GroundX releases membership NFT for JND Studios’ character figures on Klip Drops

Wemade Leverages Blockchain to Host Professional Women’s Golf Tournament in BusanWemade, a blockchain game company headquartered in South Korea, is gearing up to host a professional women’s golf tournament at the Haeundae Beach Golf and Resort in Busan, the nation’s southern port city. The tournament is scheduled to take place from November 18 to 19.Photo by mk. s on Unsplash1 million WEMIX prize poolThe event, titled the WEMIX Championship 2023, will showcase the top 20 KLPGA Tour golfers in the WEMIX point ranking, along with four invited players. They will vie for a prize pool of 1 million WEMIX, which, as per CoinMarketCap, is trading at $0.5585 at the time of publication. The tournament will be live-streamed through the SBS Golf television channel.The WEMIX point ranking, established in collaboration with SBS Golf, is determined by assessing the performance and results achieved by members of the regular Korea Ladies Professional Golf Association (KLPGA) Tour.NFT tickets and souvenirsDuring this event, Wemade’s DAO and NFT platform, NILE, will showcase non-fungible tokens (NFTs) that represent admission tickets and official souvenirs. These NFTs will be available for purchase on the NILE marketplace starting in October, giving golf enthusiasts the opportunity to acquire them.By integrating blockchain technology into the golf tournament, Wemade is expected to deliver a fresh and innovative experience for both organizers and spectators alike.Furthermore, Wemade aims to increase its investment in the WEMIX Championship, with the goal of enhancing the tournament’s reputation as a prestigious season-ending event.

The Inland Revenue Board (IRB) of Malaysia has launched an operation, which has been dubbed as “Ops Token,” to tackle tax evasion within crypto trading circles in the southeast Asian nation. Klang Valley raids According to the Malaysian English language newspaper, The Star, the special operation is a coordinated effort involving the Royal Malaysia Police and CyberSecurity Malaysia (CSM) alongside the IRB. The Malaysian tax authority raided ten locations, with 38 personnel involved in the raids, which were carried out within the Klang Valley region. The main objective of the raids and the operation overall, is to identify crypto corporate entities and individuals that had failed to report trading activities and therefore, associated revenues, profits and taxes. The initiative aligns with the Malaysian government’s broader strategy of stamping out tax evasion across all sectors, reducing revenue leakage and optimizing the nation’s tax take.Photo by Esmonde Yong on UnsplashStern warning for traders Datuk Abu Tariq Jamaluddin, CEO of the IRB, issued a stern warning to crypto traders: declare and pay taxes or face compliance actions. Jamaluddin clarified that crypto traders are subject to the same income tax rules that are applied to businesses across various sectors throughout Malaysia. While cryptocurrency is not regarded as legal tender by Malaysia’s central bank, crypto-centric businesses must adhere to the nation's income tax regulations. The IRB commented on the operation via a statement published on June 15. It stated: "Through this operation, it was possible to find stored cryptocurrency trading data in mobile devices and computers. We have successfully identified the digital assets that are traded, which has caused significant tax revenue leakage." The agency intends to carry out further analysis on the data that it seized in a bid to ascertain the trading revenues generated, the profits derived from that trading activity and the taxes owed as a consequence. The IRB has asserted that a number of corporate entities and partnerships were specifically formed with the purpose of tax evasion. The agency estimates the total value of crypto-related transactions to date in 2024 to amount to 1.441 trillion Malaysian ringgits, approximately $310 billion. International enforcement efforts Malaysia is not alone in its efforts to ensure tax compliance relative to cryptocurrency trading and investing. The Organization for Economic Cooperation and Development (OECD) has established a set of crypto tax rules, namely the Crypto-Asset Reporting Framework (CARF). The initiative is part of an effort to achieve a Common Reporting Standard (CRS) relative to crypto on an international basis, with OECD member states transposing the CARF into domestic law. The CARF is due to go live in 2027. The International Monetary Fund (IMF) maintains that crypto presents itself as a major headache for tax authorities globally. In a research paper published last year, it outlined that countries would need to update their tax systems in order to deal with the challenge that crypto presents with the potential for a leakage in tax revenues. In the United States, an Internal Revenue Service (IRS) official stated in December 2023 that the agency has seen an increase in its caseload relative to crypto tax cases.

Rotonda, the operator of the Bithumb Burrito Wallet, has agreed to work with Swiss digital asset AI platform Smart Valor, according to South Korean news website Greenpost Korea. Burrito Wallet will adopt the features of Smart Valor’s Elonn.ai – a digital investment advisor that provides investors with AI-generated market news analysis and research for optimized investment. Photo by Shubham's Web3 on Unsplash"Our collaboration with Smart Valor, who was the main sponsor of our NextBlock blockchain conference last year, is significant. The company will serve as an ideal partner for us to lay out the blueprint of the global Web3 market together," said Max Shin, CEO of Burrito Wallet. Leading the European Web3 industryFounded in 2017, Smart Valor is a Swiss-based Web3 AI company and the first European digital asset platform to be listed on the NASDAQ First North Growth Market. It specializes in crypto AI market intelligence application programming interfaces (APIs), as well as investment platforms and crypto trading and custody infrastructure for banks, fintech firms and European investors. Global expansion and market access in South KoreaThrough the newest partnership, Burrito Wallet aims to provide high-quality investment services for users and contribute to the expansion of the Web3 ecosystem as a key partner for Smart Valor's global expansion. In particular, the collaboration will also serve as a bridgehead for Smart Valor's entry into South Korea. The firm’s VALOR token is currently listed exclusively on Bithumb among Korean cryptocurrency exchanges and will be supported for trading on Burrito Wallet, offering Korean users the opportunity to experience a more expanded Web3 market. To celebrate their cooperation, the two companies will be holding a Valor token trading event until Feb. 1. The first thousand Bithumb users to trade at least 30 Valor tokens during the event will receive an additional 30. Also, the first 2,000 users who sign up for Burrito Wallet and trade at least 30 tokens will receive 60 tokens for free.  "Starting with this event, we will not only expand the scope of our partnership with Smart Valor but also initiate various collaborative activities and develop features to ensure that Burrito Wallet is recognized as a unique Web3 wallet,” Shin added. Burrito Wallet has been accelerating efforts to expand overseas. The service recently increased its number of supported blockchain networks to 18 and entered global markets in Asia and Latin America.