Solana faces rising phishing threats in South Korea amid growing adoption

Blockstream, a blockchain technology firm headquartered in British Columbia, Canada, has moved to expand its activities in Japan with the opening of a new office and the announcement of a partnership with local companies. The infrastructure development company has partnered with Diamond Hands and Fulgar Ventures, CoinDesk Japan reported. Diamond Hands is a Japan-based company involved in providing Bitcoin-related products. It helps companies to integrate Bitcoin and lightning payments into their services. Based in Wilmington, Delaware, Fulgur Ventures invests in early-stage startups. It is particularly focused on Bitcoin and Lightning Network-related projects.Photo by David Edelstein on UnsplashBootstrapping brand awareness Fulgur Ventures is Blockstream’s largest shareholder. The objective is to bootstrap brand awareness within Japan using these partnerships with local companies. To that end, Diamond Hands CEO Koji Higashi will become Blockstream’s brand ambassador. It’s thought that efforts will be made going forward to further expand partnerships with local Japanese companies. Blockstream announced in a press release that it aims to drive adoption of self-custody technologies and Bitcoin layer-2 innovations within the East Asian country. Furthermore, it plans to drive adoption of real-world asset (RWA) tokenization. Commenting on the development, Blockstream Founder and CEO Adam Back stated:"With increased regulatory clarity and rising institutional interest in Bitcoin now is the moment for Blockstream to establish a direct presence in Japan, one of our most important markets." Back added that the company is looking forward to “empowering Japanese enterprises and individuals to fully harness Bitcoin as the foundation for a financial future that's secure, scalable and decentralized.” Tokyo office Another aspect to the expansion involves the opening of an office in Tokyo by Blockstream.  Adam Back is a Bitcoin OG who has often been the subject of speculation in attempts to identify pseudonymous Bitcoin founder Satoshi Nakamoto. Back proposed Hashcash, a proof-of-work-based system and forerunner to Bitcoin, in 1997. The Japanese corporate world has demonstrated its interest in Bitcoin in recent months, with local company Metaplanet launching an ambitious plan to acquire 21,000 Bitcoin by 2026, having adopted the Bitcoin playbook pioneered by American business intelligence and Bitcoin development company MicroStrategy. Blockstream’s investment arm, Blockstream Capital, has also been active in the market. Last month, the company invested $75 million into crypto custodian Komainu. Komainu is a joint venture between CoinShares, Ledger and Japanese global financial services company Nomura.  The same month, the company launched two institutional-grade Bitcoin investment funds. The funds, Blockstream Income Fund and Blockstream Alpha Fund, have been devised to cater to a growing demand from institutions for transparent, regulated and secure financial products. A third fund, Blockstream Yield Fund, is due to launch later this year. It will offer Bitcoin holders consistent, low-risk returns on their holdings. Blockstream was founded in 2014. In its earlier years, the company has served as a technology provider relative to the Liquid Network. In Core Lightning, it has developed a well-recognized implementation of the Lightning Network protocol.  To facilitate Bitcoin holders in terms of self-custody of the leading crypto asset, Blockstream developed Blockstream Jade, a hardware wallet built on open-source software. The device offers air-gapped functionality, meaning that users can perform transactions without connecting the device itself directly to the internet.

Study Places Hong Kong as Leader in Crypto ReadinessHong Kong, according to a recent study conducted by Forex Suggest, has emerged as the leading jurisdiction worldwide in terms of its readiness for cryptocurrencies. The study evaluated various factors such as the number of blockchain startups per 100,000 people and the density of crypto ATMs in relation to the population.Photo by Traxer on UnsplashZero capital gains taxThe attractiveness of Hong Kong for investors in the crypto space stems from its advantageous tax policies. The study noted that Hong Kong does not levy capital gains taxes on cryptocurrency, making it an appealing destination for crypto enthusiasts. The United States and Switzerland secured the second and third positions, respectively, in the rankings of the most crypto-ready countries.In recent times, Hong Kong has actively embraced investments from digital asset companies and is poised to implement new regulations for the industry. Effective from June 1, the city’s new rules aim to establish Hong Kong as a global hub for digital assets. These regulations permit licensed cryptocurrency trading platforms to offer services to retail investors while incorporating measures to safeguard individual traders.Global crypto firms are gearing up for that new licensing approach, carving out separate corporate entities in order to meet the regulatory requirements which the Hong Kong regulator, the Securities Futures Commission (SFC), has set. Another Hong Kong regulator, the Hong Kong Monetary Authority (HKMA), is also opening up to embrace digital asset innovation through a pilot project implicating the tokenization of real world assets.Regarding the number of blockchain startups, Hong Kong boasts three startups per 100,000 individuals, securing the second position globally. Topping the list is Switzerland, with an impressive count of 12.9 blockchain startups per 100,000 residents, amounting to a total of 1,128.The study also highlighted that countries such as Hong Kong, Switzerland, Panama, Portugal, Germany, Malaysia, and Turkey impose the lowest taxes on cryptocurrencies. These nations exempt individuals from capital gains taxes on profits derived from cryptocurrency trading.Crypto ATM proliferationWhen considering the prevalence of crypto ATMs, Hong Kong ranks third globally, with two ATMs per 100,000 people, totaling 149 ATMs. The United States takes the top spot with nearly 34,000 crypto ATMs, but when normalized to the population, it has 10.1 ATMs per 100,000 individuals.Regressive measures in USIn contrast to Hong Kong’s favorable environment, regulators in the United States have intensified their efforts to tighten regulations on cryptocurrency exchanges, leading many within the industry to advocate for clearer guidelines. Consequently, several exchanges are exploring jurisdictions that offer more favorable conditions.Forex Suggest emphasized that the report’s findings were based on extensive data analysis, taking into account factors such as tax regulations, legislation, the presence of blockchain startups, and the level of interest in cryptocurrencies. Each jurisdiction received a normalized score out of 10 for each factor, and the overall rankings were determined by averaging these scores.Hong Kong’s position as the most crypto-ready jurisdiction in the world showcases its commitment to fostering innovation and becoming a global leader in the digital asset space. With its advantageous tax policies, growing number of blockchain startups, and forthcoming regulations, the autonomous Chinese territory is solidifying its position as an attractive destination for businesses and investors in the cryptocurrency space.

150 Web3 Firms Emerge via Cyberport Within 12 MonthsHong Kong’s Cyberport, the flagship technology hub of the Chinese autonomous territory, has experienced exceptional growth over the past year, attracting more than 150 companies operating in the Web3 space.Photo by Ruslan Bardash on UnsplashA hotbed of innovationThe latest blog post by Hong Kong Financial Secretary Paul Chan, published on Sunday, sheds light on the remarkable success of Cyberport. It currently houses over 1,900 community enterprises, with a cumulative financing figure surpassing 35.7 billion yuan ($4.98 billion).One of the notable achievements of Cyberport is its portfolio of over 480 intellectual property projects, showcasing its commitment to fostering innovation. Moreover, Cyberport has played a pivotal role in nurturing the growth of several successful ventures, including six “unicorns” that have emerged from within its vibrant community.The Web3 space at Cyberport boasts prominent firms such as Hashkey Group, a licensed cryptocurrency exchange; Animoca Brands, a Web3 venture capital and game developer; and Consensys, the renowned Ethereum software company responsible for the widely-used crypto wallet MetaMask. The presence of these industry leaders further cements Cyberport’s status as a hub for cutting-edge technologies and groundbreaking ideas.Funding allocationRecognizing the immense potential of Web3 technologies, the Hong Kong government has allocated 50 million yuan ($6.9 million) from its financial budget to support Cyberport’s initiatives. This funding injection aims to expedite research and development efforts and foster the creation of innovative applications within the third-generation internet powered by blockchain technology.In addition to its achievements in the Web3 space, Cyberport has made significant strides in virtual asset trading and other sectors. Notably, in 2022, one of Cyberport’s companies became the second licensed virtual asset trading platform approved by the Securities and Futures Commission (SFC) in Hong Kong. This milestone solidifies Cyberport’s position as a driving force in the advancement of the digital asset ecosystem within the city.Emerging start-up successFurthermore, several technology-driven startups incubated by Cyberport have successfully launched initial public offerings (IPOs), showcasing the hub’s effectiveness in propelling ventures towards public market success. Notable examples include a smart logistics company and a travel platform.Hong Kong’s Web3 industry is witnessing a surge in blockchain-based security products, signaling a growing interest among investors. UBS and the Bank of China’s Hong Kong-based investment arm recently unveiled a groundbreaking blockchain-based structured note, marking the city’s first private security product on a public blockchain.The development team behind layer one blockchain, the Internet Computer Protocol (ICP), indicated in April that it planned to develop a hub within Cyberport, following its participation at Hong Kong’s Web3 Festival that month. The event was a success, attracting over 10,000 attendees.This achievement follows the successful launch of a government-backed green bond in February, which utilized a private blockchain platform provided by Goldman Sachs. These developments showcase Hong Kong’s commitment to developing its Web3 industry beyond cryptocurrencies, expanding into new realms of finance and technology.To ensure a regulated and secure environment for investors to participate in the growing sector, Hong Kong introduced licensing regulations on June 1 for cryptocurrency trading platforms catering to retail investors. These regulations demonstrate the city’s proactive approach to embracing innovation while prioritizing investor protection.