Mirae Asset Security Token Working Group, a South Korean firm with over $500 billion in assets under management (AUM), has partnered with Ethereum layer-two scaling solution Polygon (MATIC) for security tokenization initiatives. The memorandum of understanding signed between Mirae Asset Securities and Polygon Labs aims to help establish global leadership in the field of tokenized securities. This collaboration is expected to accelerate the mass adoption of web3 among financial institutions.
Polygon Labs, which previously partnered with the Monetary Authority of Singapore and key financial institutions for its Project Garden asset tokenization initiative, will provide technical collaboration to Mirae Asset Securities. Last year, Project Guardian successfully executed foreign exchange and sovereign bond transactions via Polygon.
In other news, Tencent, a Chinese IT conglomerate, has launched its Hunyuan Large Language Model (LLM), the largest of its kind with over 2 trillion parameters. Tencent claims that Hunyuan can process “tens of trillions” of data per day and has the potential to reduce risk analysis procedures in sectors such as automobile manufacturing. The company has invested $31.4 billion into cloud and AI research and development over the past five years. Hunyuan will be available through Tencent Cloud, allowing users to directly connect their software APIs or use it as a basis for various applications in mechatronics, customer service, and enterprise operations.
Cryptocurrency exchange Coinbase has introduced stricter know-your-customer (KYC) measures for its Singaporean customers. In accordance with regulations set by the Monetary Authority of Singapore, Coinbase’s Singaporean clients will need to provide KYC information when sending crypto to addresses outside of the platform. This includes information on the recipient’s wallet type, counterparty exchange name, full name, and country of residence. Users who receive external crypto on Coinbase will also need to provide similar KYC information on the sender in order to access their deposits. These new KYC checks do not affect transfers between Coinbase accounts.
In China, officials in Shangdong Province have set key performance indicators (KPIs) to expand the province’s metaverse industry to 15 billion Yuan ($2.05 billion) by 2025. The KPIs include incubating 100 metaverse ecosystem projects, generating 3,000 metaverse-related patents, and creating at least 30 metaverse experiences at public service centers. The government aims to build a cultural tourism metaverse big data system and develop immersive tourism service products.
On social media platform Sina Weibo, 80 Chinese crypto influencer accounts with a combined follower count of over 8 million have been banned. The accounts were banned for promoting crypto trading activities, in accordance with China’s “Crypto Ban” legislation. The country has taken a harsh stance on enforcing the ban since this year, resulting in the removal of crypto-related accounts and projects.
South Korean police have busted an $83 million crypto scam, with 22 individuals arrested on charges of deception and fraud. The group allegedly solicited funds based on promises of investment returns in the crypto market as high as 300%. Assets linked to the group have been seized in criminal proceedings.
Cryptocurrency exchange OKX is in the final stages of receiving its virtual asset provider license from Hong Kong regulators. The exchange expects to receive the license by June 2024 and aims to attract 100,000 to 200,000 retail Hong Kong crypto investors within the first year. The shift in attitude from banks towards the virtual currency industry came after the Hong Kong government promoted the city as a global virtual asset center and regulatory authorities provided a clear message.
These are the most important developments in East Asia’s blockchain and cryptocurrency industry this week. The partnership between Mirae Asset Securities and Polygon aims to advance the adoption of tokenized securities, Tencent’s Hunyuan LLM introduces powerful language processing capabilities, stricter KYC measures are implemented by Coinbase for Singaporean customers, the metaverse industry in Shangdong Province sets ambitious goals, Chinese crypto influencer accounts are banned on Sina Weibo, a crypto scam is busted in South Korea, and OKX moves closer to receiving regulatory licensing in Hong Kong. These updates highlight the continuous growth and evolution of the blockchain and cryptocurrency sectors in East Asia.
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