Glohow to promote UtopiaGames’ blockchain-based casino games on global stage

Saudi Arabia Looks to Diversify Through Web3Saudi Arabia is intensifying its efforts to diversify its economy as part of its ambitious Vision 2030 initiative. In a move away from its traditional reliance on oil, the kingdom is embracing cutting-edge technologies like blockchain and artificial intelligence (AI) and is delving into the burgeoning gaming industry.That’s the view of Animoca Brands Co-Founder Yat Siu, who, in a recent interview with Cointelegraph, highlighted Saudi Arabia’s keen interest in Web3, emphasizing the country’s partnerships with entities like The Sandbox and Animoca itself.Photo by Hala AlGhanim on UnsplashDriving gaming growthSiu believes that Saudi Arabia is making a concerted effort to explore the possibilities of the new iteration of the internet, particularly in the realm of Web3 gaming and blockchain gaming, where asset ownership is verified on the blockchain. He stated:“I think Saudi [Arabia] understands the principle that Web3 gaming or blockchain gaming — the one that we actually prove the owner assets — is going to be the future of gaming.”While Saudi Arabia has yet to make a significant global impact in game and AI development, experts in the emerging field of Web3 believe that the kingdom’s investments in gaming could have far-reaching implications.The Boston Consulting Group reported that Saudi Arabia accounts for 45% of the region’s gaming sector, with a total value exceeding $1.8 billion. It also boasts one of the highest game revenues in the area, according to Ireland-based gaming content creator, Allcorrect.$38 billion gaming fundSiu is not the only one to believe in the efficacy of Saudi’s Web3 efforts. Poland-based Web3 gaming platform GameSwift also articulated a similar view recently. In a tweet thread published last month, the firm acknowledged the $38 billion gaming fund launched by the Saudi royal family.That initiative involves a Gaming Hub, the first incubator for esports in the world. The objective of the hub is to empower early-stage studios and provide an accelerator program for their growth, with direct investment going to top ten studios.Cryptocurrency uncertaintyDespite its understanding of the high-level concept of Web3, Saudi Arabia faces uncertainties regarding the integration of cryptocurrencies and virtual assets into gaming due to the absence of clear regulations. Siu explained that while Saudi Arabia is proactive in investigating cryptocurrencies, other regions like Hong Kong, Japan, and the United Arab Emirates (UAE) offer more clarity on what can be done with crypto and Web3.Siu noted that Saudi Arabia is actively seeking information on best practices and strategies from experts like Animoca. To encourage Web3 adoption, financial literacy is key, according to Siu.He emphasized that users must have a certain level of financial literacy to fully embrace Web3, as it goes beyond traditional banking. Understanding the potential value of digital assets and their network effects is crucial for Web3 users.Saudi Arabia is not the only Gulf nation to pivot to Web3. Oman is looking to do likewise based on similar rationale — to diversify away from an oil-based economy. The UAE is also actively working towards creating the right conditions to nurture Web3 startup businesses.

Asian Firms Feature in Ledger’s Institutional Trading OfferingCrypto hardware storage device provider Ledger has recently introduced the Ledger Enterprise Tradelink network with the participation of a number of well-known Asian crypto platforms.Through its Ledger Enterprise Tradelink offering, Ledger aims to provide a robust and open trading platform specifically designed for institutional investors. The company announced its move into the institutional trading technology market via a blog post published to its website on Wednesday.Photo by Kanchanara on UnsplashMeeting institutional needsThis platform aims to meet the unique risk management and regulatory requirements of institutions seeking to participate in the cryptocurrency market.Given recent events, such as the bankruptcy of the FTX crypto exchange, market participants are increasingly seeking transparency and alternatives to traditional vertically integrated crypto exchanges. There are also concerns regarding the future of market infrastructure in light of the recent lawsuits filed by US regulators against major exchanges like Binance and Coinbase.Sebastien Badault, the VP of Metaverse & NFTs at Ledger, highlighted these concerns and emphasized the importance of addressing them. He explained that the Ledger Enterprise Tradelink network enables a seamless connection between custodians, OTC brokers, and exchanges, allowing traders to execute trades without having to hold funds on the exchange itself.This unique feature serves to minimize the risks associated with centralized exchanges. Badault further predicted that as regulations evolve, fund managers will likely be required to distribute their risk across multiple custodial partners, making the Ledger network an appealing solution.Asian partnershipsTo bring the enterprise-grade platform to life, Ledger has partnered with several prominent crypto exchanges and broker firms. These include international companies like Bitstamp, Uphold, CEX.IO, Wintermute, Coinsquare, NDAX, Damex, Flowdesk, and YouHodler. Additionally, Asian platforms feature strongly, represented by the likes of Seychelles-headquartered crypto exchange Huobi, Singapore-based platform Crypto.com, and Thailand’s Bitazza, a digital asset platform.Other participating companies comprise of Komainu, a digital asset custodian backed by Japanese financial services company Nomura, Tokyo-based institution-facing crypto finance firm, Crypto Garage and Hong Kong’s Kryptodian, a digital asset custodian.Other international partners include digital asset custodians TetraTrust and Etana. The partnership depth that Ledger has put in place with its Ledger Enterprise Tradelink product ensures that firms utilizing the network are not locked into a single custodial provider.Crypto.com President & COO, Eric Anziani, praised Ledger’s innovative Trading Operation technology, emphasizing its role in enhancing security and fostering a regulation-friendly landscape for institutional trading. The collaboration with Ledger enables Crypto.com to participate in the Ledger Enterprise Tradelink network, expanding their offerings for institutional clients and strengthening their position within the market.Ledger Enterprise offers real-time tracking of collateral balances and operational status for all participants, providing enhanced transparency and operational efficiency. Furthermore, the platform boasts zero transaction fees, making it a cost-effective solution for institutional investors, as highlighted in the press release.This initiative by Ledger aligns with the industry’s growing demand for regulatory compliance and effective risk management solutions. Consequently, Ledger’s entrance into this space marks an important milestone in facilitating institutional participation and driving further adoption of cryptocurrencies.

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.