China establishes metaverse working group with Chinese tech giants

Singapore High Court Recognizes Cryptocurrency as Personal PropertyIn a significant ruling on July 25, Judge Philip Jeyaretnam of the High Court of Singapore declared that cryptocurrency is capable of being held in trust and should be recognized as property.The judge’s decision came in response to a case brought by Dubai-headquartered crypto exchange Bybit against its former employee, Ho Kai Xin, who was accused of transferring approximately 4.2 million Tether (USDT) from the crypto exchange to her private accounts without authorization.Photo by Tingey Injury Law Firm on UnsplashNo fundamental differenceIn his ruling, Judge Jeyaretnam emphasized that there is no fundamental difference between cryptocurrencies, fiat money, or even physical objects like shells when it comes to their status as property. He argued that as long as these objects hold value and are based on mutual faith, they can be considered property. The judge’s verdict is seen as a crucial step in establishing the legal status of digital assets within the Singaporean jurisdiction.Addressing the argument that cryptocurrencies lack physical presence and therefore cannot be considered property, Judge Jeyaretnam drew an analogy, stating: “We identify what is going on as a particular digital token, somewhat like how we give a name to a river even though the water contained within its banks is constantly changing.” By equating cryptocurrencies to named entities, the judge made it clear that physical tangibility is not a prerequisite for something to be classified as property.Cryptocurrencies have valueFurthermore, the ruling challenges the perception that cryptocurrencies have no “real” value. Judge Jeyaretnam firmly refuted this notion, highlighting that the value of any asset, whether physical or digital, is ultimately determined by collective human belief and judgment.One critical classification made by the judge is grouping cryptocurrencies under the category of “things in action” within British common law. This categorization means that cryptocurrencies are considered a form of property, over which personal rights can be claimed and enforced through legal actions, rather than requiring physical possession.The judge’s decision also referenced the Monetary Authority of Singapore’s (MAS) consultation paper, which proposes implementing segregation and custody requirements for digital payment tokens. By taking cues from the MAS’s stance on digital assets, the court emphasized the legality of holding cryptocurrencies on trust, as long as practical methods for identification and segregation are in place.Cues taken from existing lawSingapore’s legal framework for property also played a crucial role in the ruling. Judge Jeyaretnam pointed to Order 22 of Singapore’s Rules of Court 2021, which defines “movable property” to include various assets, such as cash, debts, bonds, shares, and cryptocurrency or other digital currency. This inclusion reinforces the recognition of cryptocurrencies as a valid form of property within Singaporean law.In April of this year, a Hong Kong court reached a similar conclusion, recognizing cryptocurrency as property. In the High Court of Justice in London the following month, non-fungible tokens (NFTs) were recognized as “private property.”Overall, Judge Jeyaretnam’s ruling represents a significant milestone in the legal recognition of cryptocurrencies in Singapore. By acknowledging cryptocurrencies as property, the court provides greater clarity and certainty for crypto users and investors while affirming the importance of embracing digital assets within the nation’s legal framework.

Sejong Telecom to showcase real estate STO platform at 2023 Blockchain Grand WeekSejong Telecom announced that it is participating in the upcoming 2023 Blockchain Grand Week from Wednesday to Thursday in Seoul to showcase BBRIC — its blockchain-based security token offering (STO) service that tokenizes real estate profit rights — while securing business partners in the process.Photo by Precondo CA on UnsplashLeveraging blockchain technology in real estateBBRIC is built and operated on distributed ledger technology, which protects investors by digitizing their real estate profit rights and recording them on the ledger. This customizable solution enables enterprises to operate and manage the life cycle of an STO, including token issuance, investment product sales, investor deposits and transactions.Corporate clients can seamlessly integrate BBRIC into their respective services or platforms to issue and trade security tokens, calculate dividends, conduct settlements and organize shareholder meetings. They can also securely manage tokens and digital wallets based on smart contracts.“Our technology-intensive STO solution will be a great help to companies that are preparing STO-related projects,” said Park Hyo-jin, head of Sejong Telecom’s marketing strategy division.Bringing BBRIC to the massesThe 2023 Blockchain Grand Week — hosted by the Ministry of Science and ICT and jointly organized by the National IT Industry Promotion Agency (NIPA), the Korea Internet and Security Agency (KISA) and the Institute of Information and Communications Technology Planning and Evaluation (IITP) — aims to promote the value of blockchain technology in enhancing trust in the digital age.Additionally, Sejong Telecom plans to introduce BBRIC at SoftWave, the largest software exhibition in Korea, set to take place at the end of this month. This follows the company’s presentation at the Busan Blockchain City Conference, which showcased the feats of technological innovation in regulation-free zones. Sejong also seeks to expand its network and accelerate the commercialization of its service.The company will also share updates on its submission for a proof of concept (PoC) project to the NIPA. This project involves building a blockchain-based platform for issuing and distributing security tokens and integrating systems for the utilization of mineral resources.Sejong Telecom also recently partnered with enterprises like Hyosung TNS and KOREIT to promote BBRIC and expand the products and services available on the platform.

Hana Bank Enables Korean Art Collectors to Prove Ownership with NFTsHana Bank, one of South Korea’s largest banks, has announced a partnership with Trackchain, a Korean blockchain firm, to enhance digital art banking services based on Web3 technology, according to a press release.Photo by Debby Hudson on UnsplashArt banking and NFTsThe collaboration aims to develop and operate a platform that promotes art banking services, including the exhibition, advertisement, and distribution of artworks. Furthermore, the two entities will create non-fungible tokens (NFTs) to verify the ownership of artworks and introduce artwork custody products. They will also explore and construct business models that integrate finance and blockchain technology.Bank’s custody serviceHana Bank, recognized as a leader in art banking, has already established a comprehensive custody service that ensures secure management, storage, and liquidation of art collections. Through this partnership, Hana Bank plans to refine NFT technology, which will provide transaction history and ownership verification for artworks. The objective is to enhance transparency and convenience for art collectors during the trading process.Visitors who purchase artworks by Artist Cho Sung-hee at an exhibition hall in Gangnam, Seoul, and choose to store them in Hana Bank’s custody will receive NFTs issued by Trackchain. These NFTs serve as proof of ownership, authenticating the artworks. Cho Sung-hee is known for her collage works created with Korea’s traditional hanji paper, made from laminated sheets. The exhibition will run from July 4 to 28.Additionally, purchasers of the displayed artworks will receive Cho’s digital art NFTs. Meanwhile, customers who use Hana Bank’s mobile app, Hana 1Q, to create their own artworks will earn corresponding NFTs.Kim Young-hun, Head of Hana Bank’s Wealth Management Unit, expressed enthusiasm about their Web3-based art banking service, emphasizing that it will facilitate easier art purchases and provide enhanced security for managing art collections. Kim also stated that the bank intends to expand its services further to deliver exceptional cultural experiences.