India tops global crypto adoption despite regulatory hurdles: Chainalysis report

Laos targets crypto operators’ unpaid feesIn a bid to enhance state revenues, Laos has turned its focus to the cryptocurrency sector, revealing that operators in the country owe a total of $20 million in fees. The announcement, reported on Thursday by Chinese state news agency Xinhua News, references information from the Lao People’s Army News.Photo by Alessio Roversi on UnsplashLoss-making mining activityLaos had previously granted authorization to 15 blockchain companies to engage in crypto mining or operate as exchanges as part of a strategy to diversify government income sources. However, Prime Minister Sonexay Siphandone disclosed that two of these companies showed no progress in their operations, while others lagged behind in meeting their financial obligations to the state.It emerged in August that the national electricity supplier, Electricité du Laos, had decided to suspend the supply of energy to crypto miners amid a perfect storm of challenges. Laos has ample hydro electric resources and is a net exporter of electricity. However, a drought this year has challenged it to honor contracts for supply of electricity to the Electricity Generating Authority of Thailand.To deal with this issue, power supply to Laotian crypto miners was suspended. To compound matters, many mining operators have been struggling financially and were unable to pay their bills.Debt reliefSiphandone mentioned that since the government initially set the tax obligations, the overall value of cryptocurrencies has experienced a 50% decline. Consequently, Laos has decided to alleviate the burden on crypto companies by reducing the outstanding balance by an equivalent 50%.Following this decision, the affected companies have commenced the settlement of their fees, and it is anticipated that all outstanding amounts will be fully resolved by the year’s end, according to the country’s Prime Minister. However, he issued a cautionary note, stating that companies failing to make satisfactory progress would face consequences, including the suspension of their operations, imposition of fines or even the revocation of their licenses.Digital transformationIn May, Laos outlined key aspects of its digital transformation strategy, emphasizing the use of digital technology to generate new fiscal revenue, strengthen foreign exchange reserves, control inflation, and promote sustainable economic growth. The move to reduce crypto companies’ tax burdens amid market volatility underscores Laos’ adaptability to the challenges presented by the dynamic cryptocurrency landscape.As part of its digital transformation strategy, the Laotian government signed a cooperation agreement with Singapore’s MetaBank. Partnering with another overseas entity, the country has also relied upon the expertise of Japanese fintech developer Soramitsu with regard to a central bank digital currency (CBDC). Soramitsu has played a pivotal role in enabling the issuance of Laos’ Digital Lao Kip.Early last year, the landlocked Southeast Asian country authorized trading licenses for two crypto platforms. These included Lao Digital Assets Exchange (LDX), a joint venture between Phongsupthavy Group and AIF Group, and Bitqik, a subsidiary company of Simuong Group.

Eureka Entertainment Hosts Opening Event for Coin Musme’s Korean Discord CommunityEureka Entertainment has opened a celebratory event for the opening of an online Korean language Discord community for its upcoming Play-to-Earn (P2E) blockchain game, Coin Musme, which is scheduled for release later this year.Photo by Alexander Shatov on UnsplashBridging crypto and entertainmentCoin Musme revolves around a storyline where characters inspired by cryptocurrencies undergo a process of becoming popular idols at the Coin Musme Academy in order to revive the public’s interest in crypto after a major market collapse. Players can earn non-fungible tokens (NFTs), which are sold through the gacha mechanic. The gacha mechanic allows players to spend in-game currency — in this case, Musme Coin (MSM) — in exchange for a random item. The MSM utility token will be listed on multiple exchanges leading up to the game’s official launch.The game’s official Discord community server called Coin Musme Academy was launched publicly on August 2 in various countries. It is led by Musme-chan, the non-playable official PR character, and operates in a school-themed roleplay style. Participants can find information about Coin Musme on the server, such as interaction events, campaigns, and more.Notably, last Tuesday (local time), a designated channel for Korean and Chinese users was added. To mark the occasion, the game is hosting an event for Korean users, who will get a chance to receive free gacha NFT vouchers that can be used in the game. Users can participate by joining the Coin Musme Korean Discord channel and following the official global Coin Musme X (formerly Twitter) account. 20 winners will be selected through a draw.Users can change their language settings to Korean and join the #general-kr channel, where they can find details about the event. The community is also recruiting Korean ambassadors, who will be responsible for promoting the game through their personal social media accounts as well as those under Musme-chan’s name.Meanwhile, another event is taking place to celebrate the recent listing of MBX, MARBLEX’s governance token, on the Japanese exchange Zaif, and the debut of a new Musme character representing MBX named Marblex-chan. Her character NFT can be found on Zaif’s NFT marketplace.Fostering fun and communityEureka Entertainment emphasized that the goal of everyone making money in the gaming world is essentially unattainable, expressing their intention to instead present a user-centered game focused on providing fun experiences, encouraging user interaction, and enhancing gameplay experiences.

Fobl Partners with KDAC to Store Part of Customers’ Assets in CustodyKorean non-fiat cryptocurrency trading platform Fobl announced on Tuesday that it has teamed up with Korea Digital Asset Custody (KDAC) to provide enhanced customer protection.©Pexels/Savvas StavrinosKDAC, backed by Shinhan Bank, has been providing virtual asset custody services to businesses seeking safe asset management.Collaboration plans between Fobl and KDACWith the partnership, the two sides will store a portion of Fobl customers’ assets in custody, build a systematic process for custody of projects’ virtual assets and their pre-disclosures, and seek out new business opportunities in the Korean security token market.Fobl’s potential transformation to fiat exchangePreviously, it was reported that Fobl is set to face a comprehensive inspection next week from the Financial Intelligence Unit (FIU) under the Korean Financial Services Commission (FSC).This move from the FIU suggests that Fobl may soon become a fiat crypto exchange in the near future, as the financial regulator has announced that it will first inspect non-fiat exchanges that are preparing to allow fiat trading.