Japan Moves to Allow Startups to Sell Digital Tokens to VC Funds

amana, a Dubai-based neo-broker, has announced that it is adding another 300 cryptocurrencies to its app. 450 crypto assetsA neo-broker is an online-based digital investment service provider that leverages technology and online tools to make investing and trading more accessible to the broader investing and trading public. The firm announced the product expansion via a press release published on its behalf by GlobeNewswire on March 17. Prior to the announcement, amana had offered its service users access to 150 cryptocurrencies. Expanding the range to a total of 450 cryptocurrencies makes it the leading broker in the Middle East and North Africa (MENA) region in terms of the breadth of digital assets it has made accessible to users.Photo by Christoph Schulz on UnsplashAll-in-one service offeringThe company described the offering as “unmatched,” allowing amana to firmly position itself as the go-to platform where the seamless trading of both traditional and digital assets is concerned. amana believes that its offering fills a gap in the market. Most platforms, it claims, either cater to the digital assets market or the traditional finance market. The platform sees itself as an all-in-one solution, making it unnecessary for investors and traders to create multiple accounts. Speaking to that gap in the market that the company wants to exploit, amana CEO Muhammad Rasoul stated: “We’re making it easier than ever for our customers to trade digital assets alongside stocks, forex, and commodities—all in one place, with zero hassle.” The firm added that the expansion isn’t just about offering a greater selection of digital assets. The announcement said that “it’s about seamless access, competitive pricing, and a frictionless trading experience.” The company described the amana app as “intuitive,” with the ability to empower both seasoned traders and new investors through the ease of trading within a few taps. Alongside the 450 digital assets, the platform provides users with access to U.S. stocks, FX, commodities, gold and global exchange-traded funds (ETFs). amana also facilitates users to trade using leverage and to avail of automated investment plans. Futures products and contracts for difference (CFDs) complete the product offering lineup. Having first launched in September 2022, the platform claimed recently that it has over 320,000 users accessing the service. Besides Dubai, amana has offices in London, Limassol and Beirut. The company is not the first online broker to bridge the gap between traditional finance and digital assets. American commission-free trading platform Robinhood has made in-roads into crypto. The company has plans to roll out its crypto offerings to the Singapore market later this year.  UK-based neobank Revolut has expanded into the world of investing, including crypto as part of that offering. It emerged last year that the firm has plans to launch a stablecoin. flatexDEGIRO, a European online broker that offers stocks, bonds and exchange-traded funds (ETFs), outlined last November that it plans to extend its product offering to include cryptocurrencies.

The United Arab Emirates (UAE) is updating its tax policy such that cryptocurrency-related transfers and conversions will be exempt from value-added tax (VAT).  News of the policy change emerged via the UAE’s Federal Tax Authority (FTA), which published an Arabic version of the updated tax code on Oct. 2, followed by the publication of an English version on Oct. 4.Photo by Darcey Beau on UnsplashExemption backdated to 2018British multinational consulting firm PricewaterhouseCoopers (PwC) published a review of the UAE tax code update on Oct. 4. The auditing firm noted that virtual assets are defined within the UAE tax code as a “representation of value that can be digitally traded or converted and can be used for investment purposes.”It noted that Article 42 of the update dealt with the crypto VAT exemption. The firm suggested that entities dealing with crypto should “analyze the impact of the exemption on their (retrospective) VAT position, especially in respect to their input tax recovery,” adding that voluntary disclosures may be required to correct previous tax returns. Additionally, a VAT exemption has been introduced on services extended to fund managers relative to licensed funds. Younis Haji Al Khoori, a UAE Ministry of Finance official, stated that the amendments have been made with a view towards easing the burden on businesses. He stated:“These amendments help minimise misunderstandings, simplify procedures, and ultimately contribute to an improved quality of life for all.”  Crypto-friendlyAbdulla Al Dhaheri, CEO of the Blockchain Center in Abu Dhabi, commented on the development on X, stating:”The UAE, driven by visionary leadership, continues to set the global standard by becoming the number 1 destination for blockchain innovation. With the elimination of VAT on crypto transfers and conversions, the UAE reinforce their commitment to building a world-leading digital economy, attracting the best talent and investment from around the globe.” The UAE, and particularly Dubai and Abu Dhabi, have taken great strides forward in ensuring regulatory clarity for the virtual assets sector over the course of the past two years. Regulatory frameworks have been put in place, leading to many participants in the crypto sector praising the regulatory stance taken within the UAE.  This latest addition has equally being welcomed within the crypto sector. Many crypto sector participants have highlighted it as a wake-up call for other jurisdictions to follow suit or see crypto enterprises move to the UAE.  The Indian authorities, in particular, have an unfavorable tax policy in place relative to digital assets, with a 1% tax deducted at source (TDS) being applied. This latest development in the UAE prompted some to consider if India would learn from the UAE’s example. Earlier this year, the Indonesian tax framework, which subjects crypto assets to both income tax and VAT, was cited as the main reason for a slump in crypto trading. A recently published report by blockchain data platform Chainalysis found that the Middle East & North Africa (MENA) region accounts for 7.5% of crypto trading volume, with the report noting that the UAE, alongside Saudi Arabia, is showing a strong interest in decentralized platforms.

South Korea’s largest crypto exchange, Upbit, suffered a security breach on Nov. 27 that resulted in the theft of 44.5 billion won ($30.4 million) in digital assets, all taken from the exchange’s hot wallets. The stolen tokens were all Solana-based, and Upbit CEO Oh Kyoung-suk said in a statement that no users will incur losses, as the company will cover the full amount with its own reserves.Photo by FlyD on UnsplashHot-wallet breach hits 24 tokensThe exchange said in a statement that the compromised tokens were transferred to an unknown external wallet at around 7:42 p.m. UTC on Nov. 26. In total, 24 cryptocurrencies were affected, all within the Solana ecosystem. The stolen assets ranged from infrastructure tokens such as Solana (SOL) to staking-related assets like Jito (JTO), along with the stablecoin USD Coin (USDC) and memecoins including Bonk (BONK), Moodeng (MOODENG), and Official Trump (TRUMP). According to Oh, the breach was followed by an emergency security review of the affected networks and wallets. He added that all remaining assets were moved to cold storage to prevent further unauthorized transfers. Oh also said the exchange is working to trace the stolen assets and block on-chain movements wherever possible, noting that Solayer (LAYER) tokens worth 2.3 billion won ($1.6 million) have already been frozen. Upbit is also reaching out to relevant projects and institutions for assistance. This marks Upbit’s second theft case. The first took place on Nov. 27, 2019, exactly six years ago to the day, according to News1. Authorities focus on Lazarus’ involvementFinancial authorities are investigating the incident, and North Korea’s Lazarus Group is being treated as the leading suspect, the Maeil Business Newspaper reported. Lazarus is also believed to have been behind the 58 billion won ($40 million) worth of Ethereum (ETH) stolen from Upbit in 2019. A government official told the paper that the latest breach did not appear to stem from a server intrusion but may have involved a stolen administrator account, allowing the attackers to impersonate internal staff and move assets—similar to the method used in the 2019 case. Security analysts echoed that assessment. One investigator said the stolen funds moved through exchange wallets before being mixed, a pattern often linked to Lazarus. He added that mixers, which are prohibited in Financial Action Task Force (FATF)-member jurisdictions, make tracing difficult and that attackers typically route assets through countries outside that framework, further pointing to North Korea. Following the incident, Upbit suspended deposits and withdrawals for all assets and said services will resume once security is fully verified. The halt has also affected trading dynamics on the exchange, with CryptoQuant CEO Ki Young Ju noting that retail investors are fueling altcoin spikes as arbitrage bots remain offline. Dunamu, Naver set $6.8B growth planThe security crisis struck at a particularly sensitive moment for Upbit’s operator, Dunamu, overshadowing what was intended to be a celebratory corporate milestone. On that same day, Dunamu, Naver, and Naver Financial held a joint press conference to outline their global expansion strategy. Dunamu brings its blockchain and crypto infrastructure, Naver contributes its position as Korea’s dominant search engine, and Naver Financial adds its payment platform serving 34 million users. The event came after reports that Naver Financial and Dunamu had approved a merger plan through a comprehensive share swap, with the ratio set at 2.54 to 1. The three companies said they will combine their respective strengths to invest 10 trillion won ($6.8 billion) over the next five years in building an ecosystem centered on Web3 and artificial intelligence (AI).During the press conference, Naver CEO Choi Soo-yeon said no decisions have been made on a Nasdaq listing for the newly combined Naver Financial–Dunamu entity or on whether it might eventually merge with Naver, according to TechM. She said dual listings remain a matter requiring national consensus. Choi also noted that while Naver Financial is a Naver subsidiary, Dunamu is the larger partner, and a later merger between the combined entity and Naver is unlikely.