UAE exempts crypto from VAT

According to crypto data research platform Xangle, the crypto market is on the road to recovery this year thanks to positive outlooks on developments like a spot Bitcoin ETF, regulatory changes and diversified services.Photo by CHUTTERSNAP on UnsplashBitcoin’s resilienceSpeaking at a special seminar on virtual assets co-hosted by CrossAngle and accounting firm Samjong KPMG in Seoul last Friday, Kim Jun-woo, Co-Founder and CEO of Xangle, cited Bitcoin’s positive reputation as one of the reasons for the optimism. "There are reports that Bitcoin has a low correlation with risky virtual assets," he said. Public sentiment toward Bitcoin is also expected to improve this year as the global economy is expected to emerge from recession and manage a soft landing. Another major item on the agenda is a possible approval by the U.S. Securities and Exchange Commission (SEC) of a spot Bitcoin ETF this quarter. Web3 revolutionIn terms of innovative services, Kim stated that Web3 is expected to be actively implemented in local corporations after going through conceptual and technical testing stages. "In South Korea’s crypto market, (resources like) app stores and mobile phones exist, but there are no actual apps," Kim said. "I expect that figures from traditional finance and existing Web2 companies will enter the Web3 industry this year."  "Web2 companies will discover new business opportunities in Web3 and play a role in bringing existing content and users to Web3," said Lee Hyun-woo, Co-CEO of Xangle, in his presentation on the importance of Web3 system integration and virtual asset disclosure. "Their participation is important for the stable maturation of the Web3 ecosystem," he added. Regulation and governanceIn regards to policies and regulations, expectations point to a resolution of various uncertainties as cryptocurrencies are slowly becoming more integrated into the sphere of traditional finance. In South Korea, the imposition of basic legal regulations on virtual assets is accelerating, such as the Virtual Asset User Protection Act. The Financial Services Commission (FSC) also released guidelines for accounting and disclosure of virtual assets last month, which was examined in detail at the seminar. "The financial authorities' guidelines are more detailed than before. We expect additional guidelines from them in the future to further resolve shortcomings," Choi Yeon-taek, Managing Director of Samjong KPMG, commented.

Creditcoin listed on UpbitCreditcoin (CTC) — an ERC20 token issued on the Creditcoin Network — was listed on South Korea’s largest cryptocurrency exchange Upbit on Tuesday evening (KST), according to an official announcement on the Upbit website.Photo by Maxim Hopman on UnsplashThe token was initially listed on Upbit’s BTC trading market, then on the Korean won-denominated market (CTC/KRW) trading market shortly after. In the announcement, the exchange clarified that it can only be deposited through the Ethereum network and not others like BNB Smart Chain (BSC).Major growthUpbit is the third Korean exchange that CTC has been listed on after Bithumb and Gopax. “Through this listing on Upbit, we expect that CTC’s liquidity will be boosted significantly since it will be traded in a broader market,” said Gluwa, the developer of the Creditcoin Network. Notably, the token’s price jumped 171.14% in just a day following the listing. It is currently $0.64 as of this writing, according to CoinMarketCap.Revolutionizing RWA investmentsCTC tokens power the Creditcoin Network’s global real-world asset (RWA) ecosystem, which functions as a platform for connecting investors and fundraisers. Fundraisers initiate offers on the network, which are pegged with CTC, and investors can choose which offers to invest in based on assessing the risk by examining the fundraisers’ decentralized and public credit history. In this process, blockchain technology plays an important role by facilitating direct contact between fundraisers and investors, building a sustainable cryptocurrency ecosystem and allowing users to share credit history without disclosing personal information to centralized institutions or intermediaries.Since its major Creditcoin 2.0+ mainnet update that transitioned the protocol from a proof of work (PoW) to a fully nominated proof of stake (NPoS) consensus model, Creditcoin has experienced an increase in the number of network participants and the amount of staked CTC.

Bitstamp, regarded as the longest-running cryptocurrency exchange in the business, declared on March 6 that it has obtained in-principle approval for a license to function as a Major Payment Institution (MPI) from the Monetary Authority of Singapore (MAS).Photo by Zhu Hongzhi on UnsplashFirst major Euro exchange in SingaporeThis preliminary approval, a precursor to a full-fledged license for operation in Singapore, marks a significant milestone for Bitstamp towards offering digital payment token services within the city-state. According to the exchange's press release, it's the first crypto trading platform with a substantial presence in the European Union (EU) to secure such approval from MAS. The nod from Singapore’s financial regulator arrives amidst notable regulatory strides in the crypto domain, including the European Union’s rollout of the Markets in Crypto-Assets (MiCA) framework and the green light given by the U.S. for Bitcoin ETFs. Focusing on AsiaBitstamp's strategic focus on the Asia Pacific region, with Singapore as its central hub, underscores its focus in delivering services to both institutional and retail clientele across the region. The firm’s intent in this regard became clear in August of last year when Bitstamp sought capital funding to enable it to extend the platform’s reach into various markets across Asia. Whilst the company’s origins can  be traced back to Slovenia, it has since developed further ties with Asia. In 2018, the company was acquired by NXMH, a subsidiary of South Korea’s NXC Corporation. The same holding company owns Korean crypto exchange Korbit. Compliance strategyWhile the licensing is quite the achievement, the company already boasts a robust regulatory track record, surpassing the 50-license mark across key markets such as Luxembourg, the Netherlands, Italy, Spain, France the United States (with coverage in 40 states including New York, Washington, Texas and Florida) and the United Kingdom. In its press release the company referred to its ever-growing licensing collection, outlining that “compliance and regulation [are] at the heart of all operations.” Leonard Hoh, Bitstamp's APAC General Manager, lauded Singapore's proactive stance in establishing a regulatory framework for crypto exchanges, positioning the city-state as a pivotal player in the digital assets landscape. Singapore has already granted full licenses to several crypto service providers, including Blockchain.com, Circle, Coinbase and Ripple. In late 2023, Bitstamp initiated talks with three major European banks regarding the potential introduction of cryptocurrency services in 2024. This signals a broader trend within the EU, where the crypto regulatory initiative, MiCA, is smoothing the path for traditional financial institutions to venture into the digital assets realm. Robert Zagotta, Bitstamp’s Chief Commercial Officer, highlighted the surge in interest surrounding its “Bitstamp-as-a-Service” offering, especially within European circles. This service furnishes a white-label licensing framework, coupled with requisite technology, to aid banks and fintech entities in facilitating cryptocurrency transactions for their clientele. However, the regulatory landscape isn't as welcoming in India, where the country’s Financial Intelligence Unit (FIU) urged the Ministry of Electronics and Information Technology to block the URLs of nine major global crypto exchanges, including Bitstamp, in late 2023.