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Klaytn Governance Council Driving Blockchain Disruption in Asia – Blockchain at Tipping Point

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Klaytn Governance Council

Klaytn, the leading blockchain project led by the South Korean Internet giant Kakao, is bringing blockchain disruption to the Asian market. Its Governance Council, the consortium of trusted entities that together runs the Klaytn platform, today kicked off the inaugural gathering in Korea.

# Klaytn, the public blockchain platform backed by a strategic consortium of Asia’s largest enterprises

Klaytn, whose mainnet launched in June of this year, combines the best features of both public blockchains (decentralized data and control) and private blockchains (low latency and high scalability) via an efficient hybrid design. With a mission to drive mainstream adoption of blockchain, it focuses on empowering businesses to offer readily-usable blockchain services with responsiveness and robustness on par with those based on legacy technologies, so as to remove adoption hurdles.

To that end, Klaytn is joining forces with Asia’s largest enterprises as part of its Governance Council, including LG Electronics, Netmarble, Binance, and Axiata Digital that have operated popular services and products accruing millions of global users. Undertaking the platform ownership, the Council dedicates itself to improving the platform’s transparency and trust as well as developing user-friendly blockchain services.

The inaugural gathering of this Council took place in Seoul, Korea today to kick-start the Council’s translation into Asia’s de-facto enterprise blockchain consortium.

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First, Klaytn provided the Council members with the functional guidance and tools on operating consensus nodes and partaking in governance, as they are key decision makers for Klaytn’s major business and technical agenda.

The Council members then presented how they are leveraging Klaytn to grow their blockchain business and build market awareness. UnionBank of the Philippines introduced its strategic initiative towards vitalizing the blockchain market in Southeast Asia, while a China-based mobile marketing platform Yeahmobi introduced its decentralized advertising solution. WeMade, Neoply, and Gumi also showcased their blockchain game services that are set to roll out early next year.

Additionally, the Council members explored inter-company, cross-regional opportunities to together realize greater synergies for business momentum. Considering Asia’s lively blockchain market with its audience eager to embrace new technologies, the Klaytn Governance Council is expected to accelerate blockchain application development in various industry domains.

# The addition of Korea’s three major firms to further strengthen Klaytn governance

At the event, Klaytn also announced that some of Korea’s most powerful conglomerates including SK Networks, GS HomeShopping, and Hanwha Systems have joined the Governance Council. With the new firms onboard, the Council now has full 27 members.

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SK Networks, a global services and trading company, is part of the larger SK Group. With subsidiaries across the globe, SK Networks’ business portfolio ranges from steel and energy trading to hotels and accommodation. GS HomeShopping, the commerce unit of GS Group, is the No. 1 multimedia retailer in Korea, operating commerce platforms across TV home shopping, e-commerce, and t-commerce. Hanwha Systems is the information technology arm of Hanwha Group, providing smart technology solutions in defense electronics and information infrastructure.

Further, Klaytn announced that its digital wallet ‘Klip,’ embedded in KakaoTalk, will be released by the first quarter of 2020. KakaoTalk messenger has over 50 million active users with 96% penetration in South Korea, and Klip is expected to usher in new strains of users different from the existing crypto-savvy audiences. Supporting Klaytn’s token KLAY and KLAY-based tokens, it will also be released as a browser extension under the name of ‘Kaikas.’ By the end of 2020, Klip will also support KLAY-based non-fungible tokens (NFTs) and crypto-collectibles.

Jason Han, the CEO of Ground X, who heads the development of Klaytn said, “We are committed to offering blockchain services for a more mainstream audience, and together with the Council members, we have built an extensive and secure foundation for blockchain services to flourish. We will continue to make progress toward our vision to be the first solution to bringing blockchain experiences that flow seamlessly.”

 

SOURCE Klaytn

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Blockchain

Digital Currency Initiative Launches in Taiwan by Collaborating with Prestigious University

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In an innovative effort to revolutionize digital financial education, a prominent digital currency provider has teamed up with a renowned university in Taiwan. This strategic collaboration aims to equip students with advanced knowledge and practical experience, preparing them for the future of finance.

Empowering Future Financial Professional

The partnership focuses on immersing students in the complex world of digital assets, blockchain technology, and cutting-edge financial instruments. Industry experts will offer invaluable insights and mentorship, enhancing students’ understanding and skills in this rapidly evolving field.

Curriculum Highlights:

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  • Blockchain Principles: Foundational knowledge of blockchain technology.
  • Critical Thinking: Developing analytical skills for problem-solving in digital finance.
  • Risk Assessment: Strategies for identifying and managing financial risks.
  • Legal Compliance: Understanding the regulatory landscape and compliance requirements.
  • Career Insights: Exploring potential career paths in the digital finance industry.

Commitment to Digital Economy Growth

This initiative underscores a commitment to fostering the digital economy’s growth by highlighting the stability of digital assets against traditional currencies. The newly introduced digital token combines traditional asset stability with blockchain security, offering a robust financial instrument for the future.

The digital currency provider has a long-standing history of promoting blockchain education and advocating for financial inclusivity. By facilitating cross-border transactions and investing in emerging markets, the organization continues to play a crucial role in shaping digital finance’s future.

Advancing Financial Literacy and Inclusivity

This collaborative effort represents a significant step towards democratizing financial literacy and empowering individuals worldwide to engage with the evolving digital currency landscape.

Additional Facts:

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  • Taiwan’s Blockchain Hub: Taiwan actively promotes itself as a hub for blockchain and digital currency innovation through various initiatives.
  • Research and Development: The partnership is expected to spur increased R&D activities in digital assets, benefiting both academia and industry.
  • Regulatory Exploration: Taiwan’s government is interested in exploring regulatory frameworks for digital currencies and blockchain technology, creating a supportive environment for such collaborations.

Key Questions Addressed

  1. Impact on Adoption: How will the collaboration between the digital currency provider and the university impact the adoption of digital currencies in Taiwan?
  2. Skills and Knowledge: What specific skills and knowledge will students gain from the curriculum focusing on blockchain technology and digital assets?
  3. Regulatory Compliance: How does the initiative address potential regulatory challenges and compliance issues in the digital currency space?

Advantages and Disadvantages

Advantages:

  • Enhanced Education: Offering students unique educational opportunities in digital finance and blockchain technology.
  • Industry-Academia Bridge: Providing hands-on experience and mentorship to bridge the gap between academia and industry.
  • Economic Growth: Contributing to the growth and development of the digital economy in Taiwan and beyond.

Disadvantages:

  • Curriculum Updates: Potential challenges in keeping the curriculum up-to-date with the rapidly evolving digital currency landscape.
  • Practical Exposure: Ensuring students receive practical, real-world experience to complement theoretical knowledge.
  • Regulatory Balance: Balancing the promotion of digital currencies with the need for regulatory compliance and risk management.

The collaboration between the digital currency provider and the Taiwanese university marks a significant milestone in digital financial education. By integrating industry expertise with academic rigor, this partnership aims to nurture the next generation of financial professionals and foster the growth of the digital economy.

Source: smartphonemagazine.com

The post Digital Currency Initiative Launches in Taiwan by Collaborating with Prestigious University appeared first on HIPTHER Alerts.

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Binance Appeals Against $4.3M Penalty Imposed by Canada Regulator

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In a recent court appeal, Binance argued that it does not specifically target Canadian customers, claiming its activity in Canada is merely a byproduct of its international operations, according to a June 19 report by the Canadian Press. The exchange revealed that although it had previously attempted to establish a Canadian presence, these plans were abandoned. By May 2023, Binance had fully exited the Canadian market, citing new regulations on stablecoins and investor restrictions that made continued operations unfeasible. Despite its departure, Binance acknowledged the sentimental value of Canada, being the home country of its founder.

In May, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed a $4.3 million fine on Binance for non-compliance with anti-money laundering (AML) and terrorist financing rules. FINTRAC claimed that between June 2021 and July 2023, Binance failed to report over 5,000 transactions of $10,000 or more. Additionally, despite having multiple opportunities, Binance failed to register as a money services business within the deadlines set by the regulator.

Beyond its issues in Canada, Binance is facing a multitude of legal challenges globally. In April, a class-action lawsuit was filed against the exchange in Canada, accusing it of violating securities laws. The plaintiffs allege that Binance sold crypto derivative products to everyday investors without proper registration, breaching Ontario’s Securities Act and federal regulations. This lawsuit, representing tens of thousands of Canadian investors, seeks compensation and the reversal of unauthorized trades.

Globally, Binance has also faced significant financial penalties. In November, the exchange settled with US authorities, agreeing to a $4 billion fine for violations of anti-money laundering and sanctions laws. Similarly, the Indian Financial Intelligence Unit imposed a $2.24 million fine, the largest ever against a crypto entity in the country, for failing to comply with AML regulations.

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Binance’s regulatory and legal troubles illustrate the significant challenges faced by cryptocurrency exchanges operating across multiple jurisdictions. While the exchange continues to navigate these complexities, its ability to comply with global regulatory standards and address legal disputes will be critical to its long-term viability and reputation in the market.

Source: cryptonews.com

The post Binance Appeals Against $4.3M Penalty Imposed by Canada Regulator appeared first on HIPTHER Alerts.

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Binance.US Dealt Another Blow: North Dakota Revokes License

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Following the lead of states like Florida, Alaska, Oregon, Maine, and North Carolina, North Dakota has moved to block Binance.US from regaining its money transmitter license. This decision by the North Dakota Department of Financial Institutions (DFI) is grounded in a November 2023 guilty plea by Binance founder Changpeng Zhao on anti-money laundering charges, further questioning the exchange’s suitability for operation.

Protecting Public Interest

DFI Commissioner Lise Kruse emphasized the need to protect the public interest in her statement: “The Commissioner finds the Respondent does not continue to meet the qualifications or satisfy requirements that may apply to an applicant for a new money transmitter license.” This decision adds North Dakota to the growing list of states placing Binance.US in regulatory “penalty boxes.”

Global Troubles and US Regulatory Concerns

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The regulatory issues faced by Binance.US in the United States reflect broader global challenges. For instance, a recent regulatory conflict in Nigeria, which resulted in the detention of a Binance executive, raises additional concerns for US regulators, complicating Binance.US’s situation further.

Impact and Outlook for Binance.US

Currently, Binance.US is unable to onboard new users in several regions and is entirely inaccessible in over 10 states. The exchange has until July 17, 2024, to challenge North Dakota’s decision. However, the outlook remains uncertain, given the mounting restrictions and regulatory pressures.

The relatively short prison sentence for Zhao might suggest a potential course correction within Binance. By prioritizing user safety and adhering strictly to US regulations, Binance.US could potentially regain some lost ground. The exchange’s future hinges on its ability to address regulatory compliance issues effectively.

The Broader Implications

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This regulatory crackdown highlights the evolving landscape of cryptocurrency regulation. While the innovative potential of cryptocurrencies is significant, exchanges must operate within established regulatory frameworks to maintain trust and stability in the market. Binance.US’s struggle will be closely watched by the entire cryptocurrency industry, serving as a cautionary tale for exchanges that prioritize growth over compliance.

Source: bitcoinist.com

The post Binance.US Dealt Another Blow: North Dakota Revokes License appeared first on HIPTHER Alerts.

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