South Korea is considered the fourth biggest gaming market and one of the biggest blockchain adopters. However, the country has banned play-to-earn (P2E) blockchain games due to the crypto integration. The new pro-crypto president Yoon Suk-yeol had hinted at lifting the ban, but the government yet to showed any significant effort. Anthony Yoon, managing partner of blockchain investment and accelerator firm ROK Capital, in an exclusive interview with Cointelegraph, said that GameFi is a natural fit for Korean game publishers. Yoon shed light on the current state of GameFi in the country and how game studios are approaching blockchain integration …

Sky Mavis, the firm behind Play-to-Earn (P2E) heavyweight Axie Infinity is looking to “double down” in South Korea and ramp up adoption despite the regulatory hurdles. Speaking with Cointelegraph at the Korea Blockchain Week on Aug. 9 (local time), Sky Mavis co-founder and growth lead Jeffrey Zirlin stated that despite the domestic ban on P2E games still being in place, the “Korean market is one of the most important gaming markets in the world, and we have tons of players in South Korea.” Zirlin added that the company is currently looking at ways to tailor the Axie Infinity game to …

Cointelegraph’s Brian Newar spoke with Alex Svanevik, the CEO of blockchain data firm Nansen at the Korea Blockchain Week (KBW) 2022 held in Seoul and discussed topics like the upcoming Ethereum (ETH) Merge and how it will affect other blockchains. According to Svanevik, the industry witnessed a spillover effect in the last bull run. He said that in trading nonfungible tokens (NFTs), newcomers in the blockchain space didn't want to pay hefty transaction fees of up to $100 to purchase NFTs in the Ethereum network. The Nansen CEO noted that this demand for NFTs spilled over to other blockchains where …

The fifth annual Korea Blockchain Week kicked off on Aug. 8, with more than 7,000 people attending Asia's largest blockchain event of 2022. The Seoul-based event is set to run its main-stage sessions on Aug. 8 and 9, while side events such as music festivals and nonfungible token (NFT) art galleries will go through until Friday, Aug. 12. This year Korea Blockchain Week features presentations from more than 120 figures in the blockchain space, including prominent names such as Ethereum co-founder Vitalik Buterin, Binance CEO Changpeng Zhao, Animoca Brands chair Yat Siu and Polygon co-founder Sandeep Nailwal. The event is …

Crypto exchange Crypto.com has announced a key regulatory milestone in South Korea after securing two local companies, giving it access to crypto and payments registration. The announcement came during Korea Blockchain Week 2022 after the company announced the acquisition of payment service provider 'PnLink Co. Ltd.' and virtual asset service provider 'OK-BIT Co. Ltd.' The move means they have now secured Electronic Financial Transaction Act and Virtual Asset Service Provider Registration in South Korea. We're excited to share that we’ve achieve another key regulatory milestone: EFTA + VASP registration in South Korea https://t.co/vCNztABJoG is committed to being the industry leader …

Decentralized-finance (DeFi) aggregator 1inch Network has revealed plans to expand within the Asian market, according to its co-founder Sergej Kunz. Speaking to Cointelegraph during Korean Blockchain Week (KBW) 2022 on Aug. 8, Kunz said that despite the DeFi market being relatively small in Korea and Asia, there are a number of Asia-based Web3 companies that 1inch is looking to partner with. However, Kunz also added that the biggest barrier to entry appears to be a lack of understanding about DeFi and how to use crypto wallets: “As soon as people understand that they can [yield] farm, they can swap, they …

Sam Seo, the director of metaverse-focused blockchain Klaytn Foundation believes widespread adoption of the Metaverse will be “easier” if Web2 companies integrate the tech with their products and services. Speaking to Cointelegraph during the Korea Blockchain Week (KBW) on Aug. 8, Seo suggested that Web3 Metaverse projects generally have issues attracting a mainstream audience, as normal people often have a hesitancy to use new technology from companies that they have never heard of. “If new ideas are combined with Web2 platforms like [social media app] Kakao, especially in South Korea, there's accessibility to these new ideas for new services that …

Dunamu, a major fintech firm in South Korea that operates crypto exchange Upbit and several other blockchain and securities platforms, is planning to invest 500 billion won ($380 million) to create about 10,000 new Web3 jobs in the next five years. The firm is reportedly considering offering specific software and funding to encourage more firms to join the Web3 industry. The $380 million investment is a part of Korea’s efforts to lead the Web3 race, reported Korea JoongAng Daily. Dunamu has already invested about 88 billion won ($67 million) since 2018 toward blockchain-centered firms. Dunamu CEO Lee Sirgoo said in …

It’s been a century or so since the property qualification came out of vogue, but it doesn’t seem a problem if you want to apply it to crypto and policymaking. An advisory notice released by the United States Office of Government Ethics last week states that the de minimis exemption — which allows for the owners of securities who hold an amount below a certain threshold to work on policy related to that security — is universally inapplicable when it comes to cryptocurrencies and stablecoins. As the note specifies, even holding a mere $100 of a certain stablecoin should prevent …

South Korean telecommunications giant SK Telecom has signed a joint agreement with other blockchain firms aimed at developing a digital wallet that can support cryptocurrencies, nonfungible tokens and digital credentials. In a Monday announcement, SK Telecom said its blockchain arm would be collaborating with AhnLab Blockchain Company and Atomix Lab to develop and operate a Web3 wallet. According to the firm, it will be using Soulbound Tokens, or SBTs, to verify credentials seemingly including memberships and certifications in addition to being capable of storing digital assets. Atomix Lab will use secure multiparty computation encryption for the blockchain wallet, after which …

South Korean justice minister Han Dong-hoon was in New York recently to discuss various ways in which the two nations can corporate on investigations associated with financial crimes, especially crypto-related crimes. Hoon met with Securities and Commodities Task Force co-chief Andrea M. Griswold at the United States Attorney’s Office for the Southern District of New York along with Scott Hartman, chief of the Securities and Commodities Fraud Task Force of the same office on Tuesday, reported a local news publication. The two sides discussed ways to exchange information and strengthen cooperation to ensure timely action on the increasing number of …

Korea’s leading exchanges have agreed to form a new emergency system that will spring into action within 24 hours should another Terra-style collapse threaten to come to pass. Under the new system, exchanges will convene to respond to sudden adverse market effects such as what happened with Terra in May. The agreement came after five of the country’s largest crypto exchanges, Upbit, Bithumb, Coinone, Korbit and Gopax attended a session at the National Assembly, South Korea’s legislature to address market fairness on Monday, according to a report from local news outlet Daily Sports. Exchange leaders, members of National Assembly, and …