Mars Program Sees Huobi Venture into Space

According to a report published on March 31 by Nikkei, a Tokyo-based financial news outlet, the Japanese authorities are gearing up to categorize digital assets as financial products, while in the process broadening the scope of insider trading restrictions. While the publication didn’t cite a particular source, it reported that the Japanese Financial Services Agency (FSA) is expected to file a draft amendment related to the existing Financial Instruments and Exchange Act in 2026.Photo by M.S. Meeuwesen on UnsplashFrom payment to investment productCurrently, Japan’s Payment Services Act categorizes crypto assets as a means of settlement. That categorization looks at these assets from the perspective of a payment tool rather than considering them as investment products. The move is understood to be part of a broader effort to copper-fasten crypto sector oversight. Earlier this month, the Japanese cabinet approved a proposal that seeks to amend the Payment Services Act.  At the time, it had been suggested that the amendment would look to exclude crypto assets from being classified as securities, while also bringing about a reduction in the capital gains tax rate as it is applied to digital assets. It’s likely that crypto assets will find themselves in a distinct category, apart from securities like stocks and bonds. Crypto adoptionActivity related to crypto assets has been growing in Japan. 7.34 million active accounts were found to be responsible for crypto transactions in Japan in January. That amounts to a tripling in such crypto transaction activity over the course of five years. Japan enjoyed greater adoption at a very early stage in the global development of crypto. However, following the Mt. Gox crypto exchange collapse in 2014, which at the time accounted for the loss of 7% of Bitcoin’s supply, regulators responded by clamping down on the sector.  That situation led to greater investor protection for Japanese investors but it presented as a difficulty for Japan-based exchanges to compete globally with other exchange businesses overseas. A conservative stance taken by the FSA has also held back crypto exchange-traded fund (ETF) approval and adoption. Bitcoin ETFs were approved in the United States over a year ago. Earlier this month, Astar Network founder Sota Watanabe outlined that the current ruling party in Japan plans to remove crypto assets from a securities classification, alongside other changes which could potentially lead to the approval of crypto ETFs. The Liberal Democratic Party has also put forward crypto tax reforms that, if implemented, would see a 20% tax rate brought into effect where capital gains on digital assets are concerned.The finer detail with regard to the nature of insider trading restrictions as they will be applied to crypto assets has yet to be revealed. Nikkei speculated that such restrictions would likely be similar to those applied to conventional financial products. Last week, the Asia Web3 Alliance Japan, a crypto advocacy group, put forward a proposal to the U.S. Securities and Exchange Commission (SEC) that, if implemented, would see collaboration between the U.S. regulator and Japan’s FSA, its central bank and the Ministry of Economy, Trade and Industry. The objective of the proposal is to bring about cross-border regulatory clarity related to the further development of the Web3 ecosystem in both Japan and the U.S.

Seychelles-incorporated crypto exchange platform Bitget recently released findings from a study on Bitcoin's upcoming halving, revealing that the vast majority of surveyed investors predict bitcoin will achieve a new all-time high (ATH) in 2024. Separately, other market commentators and analysts appear to be bullish on bitcoin ahead of the scheduled cut in Bitcoin mining rewards.Photo by Kanchanara on Unsplash84% anticipate new bitcoin ATHThe study, based on anonymized data from 9,748 participants worldwide, focused on investor perceptions surrounding the halving's impact on their investment decisions. 84% of participants anticipate a new ATH for bitcoin during the next bull run, with only East Europe showing a percentage lower than 80%. Over 50% predict bitcoin's price to be between $30,000 and $60,000 by the time the halving occurs in April. Meanwhile, 30% foresee the bitcoin unit price going higher than $60,000. Off the back of the data that has arisen via the study, Bitget managing director Gracy Chen suggested that it is indicative that 2024 will be a significant year for the bitcoin market. Crypto investment plansApproximately 70% express plans to increase their crypto investments, with the highest conviction in the Middle East and North Africa (MENA) and East Europe regions. Western European investors are characterized as "short-term cautious" and "long-term optimistic." In addition to the Bitget study, many market commentators appear to have arrived at a similar conclusion. In July of last year, Standard Chartered Bank forecasted a 2024 unit price for bitcoin of $120,000. The bank reaffirmed that view last month, going further still in stating that by 2025, it expected bitcoin to reach a price of $200,000, largely due to capital inflows into spot bitcoin exchange-traded funds (ETFs), which were approved in the United States in January. Broader market sentimentTaking to social media on Monday, crypto analyst Charles Edwards of Capriole Investments proposed a potential 500% price return for bitcoin if a bullish halving pattern plays out. Edwards envisions bitcoin reaching $280,000 in 2025. Like Standard Chartered, he cites the January bitcoin ETF launch as the driving force, likening it to a "second halving." He argues that major technological developments have historically seen quicker rates of adoption. Crypto trading analyst Michaël van de Poppe predicts a pre-halving surge to $48,000 and an eventual breakout toward an all-time high in Q3/Q4 of 2024. The next Bitcoin halving is expected in April 2024, historically associated with increased scarcity and subsequent price surges. Pseudonymous macroeconomist @Micro2Macr0 took to the X social media platform on Monday, stating:"Only 2.5 months till the #Bitcoin #Halving. The world is getting more unstable and you have the greatest hedge ever invented sitting in front of you. What are you waiting for?"  Meanwhile, "British HODL" warned that recent developments may result in a break from previous trading patterns. He stated:"Everyone says 12 months after the halving the shock starts for #Bitcoin price. . . . I think there is a high likelihood that the ETF’s change the cycle you’re expecting. Be aware of that.”

WazirX Founder’s Blockchain Startup Raises $5.4MShardeum, a highly-scalable layer-1 blockchain utilizing dynamic state sharding, has successfully closed a strategic raise of $5.4 million.The project was co-founded by Nischal Shetty, who also founded leading Indian cryptocurrency exchange WazirX.Photo by Shubham Dhage on UnsplashWorking towards mainnet launchThe funding round saw participation from prominent investors including Galxe, J17 Capital, JSquare, and TRGC, among others. Singapore’s Amber Group, a digital assets trading, products, and infrastructure firm, also participated. The additional capital will be used to facilitate the expansion of Shardeum’s ecosystem, leading up to the highly anticipated mainnet launch later this year. As part of that launch, it will also introduce $SHM, its native token. 5% of $SHM tokens are being allocated to ecosystem development and to community airdrops.What is Shardeum?Shardeum is a highly-scalable EVM-based layer-1 blockchain that utilizes dynamic state sharding. By employing dynamic state sharding, Shardeum ensures low gas fees and high transactions per second as the network expands. The platform achieves consensus at the transaction level, reducing the computational power required for validator nodes. This composition means that it’s engineered for linear scalability.This consensus mechanism enables broad accessibility and increased decentralization by allowing anyone to run a node. Through the power of dynamic state sharding, Shardeum offers a scalable and secure solution that addresses the blockchain trilemma while ensuring decentralization for all participants.Dynamic state shardingSince its establishment in 2022, Shardeum has been focused on delivering a highly-scalable EVM-based layer-1 blockchain with dynamic state sharding capabilities. As of Friday, the Shardeum testnet has already witnessed over 7.4 million transactions, with over 820,000 accounts and more than 230,000 contracts deployed.Kelsey McGuire, the Chief Growth Officer at Shardeum, expressed enthusiasm about the completion of the strategic raise, emphasizing the company’s commitment to cultivating a global and diverse community. McGuire highlighted Shardeum’s consensus design and the accessibility of validator participation, regardless of users’ computing resources. The additional funding will further support Shardeum’s dedication to decentralization by fostering worldwide community growth through educational initiatives and other key programs.Initial $18.2M seed roundIn addition to the aforementioned investors, the strategic raise attracted notable participants such as Bware Labs, Tané Labs, Hyperithm Group, and Luganodes, among others. This round follows Shardeum’s successful seed round in October 2022, which raised $18.2 million and involved backers such as Jane Street, Big Brain Holdings, Struck Crypto, The Spartan Group, Ghaf Capital, DFG, CoinGecko Ventures, and Foresight Ventures. Funding from that initial seed round went towards hiring more employees, expanding the Shardeum network, and growing its community.A Shardeum project team member told The Block that the raise now places a valuation on the overall company of around $248 million. Shetty recently told Forbes that he believes Shardeum can be a direct competitor to Ethereum. The WazirX Founder outlined that the blockchain was envisioned on the basis of low fees and scalability regardless of the extent of the network growth that transpires.