1. Aave Labs and Sky collaborate to launch “Sky Aave Force”, aiming to connect traditional finance
Aave Labs officially tweeted that Aave Labs has partnered with Sky to launch "Sky Aave Force". The program was conceived by Sky and Aave Labs founders Rune Christensen and Stani Kulechov, and aims to connect the two financial systems and make them more accessible.
One of the main proposals of Sky Aave Force is to integrate USDS and Savings USDS (sUSDS) on Aave V3. This move aims to attract users by providing native token rewards, increasing liquidity, and encouraging more people to participate in these stablecoin markets on Aave. In addition, a new market will be created in collaboration with Spark.Fi, aiming to provide a smooth user experience and exclusive rewards to further encourage the use of DeFi solutions.
2. Hana Financial and SK Telecom acquired 25% and 10% of BitGo Korea’s shares respectively
According to Chosun Ilbo, global digital asset custody company BitGo said that Hana Financial Group and South Korean telecommunications company SK Telecom will make strategic investments in its South Korean subsidiary BitGo Korea. Hana Financial and SK Telecom will acquire 25% and 10% of BitGo Korea’s shares, respectively.
BitGo currently has custody of approximately $70 billion in assets and has processed approximately $3 trillion in assets. BitGo Korea is applying for ISMS certification and VASP qualifications. Hana Financial will strengthen user protection through cooperation, and SK Telecom plans to combine its certification and security technology with BitGo services.
3. South Korea's Financial Supervisory Service will inspect six virtual asset service providers including Upbit
According to Newsis, the Financial Supervisory Service (FSS) of South Korea will conduct the first inspection of virtual asset service providers, which is the first action since the implementation of the Virtual Asset User Protection Act in July. FSS plans to inspect 6 institutions, including 2 won market exchanges, 3 token market exchanges and 1 wallet/custodian service provider. It is worth noting that 2 of the major won market exchanges such as Upbit, Bithumb, Coinone, Gopax and Korbit will be selected as inspection targets.
The inspection focuses on compliance with regulations, user protection systems, internal control mechanisms, and unfair trading supervision. FSS will review aspects such as user asset management, cold wallet use, insurance and reserve status, transaction record maintenance, and abnormal transaction monitoring systems. For illegal acts, FSS said it will impose strict sanctions to maintain market order, while supporting operators to strengthen self-regulation.
4. People’s Court Daily published a document suggesting that comprehensive guidance on judicial disposal of virtual currencies be issued as soon as possible
The People's Court Daily published an article entitled "Judicial Disposal of Virtual Currency Must be Standardized", which pointed out that the standardization of judicial disposal of virtual currency is crucial to maintaining financial stability and promoting the healthy development of the market.
According to statistics from the SAFEIS Security Research Institute, the total number of virtual currency crime cases in China in 2023 was 428, a decrease of 88.9% from 2022, but the amount involved increased sharply to 430.719 billion yuan, about 12.36 times that of 2022. The article emphasizes that the current disposal of virtual currencies faces multiple challenges such as ownership identification, value assessment and legal realization. In response to these problems, it is recommended to issue comprehensive guidance on the judicial disposal of virtual currencies as soon as possible to clarify their legal status, compliance requirements, asset disposal procedures and legal responsibilities. At the same time, the article calls for strengthening international cooperation to jointly respond to the global challenges brought by virtual currencies and lay a legal foundation for the development of the digital economy and digital finance.
5. SEC Commissioner calls for creation of dedicated S-1 registry for digital asset securities
According to The Block, U.S. Securities and Exchange Commission (SEC) Commissioner Mark T. Uyeda said at the Korea Blockchain Week 2024 event that the SEC needs to create a dedicated S-1 registry for digital asset securities.
Uyeda noted that the SEC has the flexibility to tailor registration requirements for specific financial products, a practice that should extend to cryptocurrencies and digital asset securities.
He stressed that the SEC should not create a dilemma by requiring issuers of digital asset securities to provide irrelevant or unavailable disclosure information. Uyeda also said that the SEC should clarify which digital assets fall into the category of securities and consider the practices of other jurisdictions around the world in future rulemaking.
6. Galactica, a joint venture between Kaia Foundation and Indonesian shipping company Pelayaran Korindo, will launch a ship tokenization project
According to an official statement from the Kaia Foundation, the Kaia Foundation has partnered with Indonesian shipping company Pelayaran Korindo to establish the ship tokenization company Galactica, which will be launched in early Q4 2024. Galactica will work with InvestaX, which holds the RWA token trading license, to launch, issue and promote the Asian ship financing RWA project.
Pelayaran Korindo is an integrated logistics company focused on Indonesian shipping. The company has global business experience, localized expertise in Southeast Asia, and a strong partner network. Galactica aims to change the ship buying process through tokenization, targeting the Indonesian market, which has the largest number of islands in the world (about 17,000) and has a huge demand for ships. Galactica intends to simplify the traditional ship buying process by financing ship acquisitions using part of the investment in RWA tokens, benefiting both ship owners and investors.
HashKey Global has launched the Kaia token KLAY. KLAY deposits and withdrawals will be open at 10:00 on August 29, Hong Kong time, and spot trading will start at 20:00 on August 29.
7. Abu Dhabi-licensed Web3 venture capital firm Klumi Ventures collaborates with DWF Labs to accelerate the region’s digital transformation
According to Decrypt, Klumi Ventures, a licensed Web3 venture capital and fund management company headquartered in Abu Dhabi, has partnered with cryptocurrency market maker DWF Labs to accelerate the region’s digital transformation.
By combining Klumi Ventures’ regional Web3 expertise – which has helped projects successfully transition to the UAE and develop go-to-market strategies – with DWF Labs’ market-making and investment capabilities, the two companies will work together to nurture and expand the UAE’s Web3 ecosystem, providing all the necessary resources to help startups and institutions succeed.
8. OSL appoints former Futu marketing executive as CMO
OSL, a licensed digital asset trading platform under OSL Group (863.HK), a Hong Kong-listed company, announced the appointment of Chen Derong as its new Chief Marketing Officer (CMO). Chen Derong previously served as the head of global markets at Futu (international brand Moomoo) and has performed outstandingly in driving growth in multiple markets in the Asia-Pacific region.
OSL Group CEO Song Cui said that the addition of Chen Derong will help OSL enhance its global brand image. Chen Derong plans to build a world-class marketing team and use innovative strategies and data-driven methods to enhance OSL's leadership in the digital asset field.
9. Telegram is being investigated by South Korean police for allegedly producing AI-powered face-changing pornographic content
According to Yonhap News Agency, the chief investigator of the South Korean police said that Telegram is being investigated by the South Korean police for suspected production of AI face-changing pornographic content.
Eight programs that created AI-generated pornographic content for Telegram and the group chat rooms responsible for spreading such content are under scrutiny.
10. Cryptocurrency lending platform Nexo resumes business in the UK after adjusting new user registration process
According to Cointelegraph, cryptocurrency lending platform Nexo has resumed registration for UK users after adjusting the new user registration process to comply with regulatory guidelines set by the UK Financial Conduct Authority (FCA).
In December 2023, Nexo stopped registering new users in the UK and upgraded its regulations to better comply with FCA regulations. Other well-known companies such as PayPal and Bybit also phased out some cryptocurrency services during the same period. PayPal suspended cryptocurrency sales to UK users for three months, while Bybit also suspended cryptocurrency services to UK residents after the FCA issued a warning.
Nexo isn’t the only cryptocurrency company to have run into difficulties in the U.K. In July, Coinbase’s UK arm was fined $4.5 million by the FCA for violating a voluntary agreement related to user registration.
11.21Shares parent company 21.co launches Ethereum-based Bitcoin asset "21BTC"
According to Cryptoslate, 21Shares' parent company 21.co announced the launch of a new Bitcoin package product "21BTC" on Ethereum. The company said it is working with market maker Flow Traders to provide customers with peace of mind when exploring decentralized applications and new opportunities in Ethereum.
21BTC is unique in that the underlying assets are securely stored in cold wallets without the need for bridge technology. Eliezer Ndinga, head of strategy and business development at 21.co, emphasized that as one of the world's largest crypto ETP issuers, they bring strict asset management best practices and operational excellence to the wrapped asset space.
In May of this year, 21Shares' parent company, cryptocurrency investment product company 21.co, tweeted that it had launched the Solana-based Bitcoin asset "21BTC".
21BTC is Solana's native token, providing users with convenient native BTC access on Solana similar to Circle's USDC integration of multiple chains - no cross-chain bridges are required, and there is no locking and minting technology. 21BTC is 100% physically collateralized, and the underlying BTC is stored in cold wallets by third-party custodians using multi-signature protocols. Minting and destruction are achieved through 21.co's Onyx asset management operation protocol.
