Busan at risk of losing its status as blockchain regulation-free zone

United Arab Emirates (UAE)-based crypto market maker and Web3 investment firm DWF Labs has launched a $250 million fund for investment in mid to large-cap crypto projects. The company, which recently switched its administrative base from Singapore to Abu Dhabi, asserts that the fund will contribute towards the real-world adoption of Web3 technology. Photo by Towfiqu barbhuiya on UnsplashUp to $50M per projectTaking to X, DWF Labs Managing Partner Andrei Grachev announced the $250 million fund. He added:”Single ticket size ranged from 10 to 50M$ per a project. Cash + comprehensive support = Moon” In a statement published to the company’s website, DWF Labs outlined that the Liquid Fund initiative aligns with the firm’s commitment to contributing towards real growth within the broader crypto market. It stated: “The fund will provide strategic crypto venture capital and ecosystem support, ensuring sustainable growth for projects that drive real-world adoption and help promote change in the industry.” Initial dealsWork on the fund is already in motion. The company confirmed that it has already invested $11 million into promising blockchain projects as part of the initiative. Furthermore, DWF Labs confirmed that it is on the verge of signing two major investment deals with ticket values of $10 million and $25 million respectively. Beyond those deals, the firm asserts that other investment deals are in the pipeline. It clarified that the nature of the investment differs from traditional investments insofar as each deal incorporates a full-scale ecosystem growth strategy, devised specifically for the particular needs of each project. Grachev stated that the company believes “that strategic capital, coupled with hands-on ecosystem development, is the key to unlocking the next wave of growth for the industry.” Key aspects being considered by the company when formulating ecosystem growth strategies relative to targeted blockchain projects include public relations (PR) and brand amplification, a comprehensive go-to-market (GTM) strategy, lending markets development and a focus on stablecoin total value locked (TVL), with supporting liquidity and DeFi activity relative to layer-1 and layer-2 projects. Focus on ‘usability and discoverability’Grachev told Cointelegraph that emphasis will be placed on investing in blockchain projects that stand out in terms of “usability and discoverability.” He added that “good technology and utility alone isn’t sufficient,” asserting that "users first need to discover these projects, comprehend their value and develop trust." The DWF Labs managing partner suggested that strategic capital, together with hands-on ecosystem development, is paramount relative to efforts to realize the next iteration of growth within the crypto sector. Up until the end of last year, DWF Labs was headquartered in Singapore and still maintains a presence there. Besides Abu Dhabi, it also has a physical presence in Dubai. Hong Kong, Switzerland, South Korea and the British Virgin Islands (BVI) account for the locations of the remainder of its international offices. While Grachev and his firm can be assumed to have a positive broader view on the cryptocurrency sector given the launch of this latest fund, the DWF Labs managing partner recently pointed to a more immediate potentially bearish trend in the market.

Seoul’s Seocho District Leverages Blockchain Coins to Catalyze Social ImpactSeocho District, one of the 25 districts in the South Korean capital of Seoul, is leveraging blockchain technology to tackle environmental and welfare issues with the introduction of the “Good Seocho Coins,” as reported by local news outlet Shinailbo.Photo by TANIM MUNSHI on UnsplashContribute and earn rewardsUnder this program, residents of Seocho can earn Good Seocho Coins by engaging in socially beneficial activities. Each coin holds a value of 100 KRW ($0.076) and can be utilized for various purposes such as accessing facilities, enrolling in educational courses, and making purchases at the Seocho Community Center and the Seocho Joongang Senior Welfare Center.From recycling to in-kind donationsTo earn these coins, residents can participate in three categories of activities: recycling, identifying marginalized households, and making in-kind donations. By returning items like paper bags, clothes hangers, empty plastic bottles, and ice packs to 300 Carbon Zero-certified stores within the district — ranging from coffee shops to laundromats and butcher shops — residents can earn coins. For instance, returning ten hangers or empty plastic bottles would earn them a coin.Residents who identify marginalized households and assist them in obtaining welfare benefits will receive ten coins, while those who connect them with social services will earn five coins.Talented individuals can also contribute to the community and earn coins. For example, photographers, hairdressers, makeup artists, and performers of the non-verbal comedy show Nanta can donate their services and earn one coin per hour. Additionally, health educators and volunteers can earn coins by assisting residents aged 60 or older.Expanding horizonsOriginally conceived as an initiative to promote the health and community engagement of elderly individuals, the Good Seocho Coin project underwent revisions last month to encompass a broader community through regulatory changes.Mayor Jun Sung-soo of Seocho District stated that the aim of this initiative is to harness the potential of blockchain technology and motivate district residents to actively contribute towards tackling a wide range of social challenges. He further highlighted the district’s intention to broaden the scope of this initiative in order to cultivate a sense of pride and satisfaction among the residents, leading to a positive ripple effect throughout the community.

Korean government to seize crypto for unpaid child supportStarting next year, the South Korean government is set to begin seizing virtual assets such as bitcoin from parents who are obligated to pay child support but fail to do so.Photo by Bonnie Kittle on UnsplashKorea Credit Bureau to assist in crypto seizuresAccording to a report by local news outlet Dailian, the Child Support Agency (CSA) of the Korean Institute for Healthy Family (KIHF), which operates under the Ministry of Gender Equality and Family, announced on Wednesday (local time) a partnership with the Korea Credit Bureau (KCB). This collaboration will empower the agency to confiscate virtual assets from parents who are delinquent in paying child support.Since 2015, the CSA has been offering emergency child support for approximately a year to low-income single parents who have not received payments from non-custodial parents. In this process, the agency initially pays the child support on behalf of the non-custodial parents and subsequently pursues reimbursement from them. This system ensures that the immediate needs of the children are met while still holding non-custodial parents accountable for their financial responsibilities.Before July 2022, the CSA was required to initiate lawsuits against non-compliant parents to recover child support payments. However, since then, the agency has been authorized to directly pursue reimbursements by following the compulsory national tax collection process.Challenges in enforcing child support paymentsDespite these improved measures, the government still encountered challenges in enforcing child support payments. Some non-compliant parents have resorted to earning income under other people’s names or deliberately concealing their properties, including virtual assets, to evade their child support obligations.Against this backdrop, the recent partnership between the CSA and the KCB is a strategic move to enhance the enforcement of child support payments. This collaboration will grant the CSA access to KCB’s virtual asset management system. With this access, the CSA will be able to efficiently search for and seize the cryptocurrency holdings of non-compliant parents.Jeon Joo-won, the head of the CSA, underlined the significance of the agency’s collaboration with the KCB. She pointed out that utilizing KCB’s financial transaction data will improve the CSA’s enforcement of child support payments. Jeon also emphasized that the mutual support between the two agencies will serve as a foundation for promoting social values, highlighting the broader societal impact of their combined efforts to ensure responsible child support compliance.