchange in the Philippines, as a pivotal moment for local virtual asset service providers (VASPs) to expand their market presence. Gaba envisions that the anticipated migration of traders from Binance could propel the country’s cryptocurrency trading volume to an estimated $6 billion by 2024.Data from the Bangko Sentral ng Pilipinas (BSP) demonstrates that there are currently 17 VASPs in the Philippines, with 10 operational and seven inactive. As one of the operational ones, PDAX is preparing for the expected growth in the local sector.The SEC in the Philippines has been actively working towards imposing a ban on Binance, citing various issues both locally and internationally. Gaba predicts that this development will prompt a substantial number of Filipino cryptocurrency traders to seek alternative, legitimate trading platforms. Gaba stated:“Now that Binance is being banned, there are a lot of users wondering where they can go and the best option for them is to go to a licensed exchange like PDAX. Our strategy as a company is to focus on being the best alternative.”Binance ban countdownAccording to local news outlet BitPinas, the head of the Philippines SEC, Kelvin Lee, clarified that Binance and any other unregistered exchange issued with an advisory have three months before they are banned from the country.Addressing the confusion surrounding the ban during a panel discussion on Wednesday, Lee stated that the ban would be in effect three months from the issuance date of Nov. 29. In that way, time has been allowed for feedback and potential extensions.While the original recommendation was for a shorter transition period, Lee extended it, considering the upcoming Christmas holiday, stating, “Not to make it hard for Filipino investors during that time.”Two additional exchanges bannedIn addition to Binance, Lee mentioned that OctaFX and MiTrade, along with other exchanges that have received advisories for unregistered operations, will also face bans after three months. The local SEC disclosed having a sizable list of unregistered exchanges that will gradually emerge.Responding to criticisms of the ban, given that some users find Binance to be “cheaper” than other registered exchanges, Lee emphasized the importance of compliance costs and consumer protection. He urged local investors to “invest in registered entities” among the 17 VASPs registered in the country that offer fiat-to-crypto services.The BSP-regulated VASPs are expected to process crypto assets worth approximately $3 billion by the end of the year. However, this estimate does not take into account unregulated transactions occurring outside of VASP channels.

Chinese financial industry groups have warned that illegal fundraising and fraud are increasingly emerging through stablecoins, airdrops, real-world asset (RWA) tokens, and crypto mining schemes, according to a Dec. 5 notice carried by the state-run Xinhua News Agency.Photo by Othman Alghanmi on UnsplashThe joint warning was issued by seven major bodies: the National Internet Finance Association of China, the China Banking Association, the Securities Association of China, the Asset Management Association of China, the China Futures Association, the China Association for Public Companies, and the Payment & Clearing Association of China. These groups stated that such products are being used to drive speculative trading, pyramid schemes, and other illicit activities that threaten financial stability. They stressed that cryptocurrencies are not legal tender in China and do not share the legal status of fiat currency, further noting that regulators have not approved any RWA tokenization activities. Crypto and RWA offerings prohibitedConsequently, the notice bars member institutions from directly or indirectly providing services related to the issuance or trading of cryptocurrencies or RWA tokens. The associations also urged members to intensify risk warnings and investor education, while encouraging the public to report suspected violations. This industry alert follows the central bank’s recent reiteration of its concerns regarding speculative crypto activity. According to Reuters, the People’s Bank of China (PBOC) last month restated its ban on crypto-related business, citing a resurgence in speculation and compliance gaps in stablecoins that complicate risk management. The central bank plans to tighten enforcement against unlawful operations, reinforcing the blanket ban on crypto transactions and mining imposed in September 2021. Old Bitcoin loan feud resurfacesDespite this restrictive framework, disputes tied to legacy crypto dealings continue to surface. Cryptopolitan reported that a long-running controversy has re-emerged surrounding Li Feng, a co-founder of Moore Threads, a Chinese GPU designer widely viewed as a homegrown rival to Nvidia. According to Cryptopolitan, the scrutiny follows the company's Dec. 5 debut on the Shanghai Stock Exchange, where it raised 8 billion yuan ($1.1 billion). Reportedly, Li faces accusations of failing to repay 1,500 Bitcoin allegedly borrowed from OKX founder Xu Mingxing. Citing a Foresight News post referenced by analyst AB Kuai.Dong on X, the report indicates that Li and angel investor Xue Manzi launched a cryptocurrency in 2017, raising 5,000 ETH. According to the outlet, Li has been accused of failing to repay 1,500 Bitcoin that he purportedly borrowed from OKX founder Xu Mingxing. Xu is said to have raised the issue publicly and sought resolution through legal proceedings in both China and the U.S. However, the legal ambiguity surrounding cryptocurrencies at the time was viewed as a major obstacle to settlement. Li, for his part, has characterized Xu’s contribution as a failed investment. The situation took a constructive turn when Xu reposted AB Kuai.Dong’s post, saying observers should look past old disputes. Xu encouraged a focus on constructive industry growth and stated that debt matters should be left to legal channels, offering goodwill toward fellow entrepreneurs. The timing of the renewed dispute alongside recent industry warnings highlights a consistent focus on risk control and legal clarity within China’s digital asset space. Authorities continue to emphasize investor protection and formal reporting channels to curb speculation, while market participants are increasingly turning to legal avenues to resolve legacy issues. These developments point to a sector still wrestling with unresolved disputes and regulatory gaps, underscoring the need for clearer rules for both regulators and entrepreneurs. 

The 38th Young Architects Forum, which will explore the integration of metaverse technology into architecture, is set to take place next Thursday at the Weple NFT Gallery building in Yongsan-gu, Seoul, according to an official announcement on Friday (KST). Co-hosted by STELSI, a Build-to-Earn (B2E) decentralized metaverse project, and the Young Architects Forum Korea, the event will revolve around the theme “Beyond Realms: Architectural Odyssey in the Metaverse Era,” hosting experts from the architecture industry and anyone interested in the topic. Photo by Redd F on UnsplashArchitectural imperatives in the era of Web3In particular, the forum will delve into the impact of the Fourth Industrial Revolution and blockchain technology on AI architecture and the metaverse. A crucial consideration in this topic is the role that architects must play in an unprecedented era of Web3, namely promoting creativity while determining ethical boundaries through collaboration and sharing of ideas. Another point for discussion will be expanding diversity and the possibilities in architecture by tapping into advancements in digital technologies. STELSI is a decentralized metaverse island that provides a realistic and intuitive extended reality (XR) experience where users can design, construct and manage buildings. Built with the 3D creation tool Unreal Engine, it aims to support the seamless application of blockchain technology across different sectors of the construction industry, including architectural planning and design, construction and real estate. The platform also runs on a native token called STELSI, which users can earn by staking building NFTs. The event’s other organizer, the Young Architects Forum Korea, was established in 2011 with a mission to boost the presence of young architectural visionaries in South Korea. The forum provides opportunities for them to leverage their talents and expertise to contribute to societal advancement. In addition to the Young Architects Forum, it also hosts other events like exhibitions, cooperative projects and seminars. Professionals uniteSpeakers set to attend include STELSI CEO Ryan Shim, CSO and Co-Founder of IoTrust Yoo Min-ho, CCO of jpa. JUNGLIM Architecture Kim Kyung-hoon and more. Firms like blockchain news outlet Tokenpost, LandFi metaverse OrbCity and Wepin Wallet are also sponsoring the event. STELSI stated in its announcement that the forum aims to “provide a unique space for architects who perceive the world differently, transcending dimensions.”