Qatar’s QFC launches digital assets framework

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.

Rotonda Launches iOS Version of Web3 Bithumb Burrito WalletRotonda, a subsidiary of Korean crypto exchange Bithumb, said Monday that it has officially released the iOS version of its Web3 digital wallet, Bithumb Burrito Wallet. This comes as part of the company’s efforts to make the app available for Web3 users on all operating systems.Photo by Shubham’s Web3 on UnsplashBoosted accessibilityRotonda has recently expanded the number of mainnets supported on the wallet to a total of 11 in order to enhance the accessibility of the service as well. Plans are underway to continuously improve features and build a user-friendly experience and interface.“By expanding our iOS-based services, we expect more users to be able to experience the new Web3 ecosystem,” the company said. “We will continuously enhance necessary features on Burrito Wallet for our users and strengthen competitiveness as a global service.”Collaborative eventThe company is also holding a two-part promotional event to mark the latest release in collaboration with ROACORE, an art tech platform created by ROALAND Foundation that allows non-fungible token (NFT) trading and NFT-based service experiences for artists and consumers. Users of the platform can participate in various Web3 experiences such as content consumption and offline events by using the native token ROA CORE (ROA).For the first part of the promotion, the first 10,000 users who sign up for Burrito Wallet and add the ROA token will receive 10 ROA tokens.The second part is a Learn-To-Earn (L2E) activity aimed at introducing ROACORE to users in a more engaging manner. Both new and existing wallet users can partake in a quiz after learning about ROACORE on the app. Four ROA tokens will be given to the first 5,000 participants.This promotional event will run from now until September 3. All reward tokens will be airdropped to winners, Rotonda said.Upcoming eventsRotonda is also set to co-host Next Block 2023 — a conference for exploring new business collaboration opportunities in building a new ecosystem for Web3 projects — with Bithumb META, Bithumb’s metaverse subsidiary on September 4.

ICP Planning Hong Kong HubThe development team behind the Internet Computer Protocol (ICP) is planning on creating a Hong Kong-based hub.In Twitter comments published on Wednesday, Dominic Williams, the Founder of the Dfinity Foundation, the development team responsible for ICP, stated that as a consequence of his recent visit to Hong Kong and participation in the Web3 Festival, the project “plans for an Internet Computer Hub, probably in Cyberport.”©Pexels/PixabayICP is a set of protocols that facilitate independent data centers globally to band together, offering a decentralized alternative to the existing centralized cloud providers. On that distributed basis, it allows users to create websites, apps and various web-based services.Founded by Williams and the Dfinity Foundation, the project had the backing of venture capital firms Andreessen Horowitz (a16z) and Polychain Capital from an early stage. Cyberport is a 25 hectare multimedia park in Hong Kong’s southern district, consisting of a hotel, four primary office buildings and a retail entertainment complex. It’s home to over 1,900 start-ups and technology companies, making it a creative digital community and technology cluster within Hong Kong.Giving Silicon Valley a run for its moneyWilliams had made a keynote address at the Web3 Festival last week. Dfinity expressed the view that enthusiasm for blockchain, Web3 and the ICP project was “off the charts” at the Hong Kong event. It seems that Williams was similarly enthused such that he wants to establish a physical presence for the project in Hong Kong.Prior to the Web3 Festival event, Williams had also stated that “dynamism in Asia is incredible” . . . “Asia will give Silicon Valley a serious run for its money.” In making a comparison with Silicon Valley, Williams referred to comments he had heard being made by a Taiwanese venture capitalist, suggesting in relation to leading Californian tech companies such as Facebook, “that nobody does any work, it’s like a retirement company.”ICP Asia AllianceAnother item that Williams noted as a take away from his Hong Kong visit was a recognition by the Dfinity Foundation founder that the formation of an ICP Asia Alliance is a possibility. He stated that “things [are] already happening” to effect this eventuality.Confirming that work in progress, it appears that Williams met last week with members of TinTin, a Web3 development DAO, as part of his ICP Asia Alliance initiative. It’s understood that as part of the initiative, the ICP Asia Alliance will cooperate with local venture capital firms in Hong Kong, with a view towards promoting and cultivating talent in Asia relative to Web3 and the ICP project.Building a new internetAs a Swiss non-profit, the Dfinity Foundation launched the ICP blockchain in May 2021. The project has garnered considerable attention from both developers and investors. It also distinguishes itself from many other blockchain projects insofar as it has attracted the involvement of leading tech companies such as Oracle and Samsung.At the time of publication, $ICP was trading at $6.24, 15% its 2023 high point of $7.34.