Zodia Markets Achieves Crypto Broker-Dealer Approval in UAE

CoinFLEX Effects Partial Repayment of SmartBCH DebtCoinFLEX, a Seychelles-based crypto yield platform that operated the BCH to sBCH cross-chain bridge, has taken a significant step towards its restructuring plans by partially repaying its debts to SmartBCH Alliance.Photo by Towfiqu barbhuiya on PexelsBitcoin Cash sidechainAs part of the repayment, SmartBCH, a Bitcoin Cash sidechain compatible with Ethereum, received distributions from CoinFLEX, including approximately 4.28 million rvUSD ($750,000), 652,000 USDC ($652,000), and 6,834 BCH ($1.6 million). Notably, 80% of the received USDC has been swapped into Bitcoin Cash, while the remaining portion has been reserved to cover legal and operational expenses. SmartBCH currently holds a total of 10,758 BCH.The repayment to SmartBCH comes amidst a significant surge in the price of Bitcoin Cash, which has witnessed a remarkable increase of over 110% in the past seven days. This surge has positioned Bitcoin Cash as a top performer among major currencies in the crypto market, according to data from CoinGecko.Bitcoin Cash, along with other Bitcoin forks, has been benefiting from the overall rise in the cryptocurrency market. The increased interest can be attributed to the flurry of spot Bitcoin ETF filings that have taken place recently.The positive developments surrounding CoinFLEX and Bitcoin Cash have also had a ripple effect on associated tokens. $FLEX and $OX, tokens connected to CoinFLEX, have experienced notable increases in value, rising by 53% and 65% respectively over the past week.CoinFLEX itself has been undergoing a significant restructuring process that was approved by the Seychelles Courts on March 6. The exchange initially suspended withdrawals in June 2022, citing extreme market conditions and uncertainty related to a counterparty.CoinFLEX was one of several crypto firms affected by the collapse of the Terra ecosystem in May 2022, resulting in the loss of over $40 billion in investor value within a short period. In September, the company revealed its restructuring proposal, which involved offering over 65% of its equity to creditors and allocating 15% to employees.OPNX rebrandLast March, CoinFLEX rebranded itself as Open Exchange (OPNX) following the approval of its restructuring plan. The founders of CoinFLEX, Mark Lamb and Sudhu Arumugam, are collaborating with Kyle Davies and Su Zhu, the co-founders of the bankrupt crypto hedge fund Three Arrows Capital (3AC), on the new Dubai-based venture.SmartBCH has announced its intention to open an account on OPNX and gradually convert rvUSD into Bitcoin Cash through the exchange. It is worth noting that, as part of the restructuring terms, SmartBCH is entitled to common equity in CoinFLEX and one board seat, although it has not received these benefits at present.Additionally, SmartBCH has burned 33,365.67 sBCH tokens, returning them to the old bridge address. As a result, the total sBCH in circulation on the sidechain now amounts to 67,756.766.To further enhance stability, SmartBCH has entered into an agreement with CoinFLEX to assume responsibility for maintaining the 1:1 peg between sBCH (the sidechain’s native token) and BCH.

Cryptotax and KODA Team Up For Transparency in Virtual Asset TaxationSouth Korean virtual asset tax service platform Cryptotax said Tuesday it signed a memorandum of understanding (MOU) with Korea Digital Asset (KODA), a virtual asset custody provider, to jointly enhance the transparency and reliability of processing virtual asset taxes.Photo by charlesdeluvio on UnsplashFostering financial complianceCryptotax plans to initiate a broad range of cooperative efforts targeting companies that utilize KODA’s virtual asset custody services, the company said. These efforts include providing its solution dubbed “Cryptotax Enterprise” — which provides services related to virtual asset taxation and accounting to corporate clients — and exploring business models with KODA to ensure the credibility of accounting for virtual assets.In Korea, the imposition of taxes on virtual assets is slated to commence in 2025.The agreement was formalized in a signing ceremony attended by Yoon Dong-hwan, CEO of Cryptotax, and Moon Geon-gi, CEO of KODA, along with key executives from both companies.Elevating accountability“Through this collaboration with Cryptotax, we will be able to offer transparent accounting services for virtual asset taxation and accounting,” said CEO Moon of KODA. “We will also take a leading approach in responding to the recently announced government guidelines and disclosure amendments related to the supervision of accounting for virtual assets.”CEO Yoon also added that Cryptotax and KODA would provide diverse measures for support so that companies can alleviate the uncertainty and challenges that come up in the accounting process for virtual assets.This collaboration aims to facilitate a more streamlined and straightforward virtual asset taxation and accounting process, addressing the evolving regulatory landscape and industry demands.

Singapore’s SAI.TECH, a bitcoin miner and mining infrastructure hardware developer, has chosen to consolidate its product offering. The company has simplified its product range by categorizing them as Ultiaas, Boltbit, and Heatnuc. Virtual annual conferenceThe company took the opportunity to host SAITIME 2023, a virtual corporate annual conference, using the event as a platform to announce its SAIHUB product consolidation.Ultiaas will focus on the development of hardware and software products alongside integrated solutions, in order to enable liquid cooling and heat reuse capabilities while attempting to achieve optimized energy efficiency. In practical terms, these products convert mining chip heat into reusable energy.The team behind the Ultiaas product line believes that the technology can have a significant positive effect on data centers through the harnessing of chip heat in commercial, residential, industrial and agricultural locations. The firm has thoroughly tested the product, with its first successful operation at its testing and distribution facility in Ohio in the United States. According to a press release, the company says that “we look to tap into the state’s vast reservoir of clean energy.” With that, it is already working on the construction of a second site.The green bitcoin mining specialist recycles 90% of the waste heat produced in the mining process, thanks to the technology that it has developed.Boltbit concerns itself with the provision of decentralized transaction system services and technical support. It focuses on blockchain and lightning network technology. Lastly, Heatnuc will focus on the research and promotion of small modular reactors. Unusual price actionThe company, which listed on the Nasdaq last year following a special purpose acquisition companies (SPAC) merger in 2021, was the center of some speculative interest last week. The firm’s shares surged by over 360% to a high of $7.42 in one day’s trading. A week on, the share price has calmed down, trading at $3.68 on Friday. The rationale behind the short-lived share price surge remains a mystery. Kazakhstan scale-backIn August of last year, SAI.TECH decided to scale back an active bitcoin mining site that it is involved in in Kazakhstan. A second phase of the project would have brought 90 MW online. It is still working on phase 1 which will bring 15 MW online.Kazakhstan had seen an influx of bitcoin miners in the wake of a China mining ban a few years ago. The sudden surge in energy consumption on the Kazakh energy grid upset the national power supply, resulting in protests and riots. The country then pushed back against the miners, disconnecting many projects from the grid. It was against this background that it’s understood SAI.TECH decided to scale back its plans in the landlocked Eurasian country.