Cheongju City Targets Cryptocurrency to Recoup Unpaid Taxes

Coincheck, a subsidiary of Monex Group, a Tokyo-based global financial services firm, has gained U.S. Securities and Exchange Commission (SEC) approval to become the first Japanese crypto exchange to list on the Nasdaq, an American stock exchange.Photo by Denys Nevozhai on UnsplashSPAC mergerThe approval by the U.S. regulator was filed on Nov. 13. The listing has been enabled due to the company’s decision to enter into a merger with a special purpose acquisition company (SPAC), namely Thunder Bridge Capital Partners (TBCP).  A SPAC raises money through an initial public offering (IPO) to either acquire or merge with an existing company. Opting for a SPAC means that Coincheck can forego a lot of the time and expense that would be necessary if it attempted to effect an IPO on its own. Parent company Monex Group published a statement outlining that Coincheck CEO Yuko Seimei had “been diligently preparing for listing its common stock on the Nasdaq Global Market (“Nasdaq”) through a previously announced business combination with Thunder Bridge Capital Partners.” Possible Nasdaq listing on Dec. 10 In a press release issued by TBCP, the company claimed that the proposed merger is anticipated to close on or about Dec. 10, 2024. That eventuality is subject to stockholder approval, Nasdaq approval and specific closing conditions. Consequently, Coincheck’s Nasdaq listing could potentially happen as early as Dec. 10. TBCP is holding a shareholder vote on the merger on Dec. 5. If all conditions are satisfied to pave the way for listing, the company’s stock will be listed using CNCK as the Nasdaq stock ticker. Once the merger and Nasdaq listing have been accomplished, Coincheck will still remain a subsidiary of Monex Group. The merged business will gain access to $237 million, held in trust by TBCP, with Monex retaining an 82% stake in the company. Furthermore, Thunder Bridge CEO Gary Simanson will lead the new company. The $1.25 billion merger had been in the works since 2022, having faced multiple delays on the path towards merger completion and Nasdaq listing. Coincheck finally filed with the SEC to merge back in May. Parent company Monex has other interests in the digital asset sector beyond its involvement with Coincheck. Last December the company acquired a majority stake in 3iQ Digital Holdings, a Canadian crypto asset management company.Monex has just launched a new brand, Monex Web3, comprising of Monex’s Web3 business portfolio. It also offers a Web3 consulting business, using its local know-how to guide Web3 startups in entering the Japanese market. Coincheck has also engaged in partnerships to assist other firms in gaining access to the Japanese market. Earlier this year the leading Japanese crypto exchange partnered with USD Coin (USDC) stablecoin issuer Circle, in an effort to expand USDC access within the local market. In January 2018 the exchange suffered what was at the time the world’s largest ever digital asset theft, losing $534 million in virtual assets in a hack of the platform.

More Players Join NH Bank-Led Security Token Consortium in South KoreaMultiple South Korean banks and fractional investment firms are now joining the security token consortium led by NongHyup Bank (NH Bank), according to a report from local news outlet Etoday today.Expanding consortiumNH Bank announced today that the Industrial Bank of Korea, Shinhan Bank, and Woori Bank, along with fractional investment companies, will be participating in the banking sector’s security token consortium. This consortium was established in April and initially comprised NH Bank, Suhyup Bank, Jeonbuk Bank, and six fractional investment companies.The objective of the banking sector’s involvement in the consortium is to contribute to the security token industry by developing distributed ledger technology infrastructure, conducting research to promote security tokens, and strengthening investor protection.The consortium participants will engage in further discussions on how banks can participate in the security token market while adhering to evolving legislation related to security tokens. Additionally, they will explore methods to establish the necessary platforms required by fractional investment companies to issue security tokens.Photo by Mathieu Stern on UnsplashSecurity tokens as corporate bondsIn the long term, the group plans to issue security tokens as corporate bonds, taking inspiration from German tech company Siemens’ strategy, or create a secondary market for security tokens to promote the overall security token ecosystem. Earlier this year, Siemens issued a blockchain-based one-year bond worth 60 million euros ($64.9 million).The consortium’s new fractional investment firms include fractional real estate investment platform Funble, artificial intelligence entertainment firm Blade Ent, blockchain tech firm Trackchain, online bookstore Yes24’s fractional artwork ownership platform ARTiPIO, and electric vehicle (EV) charging sharing platform Charzin.

Bybit CEO Applauds Hong Kong and UAE Regulatory ApproachesBen Zhou, the CEO of Dubai-based crypto spot and derivatives trading platform Bybit, has recently lauded the regulatory approach of Asian and Middle Eastern countries.In a recent interview with CoinDesk, Zhou singled out Hong Kong and the United Arab Emirates (UAE) in particular, while also drawing attention to the contrasting approach taken to regulation of digital assets in North America, particularly Canada.Photo by Alex King on UnsplashDiffering regulatory approachesThe Bybit CEO believes that the tone set by regulators towards the crypto industry differs significantly between regions, with Asia and the Middle East displaying a more collaborative and supportive stance compared to North America. He perceives a shift in the attitude of regulators, seeing cryptocurrencies as an opportunity rather than a crisis.Praising Hong Kong and Dubai Regulators, Zhou highlights Hong Kong’s aggressive efforts to attract crypto companies by tapping into the talents within the industry. While recognizing the common goals among regulators worldwide, he notes that Dubai’s crypto regulatory framework has advanced even further than Hong Kong’s.Bybit’s strategic moves underline Zhou’s praise for these regions’ regulatory environments. On April 1, Bybit announced plans to establish its core operations in Hong Kong, positioning its research and development (R&D) and marketing teams in the Chinese autonomous territory.Subsequently, on April 17, Bybit officially unveiled its headquarters at the Dubai World Trade Center, a year after receiving in-principle approval to operate its crypto asset business in the UAE.Canadian market exitHowever, Bybit faced challenges in Canada due to its evolving regulatory landscape. While the company claimed not to operate in the United States, it had onboarded customers in Canada in the past. The situation changed in May when Bybit withdrew its services from Canada following the fallout from the FTX exchange scandal in November 2022.The regulatory environment became increasingly stringent, prompting Bybit to exit the Canadian market. Despite having ongoing conversations with Canadian regulators and receiving an invitation to apply for a crypto license, the restrictions on stablecoin usage played a significant role in the company’s decision to withdraw.Fifth most popular exchangePresently, Bybit ranks as the fifth most popular crypto exchange in the world, according to a report by CoinGecko for the second quarter of 2023.The company has been extending out its product offering, recently entering the crypto lending arena. Towards the end of May, the business received “in-principle” approval from the Astana Financial Services Authority (AFSA) to operate as a digital asset trading business and digital asset custodian in Kazakhstan.In June the crypto exchange followed the lead of other global crypto platforms such as Crypto.com and Binance by integrating artificial intelligence-driven trading tools into its platform for the benefit of its users.As the crypto sector continues to evolve, the differing regulatory approaches in different regions will play a crucial role in shaping its future. Bybit’s CEO, Ben Zhou, advocates for collaboration between regulators and crypto companies, emphasizing that viewing cryptocurrencies as an opportunity will foster innovation and growth in the industry.