Wemade Releases Sustainability Report to Demonstrate Commitment to Transparency

India’s WazirX Partners with TaxNodes to Simplify TaxesIndia’s largest cryptocurrency exchange by trading volume, WazirX, has integrated with TaxNodes to enable platform users to calculate and file their crypto-taxes with greater ease.TaxNodes is a platform that provides users with the ability to calculate taxes on their cryptocurrency transactions. The start-up company has built a product for the retail crypto investor and trader that’s accessible on a global basis.Photo by Julian Yu on UnsplashEase of calculationThrough the partnership, TaxNodes will enable WazirXs expansive user base to calculate and file taxes on their crypto trades and crypto investments accurately. Furthermore, it will extend its service to provide updates on any developments in Indian taxation relative to the digital assets sector.Avinash Shekhar, Founder and CEO of TaxNodes, commented on the partnership: “We are looking forward to embarking on a journey with WazirX. We believe that our solutions will help WazirX’s customer base get clarity on the taxes levied on their investment. We think that our users will be able to leverage our plans to not only compute but also file their taxes, thereby, enabling us to simplify the taxation journey of crypto investors in the country.”From its perspective, Rajagopal Menon, Vice President at WazirX, said that the company has always prioritized compliance with regulations in the country to set an example of fair practice in the virtual digital asset industry. The partnership between WazirX and TaxNodes will be beneficial in enabling an ecosystem of regulatory abidance and mainstream adoption of crypto without the challenges of tax miscalculation or default.”High taxesIndia has chopped and changed its position on digital assets many times, and its tax treatment of cryptocurrencies has also undergone changes in tandem with that. Currently, Indian investors who trade digital assets, inclusive of NFTs, are under the obligation to declare their income if the assets are held as investments.Income tax return (ITR) forms for the 2022–2023 tax year have been amended to include a section dedicated to digital assets. A section called “Schedule — Virtual Digital Assets (VDA)” is now included. Income from the sale of virtual assets is currently taxed in India at a rate of 30%. One inequitable feature of the Indian crypto tax treatment is the fact that losses incurred from digital assets cannot be offset against other income.Additional taxes are to be applied in the form of tax deducted at source (TDS) of 1%, applicable on all sell transactions of digital assets and NFTs. That measure was first applied as of July 1, 2022. The world’s largest democracy has taken a very repressive stance in taxing digital assets, and added to that, non-compliance in the case of TDS can be sanctioned by way of a fine or jail time.With those high stakes, it’s appropriate that service providers like TaxNodes are collaborating with Indian crypto exchanges like WazirX. Crypto market participants can’t afford to miscalculate their taxes given the sanctions that could potentially be applied.

Global blockchain security ranking platform CertiK announced that its Skyfall research team has been inducted into the Samsung Mobile Security Rewards Program’s 2023 Hall of Fame, according to an article by South Korean news outlet Greenpost Korea on Thursday (KST).Photo by Franck on UnsplashTeamwork excellenceThis Hall of Fame recognizes outstanding security researchers who have made significant contributions each year to the security of Samsung products. CertiK Skyfall’s spot in the ranking highlights the importance of collaborative efforts in solving complex cybersecurity challenges, the company said. Securing the futureThe team was responsible for actively identifying a total of seven vulnerabilities in the Samsung Blockchain Keystore – a software development kit (SDK) developed by Samsung to manage private keys – four of which were critical and three of which were high risk. The vulnerabilities left the SDK susceptible to local attacks, including arbitrary code execution and unauthorized access to sensitive data. In response, Samsung was able to quickly deploy security patches that added appropriate boundary checks and protection mechanisms. Skyfall has formerly been acknowledged twice in Apple's release notes for discovering multiple vulnerabilities in new iOS and iPadOS software releases, the most recent being iOS 17 Security Update. Last June, the team was also awarded the Sui network’s highest bug bounty for discovering and fixing a critical vulnerability. "We are extremely proud of the outstanding performance of the CertiK Skyfall team," said Kang Li, Chief Security Officer at CertiK. "It is a testament to the team's professionalism, integrity and deep impact at the forefront of cybersecurity." CertiK is comprised of a team of seasoned experts from reputable universities including Yale and Columbia University and globally renowned companies like Google and Microsoft. The firm also operates from several offices around the world, including Seoul.

MEVerse and XPLA forge partnership to herald new era of blockchain gamingMEVerse, the blockchain metaverse platform operated by South Korean gaming company ME2ON Group, and global layer 1 blockchain XPLA have established a partnership to share their respective technologies and create content to popularize Web3 gaming, according to an official announcement on XPLA’s Medium on Wednesday (KST). Their larger goal outlines a commitment to redefining the industry’s landscape by creating a dynamic and engaging metaverse for users worldwide.Photo by Scott Graham on UnsplashHigh hopes“XPLA aims to broaden the horizons of the Web3 industry and contribute to the popularization of blockchain through collaboration with various projects. We plan to work closely with the MEVerse platform, which has secured a high-level lineup of Web3 games, to provide participants with an even richer experience,” said Paul Kim, Team Leader at XPLA.Seamless metaverse experienceMEVerse is known for leveraging its high-speed blockchain technology, which can process 9,000 transactions per second, to help users immerse themselves in the metaverse and enjoy the content it has to offer. Notably, it employs a Proof of Formulation (PoF) consensus algorithm developed by blockchain service platform FLETA — a more eco-friendly alternative to Proof of Work (PoW) that prevents forks by confirming blocks and transactions in real time. The platform also implements cross-chain technology to enhance scalability and interoperability.MEVerse’s blockchain infrastructure includes the Web3 P2E casual game portal MEVerse GameZ, non-fungible token (NFT) marketplace MEVerse DEX, blockchain explorer MEVerse Scan, and more. It also features games like X Heroes: NFT War and Pocket Battles: NFT War.This development is the newest partnership in XPLA’s growing lineup. The platform recently teamed up with Study-to-Earn (S2E) project EDUM and Game and Earn (G&E) platform PERPLAY in an effort to branch out its business.