NEOPIN and Finschia Foundation to jointly launch Finschia’s first decentralized exchange

KLEVA, a decentralized finance (DeFi) service that until now has been based on the Klaytn blockchain, is set to move to Wemade’s WEMIX3.0 mainnet as a native service and undergo a new upgrade to “KLEVA omni”, according to an official Medium announcement by WEMIX on Tuesday (KST). As a result, KLEVA tokens will be issued on the WEMIX3.0 network instead of Klaytn. Existing tokens will be migrated to WEMIX3.0 as well.Photo by GuerrillaBuzz on UnsplashThe team at KLEVA revealed that it decided to move the service to WEMIX3.0 to gain access to broader inter-network connectivity. The decision also came as a result of security strengthening efforts related to custodial bridge services using the Lock and Mint method. Unveiling KLEVA omniKLEVA omni is an amalgamation of service advancements within the Trans-Chain DeFi protocol, rooted in the WEMIX Foundation's unagi initiative – a new innovative omnichain network and interoperable Web3 gaming platform. This innovative protocol integrates optimized tokenomics tailored for the omnichain ecosystem. By going beyond the limitations of single-chain DeFi and placing an emphasis on token rewards, the value of the Trans-Chain DeFi protocol is centered around the KLEVA token.  At its core, KLEVA omni is differentiated in its ability to process trans-chain transactions. It serves not only as a comprehensive solution for inter-chain yield farming but also as a bridge between service providers and users across boundaries.  Solution to variable yields and interchain risksIn addition, in the current market landscape, variations in deposit yields and loan interest rates exist for the same asset across different chains and services. KLEVA omni addresses this by sharing such information with users, streamlining their research and decision-making processes. This makes it easier for users to optimize their investment portfolios. The protocol will use una Bridge – a non-custodial omnichain bridge under the unagi initiative that mitigates the risks presented by wrapped tokens – to enable secure and efficient trading. It will also support various blockchains like Arbitrum, Optimism, Avalanche, Polygon, Ethereum, BNB and Solana.

Japan’s New Tax Amendment Sparks Optimism for Crypto IndustryJapan’s National Tax Agency has recently announced a revision to corporate taxation rules regarding crypto assets, according to a report by local media outlet Coinpost. The amendment states the exemption of companies from taxes on unrealized gains with cryptocurrencies.Photo by Nataliya Vaitkevich on PexelsPrevious tax burden on crypto profitsPreviously, corporate tax at a rate of approximately 30% was imposed on profits from cryptocurrency holdings, including unrealized gains, as per the Japan Times. This regulation has been criticized for burdening companies and impeding innovation in the blockchain industry. In response, some companies had opted to conduct their business operations overseas. However, with the new amendment, the rules have been relaxed for virtual assets issued and held by their companies.Two conditions for tax exemptionThe National Tax Agency clarified the two conditions under which virtual assets issued by a company would be exempt from taxation. Firstly, the crypto asset must have been issued by the company and continuously held since its issuance. Secondly, the virtual asset must have remained under continuous transfer restrictions since its issuance, which can be achieved through either implementing technical measures to prevent the transfer to other parties or holding the assets in a trust that meets specific requirements.This revision in corporate taxation rules is expected to provide relief for businesses in Japan that deal with cryptocurrencies and encourage innovation in the domestic blockchain industry. The relaxation of taxes on unrealized gains may also incentivize companies to keep their operations within the country rather than seeking alternatives abroad.

Industry leaders are turning their attention to Hong Kong as a notable location for spot bitcoin exchange-traded funds (ETFs). That speculation arises in anticipation of the United States granting approval for such ETFs, with Hong Kong emerging as a likely frontrunner in Asia. In a recent report, The Block spoke with a couple of prominent industry stakeholders, who appear to acknowledge the significance of moves towards seemingly expanding crypto ETF product offerings in Hong Kong, even though the bulk of the industry’s attention has been on U.S. spot bitcoin ETF approval.Photo by Simon Zhu on UnsplashU.S. ETF expectationsOn Monday, the research arm of crypto derivatives platform BitMEX calculated that the arrival of such a product in the United States could dwarf the total value locked within existing crypto-related exchange traded products (ETPs). Earlier this month, a researcher at crypto asset manager Bitwise suggested that U.S. spot bitcoin ETFs would be the most successful ETF products ever launched. Acknowledging Hong Kong’s positionWith all the focus on the U.S., could it be that Hong Kong will play a far greater role in the global crypto ETF business? Yat Siu, the chairman of Web3 investor Animoca Brands, highlighted the encouraging position of Hong Kong’s Securities and Futures Commission (SFC) toward digital assets, laying a foundation for potential spot bitcoin ETFs. Referring to the SFC’s recent statement expressing openness to expanding access to digital assets, Siu emphasized the relatively uncontroversial nature of a spot Bitcoin ETF. He noted: “If you look at what the SFC had said about I think a month ago, it says that it was open to widen access to digital assets. And frankly, Bitcoin spot ETF is, I would say, relatively uncontroversial at the end of the day.” Poised to usher in spot ETFsAs the U.S. inches closer to approving its first spot bitcoin ETF, Hong Kong could likely follow suit, benefiting from the groundwork already laid by U.S. regulators. In fact, just last week both local regulators, the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC), signaled that they are happy to start to accept applications for the provision of crypto-related spot ETFs. Siu pointed out the abundance of public filings and applications that Hong Kong authorities can reference in shaping their regulatory framework. Julia Leung, SFC CEO, stated in November that the regulator was evaluating spot crypto ETFs while expressing openness to proposals leveraging innovative technology for efficiency and enhanced customer experience. Presently, Hong Kong has listed several futures-based crypto ETFs, including the Samsung Bitcoin Futures Active ETF, CSOP Bitcoin Futures ETF and CSOP Ether Futures ETF. Glenn Woo, Head of Sales of APAC at Web3 infrastructure company Blockdaemon, echoed the positive sentiment, noting that while traditional asset managers may have lingering concerns, there is a prevailing appetite for such financial instruments in Hong Kong. Woo, drawing on over a decade of experience in the traditional financial industry in Hong Kong, emphasized the growing interest, anticipating that the appetite will expand further once the U.S. approves its first bitcoin ETF. Hong Kong’s long-standing reputation as a global financial center, combined with the potential of crypto ETF products, will likely boost crypto adoption in the region and the significance of Hong Kong’s role in the sector with it.