South Korea investigates Worldcoin for its personal data collection

Nassau and Treasure Labs Go Metaverse to Step into the Future of StyleKorean sports equipment manufacturer Nassau has entered into a partnership with metaverse company Treasure Labs to step into the future of style.According to a report by local news agency News1, this collaboration aims to introduce an innovative fashion brand on Pararium, the metaverse platform developed by Treasure Labs. Pararium users will have the opportunity to enjoy unique fashion items through their avatars while engaging in virtual experiences and earning rewards.Photo by Ben Hershey on UnsplashSports brandHaving built a reputable brand over the course of 50 years, Nassau is widely recognized in Korea for producing durable sports goods. By joining forces with Treasure Labs, Nassau aims to tap into the potential of Web3 content and services to enhance its global market presence.Metaverse platformTreasure Labs has been establishing a strong presence in the metaverse sector through collaborations with various entities such as blockchain platform Solana Labs, cryptocurrency exchange Crypto.com, and decentralized gaming platform The Sandbox. Notably, Treasure Labs is the first Korean company to secure investment from the Solana Foundation, the sister organization of Solana Labs.Both companies are enthusiastic about the prospects of this partnership. A representative from Treasure Labs emphasized that the collaboration will introduce a creative fashion brand that appeals to millennials and Generation Z, bridging the virtual and real worlds within the metaverse. The representative further mentioned plans to establish a dedicated brand hall within Pararium, where a series of events will showcase unique and trendy Web3 content. Echoing this sentiment, a Nassau official anticipates that the collaboration will give both firms a competitive edge in the global market.

Global crypto exchange platform KuCoin has announced the arrival of “KuCoin Thailand” (to be also known as “KuCoin TH”) in the Southeast Asian country. In a press release publicizing the development, the company outlined that the new platform has been formed following a rebranding of ERX, the first virtual currency exchange to be licensed and supervised by Thai regulator, the Securities and Exchange Commission (SEC).Photo by Bharath Mohan on UnsplashGlobal infrastructure enhancing service deliveryERX has rebranded to KuCoin Thailand, but the exchange will continue to be operated by ERX Company Ltd, while collaborating with KuCoin and benefiting from KuCoin’s global market presence and global exchange infrastructure. Commenting on what KuCoin brings to the partnership, ERX CEO Att Tongyai Asavanund stated: “With the global infrastructure and resources supporting us, we’re enhancing our ability to deliver localized solutions tailored for the Thai market. KuCoin Thailand reflects our continued mission — strengthened by strong technology and a broader global vision.” ERX Board Director Henry Chen said that the objective is “to build a leading digital asset platform in Thailand with global vision, institutional grade service and state-of-art technology.”Southeast Asian expansionFounded in China in 2017, although operating on a global basis, KuCoin continues to have stronger ties to Asia. Following the implementation of restrictions on crypto trading in China a few years ago, the company moved its headquarters to Singapore, subsequently opting to establish itself in the Seychelles. This latest development further strengthens KuCoin’s credentials within the Asian region. In a blog post, the company marked the event as a “key step forward” in its strategic expansion across Southeast Asia. Existing ERX users have already been migrated over to the new platform. The company has placed a notice on its website advising users to download the KuCoin TH app, which has been made available via Android and iOS. Last month ERX announced that it had received approval from the Thai SEC to activate its Crypto Exchange License. The company was first established in Thailand in 2019. It has been under the supervision of the local regulator since 2020.  The ERX platform was originally built out using AlphaPoint white-label software. It received a digital assets exchange license from the SEC in July 2020. ERX parent company, New York-based digital asset management firm Elevated Returns, has been working within the real-world asset (RWA) tokenization arena for some time. In 2018, the company was involved in a $18 million deal to tokenize the St. Regis Aspen Resort, a luxury hotel and resort located in Colorado, United States. Previously, KuCoin had remained unlicensed in Thailand. In recent times, the Thai authorities have made efforts to block unlicensed exchanges from engaging with investors in Thailand. Last month Thailand’s SEC filed a lawsuit against KuCoin competitor OKX for allegedly running an unlicensed exchange. KuCoin Thailand will compete with eight other licensed exchange businesses within the Thai market. These include WAAN Exchange, Gulf Binance, Thai Digital Assets Exchange, InnovestX Securities, GMO-Z.com Cryptonomics, Upbit Exchange, Bitkub Online and Orbix Trade.

As Hong Kong approaches the culmination of the Securities and Futures Commission's (SFC) deadline for cryptocurrency exchanges to seek licenses, the regulator issued a reminder to investors about the potential risks associated with trading on unlicensed platforms.Photo by Jarrod Erbe on UnsplashUrging cautionIn a notice released on Monday, the SFC emphasized the importance of engaging exclusively with SFC-licensed virtual asset trading platforms (VATPs) to ensure investor protection. With only one month remaining for exchanges to apply for a license under the city's virtual asset regulation, the SFC urged investors to exercise caution when dealing with platforms that have not yet received approval.The SFC suggested that investors check the list of regulated platforms, which it maintains on its website. Within the notice, the regulator outlined that in the past, some platforms have claimed to be regulated entities when they were not compliant platforms and not adhering to existing regulations within the Chinese autonomous territory. The advisory comes after the fallout from a high-profile fraud incident involving the JPEX trading platform last fall, resulting in substantial losses of $192 million. Growing list of VATP license applicantsLast month, four additional crypto exchanges, including the KuCoin-affiliated HKVAEX and Singapore-based Bybit, joined the list of official VATP license applicants. The SFC began publishing this list in response to the JPEX scandal, underscoring the importance of regulatory compliance in the cryptocurrency sector. Hong Kong's virtual asset regulation, enacted as an amendment to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance last year, stipulates that companies engaged in selling or marketing cryptocurrencies to Hong Kong residents must apply for a license by Feb. 29. Those failing to do so must cease business operations in the city by May 31. Currently, OSL and HashKey are the only licensed exchanges in Hong Kong, having received an earlier voluntary license that was later upgraded to include retail investors. These exchanges are operating under an interim solution permitted by the SFC, allowing retail investors to trade on their platforms. Setting a high barWhile 14 companies have formally submitted license applications to date, Patricia Ho, General Counsel for blockchain company Scroll, told the South China Morning Post (SCMP) that the stringent requirements set by Hong Kong have led to a selective process. Ho explained that the city has intentionally set a high bar for application submission, resulting in only the most committed and resourceful entities progressing to the application stage. Last month, it emerged that the SFC had acted to bolster investor protection by introducing a minimum insurance requirement of 50% for licensed crypto exchanges that handle customer funds. It is also planning to introduce a regulatory framework relative to crypto over-the-counter (OTC) trading desks. The SFC is also monitoring individual crypto projects, as last week, the regulator issued a stern warning to those behind the offering of the Floki and TokenFi staking programs. As the deadline approaches, Ho anticipates potential enforcement actions against smaller platforms operating in legal gray areas. Larger platforms, on the other hand, have already begun restricting access from Hong Kong.