LINE NEXT launches stablecoin wallet Unifi

Japanese Survey Finds One-Third Familiar with Web3bitbank, a Japanese cryptocurrency exchange, has released the findings of a survey conducted between June 2 and 8, targeting 547 Internet users to explore their awareness and understanding of Web3. Approximately one-third of the participants reported being familiar with the term Web3.Photo by Bastian Riccardi on UnsplashLevels of knowledgeThe remaining portion of the survey pertained to individuals acquainted with the term. Within this group, 21.6% claimed to possess adequate knowledge of Web3, while 47.9% possessed a general understanding.Familiar conceptsWhen asked about the word “Web3,” 42.1% associated it with the concept of the “metaverse,” followed by cryptocurrency (26.8%) and non-fungible tokens (26.8%). The concepts of decentralized finance (DeFi) and decentralized autonomous organizations (DAOs) were less familiar, with 15.3% and 12.6% of respondents selecting them, respectively.Web3 experienceConcerning initial steps for utilizing Web3 services, 23.7% identified creating an account at a cryptocurrency exchange as the first requirement, while 21.6% believed purchasing a non-fungible token (NFT) was necessary. Additionally, 28.4% stated they had invested in cryptocurrencies. The most popular Web3 service after cryptocurrencies was the metaverse, favored by 27.4% of respondents. Roughly 30% of participants hoped that the Japanese government’s Web3 initiatives include support for startups, followed by expectations of crypto tax revisions (27.3%) and blockchain and metaverse development (25.8%).Notably, among those possessing sufficient or general knowledge of Web3, over 80% expressed positive sentiments towards the Japanese government’s Web3 initiatives.

Shanghai Court Recognizes Unique Traits of BitcoinThe Shanghai Second Intermediate People’s Court has added a layer of legitimacy to Bitcoin despite China’s prevailing anti-crypto stance.In a recently published report, the court recognized digital currencies such as Bitcoin as being unique and non-replicable. It went further still in singling out Bitcoin as being distinct from the thousands of other cryptocurrencies that are currently in existence.Photo by Zhou Xian on UnsplashSun chimes inThe significance of this development has caught the attention of Justin Sun, the Founder of the TRON blockchain network, who took to the X social media platform (formerly Twitter) to share insights from the report. Sun wrote:”The Second Intermediate People’s Court of Shanghai believes that with the development of internet technology, digital currencies represented by Bitcoin possess uniqueness and non-replicability.”Legal attributesDelving deeper into the report’s content, it becomes evident that the court was engaging in a discussion about the legal attributes of Bitcoin and how judicial decisions should be approached in cases involving cryptocurrencies.One striking aspect of the report is how it acknowledges the usage of cryptocurrencies in illegal financial activities, such as illicit fundraising. In this instance, the court has indirectly acknowledged the financial nature of cryptocurrencies, including Bitcoin, despite the fact that a ban has been in place on trading Bitcoin and other cryptocurrencies since 2021.That said, the report also notes that due to the regulatory stance on cryptocurrencies, the legal attributes of digital currencies remain ambiguous, creating challenges in their judicial handling. Despite some courts attempting to disregard the “monetary” and “property” attributes of digital currencies, these efforts have proved unsuccessful.Inherent characteristicsRegarding the monetary attribute, the courts still identify the sale price of digital currencies in their judgments. When it comes to property attributes, these courts struggle to ignore the inherent property value presented by digital currencies during legal proceedings.While acknowledging Bitcoin’s decentralized nature and lack of centralized control, the article still underscores its “major functions of currency,” such as scalability, circulation, storage, and means of payment, making it a global currency.Future implicationsThe legal opinion expressed by the Shanghai court provides a notable boost to the legitimacy of Bitcoin and other digital currencies. It asserts that these tokens undeniably possess value, even if the People’s Bank of China chooses not to formally recognize them.Moreover, the court’s inclination toward classifying cryptocurrencies as personal property aligns with another report from the Chinese courts as well as rulings in other jurisdictions, such as Singapore. Similarly the Shanghai court acknowledges that Bitcoin can be acquired through various means, including mining, inheritance, and buying and selling.The court’s recognition of the enduring value of cryptocurrencies echoes the sentiment that value is a collective human judgment. In this respect, the Shanghai court’s perspective aligns with the reality that many Chinese citizens continue to use digital currencies as a medium of exchange despite the existing ban.The Shanghai court’s unintentional validation of Bitcoin’s unique attributes and value may have broader implications for the legal status and recognition of cryptocurrencies in China and beyond. This latest development could contribute to a more nuanced approach to cryptocurrency regulation and legal interpretation in the future.

South Korea's financial regulator is seeking to allow institutional participation in the cryptocurrency market this year, calling the move a prerequisite for the next phase of digital asset legislation aimed at reshaping a market now dominated by retail traders. Speaking at a judicial training program at the Seoul Southern District Court, Shim Won-tae, an official in the Virtual Asset Division of the Financial Services Commission's (FSC) Digital Finance Policy Bureau, said corporate participation in the crypto market was among the agency's priorities for the year, according to Herald Business. A market limited to retail investors would be at odds with the planned second phase of crypto legislation, he said, describing broader institutional access as a necessary first step.Photo by Mohammad Dadkhah on UnsplashStock token tax rules under reviewThe comments come as policymakers weigh the tax treatment of security tokens. A Ministry of Economy and Finance official said that the government currently regards stock tokens as securities, which could allow them to be taxed under the existing Capital Markets Act if the FSC adopts the same view, Bloomingbit reported. The outlet said taxation could begin later this year if the FSC clarifies the status of stock tokens in a planned July update to security token guidelines and implementing rules. Market conditions have added urgency to the debate. At a National Assembly forum on June 11 marking the first anniversary of the Lee Jae-myung government, Hong Sung-kook, who chairs the ruling Democratic Party's National Economic Advisory Council, flagged two urgent risks: the recent sharp sell-off in the crypto market, which counts an estimated 10 million Korean investors, and a weaker won, according to Digital Asset. He also warned of inflation risks from a prolonged Iran war and a semiconductor boom. South Korea should work to stabilize equities, real estate and digital assets, and prepare for policy shifts by the Trump administration after the war, he said. LG turns to Arbitrum for adsIn a sign of corporate blockchain adoption, LG Electronics is developing an Arbitrum-based network to automate the buying and selling of advertising, Fortune reported. The platform records ad inventory and user-response data on-chain and lets software settle transactions on its own. LG ran a pilot with a Japanese advertising agency and plans to weigh commercialization of the ad platform in the second half of this year. Arbitrum co-founder Steven Goldfeder described it as software running the advertising market. Investor sentiment, meanwhile, stayed bearish. In CoinNess and Kratos's weekly survey of South Korean investors, conducted June 9–12, 65.7% expected Bitcoin to fall in the week ahead, up from 58.8% in the prior poll, while 13.7% looked for gains, down from 17.7%, and 20.6% expected sideways trading, down from 23.5%. Bearish expectations held the majority, and both the bullish and sideways camps thinned from a week earlier. Asked whether Bitcoin had bottomed after it briefly slipped below $60,000 on June 6, the largest share (38.8%) said it had not and expected further declines. Another 28.6% allowed for a short-term rebound but not a trend reversal, 20.1% judged the bottom was in and called it a buy-the-dip opportunity, and 12.5% were unsure. According to CoinMarketCap data at publication time, Bitcoin was trading at $63,456.42, down 0.23% over the past week.