The crypto market’s recent developments indicate that the burgeoning industry is getting more and more traction. Authorities in several jurisdictions are now paying great attention to this sector by taking exclusive measures to adopt it. They are also attempting to increase the protection of investors in this world. In addition to this, the other moves taken by the big industry players intend to expand this realm. This week has witnessed these developments apart from an investigation targeting a unique project Worldcoin. Germany, South Korea, and Japan remained in the headlines in most of the crypto news publications.
South Korea-based Banking Institutions Delve into Tokenize Deposits
Woori Bank and Hana Bank (the prominent private banking platforms in South Korea) are exploring the idea of “certificate of deposit” coins (or CD tokens). The respective innovative coins denote bank deposits existing on the blockchain. They offer a unique modern alternative to traditional deposits and notes while retaining the conventional banking structure.
The respective tokens, beyond just appealing in terms of stability, boast likely interoperability with the CBDCs. In this respect, both Woori Bank and Hana Bank are at present engaged in a proof-of-concept assessment for a CBDC powered by the Bank of Korea. Recently, the Bank of Korea revealed that it is continuously endeavouring to release a CBDC project.
Japan Adopts Web3 Sector as PM Kishida Affirms While Binance Announces Launch
The crypto and blockchain worlds are going through a revolution that is coming from the Eastern region. Japan, a country famous for its innovative policies and technological innovation, has asserted that it is committed to nurturing the burgeoning Web3 world. The leadership of the country is confident that this sector’s transformative potential is capable of driving innovation and social change.
Japan’s PM made this statement in his keynote speech at the recently held WebX conference in Tokyo. In addition to this, Binance’s CEO announced the provision of its services to consumers in Japan in August this year following the buyout of Sakura Exchange Bitcoin (SEBC).
South Korea Establishes a Special Group to Fight Crypto Crimes
South Korean authorities are making considerable efforts to confront the increasing crypto-related crimes. Thus, the Prosecutor’s Office announced the launch of the Joint Investigation Centre for Crypto Crimes. It will comprise nearly thirty participants from diverse customs, tax, financial, and judicial agencies.
The authorities have stressed the requirement for the protection of the investors within the market of virtual assets. They asserted that, irrespective of the similarities between conventional investment products such as stocks and virtual assets, market members still require more legal protection. As per them, this is necessary because adequate laws are missing.
PancakeSwap Offers Farms on Polygon zkEVM, Providing Enhanced User Experience
The famous DEX PancakeSwap’s recently declared launch of Farms on zkEVM PancakeSwap on Polygon focuses on enhancing the user experience. The platform disclosed that it is continuously increasing its DeFi-related operations to facilitate the customers.
The latest project includes well-known trading pairs such as WETH-USDC, USDT-USDC, WETH-USDT, and WETH-MATIC on Polygon zkEVM PancakeSwap. It added that the clients will receive rewards, for staking LP coins, in CAKE tokens. As per the company, this project enables clients to expand their cryptocurrency holdings while maintaining a crucial position concerning LP tokens.
German and French Authorities Probe into the Biometric Data Operations of Worldcoin
The latest Worldcoin project, that is established by Sam Altman (the person who co-founded OpenAI), is now under the radar of the German and French authorities. They are probing into the project because of its methods dealing with the collection of biometric data. Worldcoin provides a choice to the consumers that they can offer the scan of their irises with devices called “orbs.”
On this, the platform gives them an exclusive digital identity and even complimentary crypto assets in some jurisdictions. As per the records on the company’s web portal, nearly 2.1M people have taken part, basically in a trial setup. In line with the concerns related to such methods, the French privacy regulator the CNIL, and Germany’s Bavarian state authority are investigating the matter.
Human Rights Foundation Promotes BTC Expansion with Huge Rewards
A bug bounty project has been recently started by the Human Rights Foundation (HRF) to improve the functionality of Bitcoin. The project provides twenty Bitcoin (BTC) as a reward for detecting and reporting the bugs. This endeavour focuses on refining the protocol of Bitcoin while particularly stressing the user experience concerning mobile wallets.
As per the HRF’s CSO Alex Gladstein, Bitcoin denotes financial liberty and this is a significant part of worldwide human rights. Up till now, no bounties have been claimed. Nonetheless, the parties interested in this can take part until the end of the next year.
