CryptoTax joins hands with Infinite Block to provide crypto custodial and accounting services

India’s WazirX Partners with TaxNodes to Simplify TaxesIndia’s largest cryptocurrency exchange by trading volume, WazirX, has integrated with TaxNodes to enable platform users to calculate and file their crypto-taxes with greater ease.TaxNodes is a platform that provides users with the ability to calculate taxes on their cryptocurrency transactions. The start-up company has built a product for the retail crypto investor and trader that’s accessible on a global basis.Photo by Julian Yu on UnsplashEase of calculationThrough the partnership, TaxNodes will enable WazirXs expansive user base to calculate and file taxes on their crypto trades and crypto investments accurately. Furthermore, it will extend its service to provide updates on any developments in Indian taxation relative to the digital assets sector.Avinash Shekhar, Founder and CEO of TaxNodes, commented on the partnership: “We are looking forward to embarking on a journey with WazirX. We believe that our solutions will help WazirX’s customer base get clarity on the taxes levied on their investment. We think that our users will be able to leverage our plans to not only compute but also file their taxes, thereby, enabling us to simplify the taxation journey of crypto investors in the country.”From its perspective, Rajagopal Menon, Vice President at WazirX, said that the company has always prioritized compliance with regulations in the country to set an example of fair practice in the virtual digital asset industry. The partnership between WazirX and TaxNodes will be beneficial in enabling an ecosystem of regulatory abidance and mainstream adoption of crypto without the challenges of tax miscalculation or default.”High taxesIndia has chopped and changed its position on digital assets many times, and its tax treatment of cryptocurrencies has also undergone changes in tandem with that. Currently, Indian investors who trade digital assets, inclusive of NFTs, are under the obligation to declare their income if the assets are held as investments.Income tax return (ITR) forms for the 2022–2023 tax year have been amended to include a section dedicated to digital assets. A section called “Schedule — Virtual Digital Assets (VDA)” is now included. Income from the sale of virtual assets is currently taxed in India at a rate of 30%. One inequitable feature of the Indian crypto tax treatment is the fact that losses incurred from digital assets cannot be offset against other income.Additional taxes are to be applied in the form of tax deducted at source (TDS) of 1%, applicable on all sell transactions of digital assets and NFTs. That measure was first applied as of July 1, 2022. The world’s largest democracy has taken a very repressive stance in taxing digital assets, and added to that, non-compliance in the case of TDS can be sanctioned by way of a fine or jail time.With those high stakes, it’s appropriate that service providers like TaxNodes are collaborating with Indian crypto exchanges like WazirX. Crypto market participants can’t afford to miscalculate their taxes given the sanctions that could potentially be applied.

Mobile Strategy Game ‘EF Defense’ to Launch on Immutable zkEVMWeracle, the Singapore-based developer behind the popular mobile game Endless Frontier, is gearing up to deploy its latest creation, EF Defense, on the Ethereum scaling network, Immutable zkEVM.The tower defense strategy game, currently available on iOS and Android, will receive a significant boost with this move, opening up new opportunities for players and integrating blockchain technology into its gameplay.Photo by Catherine Kay Greenup on UnsplashPlay-to-earn gameEF Defense, a play-to-earn game with stunning visual aesthetics similar to Endless Frontier, transports players to the Land of Abundance, where they must fend off a dark and menacing force threatening the continent of Akaros. Armed with 70 diverse heroes and an array of customization options, players will embark on an epic quest to protect their territory and claim rewards for their strategic prowess.Immutable, a prominent Web3 games publisher headquartered in Australia, is partnering with Weracle to facilitate this transition. The move to the Ethereum scaling network brings the potential for even greater in-game experiences, enhanced security, and unique ownership opportunities through non-fungible tokens (NFTs). While EF Defense already offers hero characters as NFTs on the Ethereum scaling network Polygon, the specific utilization of NFTs and tokens on Immutable zkEVM remains undisclosed.The gaming industry veterans behind MagmaByte have also caught the NFT wave with their upcoming release, Galaxy Commanders. This player-versus-player (PvP) space shooter, developed by former talents from major gaming companies like Electronic Arts (EA), NCSoft, and Nexon, will utilize the Immutable zkEVM network for its launch. Players can expect action-packed space battles and cooperative planetary conquests, utilizing various strategies to claim victory.Based on PolygonImmutable zkEVM is based on Polygon’s zkEVM technology, a layer-2 Ethereum scaling network specially designed for gaming. This integration promises faster and more cost-effective transactions compared to the Ethereum mainnet, ensuring a seamless and enjoyable gaming experience. To cater to gamers new to Web3, Immutable is also working on developing the Passport, a user-friendly wallet to facilitate easy interactions with blockchain-based games.Weracle’s involvement with blockchain gaming through EF Defense is likely to be just a starting point. The studio has ambitious plans to launch more crypto games in the future, cementing its position in the evolving landscape of blockchain-based gaming. Additionally, a digital Weracle Wallet is in the works, intending to create a holistic ecosystem for players and collectors alike.Andrew Sorokovsky, VP Of Global Business Development at Immutable, expressed enthusiasm for Weracle’s transition into Web3 gaming, acknowledging the team’s expertise in the traditional gaming space and predicting significant strides in the realm of blockchain-based entertainment.As EF Defense prepares to enter the world of Immutable zkEVM, players can look forward to an enhanced gaming experience with the added benefits of blockchain technology.The integration of NFTs and the prospect of play-to-earn mechanics has the potential to make a far bigger impact, provided the correct balance is struck between engaging gameplay and the play-to-earn model dynamic.

South Korean digital marketing company FSN’s subsidiary Fingerlabs has been selected as a tenant of the city of Busan’s Blockchain Offshore Firm Development Center. The company confirmed that it moved in recently on Jan. 2.Photo by Héctor J. Rivas on UnsplashFostering growth and collaborationThe Blockchain Offshore Firm Development Center is part of a project conducted by the Korea Internet & Security Agency (KISA) and the Ministry of Science and ICT and operated by Busan to create a special corporate cluster of blockchain firms, thus revitalizing the blockchain industry and nurturing a sustainable industrial ecosystem. "We are excited to be a new tenant at the Blockchain Offshore Firm Development Center,” said Kim Dong-hoon, CEO of Fingerlabs. “We will share our business know-how with other tenants and commit to joint growth. We will also actively participate in various programs provided by the center to contribute to Busan's leap into becoming a digital economy city." Various companies operating blockchain-related businesses outside of Busan were selected to be a part of the development center after a comprehensive overall evaluation of factors like technological facets, marketability and contributions to innovation. Corporate residents have access to various infrastructure and benefits, including facilities and programs at the Busan Blockchain Venture Convention, also dubbed “b-space”. Fingerlabs plans to participate in various programs led by the public sector such as councils, seminars and conferences to help Busan – notably the first regulation-free special zone for blockchain businesses in South Korea – foster its digital economy based on its expertise in the field of Web3.  Innovating Web3 solutionsFingerlabs has grown to become one of the country’s major blockchain companies through its varied services and products, which are provided to corporate clients like SK Planet, Lotte Home Shopping and SK Networks. In particular, it recently launched Bling, a participatory Web3 membership platform that allows businesses to create and manage NFTs that are linked to membership-only benefits. The company also operates a Web3 content distribution hub called Xclusive and Favorlet, an NFT wallet and customer management service.