Param Labs Secures $7M investment to bolster Web3 gaming infrastructure

Academia, Industry Collaborate on Crypto Accounting Research in KoreaThe Korean Accounting Association (KAA) and Samil PwC, the South Korean member firm of global accounting company PwC, have joined forces to conduct collaborative research on accounting for cryptocurrency assets, according to a report by local news outlet Maeil Business Newspaper.Photo by Pixabay on PexelsCollaborative effortsUnder this newly formed partnership, the KAA’s crypto asset committee will work closely with Samil PwC to explore a wide range of crypto assets, facilitate the development of financial statements pertaining to these assets for businesses, and implement accounting policies that align with the characteristics of cryptocurrencies.Leading the crypto asset committee is Roh Hee-chun from Soongsil University, while Partner Lee Jae-hyeok from Samil PwC will participate in the study. Until 2028, this collaboration is poised to yield insights and findings on crypto asset accounting.First seminarThe committee is set to hold its first seminar on June 27, serving as a platform for knowledge exchange and fostering deeper understanding among industry professionals. Furthermore, the accountants involved anticipate publishing a paper in an academic journal next year.PwC’s Assurance Leader Oh Kee-won emphasized the accounting firm’s commitment to leveraging its extensive resources in order to produce outcomes that positively impact society.Meanwhile, KAA President-elect Kim Gap-soon highlighted the relative novelty of crypto asset accounting, acknowledging that there is much ground to be covered. The association aims to establish a solid foundation that offers optimal guidance in the field of crypto asset accounting.

Gala Music’s First K-pop NFT Drop Sells Out in SecondsWeb3 music streaming platform Gala Music announced on Wednesday that the NFT drop for its first K-pop artist Ferry Blue’s latest single, “Breaking the Rules”, has sold out in just 3.4 seconds.Photo by C D-X on UnsplashFerry Blue’s journey to NFT successFerry Blue is an independent girl group that debuted in September 2021 with their album “Call My Name.” The members — Dozin, Xiho, Hyeyoung, Seul, Seona, and Hyunji — are unaffiliated with any entertainment agency, often working part-time jobs. Their new single, “Breaking The Rules,” which was composed using generative artificial intelligence (AI), was released on Gala Music last Tuesday where it is currently available for streaming. The NFT drop opened for public sale the following day at 5 AM KST, during which a total of 90 NFTs were minted and sold for $99 each.The drop garnered significant attention as it was Gala Music’s first collaboration with a K-pop artist. “Ferry Blue has made a mark not only on our platform but also in the global Web3 market,” Gala Music said. “We look forward to more K-pop artists expanding their presence worldwide through our platform in the future.”Gala Music’s innovative approach to enjoying musicEstablished in February last year, Gala Music has released over 350 songs from 86 artists, including rapper Snoop Dogg and DJ Steve Aoki. The decentralized music platform operates under a Learn-to-Earn (L2E) system, where listeners can stream and collect music tracks and then pair them to a node to share with others. Node operators and track owners can receive tokens for their contribution to the platform.

Duncan Chiu, a member of Hong Kong's Legislative Council, has expressed concerns over the stringent regulations imposed on cryptocurrency exchanges by the Securities and Futures Commission (SFC). In an opinion piece for the Hong Kong Economic Journal, Chiu argued that these rigorous standards have deterred major global exchanges from entering the Hong Kong market, undermining confidence in the region's commitment to developing Web3 technologies. He highlighted the recent withdrawal of license applications by prominent exchanges such as OKX, Gate.io and HTX as indicative of the flaws in the current regulatory framework.Photo by Chapman Chow on UnsplashLicensing system and industry developmentChiu criticized the fragmented approach to policy development for Hong Kong’s virtual asset market, noting that various aspects like VATP (Virtual Asset Trading Platforms), stablecoin issuance and virtual asset over-the-counter trading are managed by different departments without strategic industry consideration. He also mentioned feedback from license applicants who feel that the authorities lack a forward-thinking vision for fintech and are applying traditional financial principles too rigidly to the dynamic and innovative sector of Web3. Furthermore, Chiu pointed out the disconnect between the industry and regulators, particularly in the experience required of management in licensed crypto operations versus the practical experience of regulators in Web3, complicating effective communication and progress.