China establishes metaverse working group with Chinese tech giants

BPMG to Showcase Blockchain Gaming Platform ‘GemHUB’ at G-STAR 2023South Korean blockchain tech company BPMG is set to visit the southern port city of Busan next month to participate in global game exhibition G-STAR 2023. BPMG will install a booth in the Business-to-Business (B2B) section in Exhibition Center 2. At the event, the company intends to highlight its Web3 gaming platform, GemHUB, and establish connections with potential partners. These collaborations will pave the way for BPMG to enter the global blockchain gaming market.Photo by Ahmed Atef on UnsplashGaming platform for competitionBPMG will also promote GemPION, a new game service that it will launch on November 16 in collaboration with global blockchain firm Everscale. GemPION stands out as a dedicated platform for competitive gaming, offering users of games hosted on the platform the opportunity to participate in tournaments and various missions. This blend of gaming and mission-based challenges is expected to deliver a more immersive and engaging experience for users.New, additional gamesIn anticipation of the G-STAR exhibition, BPMG is working to onboard four new games onto its platform. One of them is strategy battle RPG Heroes9 with NFT, and the other three are puzzle games: Jewel Dungeon Quest, Mayan Cryptex, and Farm Raid Mission.Furthermore, GemHUB has plans to introduce 10 additional games, including MMORPGs like Rappelz Universe, Flyff Universe, and Dark Eden M, along with social game Every Farm. This expansion aims to enrich the gaming offerings on the GemHUB platform, catering to a wider audience of players.

South Korea will tax crypto gains regardless of whether assets sit on domestic exchanges, offshore platforms or in self-custody wallets when its long-delayed digital asset levy takes effect in 2027. Policing private wallets, however, will be difficult, the tax agency acknowledged. Income residents earn from transferring or lending digital assets will be subject to tax wherever they are kept, the Ministry of Economy and Finance and the National Tax Service said in written responses to People Power Party lawmaker Kim Sang-hoon, according to Digital Asset. The regime is scheduled to take effect Jan. 1, 2027. Gains above an annual deduction of 2.5 million won, or about $1,800, will be treated as miscellaneous income and taxed at 20%, or 22% including the local surtax.Ilustration generated with ChatGPTThe NTS said self-custody wallets are difficult to track since users can freely generate new addresses and transact without regulated intermediaries. It plans to use blockchain tracing tools to strengthen enforcement. For offshore exchanges, authorities will rely on overseas financial account reporting and the OECD's Crypto-Asset Reporting Framework, or CARF. The treatment of staking, lending, airdrops and hard forks remains unsettled. Tokens distributed free by exchanges may already count as miscellaneous income when classified as prizes or promotional rewards. Foreign crypto companies and domestic financial institutions are also expanding their presence in the market. BitGo Korea completed its virtual asset service provider registration after receiving Financial Intelligence Unit approval on Aug. 18, Yonhap reported. It is the first local subsidiary of a foreign crypto company to register as a VASP without acquiring an already licensed operator. Hanwha Asset Management, Ripple and U.S. investment manager Canary Capital have formed a partnership spanning trading, custody, wallets, payments, tokenized real-world assets and exchange-traded funds, Korea Economic Daily TV reported. Canary CEO Steven McClurg said the company intends to launch an ETF in South Korea, building on its experience with its U.S. XRP ETF. Ripple has also signed Jeonbuk Bank as the first South Korean regional bank to use Ripple Payments for cross-border corporate remittances, cutting settlement times from several days to near-instant. Shinhan Asset Management signed a memorandum of understanding with Plume Network to test a won-denominated tokenized fund based on one of its ultra-short-term bond funds, Yonhap Infomax reported. The trial will be conducted in a country outside the two markets and cover issuance, distribution, wallet whitelisting, know-your-customer (KYC) checks and anti-money-laundering (AML) controls. Any rollout at home would still require regulatory approval. The 2027 timeline could still slip. Kim is preparing a bill to push the levy back to Jan. 1, 2029, Edaily reported. The National Assembly's legislative office is reviewing the proposal, which could be introduced as early as this month. South Korea first planned to introduce the crypto tax in 2021 but has delayed it several times. 

Foblgate teams up with GLEN Studio to introduce NFT game to investorsSouth Korean cryptocurrency exchange Foblgate has partnered with GLEN Studio, the operator of the NFT game Random Crypture Defense, to bring the game to users of Foblgate, according to an article published by local news outlet ET News on Thursday (local time). The two firms aim to jointly create and share content for the blockchain and NFT community to engage in.Photo by Arstin Chen on Unsplash“This collaboration will play a crucial role in enhancing Foblgate’s capabilities in discovering and developing diverse content. In the rapidly evolving blockchain market, we aim to provide users with content that aligns with the latest trends,” Foblgate CEO Ahn Hyun-jun said.User-centric, rewards-based gameplayRandom Crypture Defense is a Play-to-Earn (P2E) tower defense game built on the Solana blockchain that is centered around unique and colorful NFT characters. These characters are available for purchase on NFT marketplaces like Magic Eden and SolSea.Players can also play and earn $GLEN, an in-game governance token that gives players voting rights in decisions regarding community wallet usage, sequel game genre planning and project direction, putting players at the forefront of game development and improvement. According to the developer, $GLEN will be listed on decentralized exchanges and will be able to be exchanged with Solana or fiat currencies.Those who wish to participate in a demo play of Random Crypture Defense can do so through Foblgate’s official website. The demo play period is set to last about a month, after which the two companies plan to hold special events for Foblgate users.Foblgate’s expansionFoblgate has recently undertaken various projects in an attempt to grow not only as an exchange but also as a hub for public-oriented, blockchain-related content. Last month, the platform began working with crypto newsletter Conut to display crypto-related news and information on its website that appeals to younger users through trendy vernacular and internet meme references.