Security token interest gains momentum in Korea ahead of election

Hana Financial and FSS join hands to foster young digital talentHana Financial Group said Sunday that the South Korean financial holding company held a proclamation ceremony for the second Hana Digital Power On Project last Thursday — a program designed to cultivate young digital talent in emerging technologies like blockchain and big data — at the Hana Global Campus in Incheon.Support from tech juggernautsThe program, sponsored by the Korean Financial Supervisory Service (FSS) and several tech giants such as Google, Amazon Web Services, Microsoft, and SK Telecom, was first held last year. This year’s project saw the participation of over 50 individuals forming 16 teams, Hana said.Photo by Marvin Meyer on UnsplashCompetitions and trainingA contest centered around new digital technology was also held on the same day. Participating teams proposed ideas for solving issues that may arise in the financial industry using artificial intelligence, blockchain, cloud computing, and big data technologies.Winning teams will be rewarded up to KRW 10 million (approximately $7,500) in prize money along with the opportunity to visit several information technology companies. They will also have the chance to participate in a hackathon competition organized by SK Telecom to further develop their ideas.They will also undergo a four-week digital education program put together by Google, Microsoft, and Amazon, as well as practical training provided by the Hana Institute of Technology. Notably, graduates of the program will be exempt from going through the initial screening process when applying for positions at Hana Financial Group.Officials including Lee Bok-hyun, Governor of the FSS; Lee Hoon-kyu, Director of Future for Youth Foundation; and Ham Young-joo, Chairman of Hana Financial Group, were in attendance.“We will strive to cultivate young digital talent and create employment opportunities for the youth,” said Hana Chairman Ham. FSS Governor Lee also added that there is a need to secure interdisciplinary talents capable of generating innovative ideas.

Chinese Nationals Detained in Crypto Mining Clampdown in LibyaAuthorities in Libya have detained 50 Chinese nationals suspected of involvement in an illicit crypto mining operation in Zliten, a city located 160 kilometers east of the Libyan capital of Tripoli.The attorney general’s office in Libya made the announcement on Friday, revealing that the individuals were caught operating a cryptocurrency mining farm within an abandoned iron factory.Photo by Dmitry Demidko on UnsplashMining operation dismantledPhotos and videos released by the office of Attorney General Siddiq Al-Sour showcased the dismantling process of the extensive mining systems discovered in Zliten.This is not the first instance of Chinese miners being detained for crypto mining activities in the North African country. The development follows the recent arrest of ten other Chinese nationals in the city of Misrata on the Mediterranean coast, as well as at two sites within the capital, Tripoli. The individuals were apprehended on Wednesday while being caught “red-handed” with numerous powerful equipment used for intricate proof of work (PoW) mining calculations. The mining rigs were subsequently confiscated by the attorney general’s office.Mining banDespite the official ban on cryptocurrency mining in the country, Libya has witnessed a high prevalence of such activities, with the nation recording the highest percentage of cryptocurrency mining across the African continent in 2021. It is estimated that Libya accounted for approximately 0.6 percent of global Bitcoin production during that year.Libya’s appeal as a destination for cryptocurrency mining stems from its low electricity costs, which stand at a remarkably low rate of $0.004 per kilowatt hour. This cost is approximately 40 times cheaper than in the United States, making Libya an attractive location for miners.While energy may be cheap, the increased demand for electricity that crypto mining brings puts a strain on what was an already vulnerable power grid in the country. That has resulted in frequent and lengthy power blackouts, particularly during the summer months.A lack of oversight has also encouraged an influx of Chinese miners, albeit with these recent arrests, it appears that the Libyan authorities are stepping up the level of oversight and enforcement. The vast majority of Bitcoin miners were based in China up until a mining ban was enforced in 2021.Global issueThat event led to an exodus of miners internationally. Some established themselves legally in the United States and elsewhere. The first casualty of illegal mining was Kazakhstan. The sudden arrival of miners led to its power grid coming under pressure. As a consequence, the Central Asian country clamped down on the activity, and later regulated it.In response to these illegal activities, Libyan authorities have intensified their efforts to combat cryptocurrency mining operations. They are conducting investigations into alleged mining sites in Tripoli and Misrata, aiming to curtail these activities and mitigate the strain on the country’s electricity infrastructure.The recent arrests highlight the ongoing challenges associated with illegal mining activities in jurisdictions globally where cheap energy can be exploited, giving rise to the need for enhanced regulatory measures to address these issues.

U.S.-based crypto startup Ondo Finance, a financial infrastructure firm that concerns itself with the tokenization of real-world assets (RWAs), has officially revealed its intention to expand into the Asia Pacific (APAC) area, with the inauguration of its first office in the region. In a press release published by the company on Sunday, Ondo clarified that the expansion is a direct response to the escalating interest in digital assets throughout Asia. That interest the company attributes to factors such as a flourishing crypto community, shifting regulatory environments and a growing appetite for exposure to U.S. assets.Photo by Florian Wehde on Unsplash40% market shareAt present, Ondo Finance holds a 40% share of the global market where tokenized RWAs are concerned. That market share has been driven by its three main tokenized product offerings: OUSG, designed for exposure to U.S. Treasuries; OMMF, facilitating exposure to U.S. money market funds; and USDY, positioned as a yield-bearing alternative to traditional stablecoins. These products serve as a conduit for global investors to access U.S.-based asset classes in tokenized form, aligning with the rising trend of digital asset adoption. To spearhead its APAC expansion initiative, Ondo Finance has appointed Ashwin Khosa as the vice president of business development in the region. Khosa brings nearly a decade of experience in Hong Kong-based institutional business development, having worked with multinational financial services company Citi, alongside key crypto firms such as Tether and its sister company, Bitfinex. His expertise encompasses both on-chain finance and a profound understanding of the APAC market. Khosa stated: “The team is top-notch and the mission of bringing real world assets onchain is extremely important. I look forward to working closely with partners in the region to help investors gain access to this next generation of high-quality assets.” Founded in 2021 with roots tied to the Goldman Sachs Digital Assets team and supported by leading venture capitalists including Founders Fund, Pantera Capital and Coinbase Ventures, Ondo Finance is looking to solidify its position as a dominant force in this newly emerging market on the back of nearly 40% of the global market share in tokenized securities. Nathan Allman, the founder and CEO of Ondo, expressed his excitement about the expansion, stating:“We’re very excited about our expansion into APAC. There is an active and rapidly growing crypto community and an appreciation for the type of high-quality exposure to US assets that our tokens provide.” Suspected token dumpIn a related development on Monday, on-chain sleuths have presented data that may indicate a sell-off of $11 million worth of ONDO tokens, the project’s native token. 20 million tokens were sold, with the suggestion that the token unit price fell in tandem with that market activity. Earlier on Monday, the token traded at $0.3062. At the time of writing, it's trading at $0.25. This expansion into the APAC region follows a string of pivotal developments for Ondo, including the revelation of its strategic roadmap and partnerships within the Ondo ecosystem. Additionally, the Ondo Foundation has introduced a points program and a proposed unlocking of its ONDO token, marking an integral part of the company's ongoing growth and development.