Krafton and Naver Z Unveil a Metaverse Joint Venture ‘Overdare’

Taiwan Crypto Trader Strikes it Lucky in Tax Receipt LotteryA trader on Taiwan’s MaiCoin Max crypto exchange has struck it rich in an unexpected way, winning a grand prize of 10 million NTD (approximately $310,000) in the country’s monthly national tax receipt lottery.Photo by Nick Fewings on UnsplashFrom 6 cents to $300KWhat makes this story, which was reported by CoinDesk on Friday, even more surprising is that the trader had paid a mere 2 NTD (equivalent to $0.06) in fees on the exchange as they engaged in relatively small trades.The lucky individual, who chose to remain anonymous, didn’t earn this windfall through traditional trading profits or by accumulating tokens. Instead, their fortune came from Taiwan’s unique approach to tax compliance.For crypto exchanges like MaiCoin, every trade conducted on their platform technically counts as a taxable event. This means that active traders can amass numerous virtual “lottery tickets” each month through their trading activities and transaction fees.Uniform invoice lotteryTaiwan introduced its tax receipt lottery system, known as the uniform invoice lottery, back in the 1950s as an innovative method to encourage tax compliance among consumers. While tax authorities worldwide struggle to capture revenue from cryptocurrency holders, Taiwan’s approach allows them to indirectly benefit from the earnings generated on crypto exchanges.For every transaction made by an individual, whether that should occur on a crypto exchange or elsewhere, the individual is issued with a tax receipt. An electronic copy is also registered with Taiwan’s tax authority. Essentially, every receipt then becomes a lottery ticket as the tax authority then runs a draw on an ongoing basis where taxpayers can earn cash prizes.This particular win involving a Taiwanese crypto trader has drawn attention from the broader public. Paul Huang, a Research Fellow at the Taiwanese Public Opinion Foundation, took to X (formerly Twitter) on the subject, stating:”Who says retail users can’t profit from trading cryptos? Taiwan’s largest crypto exchange @MAX_exch announced some user made a tiny trade that paid $2 NTD ($0.06 USD) in fee on platform, the tax receipt ended up winning 10mil ($310k USD) in Taiwan govt’s invoice lottery!”The recent $310,000 jackpot represents the largest prize ever won by a crypto trader through this lottery. Nevertheless, Taiwan’s tax receipt lottery typically produces smaller windfalls, with the country collecting over $7 billion in sales tax revenue in 2021, and a significant proportion paid out in lottery winnings.Critics argue that this system may not be the most efficient way to boost tax compliance, but Taiwan maintains one of the world’s most effective tax regimes, consistently generating impressive revenue relative to its GDP. Additionally, stories of remarkable lottery jackpots serve as excellent public relations for the scheme.There’s little doubt that cryptocurrencies have brought about significant challenges for tax authorities worldwide. In this particular instance, Taiwan’s tax receipt lottery stands as a unique and intriguing approach to fostering compliance while occasionally making crypto traders unexpectedly wealthy.

Glohow to promote UtopiaGames’ blockchain-based casino games on global stageUtopiaGames, a game developer based in Seoul, has entered into a partnership with Glohow, a global co-publishing service provider and subsidiary of Kakao Games. As per a report by local news website Etoday, this collaboration is aimed at launching comprehensive marketing efforts for UtopiaGames’ blockchain-based social casino gaming platform, “Vegastopia.”Photo by Michał Parzuchowski on UnsplashGlobal metaverse casino cityThe game company anticipates that Vegastopia will introduce innovative elements to the game development industry, as it is conceptualized as a global metaverse casino city. This 3D online gaming platform is developed to mimic a real-life casino setting, offering players an immersive experience. In Vegastopia, virtual gamers can participate in psychological battles, utilizing tactics like bluffing, just as they would in a physical casino environment.150 countries by H1 2024Vegastopia offers a feature where players can create and manage their own casinos or cardrooms. In these personalized spaces, operators have the autonomy to manage their own point systems. The platform has recently concluded its closed beta testing phase and is now gearing up for a soft launch in select countries, including France, Mexico and Southeast Asian nations. Looking ahead, UtopiaGames plans to launch the service in some 150 countries by the first half of next year.Resolving trust issues with blockchainAn official from UtopiaGames highlighted Glohow’s track record in successfully promoting global game projects from notable gaming firms such as Kakao Games, Sky People, Hidea, Gravity, Wemade, Webzen and Neowiz. With Glohow at the helm of Vegastopia’s marketing, management, customer service and localization efforts, the game’s global presence has notably increased, the person added. The official further pointed out that Vegastopia has garnered significant attention for addressing the issue of trust in online casino games by using blockchain, a key factor in its growing popularity and appeal.UtopiaGames’ latest advancement comes on the heels of equity investments from SU Holdings and BU Technology. These investments totaled KRW 21 billion, equivalent to approximately $16.2 million.

EDX Markets, a crypto-trading platform backed by Citadel Securities and Fidelity Digital Assets, is planning to establish a new crypto exchange in Singapore. EDX ClearingThe plan was revealed in a recent Bloomberg article. In tandem with the report, a press release published on Tuesday also provided further detail on its recently-launched digital asset clearinghouse, EDX Clearing. Unlike traditional exchanges, EDX operates its own clearinghouse, following a non-custodial model in collaboration with Anchorage Digital. This approach allows institutional investors to execute trades without the need for pre-funding in fiat currency or crypto, contributing to capital efficiency and risk management. Since its launch in October, EDX Clearing has cleared more than $3.1 billion of transactions. The recent approval of bitcoin exchange-traded funds has further intensified trading activity, with substantial volumes traded following their launch. EDX Markets offers a unique platform for institutional investors to directly trade major cryptocurrencies like bitcoin, ether and litecoin. EDX addresses institutional players' needs with a non-custodial model, emphasizing risk management and infrastructure that aligns with traditional market practices.Photo by Julien de Salaberry on UnsplashFresh funding infusionThe company is also introducing spot and perpetual futures trading, following a successful additional funding round led by new investor Pantera Capital and existing supporter Sequoia Capital. The recent funding infusion, the exact size of which was not disclosed, empowers EDX Markets to enhance its technology and expand its global footprint. The firm’s CEO, Jamil Nazarali, highlighted Singapore's strategic significance, citing its favorable environment for trading a diverse range of tokens and perpetual futures, along with its pool of financial talent. The platform has gained support from traditional finance heavyweights such as Charles Schwab and Miami International Holdings, alongside original backers Citadel Securities, Virtu Financial and Fidelity Investments' digital-asset arm. The recent funding round saw investors buying in at double the initial share prices from 2022. According to Paul Veradittakit, Managing Partner at Pantera Capital, EDX mirrors traditional market expectations, incorporating speed and capital efficiency while adapting to the unique features of the crypto landscape. Taking to the X social media platform, Veradittakit wrote:”We believe that EDX markets reduces counterparty risk for institutions through its non-custodial clearing model.” EDX Markets has witnessed noticeable trading volumes, with over $1.4 billion in notional volume traded in December alone. The company, headquartered in Hoboken, New Jersey, plans to build out its technology independently and transition away from its initial partnership with MEMX (Members Exchange). Singapore expansionThe expansion into Singapore involves seeking approval from the Monetary Authority of Singapore (MAS) to operate an exchange offering both spot and perpetual futures trading. In December, EDX's clients traded more than $1.4 billion in notional volume. Following the approval of spot bitcoin exchange-traded funds (ETFs), EDX customers executed trades totaling more than $100 million in a single 24-hour period this month. While many in the sector welcome the involvement of TradFi in the crypto space, some have concerns with regard to how things play out over the longer term. Community member Joe Kerr took to social media on the subject, stating:”My concern is that they’ll use the ETFs to buy from public exchanges, custody with Coinbase but when shares sell, the Bitcoin is bought through EDX and locked behind an ‘institutions only’ firewall.”