Tuesday, February 20, 2024
HomeCryptocurrencyMajor South Korean Asset Management Firm Partners with Polygon for Security Tokenization

Major South Korean Asset Management Firm Partners with Polygon for Security Tokenization

Mirae Asset Security Token Working Group, a prominent South Korean asset management firm boasting over $500 billion in assets under management (AUM), has initiated a collaboration with Polygon (MATIC), a layer-two scaling solution for Ethereum. The partnership aims to drive security tokenization initiatives both domestically and internationally, with Mirae Asset Securities signing a memorandum of understanding with Polygon Labs.

Polygon Labs will play a pivotal role in assisting Mirae Asset Securities in its pursuit of tokenized securities networks. This move is expected to accelerate the adoption of web3 technology among financial institutions. Sandeep Nailwal, Executive Chairman of Polygon Labs, expressed confidence that Mirae Asset’s venture into tokenization would contribute to the widespread adoption of web3 technology.

Ahn In-sung, Head of the Digital Division at Mirae Asset Securities, emphasized the goal of establishing global leadership in the field of tokenized securities through technical collaboration with Polygon Labs.

Polygon Labs has previously engaged in a partnership with the Monetary Authority of Singapore (MAS) and prominent financial institutions for its Project Garden asset tokenization initiative. In November of the previous year, Project Guardian, a component of Project Garden, successfully executed foreign exchange and sovereign bond transactions utilizing the Polygon network.

Tencent Introduces Hunyuan Large Language Model with Over 2 Trillion Parameters

Tencent, a leading Chinese IT conglomerate, unveiled its Hunyuan Large Language Model (LLM) during the Global Digital Ecology Conference on September 7. Remarkably, Hunyuan boasts over 2 trillion parameters, a significant advancement compared to previously large LLMs, which typically contained up to 175 billion training data parameters.

Hunyuan presents a formidable competitor to ChatGPT and is now accessible via Tencent Cloud. Users can directly integrate their software APIs with Hunyuan or leverage it as a foundational component for various applications in mechatronics, customer service, and enterprise operations.

Tencent touts Hunyuan’s capacity to process “tens of trillions” of data points daily, significantly expediting risk analysis procedures in industries such as automobile manufacturing. The company has allocated substantial resources, investing a total of $31.4 billion in cloud and AI research and development over the past five years. Tencent has also refined the pre-training algorithm and strategy for Hunyuan, addressing concerns of large models generating nonsensical content, thereby enhancing its usability.

Coinbase Implements Stricter KYC Measures for Singaporean Customers

Cryptocurrency exchange Coinbase has introduced enhanced Know Your Customer (KYC) procedures for its Singaporean clients. In compliance with regulations set forth by the Monetary Authority of Singapore (MAS), Coinbase users in Singapore are now required to furnish KYC information when transferring cryptocurrencies to addresses outside the exchange.

The KYC requirements include providing details about the recipient’s wallet type, counterparty exchange name, full name, and country of residence when initiating cryptocurrency transfers from Coinbase. Additionally, recipients receiving external cryptocurrency transfers into their Coinbase accounts must supply similar KYC information about the sender to access their deposited assets.

It is worth noting that these KYC checks will not impact transfers conducted between Coinbase accounts. MAS initiated anti-money laundering requirements for digital asset transactions in January 2020, with the most recent revisions introduced in March 2022. The reason for the delayed implementation of these regulations by Coinbase remains unclear.

Shangdong Province Sets Ambitious KPIs for Metaverse Industry Growth

Government officials in China’s Shangdong Province have established key performance indicators (KPIs) aimed at fostering the growth of the province’s metaverse industry. The ambitious objectives include expanding the metaverse industry to 15 billion Yuan ($2.05 billion) by 2025, targeting a cyclically adjusted growth rate of 15% annually.

Additional KPIs encompass incubating 100 metaverse ecosystem projects, generating 3,000 metaverse-related patents, and establishing at least 30 metaverse experiences at public service centers. The provincial government emphasized the need to construct a dedicated cultural network, a big data center, and a cultural database to form a cultural tourism metaverse big data system. Focus areas include leveraging cultural tourism resources, immersive tourism services, and virtual reality (VR) cloud tours.

Sina Weibo Bans 80 Chinese Crypto Influencer Accounts

Sina Weibo, one of China’s largest social media platforms with over 580 million monthly active users, has banned 80 Chinese crypto influencer accounts. Collectively, these accounts had a combined follower count exceeding 8 million. The ban was enacted due to their engagement in promoting crypto trading activities, aligning with the regulations encompassing China’s “Crypto Ban,” which has been enforced since August 2021.

China’s more stringent enforcement of the Crypto Ban has led to the removal of various entities, including criminal enterprises and legitimate projects, and has had collateral repercussions for foreign investors.

South Korean Authorities Bust $83 Million Crypto Scam

South Korean law enforcement authorities have successfully dismantled a crypto scam operation amounting to 110 billion Won ($83 million). The operation targeted unsuspecting individuals by promising exorbitant returns on crypto investments, with potential gains reaching as high as 300%.

The 22 individuals involved in the scam were arrested on charges of deception and fraud. It was discovered that the group had engaged in fraudulent activities, including the creation of falsified business entities advocating token listings and entry into digital asset exchanges. Authorities have seized assets connected to the group as part of the ongoing criminal proceedings.

OKX Nears Licensing in Hong Kong for Virtual Asset Services

Cryptocurrency exchange OKX is in the advanced stages of obtaining a virtual asset provider license from regulatory authorities in Hong Kong. Zhikai Lai, the Chief Commercial Officer of OKX, anticipates the regulatory license to be granted by June 2024. Furthermore, the exchange aims to attract between 100,000 to 200,000 retail crypto investors in Hong Kong within the first year of operation.

This development is seen as a response to increasing governmental support for the virtual asset industry in Hong Kong, which has prompted banks to prepare resources and take a more positive stance toward the sector.

Rupesh Kumar Singh
Rupesh Kumar Singhhttp://www.news-next.in
Rupesh Kumar Singh, a seasoned journalist since 2005, excels in crime and business journalism, known for accuracy and insightful reporting.
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