Japan targets 2028 for crypto ETF approval as global markets weigh U.S. risks

G20 Nations Believed to Have Agreed Upon Global Crypto FrameworkUnder India’s current leadership of the G20, reports are emerging that participating nations have reached a unanimous consensus on establishing a common framework for cryptocurrency regulation.According to local news sources, this monumental decision has been reached, and it’s expected to take center stage during the 18th G20 Heads of State and Government Summit scheduled for September 9–10 in New Delhi.Photo by Rachit Chaudhary on UnsplashIMF/FSB synthesis paperThe reports published on Wednesday cite information from official sources that the International Monetary Fund (IMF) and the Financial Stability Board (FSB) have collaboratively released a synthesis paper laying the groundwork for this comprehensive regulatory framework. Consequently, discussions around this initiative will likely feature prominently on the agenda during the upcoming leaders’ summit.The unity achieved by G20 nations in forging this global cryptocurrency regulation framework marks a significant milestone in the ever-evolving area of digital assets. The framework’s primary goal is to provide a structured approach to oversee cryptocurrencies, potentially mitigating risks associated with their use, all while fostering innovation within the rapidly expanding crypto sector.Multilateral Development Banks (MDBs)Aside from this development relative to digital assets, multiple working groups have been working on recommendations related to Multilateral Development Banks (MDBs). These groups have proposed measures to confront future financing challenges, and there is growing support for establishing a $200 billion fund to meet financing needs over the next decade.Beyond financial concerns, the G20 nations, under India’s leadership, have embarked on a comprehensive evaluation of the high volatility in food and energy security. Stressing the vital importance of stability in these sectors for sustainable global growth, these issues will take the spotlight during the leaders’ summit later this week.TaxationAnother area where India has made significant strides is international taxation. During India’s G20 Presidency, a pillar taxation system for international taxation has been recommended. The efforts in this domain have been described as making “significant progress” so far, underscoring the commitment of G20 nations to address global taxation challenges.It’s interesting to note that on the home front, India has been far less progressive when it comes to crypto-related taxation. The country has imposed a 30% tax on cryptocurrency transactions. Local crypto exchanges have also pointed to a 1% Tax Deducted at Source (TDS) which is being applied to exchanges as a major challenge that is having an impact on their operations.A threat and an opportunityLate last month, Indian Prime Minister Narendra Modi urged his G20 counterparts to work towards global collaboration in respect of formulating global crypto regulations. On Wednesday India’s Finance Minister, Nirmala Sitharaman, confirmed that active discussions were underway as part of India’s G20 presidency. At an event in India’s financial capital of Mumbai, Sitharaman stated:”India’s [G20] presidency has put on the table key issues related to regulating or understanding that there should be a framework for handling issues related to crypto assets.” While confirming that G20 members were working toward establishing a global crypto framework, Sitharaman also remarked that crypto was a “threat as well as an opportunity.”

Galaxia Metaverse Joins Hands with MVL Foundation to Expand Blockchain EcosystemsSouth Korean blockchain company Galaxia Metaverse said Wednesday it will collaborate with MVL Foundation, a blockchain-based mobility enterprise in Singapore, to advance their respective blockchain ecosystems by enabling the use of their tokens, Galaxia (GXA) and MVL, within them.Photo by Shubham Dhage on UnsplashPromoting token utilizationAs of now, MVL tokens can be used for purchasing discount coupons for TADA, MVL Foundation’s ride-hailing service. Through the partnership, GXA tokens will also be able to purchase TADA discount coupons through MVL’s cryptocurrency wallet, Clutch Wallet. Discussions are currently underway regarding more joint ventures, such as integrating the MVL token with staking products offered by Galaxia’s own digital wallet.“The MVL token is already being used by millions of mobility service users with Southeast Asia as its base. Through this partnership, we expect that our global expansion will be accelerated as we bring more users to our ecosystem,” Galaxia emphasized.Expanding the Southeast Asian user baseMVL Foundation operates its mobility services mainly in Southeast Asian countries including Singapore, Cambodia, and Vietnam. Its ride-hailing service TADA is the second-largest of its kind in Singapore. This ecosystem is connected via blockchain, enabling participants to receive rewards in accordance with their activities and ultimately forging a Web3 mobility system.Subsequently, Galaxia intends to take advantage of MVL’s solid footing in Singapore to push joint localized marketing within the country.“We are planning to develop various solutions, rewards, and service integrations with MVL by leveraging our strengths, expertise, and networks,” Galaxia said.Meanwhile, throughout this year, Galaxia has been expanding its blockchain ecosystem in other ways. Notably, it has collaborated with industry leaders such as Korean NFT exchange Pala and karaoke app Somesing.

Singaporean VC Pledges Funding for Web3 AcceleratorSingaporean crypto investment venture capital firm, Foresight Ventures, has committed to doubling down on funding a Web3 Accelerator.Back in November, the firm launched Foresight X, a Web3-focused incubator program. At the time, it committed to allocating $10 million to be divided between three categories of Web3-centric projects and collaborations. Fast forward six months and the firm is now committing to stump up an additional $10 million in funding for the project.Categories include ecosystem projects, research grants, and an eight-week incubator program which was initially offered to thirty early-stage projects. In that initial funding round, start-ups were being supported with funding of $50,000, up to a maximum of $200,000.Photo by Shubham Dhage on UnsplashSecond phaseThe project is now entering its second phase, accepting applications once again from a new round of start-up applicants. In this instance, the focus will move towards Web3 projects with an emphasis on artificial intelligence (AI), zero-knowledge cryptography, bitcoin, non-fungible tokens (NFTs), machine learning, and liquid staking derivative products.With second-round funding, each selected project will be funded to the tune of $200,000 rather than the funding range of $50,000 to $200,000 employed on the first phase. Additionally, up to three mentors will be assigned to each successful applicant project. On top of that, one fund partner from Foresight Ventures will be assigned to each start-up in order to provide them with a steer towards growth and development. The program will culminate with a Demo Day, facilitating each project to showcase their service or product offering.Bitget partnershipFounded in 2020, Foresight Ventures has progressed in a short space of time, from having $80 million assets under management (AUM) to an AUM of $400 million today. The venture capital outfit is led by seasoned venture professionals with backgrounds in companies like Google, Bitmain and Sequoia Capital.Among its leading investments is SEI, the layer one blockchain project that is optimized for transaction speed and throughput. In April, the company committed $50 million towards SEIs $120 million ecosystem fund. In January, it invested $15 million in Singapore-based digital asset infrastructure and market making firm, CyberX.Last month the firm partnered with crypto derivatives trading platform Bitget in contributing towards its Asia-focused Web3 fund. Focused on funding outstanding Web3 projects in the region, Bitget has put together a $100 million fund. Foresight Ventures joined Dragonfly Capital, SevenX Ventures, DAO Maker and ABCDE Capital in expressing interest in investing in the fund, ultimately investing and partnering with Biget on the initiative.The firm has come a long way in a short space of time, signaling its intent in March 2022 when it committed to investing up to $200 million in Web3 start-ups and blockchain projects over the course of three years. Other key Foresight Ventures portfolio companies include Singapore-based digital assets financial services firm, Matrixport, and metaverse developer Everyrealm. Aside from its headquarters in Singapore, the firm also maintains a presence in Shanghai, allowing it the reach to cover crypto-related projects throughout the Asian region.