Binance Expands Crypto Offering in Dubai with New License

Japan’s Cryptoasset Group Proposes Self-Regulatory Reforms for IEO SystemThe Japan Cryptoasset Business Association (JCBA) has revealed a preliminary draft advocating for reforms in self-regulation to bolster the soundness of the initial exchange offering (IEO) system. This draft has been submitted to the Japan Virtual and Crypto Assets Exchange Association (JVCEA).IEOs serve as a mechanism enabling various enterprises to accrue funds and broaden their user base by orchestrating token sales on cryptocurrency exchanges for Web3 projects. This fundraising method holds the potential to enhance trust as crypto exchanges, supervised by the Japanese Financial Services Agency, undertake evaluations of project feasibility and maintain ongoing oversight.Photo by Takashi Miyazaki on UnsplashPositive regulatory developmentsThe ameliorating regulatory landscape is also a positive development, highlighted by this year’s tax law amendment, which grants exemptions to enterprises’ self-issued tokens from year-end corporate taxation. In Japan, four IEOs have been conducted so far, with the inaugural IEO amassing over 900 million yen (approximately $6 million). The cumulative amount from the four IEOs has surpassed 4.4 billion yen. However, given that the IEO is a relatively nascent fundraising method, improvements in token price stability and operational modalities are required to ensure that businesses and users can engage with it confidently.Enhanced user protectionAgainst this backdrop, JCBA, an organization comprised of various enterprises involving virtual assets and Web3, has been discussing the direction of the IEO system from a corporate viewpoint since May of this year. Establishing price stabilization measures and selling restrictions within the Japanese IEO system will contribute to user protection by allowing investors to manage their assets under domestic regulations. JCBA stated that users will find domestic exchanges more secure in comparison to foreign ones.As this proposal represents an initial draft, deliberated and formulated only within the JCBA, the group intends to consult and assess the feasibility of the self-regulatory rules with each pertinent organization as necessary.Four key pointsThe document submitted by JCBA to JVCEA presented four key points concerning the IEO. Pertaining to pricing, it suggested the diversification of calculation methods customized to each project and the specification of price-related disclaimers. On liquidity, it posited that liquidity objectives should be established at the time of listing, and an environment conducive to securing liquidity should be developed. JCBA also pointed out the necessity of establishing rules for price stabilization measures at the time of listing. Finally, regarding selling restrictions, it was noted that both token issuers and exchanges should adhere to a minimum three-month lock-up period for tokens.

CarrieVerse token CVTX listed on BitgetWeb3 metaverse and NFT platform CarrieVerse’s governance token CVTX will be listed on global cryptocurrency exchange Bitget on Dec. 13, according to an article published by South Korean news outlet Money Today. This is the eighth exchange listing for the altcoin, following Gate.io, GOPAX, BingX and more. This comes as part of the platform’s efforts to expand its Web3 ecosystem.Photo by Maxim Hopman on UnsplashCVTX’s versatilityBuilt on Polygon, CVTX is integrated into the tokenomics ecosystem of CarrieVerse and its card strategy role-playing game (RPG) SuperKola Tactics. It is also the governance token for the CarrieVerse blockchain gaming platform Cling. CVTX can be traded for USDT on all of the exchanges it is listed on except for GOPAX, which offers a CVTX/KRW pair. KRW stands for Korean won.Global expansionLast month, CarrieVerse also joined the Dubai Multi Commodities Centre (DMCC), the UAE’s largest free-trade zone for blockchain and crypto companies, as a metaverse service provider. The platform has received approval to set up a local subsidiary there, which will serve as a base to expand its ecosystem, particularly in the Middle East and North Africa (MENA) region.“The market value of CarrieVerse and CVTX is expected to significantly increase once the platform is released in target regions. This will serve as a foundation for more listings on major domestic and international exchanges,” the company said, adding that its number of daily active users has exceeded 5,000.Bitget’s substantial presenceBitget is a cryptocurrency derivatives exchange registered in Seychelles, with global offices in Japan, South Korea, Canada and more. As one of the top ten derivatives exchanges in the world according to CoinMarketCap, Bitget handles over five million users and more than 500 cryptocurrencies. It is also registered on South Korea’s two largest exchanges, Upbit and Bithumb, as a market that facilitates deposits and withdrawals after the implementation of the crypto Travel Rule. The Travel Rule, enforced by the intergovernmental Financial Action Task Force, states that VASPs must share personal information about customers when facilitating crypto transactions that exceed a certain amount as a means of preventing related crimes.

NFTs to Enrich Reading Experience for Book Lovers in JapanBook lovers in Japan are soon going to be able to enjoy an enhanced reading experience with the introduction of electronic books based on non-fungible tokens (NFTs). Media Do, an ebook distributor based in Tokyo, has partnered with Hayakawa Books & Magazines to publish a series of five NFT-based ebooks. The first lineup is scheduled for release on June 20, 2023.Photo by Hiroshi Tsubono on UnsplashTraditional and digital publishingThis collaboration is noteworthy as it merges the world of physical paper books with digital editions, making it the first-ever initiative to create non-fungible token (NFT) copies of traditional books. By bridging the gap between traditional and digital publishing, readers can now enjoy the benefits of both formats.These NFT-based ebooks offer readers the convenience of accessing and reading them through smartphone apps, while also serving as proof of ownership for each book. Media Do’s NFT platform, FanTop, will facilitate the trading of these NFTs, creating a marketplace for enthusiasts to buy, sell, and collect these unique digital editions.Copyright owner supportWhat sets FanTop apart is its dedication to supporting authors. Each NFT transaction on FanTop will result in a fee paid to the copyright owners, ensuring they receive fair compensation for their valuable work. Connecting more than 2,200 publishers and 150 ebook stores, Media Do aims to develop FanTop into a platform that consistently provides fair and appropriate incentives to copyright owners, including authors and publishing houses.Enriched reading experienceMoreover, these NFT-based ebooks will elevate the reading experience by offering exclusive content such as alternative endings, commentaries, and guidelines. NFT ebooks possess a unique ability to incorporate videos and music, thereby enriching the reader’s understanding of the original text and immersing them in the world of the work. In the future, NFT ebooks may even include licensed works such as films or music that inspired the author during the writing process. This additional value will fuel demand in the secondary market, including trading on FanTop.Empowering creatorsFanTop aims to establish itself as a non-speculative platform that focuses on distributing valuable content. It is dedicated to empowering creators, allowing them to exercise autonomy in determining specific trading details for their works. This includes the ability to set royalties and other parameters that align with their preferences and goals.Higher books sales with NFTsSince October 2021, FanTop has been offering exclusive NFT materials to promote sales of paper books. This initiative has allowed readers to enjoy the digital versions of their books on FanTop. As of March 2023, the sales of about 100 works, which included NFT copies, were 32% higher than their original editions within 30 days of release. Their average sales price was also 31% higher than their original counterparts. Media Do has been collaborating with over 70 companies, including publishers, to plan and develop content with NFT-based books.