Japan orders Apple, Google to remove unregistered crypto exchange apps

Taiwan Crypto Trader Strikes it Lucky in Tax Receipt LotteryA trader on Taiwan’s MaiCoin Max crypto exchange has struck it rich in an unexpected way, winning a grand prize of 10 million NTD (approximately $310,000) in the country’s monthly national tax receipt lottery.Photo by Nick Fewings on UnsplashFrom 6 cents to $300KWhat makes this story, which was reported by CoinDesk on Friday, even more surprising is that the trader had paid a mere 2 NTD (equivalent to $0.06) in fees on the exchange as they engaged in relatively small trades.The lucky individual, who chose to remain anonymous, didn’t earn this windfall through traditional trading profits or by accumulating tokens. Instead, their fortune came from Taiwan’s unique approach to tax compliance.For crypto exchanges like MaiCoin, every trade conducted on their platform technically counts as a taxable event. This means that active traders can amass numerous virtual “lottery tickets” each month through their trading activities and transaction fees.Uniform invoice lotteryTaiwan introduced its tax receipt lottery system, known as the uniform invoice lottery, back in the 1950s as an innovative method to encourage tax compliance among consumers. While tax authorities worldwide struggle to capture revenue from cryptocurrency holders, Taiwan’s approach allows them to indirectly benefit from the earnings generated on crypto exchanges.For every transaction made by an individual, whether that should occur on a crypto exchange or elsewhere, the individual is issued with a tax receipt. An electronic copy is also registered with Taiwan’s tax authority. Essentially, every receipt then becomes a lottery ticket as the tax authority then runs a draw on an ongoing basis where taxpayers can earn cash prizes.This particular win involving a Taiwanese crypto trader has drawn attention from the broader public. Paul Huang, a Research Fellow at the Taiwanese Public Opinion Foundation, took to X (formerly Twitter) on the subject, stating:”Who says retail users can’t profit from trading cryptos? Taiwan’s largest crypto exchange @MAX_exch announced some user made a tiny trade that paid $2 NTD ($0.06 USD) in fee on platform, the tax receipt ended up winning 10mil ($310k USD) in Taiwan govt’s invoice lottery!”The recent $310,000 jackpot represents the largest prize ever won by a crypto trader through this lottery. Nevertheless, Taiwan’s tax receipt lottery typically produces smaller windfalls, with the country collecting over $7 billion in sales tax revenue in 2021, and a significant proportion paid out in lottery winnings.Critics argue that this system may not be the most efficient way to boost tax compliance, but Taiwan maintains one of the world’s most effective tax regimes, consistently generating impressive revenue relative to its GDP. Additionally, stories of remarkable lottery jackpots serve as excellent public relations for the scheme.There’s little doubt that cryptocurrencies have brought about significant challenges for tax authorities worldwide. In this particular instance, Taiwan’s tax receipt lottery stands as a unique and intriguing approach to fostering compliance while occasionally making crypto traders unexpectedly wealthy.

AI sports challenge app Lillius has been selected as the first South Korean project in the Web3, sports and lifestyle categories to participate in the Cronos Accelerator Program, according to an official announcement on Wednesday (KST).Photo by Kelly Sikkema on UnsplashBridging exercise and Web3Lillius is a mobile app that allows users to participate in different sports and exercise challenges that use AI motion detection technology to analyze their form while performing the movements. After they complete a challenge, users can receive rewards based on their score. Notably, some of the challenges feature exclusive lessons from Korean Olympic medalists like taekwondo athlete Lee Dae-hoon, fencer Nam Hyun-hee and wrestler Jung Ji-hyun. Fostering innovationThe Cronos Accelerator Program, operated by global blockchain firm Cronos Labs, is an initiative aimed at nurturing and propelling startups in the Defi, Web3 and blockchain sphere, providing support in areas like technology, tokenomics, marketing, fundraising and more. In particular, participants in the program can receive mentoring and secure investment opportunities from industry experts. All participants are also eligible to receive an immediate stipend of $30,000 and the chance to win a $100,000 follow-up investment from Cronos Labs and its other partners. By participating in the Accelerator Program, Lillius plans to leverage its market potential, product appeal, cutting-edge AI technology and networks across the Cronos chain to become an innovative Web3 sports platform used worldwide.

The global version of Night Crows, a massively multiplayer online role-playing game (MMORPG) developed by South Korean game company Wemade, officially launched yesterday, as announced in the company’s press release.  Night Crows Global is currently available across 170 countries, except for South Korea and China. Players can experience the game on mobile and PC in nine languages including English, Japanese and Thai. Photo by Nik Shuliahin 💛💙 on UnsplashPowered by Unreal Engine 5, Night Crows Global maximizes visual performance by delivering highly realistic lighting and shadow effects. The game is set in 13th-century Europe and merges history and fantasy, offering an intriguing in-game universe. Players can enjoy intense battles backed by cutting-edge graphics. They can choose their weapons from four class types –  one-handed sword, staff, two-handed sword and bow – and explore various content including a Unified Exchange.  Tokenomics and character NFTs powered by blockchain technology Night Crows Global implements multi-tokenomics to tokenize a total of seven types of in-game items and adopts character NFTs, which compresses game character data into easily identifiable attributes.  These character NFTs can be exchanged for the game’s main token, CROW, within the WEMIX PLAY blockchain gaming platform, connecting the in-game and real-world economies. In addition, the omnichain network strategy enhances user accessibility, enabling users of other blockchain networks connected to Wemade’s WEMIX3.0 ecosystem to play the game with ease.  Meanwhile, Night Crows has already demonstrated its popularity before the global launch. Since its initial launch in April last year in Korea, the game topped mobile game sales on Google Play and App Store, the two most prominent mobile app markets in the country. Upcoming in-game events In celebration of the global launch, Night Crows Global holds various in-game events for up to four weeks. The month-long celebration comprises a check-in event “Festival 1: Answer to the Call,” a mission event “Festival 2: Birth of a New Member” and a ranking event “Festival 3: News from the Night Crow Perch.” By completing these events, players will be rewarded with various items such as “Dawn’s Lustrous Weapon Style Summon.”  Wemade CEO Henry Chang expressed his excitement about the global launch, saying that Night Crows Global will be able to capture global audiences’ attention by offering new omnichain experiences and high-quality multi-tokenomics. He added that Night Crows Global’s success will revitalize not only WEMIX PLAY but also spur the overall growth of the WEMIX mainnet ecosystem.