Indonesian Food Industry Conglomerate Embraces Blockchain Tech

Mystic Land token to be listed on LBankReal-time open metaverse platform Mystic Land’s governance token is set to be listed on global centralized cryptocurrency exchange LBank’s USDT market at 6 a.m. UTC on Friday under the ticker symbol MYTH, according to an official announcement on the platform’s Medium page.Photo by Markus Winkler on UnsplashExploring decentralized innovationMystic Land is a decentralized open metaverse that is operated in real time. It is open to anyone at any time, and individual participants can earn rewards for creating goods and services, selling and investing assets and more. It also facilitates interoperability with data, digital assets and content, bringing users together in an interactive online environment.MysticLand tokens are the basis of the metaverse’s ecosystem and can be mined in the metaverse platform in a Play-to-Earn (P2E) fashion through participation in various activities like content creation. They can also be used to purchase services and items on various decentralized applications (dApps) in Mystic Land.Empowering global tradersBoasting over nine million users around the world, LBank offers products like spot and margin trading, staking, peer-to-peer (P2P) transactions and crypto futures. According to CoinMarketCap, it is currently the 34th top cryptocurrency spot exchange with a spot trading volume of approximately $1 billion in the last 24 hours.

UAE Royal Office to Visit South Korea Next Month for Web3 VenturesAIITONE, an immersive tech company based in South Korea, said Monday that officials from the Royal Private Office of H.H Sheikh Ahmed Bin Faisal Al Qassimi in the United Arab Emirates (UAE) are set to visit South Korea next month. During the visit, the Royal Office will work with AIITONE to enhance collaboration with Korean enterprises leading the Web3 sector, including information technology (IT) and blockchain, and explore cooperative opportunities across different sectors such as energy and finance.The Royal Office will also engage in practical preparations for establishing the UAE banks’ Korean branches and meet with members of the Korean National Assembly and related business officials.Photo by Saj Shafique on UnsplashNurturing international relations“This visit will consist of meetings and discussions with Korean lawmakers, further strengthening political cooperation between our two countries and facilitating the exchange of opinions on crucial international matters,” a representative from the Royal Office commented.“During the visit, a South Korea-UAE Web3 forum will also be held, expediting discussions on fintech-related collaboration possibilities such as blockchain and STO,” the representative added.Transcontinental fintech growthAIITONE and the Royal Office had previously signed a memorandum of understanding (MOU) vowing to work together to expand their respective business operations into each other’s regions — East Asia and the Middle East — and subsequently bolster the fintech industries there.Under the partnership, AIITONE plans to convene with major Korean companies in order to analyze industry trends and explore potential areas for collaboration. The discussions are expected to cover various areas, including the establishment of Islamic banks in Korea, setting up offices for the investment of Arab capital in Asia, and strengthening cooperation in the field of security tokens.The company will also work with the Royal Office on security token projects and central bank digital currencies (CBDCs) — areas where Dubai leads innovation.“Through activities such as the UAE Web3 forum and blockchain-based security token ventures, we aim to pioneer new models of cooperation and achieve sustainable development,” said Bruce Jeong, Principal of Middle East Investment and AIITONE.

Japanese cabinet approves crypto tax reformThe Japanese government has green-lit an amendment to its fiscal 2024 tax reform plan, specifically targeting the taxation of companies holding third-party-issued cryptocurrencies.Photo by Louie Martinez on UnsplashIntroducing tax exemptionAccording to local news sources, this amendment brings about a crucial change by exempting such companies from the year-end mark-to-market valuation tax.The Fiscal Year 2024 Tax Reform Outline, now approved by the Japanese cabinet, marks a departure from the previous tax regime. Under the new framework, companies holding crypto assets will no longer be subjected to mark-to-market valuation at the end of the fiscal year. Instead, they will be taxed solely on the actual profits realized from the sale of virtual currencies and tokens.Alleviating the tax burdenThe primary motivation behind this amendment is to alleviate the tax burden on corporations engaged in the holding and operation of crypto assets. Previously, corporations holding third-party-issued cryptocurrencies were required to record profits or losses based on the difference between market value and book value at the end of the fiscal year. The new reform, however, exempts assets assumed to be held continuously from this mark-to-market valuation.News of moves to implement such reform emerged at the beginning of December. At the time, a report by Nikkei Asia suggested that Japanese lawmakers were working towards addressing issues related to crypto taxation. Japanese regulator, the Financial Services Agency (FSA) had first proposed such changes to the tax code via a 16-page submission on Aug. 31.Signaling investor-friendly approachThis policy shift aligns the taxation of companies with the tax system applicable to individual investors, signaling a more investor-friendly approach. Lawmakers from the Liberal Democratic Party and their coalition partner Komeito had reportedly considered a proposal to exempt corporations from taxes on unrealized crypto gains. This move is seen as Japan’s effort to boost liquidity in the market, putting it in line with other Asian regions striving to become prominent centers of crypto activity.The amendment, influenced by the Japan Cryptoasset Business Association’s (JCBA) call for tax reform, is anticipated to stimulate the growth of local startup businesses utilizing blockchain technology and attract international projects to the Japanese market.The proposal is set to be presented at the regular session of the National Diet (Japan’s national legislature) in January of the upcoming year, where it will require approval from both the House of Representatives and the House of Councilors.Notably, the Fiscal Year 2024 Tax Reform Outline encompasses a broader spectrum of economic policies, including a plan to reduce income tax and resident tax by 40,000 yen per person from June 2024 onwards.News of the crypto tax reform has been well-received by most industry commentators and market participants. Daiki Moriyama, Director of Singapore-based gaming blockchain project Oasys, reacted positively to the development. He told The Block:“The fact that the Japanese government has demonstrated its willingness to grow Web3 business by enacting tax reform for the second year in a row is extremely important to all Web3 business stakeholders around the world.”