Korean Prosecutors Allocate $734K Budget for Crypto Crime Investigations

MaskEX Gets Initial Regulatory Approval in UAEThe online cryptocurrency trading platform and wallet provider, MaskEX has been given initial regulatory approval by a regulator in the United Arab Emirates (UAE).Photo by Carlos Alberto Gómez Iñiguez on UnsplashThe trading platform received outline approval from the Virtual Assets Regulatory Authority (VARA) in Dubai, where the company is headquartered. While the business has been around since 2021, this first compliance step is significant as it seeks to build and extend its footprint within the UAE and the broader Middle East and North Africa (MENA) region.Regulatory significanceTo say that regulation has lagged the development of crypto assets on a global basis is an understatement. However, the high profile and spectacular crypto business failures in 2022 have really captured the attention of regulators and lawmakers. Many point to inadequate regulation as a key cause of those failures. With that, most regulators recognize that it won’t be acceptable to the broader public to have such a loss impact on ordinary investors in a rerun of the collapses of 2022.VARA has been one of the most proactive regulators in that respect. The Authority has developed a regulatory framework, culminating in its current licensing regimen for crypto businesses. It wouldn’t have been feasible for MaskEX to trade without obtaining regulatory approval.Regulatory actionIn February, VARA issued Open Exchange (OPNX), a platform that specializes in the trading of crypto bankruptcy claims, with a cease and desist order, relative to the establishment of that business in Dubai. Last month, the Regulatory Authority issued an investor alert related to OPNX, warning the investing public that OPNX was not regulated by them and that investing in or using the platform was risky.That culminated with VARA sending OPNXs founders and CEO a formal warning letter. With that sort of action playing out, it’s no surprise that MaskEX has tried to go the compliant route, acquiring that initial approval.The firm is not alone in taking that approach. On May 1, BitOasis, another crypto trading platform headquartered in Dubai, became the first entity to be awarded a broker-dealer license.This milestone event for MaskEX means that it can now complete entity formation, expand its team, secure banking services and generally, open for business. In its application MaskEX requested permission to engage in the activity of acting as an exchange, offer borrowing and lending services, as well as to act as a broker and crypto asset manager.Crypto market to be driven by ME and Central AsiaOn social media on Thursday, MaskEXs VP and Chief Strategy Officer (CSO) Ben Caselin, said that the initial approval forms part of the firm’s application for a Full Market Product (FMP) license. Caselin used the opportunity to post a video offering a sneak peek at the firm’s new Dubai offices. “MaskEX will be the first crypto exchange to publicly disclose their headquarters and even allow the general public to visit,” he said.Speaking at Finoverse Arabia this week, Caselin also said that “the next crypto bull market is once again going to be driven by Asia, and the unsurprising surprise will come from the Middle East and Central Asia.” That’s a prediction that’s being floated by quite a number of industry commentators, and with the US shooting itself in the foot in its approach to digital assets, it sounds like a reasonable prediction.

Com2uS’ partnership with Thailand’s SHIN-A to boost Web3 gaming presence in Southeast AsiaCom2uS Holdings, a South Korean game developer, announced on Thursday that its subsidiary, Com2uS Platform, has forged a reselling partnership with SHIN-A, a Bangkok-based marketing and game service firm. This collaboration aims to bolster the expansion of Com2uS Platform’s all-in-one gaming platform, Hive, marking a significant step in its global outreach and growth strategy.Photo by Lisheng Chang on UnsplashBlockchain-powered, all-in-one platformHive offers a comprehensive suite of services, including authentication, payments, promotions, customer support, analytics, and Web3 integrations, all integrated within a single software development kit (SDK). Since opening its services to external game companies in 2021, the blockchain-powered platform has secured contracts with 51 games from 39 different publishing clients, demonstrating its growing influence and utility in the gaming industry.Against this backdrop, the newly established partnership between Com2uS Platform and SHIN-A paves the way for cooperative marketing and sales efforts aimed at promoting the Hive platform to a broader range of global gaming companies. To facilitate this goal, SHIN-A is planning to establish a dedicated support team in Thailand, which will focus on the resale of Hive products.SHIN-A, a key player in game publishing and global marketing, covers a wide range of business areas, including Web2 and Web3, across mobile, desktop and console platforms. The company has forged game publishing contracts with global giants like HoYoverse and Tencent, and has successfully conducted local marketing for Com2uS’ game, Birdie Crush: Fantasy Golf. Additionally, SHIN-A collaborates with major Thai firms like mobile phone network AIS and is involved in entertainment ventures, including organizing large-scale K-pop concerts.Thailand’s growing gaming marketWith almost 40% of its 70 million population engaging in games, Thailand presents a significant market opportunity. This is further underscored by the fact that the country boasts the highest average in-app purchase spending per person in Southeast Asia. It is also witnessing rapid growth in the gaming sector as the second-largest gaming market in Southeast Asia, trailing only behind Indonesia.In this vibrant market, Com2us’ action RPG, Summoners War: Chronicles, has achieved notable success, becoming one of the top-grossing games on the Steam platform in Thailand. This success signals a promising landscape for the introduction of Com2uS Platform’s Hive, which is likely to further enhance customer engagement and expand the company’s footprint in the region’s booming gaming market.Com2uS Platform’s Business Director, Kim Jong-moon, stated that the reselling partnership with SHIN-A is poised to significantly enhance Hive projects in the Southeast Asian market, a region known for its dynamic gaming and blockchain sectors. Kim highlighted the company’s plans to earmark the upcoming year as a pivotal period for Hive, marking the beginning of its global strategy implementation.

Korean Blockchain Experts Suggest Tackling Everyday Challenges with Blockchain AdoptionAt a recent blockchain conference, experts from the Korean industry proposed that the adoption of blockchain could be amplified by addressing daily challenges such as parking problems, according to a report by local news outlet Decenter. They also believe that blockchain has the potential to enhance the quality of life by fostering community solidarity. For this vision to be fully realized, they emphasized the crucial role of government policy support.Photo by Filip Filkovic Philatz on UnsplashBlockchain and parking managementOn October 30 at the 2023 Global Blockchain Incheon Conference (GBIC) in Songdo, Incheon, several applications of blockchain technology were highlighted. Kim Jung-eun, a professor at the Graduate School of Engineering at Inha University, discussed the benefits of integrating blockchain into the management of shared parking lots. She underscored that while privately opening up idle parking lots in locations such as villas can introduce concerns of theft and time violations, blockchain technology can address these challenges. By documenting vehicle details on the blockchain and controlling usage time with smart contracts, the parking process can also become more transparent and trustworthy.Enhancing a city’s image through civic unityBuilding on the theme of blockchain’s societal benefits, the conference also touched on its prospects to enhance civic unity. Kim Hyung-joon, a professor at Pai Chai University, highlighted the significance of civic solidarity in enhancing a city’s image. He drew attention to Stockholm, Sweden, lauding it as one of the happiest cities globally and emphasizing the vital role a sense of community plays in such acclaim. Professor Kim believes that promoting a robust community feeling through Web3 platforms and decentralized autonomous organizations can boost a city’s competitive edge. He stressed that this approach should be paired with policy initiatives that actively support Web3 and blockchain technologies. With the technology being mature, Kim underscored the pivotal role governments play, noting that numerous projects have been stifled by restrictive regulations.Four strategies for the Web3 industryAt the same event, Professor Park Soo-yong from the Computer Science and Engineering Department of Sogang University shared insights on strategic approaches for the burgeoning Web3 industry. He emphasized four primary strategies: bolstering the Web3 gaming and entertainment sectors, cultivating talent for the evolving digital economy, advancing digital asset innovations and financial systems, and urging transformation within governmental agencies. Professor Park highlighted the current division in jurisdiction — with the entertainment industry overseen by the Ministry of Culture, Sports and Tourism, and the digital asset sector regulated by the Financial Services Commission. He asserted that consolidating these sectors under one unified jurisdiction could drive significant progress.In a related note, a study from Emergen Research projects a bright future for the Web3 market. It’s forecasted to experience a compound annual growth rate (CAGR) of 43.7% between 2021 and 2030. This would see its revenue grow from $3.2 billion in 2021 to $81.5 billion in 2030.