Metabora Singapore Launches Global Pre-Registration for PvP Gaming Platform ‘Skill Blitz’

China Mobile Establishes Metaverse Industry AllianceChina Mobile, one of the leading telecommunications companies in China, has taken a significant step forward in the development of the metaverse by announcing the establishment of an industry alliance during the 2023 Mobile World Congress in Shanghai.News of the development broke via a state-backed media outlet, the Shanghai Securities Journal, in its reporting from the event on Wednesday.Photo by julien Tromeur on UnsplashA trillion yuan marketAt the forefront of this endeavor is Zhao Dachun, Deputy General Manager of China Mobile. Dachun emphasized the metaverse’s potential as a trillion-yuan level market. Recognizing its significance, China Mobile has unveiled the first batch of 24 members of the metaverse industry alliance. Among them are renowned companies such as iFlytek, a leading AI company, HTC, a prominent manufacturer of VR goggles, and MGTV, a popular video streaming platform.The establishment of the alliance serves multiple purposes. It provides a platform for industry partners to engage in discussions and collaboratively shape the future of the metaverse industry. This cooperative effort will contribute to the development of industry standards, facilitating a shared vision for the metaverse ecosystem.More effective metaverse collaborationAdditionally, the alliance aims to foster resource sharing, encouraging deeper integration and collaboration among its members. By adopting a win-win mindset, the alliance members seek to collectively benefit from the new opportunities that arise within the digital economy.Further supporting the metaverse vision, Migu, the digital content unit of China Mobile, has taken significant steps by establishing its metaverse headquarters in Xiamen, a city located in the Fujian province of China.Regional government partnershipIn a promising partnership, Migu has entered into a strategic cooperation agreement with the Xiamen government to spearhead the development of a metaverse within the city. The metaverse, a digital world created through advanced technologies such as virtual reality and augmented reality, holds great potential for transforming Xiamen into a “high-quality, high-value, modern, and international” city that thrives on digital intelligence.Migu’s plans extend beyond theoretical concepts, as they outline concrete steps to realize the metaverse vision. Key application scenarios, such as the development of a metaverse version of Gulangyu Island, a renowned tourist destination celebrated for its natural beauty and historical significance, will be a primary focus. By bringing this iconic location to the metaverse, visitors will have the opportunity to experience its charm in a new digital dimension.Moreover, Migu is dedicated to accelerating research on digital governance within the metaverse. With the metaverse expected to have a profound impact on society, understanding how to effectively manage and regulate this emerging digital landscape becomes paramount. Migu aims to lead the way in establishing best practices and frameworks for responsible and inclusive digital governance.Through collaborative efforts, the promotion of industry standards, and strategic investments in key application scenarios, China Mobile is likely to play an important role in unlocking the vast potential of the metaverse. In turn, the initiative is likely to fuel the growth and transformation of the digital economy.

Japan’s New Tax Amendment Sparks Optimism for Crypto IndustryJapan’s National Tax Agency has recently announced a revision to corporate taxation rules regarding crypto assets, according to a report by local media outlet Coinpost. The amendment states the exemption of companies from taxes on unrealized gains with cryptocurrencies.Photo by Nataliya Vaitkevich on PexelsPrevious tax burden on crypto profitsPreviously, corporate tax at a rate of approximately 30% was imposed on profits from cryptocurrency holdings, including unrealized gains, as per the Japan Times. This regulation has been criticized for burdening companies and impeding innovation in the blockchain industry. In response, some companies had opted to conduct their business operations overseas. However, with the new amendment, the rules have been relaxed for virtual assets issued and held by their companies.Two conditions for tax exemptionThe National Tax Agency clarified the two conditions under which virtual assets issued by a company would be exempt from taxation. Firstly, the crypto asset must have been issued by the company and continuously held since its issuance. Secondly, the virtual asset must have remained under continuous transfer restrictions since its issuance, which can be achieved through either implementing technical measures to prevent the transfer to other parties or holding the assets in a trust that meets specific requirements.This revision in corporate taxation rules is expected to provide relief for businesses in Japan that deal with cryptocurrencies and encourage innovation in the domestic blockchain industry. The relaxation of taxes on unrealized gains may also incentivize companies to keep their operations within the country rather than seeking alternatives abroad.

Crypto.com, one of the world's largest cryptocurrency exchanges, has indefinitely delayed its service launch in South Korea after the country's financial regulators conducted an on-site inspection on the exchange. The inspection came after the country’s Financial Intelligence Unit (FIU) under the Financial Services Commission detected data that appeared to violate anti-money laundering (AML) compliance requirements from the documents submitted by Crypto.com, according to local media Segye Ilbo. This decision came just six days ahead of its planned launch, originally scheduled for April 29.  The exchange has secured a virtual asset service provider (VASP) license by acquiring the local trading platform called OkBit in June 2022. A VASP license allows a digital asset exchange to operate in Korea.  Photo by Leeloo The First on PexelMitigating ‘Kimchi Premium’ effect Crypto.com initially planned to launch a mobile app featuring cryptocurrency trading on April 29, targeting South Korean retail investors. The platform aimed to differentiate itself from other local competitors by offering crypto assets at reasonable prices, mitigating the so-called Kimchi Premium effect, as announced in a press conference on April 2. The Kimchi premium refers to relatively high crypto prices in the Korean market compared to other foreign markets, which is prevalent in Korea’s major licensed crypto exchanges. The effect often results in Korean investors buying crypto assets at higher prices than those on other global crypto exchanges such as Binance. This is likely where the concerns for AML violation come up, financial experts assume, as the platform’s strategy could facilitate arbitrage during operation.  Crypto.com remains committed to Korea launch In a statement sent to CoinDesk, a spokesperson of Crypto.com said, “Crypto.com maintains the highest Anti-money Laundering standards in the industry. We will postpone our launch and take this opportunity to make sure Korean regulators understand our thorough policies, procedures, systems and controls, which have been reviewed and approved by major jurisdictions around the world.”  The person also mentioned that South Korea is a difficult market for global crypto exchanges to enter, but still emphasized the company’s commitment to cooperating with local regulators.  “OkBit maintained approximately 900 customers at the point of acquisition by Crypto.com, and OkBit has never been cited for any AML infractions. Since the acquisition, existing OkBit customer access has been limited to withdrawals,” the spokesperson said.