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 collaboration aims to help accelerate the mass adoption of web3 among financial institutions. Mirae Asset Securities will work with Polygon Labs to establish global leadership in the field of tokenized securities. Previously, Polygon Labs partnered with the Monetary Authority of Singapore (MAS) and key financial institutions for its Project Garden asset tokenization initiative.
Chinese IT conglomerate Tencent has unveiled its Hunyuan Large Language Model (LLM) with over 2 trillion parameters, making it the largest LLM in the world. Tencent claims that Hunyuan is capable of processing “tens of trillions” of data per day and can reduce risk analysis procedures in automobile manufacturing from four hours to less than 30 minutes. Tencent has invested a combined $31.4 billion into cloud and AI research and development within the past five years. The company has optimized the pre-training algorithm and strategy to reduce the illusion of “babbling nonsense” in large models compared to mainstream open source models.
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Cryptocurrency exchange Coinbase has introduced stricter know-your-customer (KYC) measures for its Singaporean customers. In accordance with regulations from the Monetary Authority of Singapore (MAS), Coinbase’s Singaporean users must provide KYC information when sending crypto to addresses outside of Coinbase and when receiving external crypto on Coinbase. The new KYC checks are in line with MAS’ anti-money laundering requirements for digital asset transactions, which took effect in January 2020. It is unclear why Coinbase implemented the regulations just now.
Government officials in China’s Shangdong Province have set key performance indicators (KPIs) for local bureaucrats to expand the province’s metaverse industry to 15 billion Yuan ($2.05 billion) by 2025, with a growth rate of 15% per annum. The KPIs include the incubation of 100 metaverse ecosystem projects, 3,000 metaverse-related patents, and 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 such as VR cloud tours.
China’s largest social media platform, Sina Weibo, has banned 80 Chinese crypto influencer accounts with a combined follower count of over 8 million. The accounts were banned for promoting crypto trading activities, in accordance with China’s “Crypto Ban” that has been in force since August 2021. The ban reflects China’s harsh stance on enforcement of the Crypto Ban, resulting in the removal of criminal enterprises and legitimate projects, and affecting foreign investors as well.
South Korean police have busted an $83 million crypto scam scheme. On September 5, 22 individuals were arrested on charges of deception and fraud. The group allegedly solicited $83 million from over 6,600 individuals based on promises of high investment returns in the crypto markets. Investigation revealed that the business entities created by the group were falsified. Assets linked to the group have been seized in criminal proceedings.
Cryptocurrency exchange OKX is in the final stages of obtaining its virtual asset provider license from Hong Kong regulators. OKX expects to receive the regulatory license by June 2024 and aims to attract between 100,000 and 200,000 retail Hong Kong crypto investors within the first year. The positive attitude of banks towards the virtual currency industry in Hong Kong was triggered by the government’s promotion of Hong Kong as a global virtual asset center and clear messages from the Securities and Future Commission and the Hong Kong Monetary Authority.
In conclusion, South Korea’s Mirae Asset Security Token Working Group is partnering with Polygon for tokenized securities initiatives, Tencent has unveiled its largest LLM ever, and Coinbase introduces stricter KYC measures for Singaporean customers. Furthermore, the Chinese government aims to expand the metaverse industry in Shangdong Province, Sina Weibo has banned 80 crypto influencer accounts, an $83 million crypto scam has been busted in South Korea, and OKX is in the final stages of obtaining a license in Hong Kong.
