Philippines follows through on Binance ban

China Unveils Blockchain-Powered Data ExchangeChinese government officials have announced the launch of a data exchange leveraging blockchain technology during the 2023 Hangzhou Summit in China on Wednesday.According to local media reports, the Hangzhou Data Exchange, introduced at the summit held in Hangzhou, aims to facilitate seamless buying and selling of Web3 data across enterprises. The event garnered participation from over 300 companies, including tech giants Alibaba Cloud and Huawei, marking a significant step towards embracing decentralized technology for data management.Photo by Xiaolin Zhang on UnsplashEnabling Web3 data tradingIt’s understood that the Hangzhou Data Exchange has been established with the aspiration of revolutionizing the trading landscape for enterprise information technology data by harnessing the capabilities of distributed ledger technology. Officials emphasize that the platform’s implementation will ensure that transactions conducted through the exchange remain unalterable and traceable.Chen Chun, the Director of the National Laboratory of Blockchain and Data Security, provided insights into the exchange’s advanced features, stating that it integrates research blockchain, privacy computing, and other cutting-edge technologies to establish a secure and confidential environment for sharing and utilizing data across departments and regions.Hangzhou’s digital economy sector has demonstrated significant growth, surpassing 500 billion Chinese yuan (equivalent to $69 billion) in 2022. This accounted for nearly 27% of the city’s total GDP. It suggests that the city is putting a strategic focus on technological development and innovation.Complex blockchain strategyChina’s stance on blockchain technology has been complex. While the Chinese authorities have been rigorous in regulating private blockchain enterprises, they have simultaneously championed government-led blockchain initiatives.President Xi Jinping, during the inauguration of the 2023 Shanghai Cooperation Organization Conference (SCO), highlighted the significance of central bank digital currencies (CBDC) in expanding the use of local currencies for settlements among SCO member countries. In a move to stimulate domestic spending, the Chinese government recently distributed over 100 million yuan worth of digital yuan CBDC to its residents.China’s promotion of its digital yuan has been unrivaled. Over the course of recent months, various initiatives have been launched to further the use of the CBDC. These initiatives have included paying state employees with the currency in Changshu, integration of the currency into the education system in Jiangsu province, and the installation of digital yuan ATMs in Hainan, among many other such projects.Likewise, when it comes to metaverse development, a series of initiatives have been established recently. Henan province established a metaverse fund in May to support metaverse-related projects. In the same month, a National Blockchain Center was established to develop talent within the sector. Around the same time frame, the city of Zhengzhou announced proposals geared towards supporting the growth and development of metaverse companies.The unveiling of the Hangzhou Data Exchange underscores China’s ongoing determination to harness blockchain’s potential, in this case relative to enhancing data trading and management within the Web3 ecosystem.

LG CNS to leverage blockchain for digital transformation in New York CityLG CNS, a technological arm of the South Korean conglomerate LG Group, has signed a memorandum of understanding (MOU) with New York City and the American Chamber of Commerce in Korea (AMCHAM Korea). This agreement, signed at New York City Hall, focuses on collaboration for digital transformation, also popularly referred to as DX. Among those present at the signing were NYC Mayor Eric Adams, LG CNS’ CEO Hyun Shin-gyoon and AMCHAM Korea’s CEO James Kim.Photo by Emiliano Bar on UnsplashStudent internship and M/WBE supportUnder the MOU, the three entities will forge a technology partnership, focusing on the implementation of cutting-edge DX technologies like artificial intelligence (AI), digital twins, the Internet of Things (IoT) and blockchain in the city. Additionally, they’ll provide internship programs for college students and extend support to NYC’s Minority and Women-owned Business Enterprises (M/WBE).Expansion in North AmericaThe partnership is expected to position LG CNS for broader expansion in North America, particularly in smart city infrastructure, electronic government and cloud computing. After in-depth discussions with NYC and AMCHAM Korea, the Korean tech company will also consider establishing a local branch in New York City. This move aims to reinforce LG CNS’s collaboration with the two partners.Mayor Adams remarked on the collaborative effort, stating that the MOU signifies an important step forward as it will offer outstanding training and opportunities for residents across all five boroughs of the city. He also expressed his anticipation about welcoming LG CNS to New York City.Meanwhile, CEO Hyun highlighted that LG CNS plans to leverage this strategic partnership to support the sustainable growth of New York City by utilizing innovative DX technology.

Study Places Hong Kong as Leader in Crypto ReadinessHong Kong, according to a recent study conducted by Forex Suggest, has emerged as the leading jurisdiction worldwide in terms of its readiness for cryptocurrencies. The study evaluated various factors such as the number of blockchain startups per 100,000 people and the density of crypto ATMs in relation to the population.Photo by Traxer on UnsplashZero capital gains taxThe attractiveness of Hong Kong for investors in the crypto space stems from its advantageous tax policies. The study noted that Hong Kong does not levy capital gains taxes on cryptocurrency, making it an appealing destination for crypto enthusiasts. The United States and Switzerland secured the second and third positions, respectively, in the rankings of the most crypto-ready countries.In recent times, Hong Kong has actively embraced investments from digital asset companies and is poised to implement new regulations for the industry. Effective from June 1, the city’s new rules aim to establish Hong Kong as a global hub for digital assets. These regulations permit licensed cryptocurrency trading platforms to offer services to retail investors while incorporating measures to safeguard individual traders.Global crypto firms are gearing up for that new licensing approach, carving out separate corporate entities in order to meet the regulatory requirements which the Hong Kong regulator, the Securities Futures Commission (SFC), has set. Another Hong Kong regulator, the Hong Kong Monetary Authority (HKMA), is also opening up to embrace digital asset innovation through a pilot project implicating the tokenization of real world assets.Regarding the number of blockchain startups, Hong Kong boasts three startups per 100,000 individuals, securing the second position globally. Topping the list is Switzerland, with an impressive count of 12.9 blockchain startups per 100,000 residents, amounting to a total of 1,128.The study also highlighted that countries such as Hong Kong, Switzerland, Panama, Portugal, Germany, Malaysia, and Turkey impose the lowest taxes on cryptocurrencies. These nations exempt individuals from capital gains taxes on profits derived from cryptocurrency trading.Crypto ATM proliferationWhen considering the prevalence of crypto ATMs, Hong Kong ranks third globally, with two ATMs per 100,000 people, totaling 149 ATMs. The United States takes the top spot with nearly 34,000 crypto ATMs, but when normalized to the population, it has 10.1 ATMs per 100,000 individuals.Regressive measures in USIn contrast to Hong Kong’s favorable environment, regulators in the United States have intensified their efforts to tighten regulations on cryptocurrency exchanges, leading many within the industry to advocate for clearer guidelines. Consequently, several exchanges are exploring jurisdictions that offer more favorable conditions.Forex Suggest emphasized that the report’s findings were based on extensive data analysis, taking into account factors such as tax regulations, legislation, the presence of blockchain startups, and the level of interest in cryptocurrencies. Each jurisdiction received a normalized score out of 10 for each factor, and the overall rankings were determined by averaging these scores.Hong Kong’s position as the most crypto-ready jurisdiction in the world showcases its commitment to fostering innovation and becoming a global leader in the digital asset space. With its advantageous tax policies, growing number of blockchain startups, and forthcoming regulations, the autonomous Chinese territory is solidifying its position as an attractive destination for businesses and investors in the cryptocurrency space.