GDAC joins hands with Zodia Markets to cultivate global digital asset network

Welcome Savings Bank Implements Blockchain-based Bank ID for Enhanced Customer ConvenienceWelcome Savings Bank, one of the mutual savings banks in South Korea, has announced a significant step towards enhancing identity security and customer convenience with the incorporation of Bank ID, a blockchain-based decentralized identity (DID) solution operated by the Korea Financial Telecommunications and Clearings Institute (KFTC), a payment services institution.Photo by Jonathan Cooper on UnsplashDID technology to prevent identity fraudThe utilization of DID technology marks a notable stride in preventing identity fraud. By storing user data on a secure distributed ledger, the system becomes highly resilient to counterfeiting or forgery attempts, ensuring a safer environment for customers’ personal information.Single sign-on functionalityWith this initiative, Welcome Savings Bank has become the first savings bank in the country to implement Bank ID, a solution predominantly adopted by prime commercial banks. This strategic move bolsters the bank’s digital competitiveness and improves customer convenience. With Bank ID, users can enjoy seamless access to their accounts across 18 Korean financial institutions without the hassle of logging in separately for each one, streamlining their banking experience.Customers of Welcome Savings Bank can utilize the bank’s mobile app to acquire a Bank ID by undergoing a verification process through a one-time password or security card. For existing Bank ID holders, adding Welcome Savings Bank to their list of banks is a straightforward procedure.The decision to embrace this innovative technology highlights the bank’s commitment to meeting the high standards set by prime commercial banks. By aligning with industry trends and bolstering their digital capabilities, savings banks like Welcome and other subprime banks can deliver improved convenience and a seamless banking journey to their valued customers.

The Inland Revenue Board (IRB) of Malaysia has launched an operation, which has been dubbed as “Ops Token,” to tackle tax evasion within crypto trading circles in the southeast Asian nation. Klang Valley raids According to the Malaysian English language newspaper, The Star, the special operation is a coordinated effort involving the Royal Malaysia Police and CyberSecurity Malaysia (CSM) alongside the IRB. The Malaysian tax authority raided ten locations, with 38 personnel involved in the raids, which were carried out within the Klang Valley region. The main objective of the raids and the operation overall, is to identify crypto corporate entities and individuals that had failed to report trading activities and therefore, associated revenues, profits and taxes. The initiative aligns with the Malaysian government’s broader strategy of stamping out tax evasion across all sectors, reducing revenue leakage and optimizing the nation’s tax take.Photo by Esmonde Yong on UnsplashStern warning for traders Datuk Abu Tariq Jamaluddin, CEO of the IRB, issued a stern warning to crypto traders: declare and pay taxes or face compliance actions. Jamaluddin clarified that crypto traders are subject to the same income tax rules that are applied to businesses across various sectors throughout Malaysia. While cryptocurrency is not regarded as legal tender by Malaysia’s central bank, crypto-centric businesses must adhere to the nation's income tax regulations. The IRB commented on the operation via a statement published on June 15. It stated: "Through this operation, it was possible to find stored cryptocurrency trading data in mobile devices and computers. We have successfully identified the digital assets that are traded, which has caused significant tax revenue leakage." The agency intends to carry out further analysis on the data that it seized in a bid to ascertain the trading revenues generated, the profits derived from that trading activity and the taxes owed as a consequence. The IRB has asserted that a number of corporate entities and partnerships were specifically formed with the purpose of tax evasion. The agency estimates the total value of crypto-related transactions to date in 2024 to amount to 1.441 trillion Malaysian ringgits, approximately $310 billion. International enforcement efforts Malaysia is not alone in its efforts to ensure tax compliance relative to cryptocurrency trading and investing. The Organization for Economic Cooperation and Development (OECD) has established a set of crypto tax rules, namely the Crypto-Asset Reporting Framework (CARF). The initiative is part of an effort to achieve a Common Reporting Standard (CRS) relative to crypto on an international basis, with OECD member states transposing the CARF into domestic law. The CARF is due to go live in 2027. The International Monetary Fund (IMF) maintains that crypto presents itself as a major headache for tax authorities globally. In a research paper published last year, it outlined that countries would need to update their tax systems in order to deal with the challenge that crypto presents with the potential for a leakage in tax revenues. In the United States, an Internal Revenue Service (IRS) official stated in December 2023 that the agency has seen an increase in its caseload relative to crypto tax cases.

OPNX Enables Margin Trading via oUSDCrypto futures and bankruptcy claims trading exchange OPNX has unveiled a credit currency called “oUSD” for margin trading.The company announced the new currency via a statement to Cointelegraph by OPNX Co-Founder Mark Lamb on Wednesday. The initial phase of oUSD requires users to deposit crypto assets into the exchange to acquire the currency. In the subsequent phase, OPNX plans to enable users to obtain oUSD by depositing crypto into on-chain contracts, allowing for potential “bankruptcy remoteness,” according to Lamb.Photo by Krišjānis Kazaks on UnsplashSolving three problemsThe currency’s litepaper identifies three problems that oUSD aims to solve. Firstly, lenders are hesitant to trust platforms to hold cash loans backed by crypto collateral. Secondly, exchanges and lending platforms are wary of lending cash to margin traders due to the multiple bankruptcies witnessed during the bear market of 2022. Lastly, crypto derivatives traders seek “portfolio margin” to borrow and trade based on their crypto holdings rather than stablecoin holdings.To address these concerns, oUSD is designed as a “credit currency.” It can be obtained at a 1-to-1 ratio with Tether (USDT) or used to measure profit and loss when users utilize Bitcoin or other cryptocurrencies as collateral. Users with negative oUSD balances are subject to an interest rate determined by holders of the platform’s native token, OX. Those with a positive balance can redeem oUSD for USDT.Future plansLamb discussed future plans with Cointelegraph, explaining that users will eventually be able to acquire oUSD by staking cryptocurrencies within smart contracts outside the platform. This mechanism aims to provide bankruptcy remoteness, safeguarding users from potential exchange insolvency.One of the co-founders of OPNX, Kyle Davies, along with Su Zhu, also co-founded the failed hedge fund Three Arrows Capital (3AC), leading to controversy surrounding the exchange. OPNX’s CEO, Leslie Lamb, admonished investors for allegedly misleading the public by disassociating themselves from the exchange. Responding to criticism, Mark Lamb argued that the mistakes made by Davies and Zhu have contributed to improving OPNX as an exchange.Lamb stated: “I think Kyle and Su kind of portrayed the zeitgeist of the last crypto bull market well, and they lost the majority of their net worth, but they are building back, and that’s what I am doing as well, and that’s what everyone should do… just build back.”Appearing on a Twitter Spaces recently, the founders of the bankrupt Singapore-headquartered 3AC said that they are committed to donating future earnings from OPNX to the creditors of the collapsed crypto hedge fund. Goodwill has been largely lacking for the duo following the 3AC collapse yet undeterred, they are putting all their energies behind their new venture, OPNX.OPNX’s launch of oUSD as a credit currency offers potential solutions to the challenges faced by lenders, exchanges, and margin traders in the crypto space. By introducing oUSD, OPNX aims to provide a safer trading environment, provable solvency, and custody on-chain, giving users protection for their assets and promoting trust in the exchange. Trust might be in short supply for the start-up’s founders although there’s no doubt that they have acquired a lot more experience in the wake of the 3AC collapse.