Korean Gov’t Encourages Discussions on Tax Imposition within the Metaverse

North Gyeongsang Province launches metaverse platform to become digital hubNorth Gyeongsang Province has officially launched its integrated metaverse platform Metaport, which aims to expand access to the metaverse — a key component of the digital economy — for the region’s citizens. It also serves to showcase the region’s cutting-edge technologies and establish it as a hub for emerging industries.Photo by Mimi Thian on Unsplash“We will focus on a strategy to solidify our position not only as a metaverse capital but also as a global digital hub,” said the province’s Governor Lee Cheol-woo.Offering a hybrid metaverse experienceTouted as the nation’s first scalable hybrid metaverse platform, Metaport utilizes Web3 technology to provide both web and app services. In particular, it leverages open APIs to integrate features such as login and avatars into one service, which allows users to enjoy metaverse content provided by local governments, public institutions, businesses, schools and more.Bridge to the futureThe platform also connects reality and the virtual realm with a virtual model of the Daegu-Gyeongbuk Integrated New Airport as the main space within the realm. The Daegu-Gyeongbuk Integrated New Airport is a joint military-civilian airport that is set to be built by 2030 in the Uiseong and Gunwi counties.Users can access MetaPort through a website without downloading a separate program. The mobile app is also available for Android smartphones on the Google Play Store.

Ant Group Targets Web3 Developers With New Brand LaunchChina’s Ant Group, the powerhouse firm behind the world’s largest mobile payment platform, Alipay, has made a strategic move by introducing its new blockchain-focused sub-brand, ZAN.The initiative signals Ant Group’s intention to carve out a specific niche in the blockchain sector while simultaneously preparing for a potential initial public offering (IPO) that is free from its affiliations with Web3.Photo by Denys Nevozhai on UnsplashOffering a suite of solutionsZAN’s unveiling, which was announced in an official press release via Business Wire on Friday, heralds a comprehensive suite of technical solutions and services catering to both institutional players and individual developers in the Web3 ecosystem. At its core, ZAN offers a solution that enables Web3 companies to seamlessly issue and manage real-world assets (RWAs) while adhering to local regulatory frameworks.But ZAN’s ambitions don’t stop there. The brand aspires to revolutionize the Web3 landscape with a suite of technical offerings, including cutting-edge tools for electronic Know Your Customer (KYC) procedures, anti-money laundering (AML) measures, and Know Your Transaction (KYT) checks, all purpose-built with a view towards achieving the highest levels of compliance.Focus on dAppsMoreover, ZAN will also focus its attention on decentralized applications (dApps) through its provision of smart contract reviews and node services. These services, including remote procedure calls (RPCs), are poised to empower developers, offering them the essential tools they need to craft innovative dApps that can thrive within the Web3 ecosystem.ZAN’s journey has already seen notable partnerships, with HashKey DID, a decentralized identity data aggregator in the Web3 space, announcing its adoption of ZAN’s electronic KYC solution during the Hong Kong Web3 Festival in April.This move by Ant Group aligns with its reported intention to segregate its blockchain subsidiary from its core entity. In July it emerged that the company was restructuring with implications for its blockchain activities having been envisaged at the time. Given the size of the enterprise, the adoption of blockchain by Ant Group thus far has played a pivotal role in furthering blockchain use and implementation within Mainland China.IPO and further expansionThis separation is expected to be a pivotal step for the company in securing a financial holding license in China, further underscoring Ant Group’s interest in pursuing compliance and regulatory alignment.Ant Group had ambitious plans for a $30 billion initial public offering (IPO) in Hong Kong and Shanghai in 2020, with a staggering $226 billion valuation at the time. It’s evident that the financial giant remains resolute in its pursuit of expansion and diversification, although it has faced regulatory obstacles in its endeavors to do so.While the IPO was thwarted by the Chinese government, it is promising for the development of blockchain within China to see that the firm is once again making strategic moves in the blockchain sector, spearheaded in this instance through ZAN.

The Financial Services Regulatory Authority (FSRA), a regulatory body within the Abu Dhabi Global Market (ADGM) economic free zone and financial center in the United Arab Emirates (UAE), has fully approved USD₮, the world’s leading U.S. dollar stablecoin by market cap, as an accepted virtual asset (AVA).Photo by DrawKit Illustrations on UnsplashPre-approved USDT servicesUSDT issuer Tether publicized details of the approval via a statement published to its website on Dec. 10. The company outlined that the approval means that “Authorised Persons” operating and licensed by the FSRA can offer pre-approved services related to USDT. The company stated that the approval facilitates the integration of USDT into regulated financial ecosystems in Abu Dhabi while also claiming that the move helps to advance the region’s leadership relative to digital asset innovation. The FSRA has acknowledged acceptance of the leading stablecoin with recognition of its issuance on various blockchains including Ethereum, Solana and Avalanche. Validating the importance of stablecoins With the ADGM regulator now fully accepting and recognizing the stablecoin, Tether CEO Paolo Ardoino said that the move goes beyond just “validating the importance of stablecoins as critical tools for modern finance,” as he believes it opens the door for collaboration and growth across the Middle East. Stablecoins are increasingly playing a significant role in bridging the gap between traditional finance (TradFi) and the Web3 sector. In October, crypto asset fund manager Bitwise identified a number of key insights that point to the ongoing development and use of stablecoins.  It outlined that the top five stablecoin projects are currently holding more U.S. Treasury bonds than some G20 countries. Tether recorded profits last year that surpassed those of BlackRock, the world’s largest asset manager. Bitwise identified that leading payments firms like Visa are adopting stablecoins and incorporating them into their platforms for the purpose of effecting transactions. A month prior to that, Wall Street investment bank Bernstein highlighted the fact that stablecoins are playing an increasingly important role relative to the global financial system as a whole.  It’s thought that this latest development in Abu Dhabi may act as a further driver of USDT’s market cap. At the time of writing, the stablecoin asset had a market cap in excess of $140 billion. Its inclusion as an AVA reinforces the crypto asset’s position as the most used stablecoin within the industry. AE Coin licensing In a further boost for further roll-out of stablecoins in the Middle East, the Central Bank of the UAE (CBUAE) awarded the final license to fully approve AE Coin, a UAE dirham-denominated stablecoin. Commenting on the development, AE Coin General Manager Ramez Rafeek said, "AE Coin harnesses the speed and efficiency of blockchain technology, offering instant, secure, and cost-effective transactions. It simplifies transfers, making them faster and more seamless." In an effort to bring about greater adoption of the stablecoin, the AE Coin project intends to engage in partnerships with payment gateways, financial institutions and technology providers going forward. Tether also has plans to launch a dirham-backed stablecoin, having recently partnered with UAE-based entities to bring that about.