Wemade Leverages Blockchain to Host Professional Women’s Golf Tournament in Busan

Seoul to Host Web3 Festival This Summer, Igniting the Future of TechThe Seoul Metropolitan Government, together with blockchain company Baobab Partners and the Seoul Design Foundation (SDF), will host the Seoul Web3 Festival (SWF2023) from July 31 to August 2 at Dongdaemun Design Plaza (DDP), according to the South Korean capital’s press release.Photo by Mathew Schwartz on UnsplashSeoul and Web3 communitySWF2023 marks the inaugural event hosted by the Seoul Metropolitan Government in conjunction with the private sector, aiming to actively engage with the flourishing global Web3 community. The festival aims to enhance Seoul’s standing as a leading global city for pioneering technology and innovation.Under the slogan “Change, Chance, Challenge,” the festival offers an array of programs including a three-day hackathon, demo day for startups, an after-party for networking, and the introduction of the DDP 45133 project — an initiative converting the DDP building’s external panels into non-fungible tokens (NFTs).Three-day hackathonThe three-day hackathon will bring together teams consisting of two to six university students and tech professionals, both local and international. These teams will collaborate to develop practical Web3 solutions. With around 400 participants from 100 teams anticipated, the top ten teams will be selected based on criteria including applicability, business potential, teamwork, and innovation.Demo dayTo support the growth of Web3 technologies and blockchain companies, a demo day will be incorporated into the festival. Korean and international companies interested in participating need to complete an online application process. Out of the applicant pool, eight to ten teams will be chosen to showcase their products and services on-site during the demo day.The festival presents an opportunity for networking with accelerators, venture capitalists, and potential buyers, allowing selected companies to attract investments and establish growth foundations within the blockchain industry.DDP NFT projectThe DDP 45133 Project, managed by the SDF, aims to digitize the 45,133 silver panels of the DDP structure into NFTs. Owning an NFT of a DDP panel offers several benefits, such as the chance to join the DDP community. The Foundation sees this project as a way to highlight one of Seoul’s iconic landmarks and an innovative example of public facility shared ownership.Participating partnersAmong SWF2023’s partners are Korean companies Hexlant and Fingerlabs, along with global collaborators like Crypto.com, Cronos Labs, LBK Labs, and HK Central Research.Benefits for top-performing teamsTop-performing teams from the hackathon and demo day stand to gain support through accelerator programs provided by global companies. This could include valuable resources like mentorship, early-stage investments, networking opportunities, and support for overseas expansion, fueling the growth and success of the participating teams.The application window for SWF2023 will be open from May 23 to June 30, with interested parties able to apply via the official website: www.swf2023.com.With its spotlight on Web3 innovations, SWF2023 aims to familiarize the public with emerging trends, while offering a springboard for blockchain projects to secure investments.

Busan Hosts Blockchain Conference with Aim to Become Digital Financial HubBusan Metropolitan City hosted a blockchain conference on Monday as part of its aim to establish itself as a leading digital financial hub, according to Korean news agency News1.©Pexels/BERK OZDEMIRDot-com bubble comparisonDuring the conference, Kim Sang-min, chairman of the Busan Digital Asset Exchange Establishment Committee, highlighted the distortion in the blockchain landscape caused by unfair trading due to market monopolies and subsequent regulatory challenges. He compared the current situation to the dot-com bubble, stating that despite past issues, Korea has become a technological powerhouse. Kim suggested that while there may be challenges in the crypto exchange industry, excessive regulation should be avoided to promote growth.Kang Dae-goo, CEO of crypto exchange Borabit, agreed that many industries face initial growing pains, and the crypto industry is no exception. He urged Korea to join the race with financially-advanced countries promoting cryptocurrency in order to thrive in the digital age.Busan as digital financial centerExperts at the event identified Busan as the city with the greatest potential to become the nation’s premier digital financial center. Kim noted that Busan, which has been designated as a zone with lenient blockchain regulations, houses financial institutions with assets totaling 261 trillion won (~$195 billion) as of 2021. The city also hosts various international events for games and movies, providing ample content to develop virtual asset ecosystems.Kim proposed the establishment of a digital asset exchange that focuses on investor protection, emphasizing decentralization, fairness, and integration. He called for addressing current monopolistic governance practices and resolving unfair practices within crypto exchanges, such as cryptocurrency listing evaluations.More efforts urgedAttendees at the conference suggested that the Busan government and regional banks should take the lead in building infrastructure to attract companies. Kang noted that even though Busan has been designated as a blockchain special zone for four years, 48% of the industry remain unaware of this. He encouraged Busan to step up its efforts, citing examples of other municipalities, such as Incheon, which are actively engaging in various blockchain projects.Kang stressed the importance of public bodies providing infrastructure and support to attract businesses, adding that a business-friendly environment with a proper screening scheme will facilitate self-correction within the blockchain market as problematic companies are gradually filtered out.

Turkey has decided not to tax profits from stocks and cryptocurrencies but is considering implementing a “very limited” tax on transactions, according to Treasury and Finance Minister Mehmet Şimşek. In a recent interview in Ankara, Şimşek stated the government's intention to ensure every financial sector contributes to the national revenue without specifying the size of the potential tax. He emphasized that the approach aims to enhance fairness and effectiveness in the taxation system. Historically, in 2008, Turkey lowered its tax rate on stock market profits from 10% to 0%, promoting investment in the stock market. Despite earlier reports from Bloomberg suggesting new taxes on gains from stock and cryptocurrency trading, the government has clarified its position to only consider transactional taxes.Photo by Engin Yapici on UnsplashCrypto tax regulationsCurrently, Turkey lacks specific regulations for taxing cryptocurrencies but is actively working to establish a comprehensive legal framework for digital assets. A bill introduced by Turkey’s ruling party on May 16 mandates crypto businesses to obtain licenses and adhere to international standards. This includes regulation by capital markets boards and mandatory revenue collection from crypto service providers. The bill also aims to ban foreign crypto brokers, fostering a locally regulated ecosystem and addressing concerns from the Financial Action Task Force (FATF) to remove Turkey from its "gray list." According to a report by Chainalysis, a blockchain analytics firm, Turkey ranks fourth globally in cryptocurrency market activity, with an estimated trading volume of $170 billion between July 2022 and June 2023, surpassing countries like Russia, Canada and Germany. Since 2021, Turkish regulations have prohibited the use of cryptocurrencies for payments, reflecting a cautious approach towards the integration of digital assets into the financial system.