[Weekly Blockchain] Major Blockchain News in the 1st Week of May, 2024
Hello, this is the LEDGIS Team.
It’s time for [Weekly Blockchain], where we look at the latest trends in the blockchain market.
Let’s start energetically today!
For detailed information on each news item, please refer to the respective articles.
👉 [Exclusive] Busan Digital Asset Exchange Completes Investment Payment, Set to Officially Launch
According to the Busan Ilbo, the Busan Digital Asset Exchange operator BDX Consortium (hereinafter BDX) completed its investment payment on the 3rd and officially launched. BDX has begun detailed preparations with the aim of opening the exchange in October.
In February, Busan Metropolitan City and BDX signed a memorandum of understanding for the establishment and operation of a digital asset exchange and proceeded with the incorporation process. According to the agreement, participating institutions contributed 10 billion KRW, and Kim Sang-min, Vice Chairman of Erom Corporation, was appointed as the inaugural CEO on March 25th.
Busan Metropolitan City stated that while it does not directly involve itself in the operation, it plays a role in guaranteeing publicness and fairness along with providing active support.
👉 Oh Se-hoon stated, “The era of 6 million virtual asset users… We will create a digital finance hub city.”
According to the New Daily, Seoul Metropolitan Government, ahead of the implementation of the Virtual Asset User Protection Act in July, has become the first local government to hold a public debate on virtual asset policies.
Seoul Metropolitan Government announced that it held a ‘Digital Finance Hub and Virtual Asset Policy Forum’ at the Seoul City Hall on the 2nd.
At the forum, Mayor Oh Se-hoon stated, “After the pandemic, the global virtual asset market has expanded, and countries are devoting considerable efforts to establishing regulations,” adding, “Seoul has provided a platform to discuss openly how we perceive the virtual asset market at the city level and what policy directions we can take.”
Mayor Oh also stated, “In an era where there are 6 million virtual asset users, it is important for us to pay attention to what changes are occurring and to discuss what effective policies are needed,” adding, “Just as Seoul has recognized the value of the future and has grown step by step, today’s discussions will serve as a stepping stone for Seoul to leap forward as a ‘Digital Finance Hub, Seoul’.”
👉 JP Morgan said, “Lack of catalysts to lift the virtual asset market… Caution in investment needed.”
According to Decenter, JP Morgan has put forward a negative outlook on the virtual asset market and urged caution in investment for the time being.
According to The Block on the 2nd, JP Morgan analyzed that there is a lack of positive catalysts in the virtual asset market and that investor sentiment has also deteriorated. Furthermore, JP Morgan added that adverse factors such as excessive positioning, high Bitcoin (BTC) prices compared to gold, increasing BTC production costs, and a shortage of virtual asset venture capital (VC) funds still persist. Analyst Nikolaos Panigirtzoglou from JP Morgan stated, “We maintain a cautious stance on the virtual asset market in the short term.”
👉 “Don’t fall for virtual asset scams.”
According to Korea Economic TV, the Financial Supervisory Service has embarked on producing content to prevent unfair trading practices in virtual assets.
The FSS has decided to first produce a video series on representative types of virtual asset investment scams. The series will consist of five short-form videos, and a publication containing cases of investment fraud will also be issued. 1,000 copies of the booklet will be produced, with 700 copies allocated to nationwide senior welfare centers and employment support centers. The remaining 300 copies will be utilized for investor education by the FSS and DAXA, among others. In addition, they plan to install an integrated information board on the DAXA website, where educational videos, press releases, and other materials will be shared.
That’s all for this week’s news.
We’ll be sure to bring you more updates through [Weekly Blockchain] next week, so stay tuned!
See you again next week!
