Wemade Partners with Katnappe to Bring Arcade Game to Blockchain Platform

The Turkish government is on the verge of finalizing comprehensive regulations for the cryptocurrency market. It has been known for a number of months that Turkey had been working towards the production of a regulatory framework for crypto, with the primary objective of securing the country’s removal from the Financial Action Task Force’s (FATF) "grey list." According to revelations from Minister of Treasury and Finance Mehmet Simsek, who participated in an interview with the Anadolu Agency on Wednesday, those regulations are now nearing completion.Photo by Emre on UnsplashFramework in advanced stagesSimsek disclosed key elements of the forthcoming regulations, emphasizing the government's commitment to legally defining critical concepts in the crypto space, licensing trading platforms and aligning with the standards set by FATF. The crypto framework tailored for the Turkish market is in the advanced stages of development, with a meticulous evaluation of its technical aspects underway, noted Simsek. The overarching goal is to mitigate the risks associated with crypto trading, especially for ordinary investors, aligning with international standards to facilitate the country's removal from the FATF's grey list. Licensing and defined termsSimsek outlined the forthcoming guidelines, stating that crypto platforms will be mandated to acquire licenses from Turkey's Capital Markets Board (CMB). A number of months ago, Bora Erdamar, the director of the BlockchainIST Center, an Istanbul-based university research and development center for blockchain technology, had underscored the importance of establishing licensing standards as part of the new crypto framework. Erdamar claimed that would be necessary in order to “prevent abuse of the system.” Erdamar is of the view that any such regulatory framework may include digital security protocols, advanced custody services, compulsory proof of reserves and capital adequacy requirements. It’s understood that the regulations will provide legal definitions for essential terms such as "crypto assets," "crypto wallets," "crypto asset service providers," "crypto asset custody service" and "crypto asset buying and selling platforms." As an example, Simsek clarified the definition of crypto assets as "intangible assets that can be created and stored electronically using distributed ledger technology or a similar technology, distributed over digital networks, and capable of expressing value or rights." While emphasizing the reduction of risks in crypto trading, Simsek clarified that the regulations would not encompass the specific tax regime for virtual assets. The proposed regulations have long been under consideration as Turkish authorities aim to bring clarity to the crypto market. The Minister assured that the crypto legislative proposals would be finalized this month, preceding the FATF evaluation scheduled for February. Notably, between July 2022 and June 2023, Turkey ranked fourth globally in raw crypto transaction volumes, recording approximately $170 billion in activity, trailing behind the United States, India and the United Kingdom, as reported by the blockchain analytics firm Chainalysis. A report by KuCoin last year identified a marked increase in adoption in Turkey.  It’s believed that wayward inflation over recent years relative to the Turkish lira is playing a large part in that trend. In recent weeks the Turkish president took the step of appointing an expert in blockchain and crypto assets to the central bank’s rate-setting committee. 

Forkast Labs streamlines operations following mergerForkast Labs, a crypto media and data intelligence firm, has streamlined and consolidated its operations in the wake of a merger which was carried out earlier this year.CryptoSlam mergerIn January, Forkast News, a Web3 media publication which had been founded in Hong Kong, merged with United States-based blockchain analytics firm CryptoSlam. The merger led to the formation of a newly branded entity known as Forkast Labs — a “Web3-focused data intelligence and media platform.”Forkast Labs’ merger with CryptoSlam brought together their respective strengths, with CryptoSlam specializing in non-fungible token (NFT) data tracking since its establishment in 2018. In January 2022, CryptoSlam secured $9 million in funding, led by Animoca Brands. It is worth noting that Forkast.News is also a portfolio company of Animoca, with Yat Siu, the founder and executive chairman of Animoca, overseeing the merger process.Photo by Possessed Photography on UnsplashStrategic pivotThe tie-up aimed to create a synergy between data intelligence and media in the cryptocurrency space. According to a report by The Block on Friday, recent developments suggest a potential pivot away from traditional editorial operations. Citing a Forkast Labs internal memo that the publication claimed had been shared with it, the memo stated:“There will be an increased focus on the data side going forward, and the collective team will be focused on launching new data products.”With that change of direction, it’s understood that some editorial staff have been laid off. The internal company memo went on to state that “the majority of editorial operations have been incorporated into Forkast Labs as a result of the merger between Forkast and CryptoSlam earlier this year.”The original crypto news site Forkast.News was co-founded by former Bloomberg anchor Angie Lau and former McKinsey consultant Sarah Chang in Hong Kong in 2018. The company raised $1.7 million in a seed funding round in 2021. In the wake of the January merger, the company had expanded its offerings in subsequent months with the release of indices, including the Forkast 500 NFT Index. Additionally, a partnership with The Sandbox in June aimed to “index the metaverse.”Consolidation trendThe changes effected by Forkast News and subsequently Forkast Labs are very much in line with a recent trend evidenced relative to crypto media. The Block carried out a reorganization in March that saw the firm layoff 27 staff, accounting for around one-third of its workforce. Last month, the media outlet was sold to Singapore-based venture capital group, Foresight Ventures, with a valuation of $70 million.Another prominent crypto media platform, CoinDesk, carried out an editorial staff reduction in August. It was subsequently acquired last month by cryptocurrency exchange platform Bullish in an all-cash deal led by former New York Stock Exchange President Tom Farley. Bullish is also one of three bidders in the running to buy out failed crypto exchange FTX.The evolving dynamics in the crypto media sector underscore the industry’s adaptability and pursuit of new avenues. In this instance, it demonstrates the pursuit of a data-focused business proposition amid changing market demands.

Survey Reveals 45.9% of Korean Crypto Investors Reporting LossesAccording to a recent survey, more than half of South Korean adults have experience of owning cryptocurrency. Most of them bought crypto for investment purposes, with 33% of respondents making gains and 45.9% losing money.Photo by RDNE Stock project on Pexels2,500 respondentsThe Korea Financial Consumers Protection Foundation, a public research and education institute, conducted an online survey to assess the prevalence and trends of cryptocurrency ownership among South Koreans. The study, conducted between March 3 and March 24, 2023, encompassed 2,500 participants between the ages of 20 and 69 residing in Seoul, its suburbs, and the six major metropolitan areas. The results shed light on the crypto landscape, including ownership patterns, investment purposes, asset holdings, funding sources, and the future intentions of respondents.Crypto ownership trendsAccording to the survey, 30% of the participants currently own cryptocurrency, while 23% revealed they had previously owned crypto assets but no longer possess them, indicating that more than half of the respondents have had exposure to cryptocurrencies at some point in their lives.Among current crypto holders, 74.5% stated that they had acquired their first digital assets between 2020 and 2022, which suggests a surge in crypto purchases during the COVID pandemic period.Purpose of holding cryptoRegarding the purpose of holding crypto, 80.9% of respondents who either currently own or have previous experience owning cryptocurrency (representing approximately 43% of all participants) cited investment as their primary motivation. Furthermore, 17.4% viewed crypto as a trading instrument, while 17.8% held it for specific service utilization. (Individuals were allowed to choose multiple options.) From this result, the authors estimated that around 24.2% of all respondents currently hold crypto for investment purposes.The survey revealed the distribution of virtual asset holdings among respondents, with the values quoted in Korean Won (KRW). Among the participants, 21.5% owned less than 1 million KRW ($760), while 45.8% held more than 1 million KRW ($760) but less than 10 million KRW ($7,600). Additionally, 28.8% possessed between 10 million KRW ($7,600) and 100 million KRW ($76,000), and 3.9% held more than 100 million KRW ($76,000) in crypto assets.Funding sourcesWhen asked about the sources of funds used to purchase virtual assets, 82.5% of individuals with previous crypto ownership experiences mentioned utilizing spare funds from deposits or other sources. Meanwhile, 17.7% disclosed that they had liquidated other assets, such as stocks or real estate, to invest in cryptocurrencies. (Individuals were allowed to choose multiple options.) In addition, 7.8% of respondents acknowledged borrowing from acquaintances, with a higher rate of 11.8% among those in their 20s. The proportion of respondents who borrowed from loans was 6.2%.Among those who borrowed funds to invest in crypto, 47.6% are currently facing difficulties in repaying their loans, while 28.6% experienced repayment challenges in the past. This data suggests that a significant portion of individuals who borrowed to purchase cryptocurrencies encounter difficulties in loan repayment.Regarding the financial institutions from which respondents borrowed, 57.1% borrowed from the banking sector, while the remaining 42.9% obtained funds from non-banking entities. Encouragingly, no respondents reported borrowing from loan sharks.Cumulative returnsRegarding the cumulative returns on crypto assets, 33% of respondents who currently hold crypto reported gains, with an average cumulative return of 25%. Conversely, 45.9% reported losses, experiencing an average cumulative loss of 41.5%.When liquidating their crypto assets, 24.7% of traders made a profit, while 47.9% incurred losses. The data reveals that the proportion of individuals who suffered losses in their crypto investments was nearly twice as high as those who reported gains. Furthermore, higher age groups exhibited a higher percentage of losses compared to younger respondents. Among those who profited, the average return was 38.4%, while those who suffered losses reported an average loss of 37.5%.Future intentionsThe survey also inquired about the future intentions of respondents regarding their crypto holdings. Among current crypto holders, 80.8% expressed their intention to continue holding crypto assets. On the other hand, among those who do not currently own any crypto assets, 72.8% stated that they do not plan to purchase cryptocurrencies in the future.