OKX launches in UAE with full operating license

Thailand’s Ministry of Finance has announced a new tax measure that will mean tax exemptions on crypto trading gains over a five-year period in an effort to promote the Southeast Asian country as a global crypto hub. According to a statement published to a government website publicizing the introduction of the measure, Deputy Finance Minister Julapun Amornvivat said that the tax break will apply to market participants in Thailand who trade digital assets through exchanges, brokers and dealers licensed under the Digital Assets Business B.E. 2561 legislation, from Jan. 1, 2025 through Dec. 31, 2029. The deputy minister believes that the new measure will put Thailand on the right footing in developing the crypto sector, while that sectoral development will be monitored all the while by the Thai regulator, the Securities and Exchange Commission (SEC).  Amornvivat is conscious of a need to balance nurturing the crypto sector with full compliance in terms of anti-money laundering (AML) policies, in line with international practice as set out by the Financial Action Task Force (FATF).Photo by Kaboompics.com on PexelsGreater transparencyThe deputy minister also confirmed upcoming changes that would lead to greater transparency. He stated:”The Revenue Department is in the process of implementing the OECD’s Crypto-Asset Reporting Framework (CARF), which is an exchange of digital asset data with countries around the world, which will make digital asset transactions more transparent.” Taking to X, Amornvivat claimed that the policy aligns with OECD standards, and said it "is another important step in raising the economic potential of [Thailand] and is an opportunity for Thai entrepreneurs to grow on the world stage." This is not the first time the Thai authorities have looked at crypto-related taxation. Back in March the government approved a tax break targeting investors who generated capital gains from holding investment tokens. At that time, it was outlined that the government wanted to incentivize the use of investment tokens for fundraising purposes. In the medium term, Amornvivat believes that these measures will lead to growth in the overall Thai economy and an increase in tax revenue by approximately one billion baht ($30.6 million). Bitkub, Thailand’s largest crypto exchange, didn’t waste any time in responding to the development. On X, it advised its user base that “the wait is over,” with tax-free trading now possible on the platform. Competing global centersAssad Dar, a founder of Dubai-based Web3 gaming startups OYA Play and MoonGaming, took to social media to draw attention to the development in the context of initiatives being taken elsewhere to drive crypto. He described Thailand’s five-year tax break as a “big move,” while considering incentives offered in places like Dubai and Pakistan recently. He added:”Each place is trying to support crypto in its own way.” While competition around the world heats up to attract more crypto-related development and business activity, some fear getting left behind. Indian crypto influencer Rananjay Singh noted this latest development in Thailand while pointing out that crypto market participants in India still have to pay 30% tax on crypto-related capital gains as well as 1% tax deducted at source (TDS). 

Sejong Telecom and Hyosung TNS to Collaborate on Real Estate Security TokensSejong Telecom said Tuesday that it has signed a business deal with Hyosung TNS, the infrastructure and finance arm of South Korean conglomerate Hyosung Group, to boost the profitability of its real estate investment service BBRIC and collaborate in security token offering (STO) services.Photo by Tierra Mallorca on UnsplashIntegrated servicesUnder the deal, Sejong Telecom will integrate the BBRIC platform into NFTtown — Hyosung TNS’ portal service dedicated to providing information, news, and educational content on non-fungible tokens (NFTs). BBRIC aims to expand its user base and modes of marketing by promoting its investment products, events, and services within NFTtown’s fractional real estate investment channel.Furthermore, users can conduct their transactions in a secure and convenient manner through BBRIC without paying intermediary fees. This promotion strategy is expected to ultimately increase profitability, BBRIC said.“Through this deal, we will create an ecosystem where anyone can readily find and compare information on fractional investments and invest accordingly,” said Park Hyo-jin, Head of Sejong Telecom’s blockchain division. “BBRIC will diversify its promotional and sales channels to create real estate financial investment products that are not only stable and reliable but also accessible to a wide range of customers.”Hyosung TNS’ venturesHyosung TNS is a leading player in the automated teller machine (ATM) market both in Korea and overseas. It operates in 46 countries, supplying a variety of financial automation solutions. NFTtown is part of the company’s blockchain endeavors, through which it plans to provide information about various security tokens, including real estate.

The Label Foundation is working with global electronics conglomerate LG Electronics to rollout its Web3 music streaming service, Tracks, on LG Smart TVs, according to an article by Bitcoinist on Monday (KST). The platform’s TV app will be available for free on the latest LG Smart TV models that support webOS22 and 23.Photo by Blaz Photo on UnsplashReinvented music streamingTracks is a music streaming service that allows users to enjoy free high-quality music and artistic visuals through their TVs. The platform leverages Web3 technology to offer a variety of rewards based on the amount of time spent listening. In particular, the Label Foundation aims to make Tracks easily accessible to Web2 users around the world to serve as a bridge between Web2 and Web3. “With the upcoming launch, numerous TV owners will be able to enjoy music for free, which resonates deeply with Label’s ethos, championing universal music accessibility without financial boundaries. We are happy that our collaboration with LG Electronics made this a reality,” Label Foundation said. Rapid riseSince its launch in July, Tracks has gained substantial popularity among younger generations, with its mobile app amassing over 150,000 users worldwide and more than 10,000 daily active users. The Label Foundation attributes this success in user acquisition to its user-centered approach, as opposed to the content provider-centered approach of traditional music streaming services.  As part of its monetization efforts, Tracks will also integrate a free advertising supported streaming television (FAST) service in the near future, which will allow users to access content like television programming and films without subscription fees.