Grab partners with Solana ecosystem DePIN project to enhance mapping

NEOPIN and Finschia Foundation to jointly launch Finschia’s first decentralized exchangeCentralized decentralized finance (CeDeFi) protocol NEOPIN and blockchain developer Finschia Foundation have teamed up to launch Finschia Network Swap (FNSwap) — the first automated market maker (AMM) decentralized exchange on Finschia’s public blockchain — in the first quarter of next year, according to an announcement on Finschia’s official website last Friday (KST).Photo by Chris Liverani on UnsplashRevolutionizing DeFiNEOPIN has taken over the development of FNSwap, which will employ a pricing algorithm as an AMM decentralized exchange to set the prices of assets, thus increasing liquidity in liquidity pools. The platform will support crypto deposits, including those made in FNSA and NPT — Finschia and NEOPIN’s respective governance tokens — along with other stablecoins. The list of supported cryptocurrencies will be expanded later on as the mainnet grows, Finschia said.“As Finschia’s first decentralized exchange, Finschia Network Swap is expected to make it more convenient for many users to use crypto services,” said Kim Yong-gi, CEO of NEOPIN. “We plan to actively expand the number of cryptocurrencies supported on the platform in line with the expansion of the Finschia ecosystem.”Ecosystem expansionFNSwap will also be centered around its community of users, providing lucrative DeFi products and incentives like token swapping, staking and rewards, thus establishing a secure and convenient blockchain ecosystem.The two firms committed to exploring other endeavors as well, such as discovering promising Web3 projects through events like hackathons; facilitating interaction between their respective partner firms; and conducting joint promotional campaigns to expand the Finschia ecosystem.“We are pleased to work with NEOPIN to launch the first decentralized exchange of the Finschia ecosystem,” said Ko Young-soo, Chairman of the Finschia Foundation. “We will consistently provide the technical support that NEOPIN needs to successfully launch the Finschia Network Swap.”

While Indonesia has been recognized as one of the world's swiftest embracers of cryptocurrencies, it has faced a notable setback more recently, with a 60% decline in transaction volumes on local exchanges compared to the preceding year. High taxesIn a recent report by CoinDesk Indonesia, the publication speculates that the imposition of high taxes may be a pivotal factor dissuading traders and impacting the overall market dynamics. Indonesia’s tax system treats crypto assets as commodities, with the burdensome taxes arising as a direct consequence of that classification. The tax framework in Indonesia subjects crypto assets to both income tax and value-added tax (VAT), treating them akin to commodities. Leading crypto exchanges in the country reveal that the cumulative tax load on each transaction could surpass the trading fees imposed by exchanges, potentially discouraging users from engaging in crypto transactions. Oscar Darmawan, the CEO of the leading Indonesian crypto exchange INDODAX, told CoinDesk that users bear an income tax of 0.1% and a VAT of 0.11% on every crypto transaction. Additionally, exchanges are required to remit a 0.04% fee to the recently established national crypto bourse. Darmawan clarified that “this places a significant financial burden on the domestic crypto industry." expresses Darmawan in an interview with CoinDesk Indonesia, underscoring the challenges faced by the industry due to the current tax structure.Photo by Nataliya Vaitkevich on PexelsAn international issueThe tax treatment of digital assets has been a bugbear for the crypto space on an international basis. In Japan, it arose last month that the country’s lawmakers were considering applying an exemption for companies from paying taxes on unrealized cryptocurrency gains. It has since transpired that such an amendment will be applied to its fiscal 2024 tax reform plan. India has applied a heavy tax burden where crypto is concerned, with a 30% tax applied to capital gains relative to the sale of crypto assets. Additionally, 1% taxation applies by way of a tax deducted at source (TDS) on crypto transactions. The use of cryptocurrency for the purchase of goods and services in the United States remains a stumbling block, given that the current tax code treats such a scenario as a taxable event. Last year, two U.S. senators attempted to address that issue, by including a $200 exemption for purchases made with cryptocurrency. Calls for crypto asset reclassificationIn response to this dilemma in Indonesia, some stakeholders within the local crypto industry advocate for a paradigm shift in the classification of crypto assets. They propose treating crypto as securities instead of commodities, anticipating that this alteration could alleviate the tax burden on users. Yudhono Rawis, the CEO of the exchange platform Tokocrypto, asserts: "Both stocks and crypto are tradable assets with profit potential … Thus, implementing the same tax regime for both these investment instruments would be more equitable and consistent." The industry anticipates regulatory changes in the near future, as crypto oversight in Indonesia is set to transition from the commodities regulator to the Financial Services Authority (OJK) in January 2025.  

Gyeonggi Officials with Cryptocurrencies Clear of Professional Conflicts in Virtual AssetsGyeonggi Province, South Korea’s most populated province surrounding the national capital of Seoul, announced on October 26 (local time) that the duties of all crypto-holding officials ranked 4 or higher in the provincial government are not associated with virtual assets. In Korea, public officials are ranked from nine to one, with one being the highest position.In anticipation of the amended Public Service Ethics Act coming into effect on December 14, the Gyeonggi provincial government introduced a revised employee code of conduct in August. This required officials of rank 4 or higher to report their crypto holdings within 10 days starting from August 21.Photo by Nattu Adnan on UnsplashReported crypto ownershipThe result indicated that out of 228 officials, 23 reported owning virtual assets. Among these, 15 officials held cryptocurrencies valued at less than KRW 1 million ($738), while the remaining 8 had holdings exceeding that amount.To determine any potential involvement with cryptocurrencies in their official duties, the Gyeonggi government examined the roles and responsibilities of these officials within their respective departments. Following this review, the matter was forwarded to the Gyeonggi Public Service Ethics Committee for further scrutiny.Ethics committee reviewOn October 20, the committee convened to assess the relationship between the officials’ duties and their crypto holdings. They unanimously concluded that none of the 23 officials had any ties to crypto in their official roles.The newly revised code of conduct elaborates on the conditions under which a public official’s responsibilities are associated with virtual assets. Specifically, an official’s duties are considered linked to virtual assets if they are involved in formulating or implementing crypto-related policies or laws; conducting related investigations, inquiries, or inspections; engaging in the registration and oversight of cryptocurrency exchanges; or if they are involved in supporting or overseeing the development of crypto technologies.In light of these definitions, officials who engage in any of the above roles are strictly prohibited from capitalizing on any crypto-related information they encounter during their professional duties for personal trading or investment. Furthermore, officials who either currently shoulder or have previously carried out such responsibilities are required to disclose any crypto holdings they acquire.In the future, once the revised Ethics Act is implemented, the Gyeonggi government will remain fully committed to preventing conflicts of interest among public officials. To bolster these efforts, Gyeonggi will introduce additional measures, including a thorough verification process for the accuracy of their cryptocurrency holdings reports.In situations where a public official with cryptocurrency holdings is assigned a position related to virtual assets, Gyeonggi will issue individualized instructions. These directives may entail either the liquidation of their cryptocurrency holdings or their removal from the specific role in question.Meanwhile, Gyeonggi will enhance its endeavors to furnish educational resources pertaining to virtual asset reporting. Moreover, the local government will restrict officials from holding virtual assets if they fall under financial disclosure obligations and are deemed to possess information about or exert influence on virtual assets.