OKX and HashKey plan partnership to promote industry development

Circle Considers Issuing Stablecoin in JapanCircle, the US-headquartered payment services company and stablecoin issuer, is considering issuing a stablecoin in Japan following the implementation of new regulations on stablecoins.Jeremy Allaire, Co-Founder and CEO of Circle, expressed his interest in exploring partnerships in Japan due to the significant potential of the market under the new rules.Photo by Su San Lee on UnsplashGrowing importance of stablecoinsIn an interview with CoinDesk Japan recently, Allaire highlighted the growing importance of stablecoins in cross-border trade, foreign currency transactions, and global commerce. He believes that Japan, with its recently established framework for the use of overseas stablecoins, has positioned itself as a pioneering country in this regard. Allaire described the stablecoin bill as the Japanese government’s and the Financial Services Agency’s most significant achievement.The revised Payment Services Act in Japan recognizes stablecoins backed by legal tender as an “electronic payment method” and allows for their issuance. However, stringent rules are in place for stablecoin issuers.These include the requirement for stablecoins to be pegged to the yen or other legal tender and the guarantee of redeemability at face value for holders. Only licensed financial institutions, such as banks, registered money transfer agents, and trust companies, will be authorized to issue stablecoins.Breaking into AsiaAllaire emphasized Circle’s interest in establishing partnerships within Japan, a country he recently visited. Circle has already obtained a Major Payment Institution (MPI) license in Singapore, enabling the company to offer various digital payment services, cross-border money transfers, and domestic money transfer services.The Japanese market has witnessed major financial institutions exploring stablecoin initiatives. Mitsubishi UFJ Trust and Banking Corporation (MUFJ), for instance, announced its plans to launch its own stablecoin platform named Progmat last month. MUFJ also entered into a partnership with Japanese blockchain interoperability solutions provider, Datachain, recently. It’s thought that the move will facilitate both parties in undertaking further work on stablecoin-related initiatives.Circle’s consideration of issuing a stablecoin in Japan underscores the company’s recognition of the country’s regulatory advancements and the potential for stablecoin adoption. As stablecoins gain further traction globally, Japan’s new framework positions it as an important market for Circle and other players in the industry.It’s not just Japan that highlights the need for further stablecoin development. A new policy proposal was published in Hong Kong earlier this week that made a point of urging the Hong Kong authorities to issue its own Hong Kong dollar-backed stablecoin.The objective of such an initiative would be to compete on an international basis with leading US dollar stablecoins such as Circle’s USDC and USDT/Tether. By being proactive in the Asia-Pacific (APAC) region, Circle could head off rising potential challenges such as that suggested by these stablecoin researchers in Hong Kong.The partnership opportunities in Japan align with Circle’s mission to facilitate efficient and secure digital transactions, and it will be intriguing to observe how the company navigates this emerging landscape in the months to come.

Incheon Partners with Daehong to Implement Web3-Driven Urban Marketing StrategyIncheon Metropolitan City, renowned for its international airport in South Korea, has partnered with Daehong Communications, a marketing solutions subsidiary of the country’s retail giant Lotte Group, to leverage Web3 technology for the purpose of promoting the city.Daehong has established an extensive global network within the blockchain industry. Among its notable partners are layer 1 blockchain Aptos, Metaverse company Animoca Brands, and decentralized social protocol CyberConnect. One of Daehong’s primary initiatives is the NFT project associated with Bellygom, a pink bear character of Lotte Homeshopping, a media commerce affiliate of Lotte Group.Photo by Daesun Kim on UnsplashHarnessing blockchain for city promotionThrough this collaborative effort, Incheon aims to harness blockchain technology to explore innovative ways of promoting the city and building stronger connections with its residents.Incheon has recently been very dedicated to Web3 initiatives in promoting the city. Last month, it worked with The Sandbox, the virtual gaming platform of Animoca Brands, to create a metaverse representation of the Incheon Landing Operation to commemorate the 70th anniversary of the Korean War Armistice Agreement. More recently, the city unveiled its NFT membership program named “Incheon Heroes,” demonstrating its commitment to pioneering its unique path in the era of Web3.Daehong’s role in Web3 adoptionIn the private sector, Daehong has been working towards the widespread adoption of Web3. The marketing firm introduced business models that integrate NFTs into areas that have significant public engagement, such as ticketing, memberships, and brand characters. Daehong has been actively working to facilitate many brands’ entry into the Web3 space.Lee Se-woong, Brand Manager of Incheon City, anticipates that the collaboration with Daehong will serve as a fresh catalyst for Incheon, expressing excitement about the potential synergies between Incheon’s public infrastructure and Daehong’s industrial expertise.Incheon is set to initiate a range of projects by leveraging the Incheon Heroes NFT membership program and the Incheon Universe, a virtual space that allows visitors to immerse themselves in various facets of the city. Furthermore, the city is in the process of establishing collaborations with enterprises, brands, and artists who share a common interest in promoting the sustainability of both the planet Earth and the city itself.

Incheon City Creates Metaverse Representation of Incheon Landing Operation Within The SandboxIncheon Metropolitan City announced Wednesday that the metaverse representation of the Incheon Landing Operation, the turning point of the Korean War, will be accessible on virtual gaming platform The Sandbox. Incheon is the first public organization in South Korea to collaborate with The Sandbox.Photo by Ian Hutchinson on UnsplashHonoring veteransThe metaverse content depicting the military operation has been developed to commemorate the 70th anniversary of the Korean War Armistice Agreement and to honor the soldiers who protected the freedom and peace of the Republic of Korea.This urban experiential content aims to offer virtual gamers the opportunity to gain a deeper understanding of the Incheon Landing Operation and engage in interactions with historical figures. Additionally, the platform will feature a variety of mini-games.Support through NFTsAs part of this initiative, Incheon will create and release a limited NFT collection, with all proceeds from the sales being donated to support Korean War veterans, both domestically and abroad, through the Korean War Veterans Association.The NFT collection will be available for purchase on the Sandbox Marketplace. Moreover, NFT buyers will have the opportunity to win Incheon tourism products like hotel vouchers and passes to tourist destinations.Meanwhile, Incheon is creating more content within The Sandbox, with the objective of showcasing the city to a global audience. It also plans to explore avenues for inviting metaverse users to Incheon, providing them with chances to enjoy its urban landscape.