Busan Hosts Blockchain Conference with Aim to Become Digital Financial Hub

Binance co-founder and former CEO, Changpeng Zhao (CZ), has partnered with the authorities in the Central Asian republic of Kyrgyzstan to provide advice on crypto regulation and the development and adoption of blockchain technology. It’s understood that CZ has signed a memorandum of understanding (MOU) to this effect with the National Investments Authority (NIA), a state authority that falls under the direction of the President of the Kyrgyz Republic. The NIA promotes foreign direct investment, assisting foreign companies in developing business opportunities within Kyrgyzstan. Photo by Abai K on UnsplashCrypto & blockchain ecosystem developmentIn a statement published on X on April 3 by the President of the Kyrgyz Republic, Sadyr Zhaparov, the president outlined that in accordance with the MOU, the parties will cooperate on the development of the crypto and blockchain ecosystem. Breaking that down further, the president said that this cooperation will involve the provision of technical, infrastructural and technological support and expertise. Additionally, it will involve collaboration towards the implementation of related educational initiatives. Zhaparov added: “This cooperation marks an important step towards strengthening technological infrastructure, implementing innovative solutions, and preparing highly qualified specialists in blockchain technologies, virtual asset management, and cybersecurity. In light of the rapid global evolution of digital technologies, such initiatives are crucial for the sustainable growth of the economy and the security of virtual assets, ultimately generating new opportunities for businesses and society as a whole.” ‘Crypto adoption one country at a time’CZ reacted to this X post by the President of the Kyrgyz Republic, stating: “Kyrgyzstan. Crypto adoption, one country at a time.” He also remarked that this event had brought Zhaparov to X, given that this was his first post on the platform, with an account registered last month. Steve Milton, co-founder and CEO of Web3 wallet project Fintopio and a former Binance marketing executive, commented on the development. Milton stated that Kyrgyzstan is a forward-thinking country, while interpreting CZ's involvement as a step that will help move adoption forward. Additional advisory activityIn another X post, CZ provided details on his advisory activity. He stated: “I officially and unofficially advise a few governments on their crypto regulatory frameworks and blockchain solutions for gov efficiency, expanding blockchain to more than trading. I find this work extremely meaningful.” Reports emerged in January that Malaysian Prime Minister Datuk Seri Anwar Ibrahim had discussed digital finance policy matters with CZ. The Binance co-founder said that those discussions revolved around digital asset regulation and risks related to such assets. Furthermore, cross-border collaborations and collaborations between industries were discussed. In December CZ met with the King of Bhutan. Prior to that visit, he posted a link to an article on X that outlined that the Kingdom of Bhutan has accumulated in excess of $1 billion in Bitcoin. At that time, the Binance co-founder said that many nation states will use Bitcoin and other cryptocurrencies as reserve assets. In the past, commentators have identified Kyrgyzstan as having considerable potential for crypto mining, given ample hydroelectric generation within the mountainous country. However, crypto mining tax receipts as of the end of last year suggest that crypto mining still remains a niche activity in the Kyrgyz Republic.

METACON 2023 to Explore Innovative Metaverse Business ModelsAccording to a report by local crypto news outlet Tokenpost, METACON 2023, a conference focused on Web3 and the metaverse, is set to take place from June 29 to 30 at COEX, a convention and exhibition center in Seoul. This year’s event marks the third anniversary since its inception in 2021.Photo by GuerrillaBuzz on UnsplashInsights on the MetaverseAs the main event of Seoul Meta Week (SMW), METACON aims to showcase cutting-edge metaverse applications, explore innovative business models, and find ways to penetrate new markets. Titled “WEB 3.0 X METAVERSE: The Future of Hyper-Connected Experience,” METACON 2023 will feature presentations and discussions from approximately 40 speakers representing prominent companies. Among the featured speakers are representatives from The Sandbox, Google Cloud, Tencent, Shutterstock, DRESSX, The Fabricant, Nexon Korea, Amorepacific, SK Telecom, and LG Uplus.On June 29, Kerry Murphy, the Founder and CEO of The Fabricant, will provide insights into the impact of digital fashion on the real-life fashion industry. Following that, Murphy will engage in a discussion with Natalia Modenova, the Founder & COO of DRESSX, to talk about the philosophy of Web3 and collaborative efforts in shaping trends in digital fashion.Participation from traditional banksIn addition, visitors to the conference will have the opportunity to hear from representatives of four traditional Korean banks: KB Kookmin Bank, Shinhan Bank, Hana Bank, and Woori Bank. Other discussions throughout the event will cover a wide range of topics, including the work environment, digital art, the popularization of Web3, investments, and generative artificial intelligence (AI).The following day of the conference will commence with a keynote speech titled “Unlocking Brand Value in the Metaverse” by Sebastien Borget, the Co-founder and COO of The Sandbox, a community-driven blockchain gaming platform. After that, Dade Orgeron, the VP of 3D Innovation at US stock image provider Shutterstock, will deliver a talk on generative AI as a creative tool and discuss the company’s AI license policy.An official from Seoul Meta Week (SMW) stated that this year’s program was specifically designed to provide an agenda that encourages interaction between newcomers to the Web3 industry and established projects.

OpenAI CEO Sam Altman's Worldcoin project aims to bolster ties with Malaysian officials amid concerns over data privacy. Sam Altman and Alex Blania, key figures behind the Worldcoin project, recently engaged in discussions with Malaysian leaders, including the nation's Prime Minister, to enhance government relations. The move comes as Worldcoin faces scrutiny and seeks to address concerns surrounding data protection.Photo by Esmonde Yong on UnsplashAddressing privacy concernsThe "proof-of-personhood" crypto project has been under scrutiny for its data collection practices. Last month, temporary bans were imposed by Spain and Portugal, halting Worldcoin's data collection activities. The project offers WLD tokens to users in exchange for iris scans to create their personal World ID, prompting privacy advocates' concerns. Government attention and oversightWorldcoin's high-profile nature, coupled with Sam Altman's involvement, has drawn significant government attention. Countries like Germany, France, Argentina, Kenya and South Korea have initiated investigations into the project's data collection practices. Despite challenges, senior government officials continue to engage with Worldcoin amidst growing concerns about artificial intelligence threats like deepfakes. Strengthening government relationsTo address regulatory concerns, Worldcoin's parent company, Tools for Humanity, appointed Trevor Traina, former U.S. ambassador to Austria, as Head of Global Affairs. Traina emphasized the importance of meeting policymakers' expectations regarding data privacy and security. New privacy measuresIn response to regulatory pressures, Worldcoin introduced "Personal Custody," discontinuing the storage of biometric data for new signups. Additionally, users can now request the deletion of their iris codes, and stricter age verification measures have been implemented to prevent minors from signing up. These measures were developed in consultation with privacy experts and data protection authorities. Despite challenges, Worldcoin has assigned over five million World IDs, according to project data.