UAE signs on to OECD crypto-tax reporting pact, sets 2027 launch

AliExpress Partners With ‘The Moment3!’ NFT ProjectAliExpress, the renowned global e-commerce platform and subsidiary of China’s Alibaba Group, is making its entry into the world of non-fungible tokens (NFTs) through a newly announced partnership with The Moment3!, a Web3 project. The collaboration aims to release a collection of 5,555 NFTs later this month.Photo by Andrey Metelev on UnsplashWhat is ‘The Moment3!’?Oddly, we know very little about the project. Its Telegram channel has just been established, it doesn’t have a website, while its Discord and Twitter channels are also recently established with modest followings. Anonymity is a feature in Web3 and perhaps that’s the approach this project is taking. Whatever the background, it has to be said that there must be some talent behind the project for it to secure the backing of an entity like AliExpress by way of this partnership.This recent announcement was initially made on AliExpress’ official Twitter account but that tweet has since been removed. The project itself tweeted out news of the partnership on Thursday. The Moment3!’s mission, as stated in its Twitter bio, revolves around utilizing NFTs to immortalize special moments on the blockchain.According to the project’s Discord channel, The Moment3! aims to connect with real-world businesses and provide NFT owners with benefits and exclusive rights beyond the collectible value.NFT debutThis marks AliExpress’ initial venture into the NFT market, although its parent company, Alibaba, has previously explored the Web3 space. In September 2022, Alibaba’s luxury shopping platform, Tmall Luxury Pavilion, introduced an immersive shopping metaverse experience and introduced the Meta Pass, granting users free access to virtual experiences.Alibaba-Centric Web3 projectsThere have been several other Web3-related investments and developments related to Alibaba Group companies in recent months.Last month, Alibaba Cloud, one of the world’s largest cloud computing companies, joined forces with the Avalanche layer one blockchain project to introduce “Cloudverse,” a launchpad facilitating the creation of personalized spaces within the metaverse for businesses.In April Alibaba Cloud was the co-organizer of the Web3 Festival, an event held in Hong Kong to showcase the autonomous Chinese territory for the development of the Web3 sector. The four-day event attracted 10,000 attendees.In early May, Artifact Labs, a Hong Kong-based start-up company that specializes in metaverse and Web3 product offerings, raised $3.25 million in a funding round led by Blue Pool Capital. The investment firm is the personal investment vehicle of Alibaba founders Jack Ma and Joe Tsai.NFT warningAliExpress, owned by Alibaba Group, is a global e-commerce platform that does not cater to customers in mainland China, despite being headquartered in China. The Chinese government prohibited all cryptocurrency transactions in September 2021. NFTs remained legal although authorities recently issued a warning on their use, together with some guidelines.With its new collaboration, AliExpress is expanding its reach into the Web3 space and exploring the potential of NFTs. As the release date approaches, anticipation grows to witness the specific features and benefits offered by the 5,555 NFTs that will soon be available to the public.

TransFi, renowned for its global payment solutions, is collaborating with Coinbase Wallet to streamline the process of purchasing cryptocurrencies, with a particular focus on enhancing user experience in Asia.Photo by Traxer on UnsplashFacilitating seamless onboardingBy integrating with Coinbase Wallet, TransFi aims to simplify the onboarding process for businesses and individuals, ultimately fostering greater adoption of cryptocurrencies in the region. This strategic integration is designed to eliminate barriers to entry and make cryptocurrency transactions more efficient and accessible. Enhanced payment options across AsiaIn a significant move, users in the Philippines, Vietnam and Indonesia now have access to expanded payment options through Coinbase Wallet. In the Philippines, GCash and PayMaya, popular digital payment platforms, have been integrated, while Vietnam sees the addition of Viet QR, Momo and Viettel Pay. Indonesian users can utilize OVO and Dana, leading payment apps in the country. These partnerships leverage existing, widely-used payment infrastructures to provide users with more convenient avenues for purchasing cryptocurrencies. The expansion into the Asian market reflects the growing demand for cryptocurrencies in the region and highlights Coinbase's commitment to broadening its reach by collaborating with local payment services. This trend underscores the increasing integration between crypto platforms and local payment solutions, signaling a positive trajectory for cryptocurrency adoption across Asia. 

A couple of days have passed since the 22nd general election took place in South Korea, whose results have disappointed President Yoon Seok-yeol and the country's ruling People Power Party (PPP). The main opposition Democratic Party of Korea (DPK) won the election in a landslide, securing a total of 175 seats out of 300 in the National Assembly.   Now, with the DPK set to continue exerting control over the National Assembly, financial industry insiders are focusing on whether the liberal party will stick to its campaign pledges to ease regulations on cryptocurrencies and related products – most notably, approving investment and trading of spot Bitcoin exchange-traded funds (ETFs) within the country, according to media outlet Yonhap Infomax. Ever since the U.S. Securities and Exchange Commission (SEC) approved spot Bitcoin ETFs in January, interest surrounding such products has intensified among Korean investors. Photo by Alesia Kozik on PexelHowever, the Korean Financial Services Commission (FSC) has been reluctant to approve such spot ETFs, citing the potential risk of such approval violating the Financial Investment Services and Capital Markets Act. Various pledges to ease crypto regulations The DPK, in response, has introduced several campaign pledges aimed at easing crypto regulations, both to win votes from younger Koreans – especially those in their 20s and 30s who make up a significant portion of crypto investors in the country – and to bolster the local crypto market. Among these pledges was to include virtual asset ETFs in Individual Savings Account (ISA), which would enhance tax breaks for crypto gains. Another notable pledge was to deduct taxes on crypto gains worth up to KRW 50 million (approximately $36,560). Under the current law, only crypto gains within the limit of KRW 2.5 million qualify for the tax deduction. One local crypto insider commented on the outcome of the general election, saying that the industry will need to keep an eye on how the situation surrounding crypto regulations develops, as easing such regulations was one of the key promises the DPK made during the election campaign period.   Still, long way ahead for Korea to approve spot Bitcoin ETFsMeanwhile, CryptoQuant CEO Ki Young Ju left a comment yesterday on the X (formerly Twitter) post written by crypto analyst MartyParty, which reads, "South Korea has approved spot Bitcoin ETFs."  Ju pointed out that South Korea still has "a long way to go" when it comes to approving spot Bitcoin ETFs, noting that just because "the Bitcoin-friendly Democratic Party," or the DPK, won the general election doesn't mean that financial regulators have approved such products.