Bybit enables stock trading with USDT

Korean Crypto Wallet Joins Forces with Kick Scooter Sharing PlatformRotonda, a subsidiary of Korean cryptocurrency exchange Bithumb and the operator of the virtual asset wallet platform Burrito Wallet, announced today a collaboration with the Seoul-based kick scooter sharing service Xingxing, as reported by local media outlet Etoday.Photo by Ranurte on UnsplashToken reward promotionUnder this partnership, the two companies will launch a promotion that will run until July 31. The first 4,800 new users who click on the promotion banner on the Xingxing app, install the wallet app, and set up a crypto wallet will receive 10 WEBI tokens through airdrop. Furthermore, ten of these users will also be given an NFT that represents Xingxing’s monthly subscription “mini,” which is worth 18,900 KRW ($15). WEBI serves as the ecosystem token for the blockchain-based Web3 sharing economy service called Webility.Additionally, 200 monthly subscribers of Xingxing who install the Burrito Wallet app will have the opportunity to win 100 WEBI tokens and 100 Xingxing in-app points. The winners will be announced on the official websites of both companies.Bridging Web2 and Web3Having already forged partnerships with various blockchain projects, including Pala, Casper Labs, 1inch Network, and KLAYswap, Burrito Wallet will seize this opportunity to position itself as a digital wallet that bridges the gap between Web2 and Web3.A representative from Burrito Wallet expressed optimism that the partnership with Xingxing will provide more people with the opportunity to experience its distinguished Web3 services. The representative also emphasized the company’s commitment to strengthening partnerships with companies from various fields, with the goal of building a highly practical virtual asset ecosystem.

Coinbase Affirms Commitment to India Despite Disabling Sign-UpsLeading US-based cryptocurrency exchange Coinbase announced on Monday that it has temporarily disabled new user sign-ups for its exchange platform in India.A report emerged via India’s English-language business daily The Economic Times on Monday which stated that Coinbase was stopping “all services” for Indian users.Photo by Big G Media on UnsplashClarification of a misunderstandingIt appears that Coinbase sent emails to a subset of its Indian customers, notifying them of the cessation of exchange operations in the country by September 25. However, a more recent report by TechCrunch outlined that Coinbase has provided further clarification that these emails were sent exclusively to customers who did not meet the updated standards set by the company.On that basis, these messages do not affect and are not relevant to the majority of Coinbase users in India. The email further advised affected users to transfer their funds from the platform by the specified date.A Coinbase spokesperson communicated to TechCrunch via email, stating:“We stopped allowing new user sign-ups on our exchange product in India back in June of this year. We maintain a robust tech hub in the country and offer live products, including our Coinbase Wallet. We are committed to India over the long term.”Coinbase’s proprietary exchange app in India reportedly boasts fewer than 50,000 monthly active users, as indicated by data from Sensor Tower, shared by an industry executive.Difficulty in cracking Indian marketDespite its aspirations, Coinbase has been unable to make headway with local authorities since launching its exchange in India over a year ago. The lack of progress with local officials has proven frustrating for company executives, including Durgesh Kaushik, who joined Coinbase last year as the Senior Director for Market Expansion, only to leave the company within a couple of months.Coinbase’s CEO, Brian Armstrong, made a visit to India last year to launch the exchange service by adding support for India’s popular payment instrument, the Unified Payments Interface (UPI). Unfortunately, the body overseeing UPI immediately denied Coinbase’s recognition, leading Coinbase to suspend support for the payment system shortly thereafter.UPI has proven to be a runaway success in India. Consequently, being able to access and integrate with it would be very important in providing Coinbase’s Indian customers with the means of on-ramping and off-ramping between the exchange and fiat currency. Coinbase affirmed its commitment to collaborating with the National Payments Corporation of India (NPCI) relative to UPI but these efforts simply have not borne fruit.RBI pushbackIn May of the same year, Armstrong disclosed that Coinbase had to halt its trading service in India due to “informal pressure” from the Reserve Bank of India (RBI), the nation’s central bank. Armstrong pointed out that cryptocurrency trading isn’t illegal in India — in fact, the country had recently imposed taxation on it. However, there were elements within the government, including the RBI, that appeared less enthusiastic about cryptocurrencies and were exerting “soft pressure” behind the scenes.Notably, other Indian cryptocurrency exchanges like CoinDCX and CoinSwitch remain operational, but they’ve had their own struggles in their own local market. In August CoinSwitch downsized its headcount, citing a 30% tax on crypto gains and a 1% tax deducted at source (TDS) on transactions as contributing factors. That same month, CoinDCX cut its headcount by 12%.

Japan's Financial Services Agency (FSA) is proposing new legislation in an effort to prevent the assets of Japanese investors held on crypto exchanges from being transferred overseas. According to local news outlet Jiji Press, the Japanese regulator recently put forward the idea of drafting such a bill. It’s thought that the move suggests that the Japanese regulators have learned from the collapses of cryptocurrency exchanges Mt. Gox and FTX. Photo by Jaison Lin on UnsplashLearning from past failuresWhile Japan already had a higher standard of regulation in place prior to the FTX collapse, likely as a consequence of the authorities having experienced the downfall of Mt. Gox in February 2014, there is still room for improvement.  While funds had been ring-fenced for FTX Japan users, those who accessed services advertised in Japan through the FTX app were deemed to have been accessing a service which fell under an international jurisdiction, denying them the same protections otherwise offered to FTX Japan platform users as a consequence of the regulations that had been put in place. Incorporating a holding orderJapanese media outlet Nikkei described this latest move by the Japanese FSA as follows: “The Financial Services Agency is moving towards creating a new ‘holding order’ in the Payment Services Act, which regulates cryptocurrency exchanges, that will order them not to take domestic assets entrusted to them by customers overseas.” Consequently, the regulator is looking to add this as the latest proposed amendment to the Payment Services Act. Back in September it emerged that amendments to that existing legislation were being looked at with a view towards making it easier for businesses to incorporate digital assets into their service offerings. The regulator has also been mulling over the reclassification of crypto as a financial instrument by amending the Payment Services Act accordingly. Additionally, a more generous tax policy is being proposed. Currently, the Japanese authorities impose a tax rate of up to 55% on cryptocurrency-related revenues. Corporate holders of digital assets have to apply a 30% tax rate, irrespective of income or profits. With that, a 20% tax rate is being considered. The matter became a political issue prior to the East Asian nation’s recent elections, with the leader of the Democratic Party for the People (DPP) backing the application of a 20% crypto tax rate. The application of a holding order has applied previously to companies that have been registered under the Financial Instruments and Exchange Act. This proposed amendment would see it applied to virtual asset trading platforms as part of the Payment Services Act. Guarding against bankruptcy lossesIf applied, the amendment would prevent loss of Japanese investor funds in circumstances where a crypto exchange platform goes into bankruptcy. Legal precedent set in the FTX bankruptcy in the United States means that if a user’s funds go into a non-individually segregated hot wallet belonging to an exchange, any property rights, even if explicitly outlined in the terms of service, are lost.  A company can make a case to go into bankruptcy in any international jurisdiction, which means that this precedent has potential implications for all market participants. The proposed amendment from the Japanese FSA would serve to protect investors from such an eventuality.