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Binance partners with South Korean record label YG Entertainment

Binance Establishes Strategic Partnership in South Korea

The Binance exchange platform will be able to expand its activities in South Korea thanks to a partnership with YG Entertainment, one of the three largest record labels in South Koreawhich produces in particular internationally renowned groups such as Blackpink, Winner or a Big Bang encore.

The memorandum of understanding signed between the two parties stipulates that Binance will be able to develop digital assets based on the intellectual property of artists produced by YG Entertainment.

Few details have been revealed, but we already know that this strategic partnership will allow the development of blockchain projects, including non-fungible tokens (NFT). The construction of a metaverse and the game development through Binance Smart Chain (BSC) would also be on the cards.

“As a leader in K-pop, we plan to gradually build an innovative and green NFT ecosystem. The collaboration with Binance has enabled YG to earn royalties and business opportunities for quality content. We also hope it will strengthen the bond between fans and artists,” he said. Bo Kyung HwangYG Entertainment P.D.G.

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A summit alliance in uncertain territory

Binance, the world’s largest cryptocurrency exchange, had already tried to establish itself in South Korea in 2020, but had very quickly he had to cease his activities in the peninsula due to insufficient volume of transactions.

However, the South Koreans seem to have evolved towards cryptocurrencies. Indeed, despite fairly strong state regulation, as evidenced by the March 2021 law on the obligation to provide proof of identity to use the exchange platformsthere is a lot of good news regarding the reception of crypto assets in the territory.

Already last April, the video game giant Nexon had invested 100 million dollars in the purchase of bitcoins. In November, we learned that NFTs would escape regulation of crypto assets, and a month later, the government decided roll back the 20% tax on digital assets to the year 2023.

Woori Financial Groupthe fourth largest bank in South Korea, had also made a move towards cryptocurrency holders by offering them a custody service.

So if things continue to go in the right direction, this partnership between Binance and YG Entertainment could deliver. a success proportional to that of the NFTs, but also to that of K-pop, a booming music sector for which more than 50 million records were sold in 2021 alone.

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About the Author : Maximilian Prue

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Passionate about the world of decentralized finance and what’s new with Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
All articles by Maximilien Prué.

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