K-GAMES and KOCCA release report on overseas gaming regulations

Crypto.com Plans to Launch Its Services in South Korea This YearIn an interview with local news outlet Global Economic, Patrick Yoon, General Manager Korea of Crypto.com, shared the global cryptocurrency exchange’s plans to launch its services in South Korea this year. Yoon, who previously held positions at Standard Chartered Bank and Visa, joined Crypto.com in September 2021.Expansion into KoreaAccording to Yoon, Crypto.com is actively preparing to meet the requirements for obtaining a real-name account from a Korean commercial bank. In Korea, virtual asset trading platforms are legally obliged to secure such a bank account in order to support the trading of the nation’s fiat currency, the Korean won. The exchange secured virtual asset service provider registration in South Korea last year through the acquisition of Korea-based virtual asset exchange OK-BIT.Photo by Anna Evlanova on UnsplashCollaboration with Korean ent industryDuring the interview, Yoon emphasized the growing global popularity of Korean entertainment content, including drama and music. He mentioned that Crypto.com is engaging in discussions with various Korean intellectual property holders and entertainment studios to explore innovative ways to introduce Korean culture and art to international crypto audiences. Notable collaborators include entertainment company Fantagio, K-pop girl group Mamamoo, content studio Astory, and production house Studio Dragon.Crypto.com’s global presenceFounded in 2016, Crypto.com has garnered an impressive user base of 80 million worldwide. The crypto exchange has been actively obtaining regulatory approvals in many countries, including France, the United Kingdom, Dubai, Australia, Italy, Greece, and the Cayman Islands.Recent developmentsCrypto.com also recently obtained a virtual asset service provider registration from the Bank of Spain, the central bank of Spain. Prior to this accomplishment, the company received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), the central bank of Singapore. While Crypto.com continues to make progress in various jurisdictions, it made the strategic decision to discontinue its institutional offering in the United States due to limited demand in that particular market.

KITC Cooperates with Buysell Standards to Develop Security Token Products in KoreaKorea Investment and Securities Co. (KITC), a leading securities company in South Korea, has partnered with Buysell Standards, the operator of the fractional investment platform PIECE, to jointly develop security token services.Photo by Tierra Mallorca on UnsplashNon-traditional securitiesAccording to a report from local news outlet News1, the two entities have agreed to collaborate comprehensively on security token products. This includes offering non-traditional securities such as investment contracts and non-monetary trust contracts, establishing infrastructure for launching investment products on token issuance platforms, and setting up processes for trust agreements.Buysell Standards has been expanding its range of fractional investment products from art and luxury goods to ships. The company has successfully completed various blockchain-related projects, including the development of its own blockchain mainnet for security token issuance.KITC’s security token effortsIn March, KITC established ST Friends, an alliance established in cooperation with Internet-only banks Kakao Bank and Toss Bank. The alliance has been actively working towards commercializing security tokens by signing business agreements with fractional investment firms like content investment platform Funderful and proptech platform Valuemap Corp. Proptech, the abbreviation of property technology, refers to the use of information technology to facilitate real estate buying, selling, and management.KITC believes that the partnership with Buysell Standards will accelerate the process of providing innovative financial products. Choi Seo-ryong, the head of the platform division at KITC, expressed excitement about collaborating with Buysell Standards, renowned for its expertise in digitizing real-world assets (RWAs). Choi emphasized KITC’s commitment to converting various content that we encounter in our daily lives into security tokens.Last month, KITC inked a memorandum of understanding (MOU) with Open Asset, a blockchain fintech company based in Seoul, to develop a distributed ledger system for ST Friends.Similarly, Buysell Standards has also been proactive in forming partnerships for security token projects. In February and April, the fractional investment platform operator entered into collaborations with Shinhan Securities and KB Securities, respectively.

Aptos and Lotte Group Collaborate on Pink Bear NFTs to Drive Web3 ExpansionLayer-1 blockchain network Aptos took to X (formerly Twitter) to announce a partnership with Lotte Group, an industrial conglomerate based in South Korea with a specialization in the retail business. This strategic collaboration aims to propel Lotte’s expansion into the dynamic Web3 landscape.Photo by 김 대정 on PexelsPink bear NFTsThe initial focus of their collaboration will center around Bellygom, the pink teddy bear mascot of Lotte Home Shopping — a major player in the Korean media commerce industry. NFT projects associated with Bellygom, including the Bellyland universe, are under the stewardship of Daehong Communications, a marketing solutions company affiliated with Lotte. Aptos will play a pivotal role by providing the backend support for the development of Super Jelly, a reward system within Bellyland. These Super Jelly rewards, slated to be launched on the Aptos mainnet, will be attainable through engaging in Jelly Adventures — a collection of diverse games and missions within Bellyland.Aptos and Lotte Group have expressed their enthusiasm for venturing into Web3 initiatives throughout multiple business areas of the South Korean retail giant. Aptos noted that more updates will follow as this collaboration unfolds.Earlier partnership with PolygonThe momentum behind Daehong Communications’ Bellygom NFT initiatives for global expansion grew as it joined hands with blockchain company Polygon in February. This partnership led to the migration of Bellygom NFTs from the Klaytn blockchain to the Polygon blockchain in April.Lotte’s hospitality business and NFTsIn June, Daehong employed NFTs to attract customers to various Lotte entities. Through Korea’s largest NFT trading platform, Pala, the marketing affiliate sold Magic Ride NFTs, aiming to enhance customer engagement for the Lotte World amusement park, Lotte Duty Free, and Lotte Hotels.