KuCoin Dismisses Notion of a Layoff Plan

Maxst launches extended reality-based metaverse platformSouth Korean augmented reality (AR) technology firm Maxst has officially launched its spatial AR platform dubbed “Maxverse” on Tuesday (local time). This comes after a series of various field tests and improvements since the platform’s beta launch last year.“Maxverse is a new platform that enables the construction of reality-based metaverses along with extended reality (XR) content creation and distribution,” explained Kang Min-soo, who leads the development of the platform. “We are currently working with several local governments and businesses to develop services that use our platform, and we expect Maxverse to play a significant role in hastening the impending metaverse era.”Photo by julien Tromeur on UnsplashMetaverse as captured on cameraMaxverse, unlike traditional virtual reality-based metaverses, allows users to create metaverse experiences based on the real world as captured on camera. It is equipped with an array of tools including Space SDK, an XR software development kit (SDK) that allows seamless implementation of spatial maps to virtual reality applications; Space+ Maker, where users can author their own XR content; and Space+ Viewer, where they can share their original content on apps and websites to be experienced through AR and VR.The platform leverages three-dimensional reconstruction technology to create spatial maps and a visual positioning system (VPS) to recognize a user’s location. Maxst highlighted that these would become a vital feature in connecting the metaverse and the real world in the future.Maxverse also comes with a Passport social login feature — a Web3 service that allows users to sign in to various services with their Passport account. It makes use of the OAuth 2.0 authorization framework and the OpenID Connect protocol to simplify the complex authentication and authorization processes, granting developers access to Maxverse’s resources.Anticipation for real-world use casesMaxverse’s purpose is to ultimately let anyone easily create and participate in metaverse spaces. Users can generate their own unique services by locating self-created content assets like images, videos and audio on XR metaverse spaces that closely resemble the real world. Maxst expressed hopes for the platform’s potential to be extensively utilized across a diverse range of industries such as e-commerce, real estate, education and tourism.

WEMIX Listed on Crypto Exchange CoinDCX, Strengthening Presence in IndiaWEMIX, the utility coin of blockchain game platform WEMIX Play, has now been listed on India-based cryptocurrency exchange CoinDCX, according to a press release. WEMIX Play is operated by South Korean gaming company Wemade.Photo by Naveed Ahmed on UnsplashWEMIX/USDT & WEMIX/INREstablished in 2018, CoinDCX earned unicorn status two years ago, becoming the first Indian crypto exchange to accomplish this feat. With a current valuation of approximately $2.5 billion, CoinDCX offers trading support for over 80 cryptocurrencies and provides decentralized financial (DeFi) services to a customer base of 15 million global users. CoinDCX users can trade WEMIX against USDT and INR, where USDT stands for a stablecoin issued by crypto giant Tether and INR for Indian Rupee.WEMIX made its debut on the Indian market in February through its listing on Bitbns, another cryptocurrency exchange. The token’s addition to another trading platform in India indicates the growing presence of the WEMIX ecosystem in the region.India’s Web3 landscapeIndia is a prominent market for non-fungible tokens (NFTs) and blockchain technology. As of April, investments in the Indian Web3 ecosystem had reached $1.3 billion. The country also boasts the world’s third-largest talent pool for Web3 development. Currently, more than 450 Indian startups are making their mark on the global stage, demonstrating expertise in DeFi services, gaming, NFTs, and metaverses.Looking ahead, WEMIX aims to further expand its reach by pursuing listings on additional crypto exchanges. This strategy will enable gamers worldwide to trade the WEMIX token with their respective fiat currencies.

The Japanese government is moving to modernize municipal finance through blockchain technology, though the timeline for much-anticipated cryptocurrency tax reforms appears to be drifting further into the future. Municipal bonds as security tokensAccording to a Dec. 23 Nikkei report cited by CoinDesk Japan, policymakers decided to begin preparing to issue local government bonds as security tokens. The government aims to submit the necessary legislation during the ordinary Diet session in 2026. Concrete measures, shaped by requests from local municipalities, are expected to be finalized ahead of next year. Advocates say that issuing bonds as blockchain-based security tokens would modernize local government finance by reducing friction in issuance and settlement and enabling real-time tracking of investor data.Photo by Luke Stackpoole on UnsplashCrypto tax reform seen as taking timeWhile the digitization of bonds progresses, the schedule for easing the tax burden on crypto investors is reportedly facing setbacks. CoinPost reported that, according to sources, the transition to a separate tax on crypto gains is now expected to take place in January 2028, a delay from the initially envisioned target of January 2027. The legislative groundwork is still slated for the 2026 Diet session, where amendments bringing crypto assets under the Financial Instruments and Exchange Act (FIEA) will be deliberated. However, the current cautious policy approach prioritizes investor protection and adjustments to the tax reporting framework, making a delay in implementation more likely. The proposed amendments address the steep tax liabilities currently faced by domestic investors. Under Japan’s current system, crypto gains are treated as miscellaneous income, taxed comprehensively with salary and other earnings at rates that can reach roughly 55% when including local taxes. The plan, which the ruling coalition has been coordinating, aims to align crypto taxation with that of stocks and forex trading. It would introduce a flat 20% separate tax rate and allow loss offsets and carryforwards of up to three years, bringing crypto closer to other financial assets. It would also ease tax filing by potentially adopting a framework similar to the designated accounts used in Japan’s securities market, reducing the reporting burden on digital asset investors. The slow pace of these regulatory changes has drawn criticism from the private sector. Tomoya Asakura, CEO of SBI Global Asset Management, a subsidiary of SBI Holdings, took to the social media platform X to voice concerns about the pace of reform. Asakura characterized the process as "extremely slow," warning that the lag places Japan behind jurisdictions such as the U.S., Asia, and the Middle East. He argued that continued delays would further impede domestic initiatives in Web3 and digital finance. Bybit to pull out next yearAmid this shifting regulatory landscape, foreign entities are adjusting their operations. Dubai-based crypto exchange Bybit, which is not registered with Japan’s Financial Services Agency, announced on Dec. 22 it will phase out services for Japanese users to remain compliant with local rules. The exchange has stopped onboarding Japanese residents or nationals since 12:00 p.m. UTC on Oct. 31, and accounts held by customers in Japan will be gradually restricted starting next year.