South Korea, Chainalysis Collaborate to Thwart North Korea’s Crypto Crimes

Hana Financial Group Joins Hands with Netmarble to Attract Digitally Savvy Youths to the MetaverseKorean financial holding company Hana Financial Group has formed a strategic partnership with game publisher Netmarble, aiming to capture the attention of digitally savvy youths in South Korea. Their strategy involves introducing innovative financial services and identifying opportunities for joint business projects, as reported by local news outlet Consumer Times.Photo by Andre Taissin on UnsplashFinancial services in the gaming realmThe two sides intend to launch Hana Financial Group’s services within the realm of Grand Cross: Metaworld, a 3D animated massively multiplayer online (MMO) game. Grand Cross is being developed using Unreal Engine 5 and is a project led by Metaverse World, an affiliate of Netmarble.While the companies strive to collaborate on joint marketing promotions that encompass both gaming and financial aspects, the specific plans for executing these initiatives are still in the process of being developed.Some industry experts anticipate that the two entities will leverage their respective strengths within the virtual world to create synergistic outcomes.User interaction and advertising benefitsAccording to a tech insider who spoke to Consumer Times, there are indications that Netmarble will initially empower Hana to feature the financial group’s affiliated entities on the gaming company’s metaverse platform. This strategic step holds the potential for fostering user interaction and reaping advertising benefits. Additionally, the source mentioned that subsequent to this phase, Hana might take steps to enable customers to access banking services within the virtual domain.If, in the future, in-game goods were to establish themselves as a dependable form of currency due to potential policy reforms, it’s believed that Hana Financial Group would play an even more substantial role, leading to increased business opportunities for both partners, the source noted. These offerings would primarily cater to digital native generations.

KOMSCO and KEPCO Cooperate on Blockchain TechnologyKorea Minting and Security Printing Corporation (KOMSCO) and Korea Electric Power Corporation (KEPCO) have recently agreed to cooperate on blockchain technology, as well as other information and communication technology, according to a press release by KOMSCO.©Pexels/Savvas StavrinosConnect and develop modelLast Thursday, KOMSCO held a seminar on tech cooperation with KEPCO in Daejeon, home to many Korean government agencies. At the seminar, both sides decided to embrace a connect and develop model, which is more advantageous than closed research and development models in terms of agility and cost-effectiveness.Digital transformationThe two agencies possess a wealth of advanced technologies: KOMSCO excels in NFT authentication and blockchain-based payments systems, while KEPCO holds a competitive edge in blockchain platforms. Both parties will explore various ways to collaborate in these areas to promote Korea’s digital transformation.More stable electricity gridFurthermore, KOMSCO is continuously expanding infrastructure for information technology, and deploying its security solutions to KEPCO is expected to bolster the stability of the country’s electricity grid.

A recent survey by Turkish crypto exchange Paribu reveals that 99% of Turkish investors are now familiar with digital assets, a significant rise from just 16% in 2020. Digital assets have emerged as the third most popular investment choice in Turkey, overtaking traditional options like real estate. Investors are now nearly twice as likely to consider digital assets over stocks or mutual funds, a trend seen across other Asian nations, where younger investors are favoring crypto over more conventional investments. In Indonesia, for example, digital asset investors reached 20 million this year, far surpassing the 12 million who trade on the country’s stock exchange. In the U.S., a recent Bank of America survey reported a similar trend, with younger investors increasingly gravitating toward digital assets.Photo by Burak Karaduman on PexelsHigh returns and future potential drive interest in digital assetsThe survey shows that Turkish investors are primarily attracted to digital assets for their high return potential, while some view them as the future of finance. Other motivations include fast transaction capabilities, as well as benefits like censorship resistance. According to Paribu’s spokesperson, Nergis Nurcan Karababa, crypto assets may experience higher adoption rates than traditional financial products, as more individuals anticipate mainstream usage of digital assets in the near future. Security a top priority for Turkish investorsSecurity remains a paramount concern for Turkish investors, particularly given the history of hacks and fraud targeting local exchanges. Paribu’s survey, which polled over 2,000 residents and 541 active traders, found that most Turkish investors demand a strong security system from their trading platforms. In recent years, Turkish exchanges have been targeted by hackers, with high-profile breaches impacting investor confidence. In June, an attack on BtcTurk, the country’s largest exchange, reportedly led to a $55 million loss from multiple hot wallets. An earlier collapse of the Thodex exchange in 2021 saw the disappearance of investor funds valued by Chainalysis at $2.6 billion, although local prosecutors cited a lower figure. Thodex’s founder was sentenced to over 11,000 years in prison, underscoring the severity of crypto-related financial crimes in Turkey. Rise in preference for local exchangesDespite security incidents, Turkish investors increasingly favor local exchanges, with 78% indicating a preference for Turkey-based platforms in 2024, up from 63% last year. This trend aligns with a global shift towards domestic exchanges as investors seek platforms regulated by local authorities, providing easier avenues for legal recourse. The collapse of international platforms like FTX has accelerated this trend, and countries such as Nigeria, India and Indonesia have issued new licenses exclusively for local exchanges, restricting foreign entities from operating within their borders. Turkey’s leading position in the MENA crypto marketTurkey ranks as the largest digital asset market in the Middle East and North Africa (MENA) region and is 11th globally in terms of adoption, according to Chainalysis. Between June 2023 and June 2024, Turkey received $137 billion in digital assets, placing it seventh worldwide for total transaction volume. This growing market highlights Turkey’s role as a key player in the global crypto landscape, as well as the increasing integration of digital assets into mainstream financial activities among Turkish investors.