Wemade and Mystic Games to bring two new games to WEMIX PLAY

GroundX releases membership NFT for JND Studios’ character figures on Klip DropsGroundX, the blockchain subsidiary of South Korean conglomerate Kakao, has teamed up with JND Studios — the only hyper-realistic figure maker in South Korea — to drop a membership non-fungible token (NFT) collection on Klip Drops, its digital art curation gallery and NFT platform, according to an official announcement on Monday (local time).Photo by Choong Deng Xiang on UnsplashExclusive accessJND Studios’ figures are known for being hard to acquire, as they are often made in small batches that sell out quickly. Owners of the membership NFT will get the exclusive opportunity to be the first to purchase products from the company’s K-Star Figures lineup, which features figures of popular characters from South Korean movies and dramas. This will allow the NFT owners to secure the items before their official release without the risk of them selling out prematurely.The first character from the lineup — actor Choi Min-sik as Oh Dae-su from the critically acclaimed film “Oldboy” — will be gifted to customers who purchase the NFT. The product is valued at KRW 3 million (approximately $2,300), according to JND Studios. A figure of actress Kim Hye-soo as the iconic Madam Jung from the movie “Tazza” will also be unveiled early next year.The sales period for the NFT drop will run until Jan. 3 with a limited quantity available for purchase. Buyers can link their Klip wallet on the JND Studios website, verify the NFTs they own, and then purchase the K-Stars membership NFT to get their hands on the upcoming K-Star Figures.Spearheading NFT integrationGroundX is leveraging Klip Drops to promote the widespread adoption of NFTs by implementing them in diverse sectors, such as art, retail and culture, where they can be used as membership vouchers, tickets or even coupons.

The South Korean financial authority will establish new policies and guidelines for token listing and provide admirable examples from past listing events for local exchanges to follow, according to local media outlet News1.  So far, fiat-to-crypto exchanges in Korea have been listing tokens on their platforms under a guideline issued by Digital Asset eXchange Alliance (DAXA) – a self-regulatory consultation group comprised of five major Korean crypto exchanges. The existing DAXA guideline outlines basic yet vague instructions, which have allowed exchanges to list tokens largely at their discretion.  However, the new guideline from the financial authority, expected to be released by this June, will mark the government’s first official manual on token listing. This is in line with the upcoming Virtual Asset User Protection Act, which will be effective in July. Photo by Hitesh Choudhary on UnsplashSetting clear guidelines for token listingsThe new guidelines are expected to include examples of past fraud detection and real-time monitoring cases which are deemed to have set precedents for the industry players. Moreover, the financial authority plans to distribute past exemplary cases of token listing as early as April, which is anticipated to set a model listing process and help local crypto exchanges adhere to the law and requirements.  This announcement comes after the local game company Wemade relisted its native token WEMIX on Korbit, one of DAXA's member exchanges, just a year after it was delisted on major exchanges due to its deviant practices in token issuance. The relisting of WEMIX has since raised concerns among crypto insiders about the lack of criteria regarding token listings. More refined token listing process As the crypto market's bullish trend continues, Bithumb and Coinone – the second and third-largest exchanges in Korea – are stepping up their efforts to speed up the listing of new coins. Industry experts expect these exchanges will double down on their efforts in screening and reviewing processes for tokens to align with the new guidelines in the future.  An official from the Korean Financial Intelligence Unit (FIU) said that while the anticipated listing process is not legally binding, it will definitely have a more profound impact on local crypto exchanges compared to the self-regulated DAXA guidelines.  

SEBA Bank Receives Conditional Approval for Crypto Services in Hong KongSwiss-based crypto-centric SEBA Bank has secured conditional approval from Hong Kong’s Securities and Futures Commission (SFC) to offer crypto services within the autonomous Chinese territory.While there are stipulations yet to be met before the license is fully granted, the development marks a significant progression when it comes to SEBA’s global business ambitions.Photo by Ruslan Bardash on UnsplashExpanding in AsiaThe “approval-in-principle” comes as part of SEBA’s strategic efforts to expand its foothold in the Asian crypto market. Once the conditions are fulfilled and the license is formalized, SEBA will be well positioned to provide Hong Kong with a range of comprehensive crypto services.This includes securities dealing encompassing crypto-related structured products, as well as consultation and management of both digital assets and traditional securities. SEBA sees potential in the offering of derivative products as it has identified demand for derivatives and structured products within the Asian crypto market.This step forward for SEBA follows earlier reports that the bank was actively growing its workforce in pursuit of digital asset licenses for both Hong Kong and Singapore. The company has grown its headcount from seven to 20 across these locations, as it looks to establish a strong presence in the Asian market.The move aligns with Hong Kong’s evolving stance on cryptocurrency and digital finance. Introduced in June, the virtual asset service provider (VASP) license was intended to regulate virtual asset services within Hong Kong’s legal framework. Currently, only two crypto exchanges have secured these licenses.Cryptocurrency exchange HashKey, alongside digital assets platform OSL, became one of the first licensed crypto exchanges in Hong Kong recently. Since then, it has expanded its offerings to retail users, allowing them to purchase Bitcoin and Ethereum using US dollars. Leading up to that licensing approval, it had also launched a wealth management service for high-net-worth individuals and institutional investors. The majority of publicly accessible VASPs remain unregulated, according to a recent statement by the SFC.Regulatory balanceThe Hong Kong Monetary Authority (HKMA) has also shown interest in fostering relationships between established financial institutions and crypto exchanges, further signaling the region’s growing engagement with the crypto space. It’s also pointing towards getting the balance right between enabling digital asset innovation and having sufficient regulation in place to protect investors. In May, its CEO, Eddie Yue, stated that Hong Kong wouldn’t be a place for light touch regulation.The licensing process in Hong Kong hasn’t been without its difficulties. The interest in obtaining crypto trading licenses caught the SFC flat footed as it found itself understaffed to work through the licensing applications that arrived at its door. The backlog prompted commentary from SEBA’s CEO for the Asia Pacific (APAC) region, Amy Yu, back in May, with Yu highlighting that the backlog had increased significantly over the course of nine months.While SEBA has broken into the market in the APAC region via its efforts in Hong Kong, it’s understood that the bank has plans to develop its business in Singapore further over the course of the coming months.