Dubai Regulator Suspends BitOasis’ Crypto License

Thailand’s Ministry of Finance has announced a new tax measure that will mean tax exemptions on crypto trading gains over a five-year period in an effort to promote the Southeast Asian country as a global crypto hub. According to a statement published to a government website publicizing the introduction of the measure, Deputy Finance Minister Julapun Amornvivat said that the tax break will apply to market participants in Thailand who trade digital assets through exchanges, brokers and dealers licensed under the Digital Assets Business B.E. 2561 legislation, from Jan. 1, 2025 through Dec. 31, 2029. The deputy minister believes that the new measure will put Thailand on the right footing in developing the crypto sector, while that sectoral development will be monitored all the while by the Thai regulator, the Securities and Exchange Commission (SEC).  Amornvivat is conscious of a need to balance nurturing the crypto sector with full compliance in terms of anti-money laundering (AML) policies, in line with international practice as set out by the Financial Action Task Force (FATF).Photo by Kaboompics.com on PexelsGreater transparencyThe deputy minister also confirmed upcoming changes that would lead to greater transparency. He stated:”The Revenue Department is in the process of implementing the OECD’s Crypto-Asset Reporting Framework (CARF), which is an exchange of digital asset data with countries around the world, which will make digital asset transactions more transparent.” Taking to X, Amornvivat claimed that the policy aligns with OECD standards, and said it "is another important step in raising the economic potential of [Thailand] and is an opportunity for Thai entrepreneurs to grow on the world stage." This is not the first time the Thai authorities have looked at crypto-related taxation. Back in March the government approved a tax break targeting investors who generated capital gains from holding investment tokens. At that time, it was outlined that the government wanted to incentivize the use of investment tokens for fundraising purposes. In the medium term, Amornvivat believes that these measures will lead to growth in the overall Thai economy and an increase in tax revenue by approximately one billion baht ($30.6 million). Bitkub, Thailand’s largest crypto exchange, didn’t waste any time in responding to the development. On X, it advised its user base that “the wait is over,” with tax-free trading now possible on the platform. Competing global centersAssad Dar, a founder of Dubai-based Web3 gaming startups OYA Play and MoonGaming, took to social media to draw attention to the development in the context of initiatives being taken elsewhere to drive crypto. He described Thailand’s five-year tax break as a “big move,” while considering incentives offered in places like Dubai and Pakistan recently. He added:”Each place is trying to support crypto in its own way.” While competition around the world heats up to attract more crypto-related development and business activity, some fear getting left behind. Indian crypto influencer Rananjay Singh noted this latest development in Thailand while pointing out that crypto market participants in India still have to pay 30% tax on crypto-related capital gains as well as 1% tax deducted at source (TDS). 

Intella X Explores Ways to Integrate YGG’s Soulbound Reputation Tokens into Its WalletIntella X, a South Korean Web3 gaming platform, has announced its partnership with Yield Guild Games (YGG), a leading DeFi-powered gaming guild.Photo by Shubham Dhage on UnsplashBoosting Intella X’s global presenceThis collaborative effort is expected to boost Intella X’s presence in the global Web3 sector. YGG, boasting a membership base of over 450,000 worldwide and collaborating with more than 80 gaming companies, recently launched Superquest, a new way to earn in-game rewards. Superquest awards soulbound reputation tokens to gamers based on their level of community engagement and contributions. The two organizations will explore ways to integrate YGG soulbound reputation tokens into Intella X Wallet (IX Wallet), a Web3 wallet designated for the Intella X platform.In an attempt to expand its ecosystem, Intella X has soft-launched the Android and web versions of IX Wallet. Furthermore, the Korean Web3 platform in February joined forces with IndiGG, a sub-decentralized autonomous organization of YGG in India.Neowiz’s Q2 financialsIn the midst of these developments, Neowiz, the parent company of Intella X, last week disclosed its financial performance for the second quarter. The company garnered revenues amounting to KRW 70.1 billion ($52.7 million), signifying a year-on-year decrease of 0.2%. Neowiz incurred an operating loss of KRW 4.9 billion during the same period, venturing into negative territory in Q2. This setback can be attributed to escalated marketing expenditures associated with the launch of the mobile role-playing game “Brown Dust 2” and the third-year anniversary celebration of the MMORPG title “Kingdom.” The latter is the brainchild of game developer FOW Games, a company Neowiz acquired in May.Meanwhile, Neowiz’s Q2 net income recorded an 8% year-over-year increase, totaling KRW 22.4 billion. This one-time gain is due to the sale of certain shares the company owned in another entity as part of the wider FOW Games acquisition strategy.Path to recoveryIn the latter half of this year, Neowiz is gearing up for recovery, channeling its focus into in-house developed titles. A key highlight among these is the imminent launch of “Lies of P” on September 19. As the launch date of this soulslike video game, inspired by the narrative of Pinocchio, draws near, the company is poised to offer game packages for pre-sale commencing September 17. These packages will be accessible both online and in-person through the e-commerce platform SSG.com and the warehouse chain E-Mart Traders. An extensive global marketing campaign is also in the works, with Neowiz set to participate in Germany’s Gamescom 2023 later this month.

SK C&C Issues Voluntary Carbon Offsets on Blockchain-Based Credit PlatformSK C&C, the information communications technology arm of South Korean conglomerate SK Group, said last Thursday that it has issued a total of 186,595 carbon offset credits through 19 projects on the blockchain-based carbon reduction certification and credit trading platform Centero.Amidst the ever-growing challenge of climate change, industries and companies around the world are attempting to reduce their carbon output and reach net zero emissions through involvement in carbon finance — specifically, carbon credit markets.Photo by Jas Min on UnsplashUnderstanding carbon marketsThere are two types of carbon markets — the compliance market, which uses a cap-and-trade system, consists of governments and companies that are legally mandated to offset their carbon emissions. On the other hand, the voluntary carbon market (VCM) operates outside of mandatory frameworks and uses a project-based system to allow companies, organizations, and individuals to trade carbon offset credits voluntarily. Each of these carbon offset credits represents the reduction of one metric tonne of carbon dioxide or greenhouse gas (GHG) emissions. Participants in the voluntary market are mainly driven by their corporate social responsibilities, shareholder pressure, or PR motives.Revolutionizing voluntary carbon reductionCentero — short for Center of Net Zero — provides a one-stop registry service that enables monitoring, reporting, and verification of greenhouse gas reduction projects in the VCM, and issues certified carbon reduction credits to support credit transactions with companies that are pursuing net zero goals. It was developed by SK C&C and is currently operated by the KCCI Center for Carbon Reduction Certification according to the KCCI Carbon Standard, which evaluates and certifies carbon reduction efforts.Centero takes care of the entire process of voluntary carbon reduction projects, from preparation to registration and execution, credit certification, and credit distribution. Its advantage also lies in its transparent management of carbon reduction projects and resources that reflect global regulations and standards, from organizing project information to keeping records of carbon reduction credits. Companies can also buy and sell credits on Centero’s intermediary carbon credit marketplace.Voluntary carbon reduction projects span a vast range of industries, from manufacturing and chemicals to information technology (IT) and construction. Current ongoing projects include carbon capture and waste management initiatives.Notably, Centero manages all credit information and transactions using blockchain technology. It makes all relevant information accessible to companies — including information about certifiers, verification, and quantity of issued credits — thereby increasing security and transparency in transactions. Credit-related events, such as the transfer of ownership, are also managed through blockchain processes.Through its most recent achievement, Centero has demonstrated a total carbon reduction effect of 186,595 tonnes.“The mandatory market has limited corporate participation, resulting in insufficient trading volume and difficulties in handling the demand for carbon emission rights due to the strengthening of global GHG emission regulations. Through Centero, we will encourage participation from local companies and organizations in voluntary carbon reduction projects and help accelerate a privately-led voluntary carbon market,” said Bang Soo-in, Head of SK C&C’s Digital ESG Group.