Authorities promote Thailand as crypto hub through five-year tax break

Korean Lawmakers Make Progress on Virtual Asset User Protection BillOn Tuesday, the subcommittee for legal deliberations under the South Korean National Assembly’s National Policy Committee reached a consensus during the first review of the Virtual Asset User Protection Bill, according to Yonhap Infomax.©Pexels/Andrea PiacquadioFirst review phaseThe bill is undergoing a two-phase review process before being legislated. During the first phase, the primary focus was on safeguarding customer assets and preventing unfair transactions. The second phase is expected to concentrate on market order regulations, including the issuance and disclosure of virtual assets.Application of Capital Markets ActSeveral stipulations were included in the approved draft of the Virtual Asset User Protection Bill during the initial review phase. These stipulations include prioritizing the application of the Capital Markets Act to virtual assets that are classified as securities, while excluding central bank digital currencies (CBDCs) from the definition of virtual assets to avoid any potential confusion. The bill also seeks to impose compensatory damages and penalties for any unfair trading practices, and establish a virtual asset committee responsible for investigating any unfair transactions in the digital asset market.The virtual asset committee will also engage in preliminary deliberations regarding the management, supervision, and monitoring of the digital asset market. The committee will carry out tasks assigned to it by the Financial Services Commission (FSC). Furthermore, the Bank of Korea has been granted the right to request data from virtual asset operators since virtual assets, although not currencies, are necessary to consider when establishing monetary credit and financial stability policies.No class action systemHowever, the introduction of a class action lawsuit system was not adopted, and details about inspecting virtual asset operators will be stipulated in a presidential decree rather than a law.Second review phaseFor the second review phase, the FSC will report several matters to the National Assembly. These will involve tasks such as establishing a regulatory framework for stablecoins, security tokens, and utility tokens. In addition, the agency will be responsible for creating a regulatory system for virtual asset valuation, advisory, and disclosure services, as well as an integrated computerized system that provides reliable and reasonable information on digital assets. The FSC will also explore ways to enhance the business conduct discipline of cryptocurrency operators by commissioning research from external organizations.Additionally, the FSC and the Financial Supervisory Service will work on supporting virtual asset exchanges to establish uniform standards for the circulation supply of virtual assets. The regulatory bodies will also enforce the requirement for transparent disclosure and strict internal control on virtual asset operators. Moreover, regulations will be developed to enhance virtual asset usability and remove any obstacles that may impede the development of innovative real-life services.

Wemade and SK Planet Team Up for Blockchain and Online Platform CollaborationSouth Korean gaming publisher Wemade and SK Group’s data and tech subsidiary SK Planet have entered into a strategic partnership to expand their presence in the blockchain and online platform ecosystem.Photo by GuerrillaBuzz on UnsplashBlockchain integrationThe two companies plan to expand their collaboration through the use of blockchain technology, such as issuing membership non-fungible tokens (NFTs) for OK Cashbag, the membership reward program of SK Planet. They are also actively exploring joint marketing and promotional strategies by leveraging their respective technological and service capabilities.“SK Planet is a company with long-standing marketing platforms like OK Cashbag. We believe we can achieve significant synergy through WEMIX’s partnership with SK Planet. In the future, we will contribute to the growth of the Korean market through connections such as that with Wemade’s transparent society platform Wepublic,” said Henry Chang, CEO of Wemade. Wemade operates the WEMIX3.0 decentralized blockchain mainnet whose native token is WEMIX.“We expect that this partnership will bring innovation to the platform ecosystem and provide users with new experiences and customer value,” added SK Planet CEO Lee Han-sang.Strategic investmentsNotably, both companies are engaging in mutual equity investments to further accelerate their strategic alliance. Wemade and its subsidiary, Chuanqi IP, will acquire 7.08% and 5.31% stakes, respectively, in SK Planet from its parent company SK Square. The acquisition amounts to KRW 20 billion for Wemade and KRW 15 billion for Chuanqi IP, totaling KRW 35 billion (approximately $26 million).SK Planet will acquire KRW 20 billion worth of convertible bonds issued by Wemade along with approximately KRW 15 billion worth of shares held by Wemade Chairman Park Kwan-ho, gaining a 1.27% stake in Wemade.Chairman Kwan-Ho Park will then use the proceeds from this stock sale to purchase WEMIX in a move to support the growth and activation of the WEMIX ecosystem.Meanwhile, Wemade plans to initiate a broad range of partnerships with other major local and international companies following its partnership with SK Planet.

Shinhan Card’s Membership NFTs Offer Discounts at Emart24 Convenience StoresShinhan Card, a major South Korean credit card company, announced on October 10 (local time) that it is launching membership non-fungible tokens (NFTs) in collaboration with convenience store chain Emart24 and Kakao’s blockchain subsidiary Ground X.Photo by Andrey Metelev on UnsplashNFT and loyalty pointsOwners of the membership NFTs can make purchases of KRW 5,000 ($3.71) or more at Emart24’s brick-and-mortar stores using the Shinhan Card mobile app, known as Shinhan pLay, to earn KRW 1,000 worth of My Shinhan Points. This benefit can be claimed up to three times a month.Moreover, upon purchasing the NFT, buyers will be gifted a KRW 2,000 off Emart24 coupon. Every month, they’ll be treated to a KRW 1,000 off coupon, a 10% off coupon on alcoholic beverages (with savings of up to KRW 3,000), and another 10% off coupon (with savings of up to KRW 1,500).NFT holders also get a KRW 2,000 discount coupon for the card company’s shopping platform, Allthat. Furthermore, every month, when they spend over KRW 10,000 in the food and nutrition category, they can use a 20% discount coupon, saving up to KRW 10,000 on their purchase.Valid for three monthsThese benefits will remain valid for three months starting from the date of issuance of the NFT. A total of 1,000 membership NFTs will be offered for sale at KRW 9,900 each on the Allthat platform until October 16.Purchased NFTs can be received via Ground X’s Klip Wallet, which is accessible through the Emart24 app and the Shinhan pLay app.This initiative stems from an NFT alliance established in July of last year, comprising Shinhan Card, Emart24, and Ground X. The alliance, known as GRID, has set its sights on promoting the widespread adoption of NFTs across diverse sectors, including finance, commerce, and entertainment. Commencing with this effort, Shinhan will engage in collaborative efforts with fellow GRID members to explore additional avenues for expanding its services through its pLay app.