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The Central Asian republic of Kazakhstan is planning to establish a pilot project that will enable the use of crypto as a means of exchange for goods and services within a specific zone. That’s according to a statement published on Akorda.kz, the official website of the President of Kazakhstan. The statement incorporates the text of a keynote speech delivered by President Kassym-Jomart Tokayev at the Astana International Forum. Tokayev stated: “We are planning to create a pioneering pilot zone called CryptoCity where cryptocurrencies might be used for purchasing goods, services, and even beyond.”Photo by Engin Akyurt on PexelsWorking towards digital transformationThe initiative forms part of Kazakhstan’s efforts to make progress in terms of digital transformation, as well as an aspiration to become an IT hub within the Eurasia region.  For the purposes of the pilot program, the use of cryptocurrencies for the payment of goods and services has been authorized by the government within a pre-defined sandbox environment. Alatau City, an urban development located north of the Kazakhstani city of Almaty, has been chosen for the pilot scheme. Alatau has been established as a special economic zone and planned to become a hub for new technology and knowledge, alongside global tourism. It hosts the Innovation Technology Park together with the Kazakhstan National Nuclear Center, Institute of Nuclear Physics and the Physics & Technology Institute.It’s envisaged that the existing technology and knowledge base within Alatau will support its expansion into the area of crypto payments and blockchain development. In addition to crypto payments, other blockchain-based technologies related to taxation systems, investment and decentralized identity systems will be nurtured and encouraged within the Alatau special economic zone. Potential Eurasian crypto hubIn a recent opinion piece published by the Russian-language government-backed newspaper Kazakhstanskaya Pravda, Kanysh Tuleushin, Kazakhstan’s vice minister of digital development, suggested that the Central Asian republic has the potential to position itself as the region’s leading crypto hub.  Tuleushin also suggested that crypto mining operators could help to modernize the country’s energy sector, playing a role in stabilizing the country’s power grid, while making use of surplus electricity. Kazakhstan had proven to be a popular destination for Bitcoin miners in the past. However, the sudden influx of miners following a ban on the activity in China in 2021 was unplanned for.  The surge in electricity demand put the country’s electricity grid under pressure, leading to blackouts in some cases. In 2023 President Tokayev signed legislation into law that limited the energy use of domestic crypto miners. Despite that negative experience, it appears that Tuleushin has seen the benefits that the activity can bring when regulated and planned for. Back in March, it emerged that lawmakers in Kazakhstan had proposed the creation of a crypto bank. One obstacle to the creation of the bank is a lack of a crypto regulatory framework. According to a report published earlier this month, the National Bank of Kazakhstan is now in the process of preparing a regulatory framework for digital assets.

Zodia Custody Expands Its Custodial Services to SingaporeDeveloping crypto business hub Singapore has added another player to its list of local crypto sector participants with the arrival of digital asset custodial services provider Zodia Custody.The London-headquartered institution-first digital asset custodian is setting up shop in Singapore. Zodia Custody is backed by Japan’s SBI Holdings, alongside prominent financial services firms Standard Chartered and Northern Trust. Through this move, outlined in an article published by CNBC on Monday, it’s now targeting financial institutions in Singapore for the digital asset custody services it offers to that cohort.Photo by Kin Pastor on PexelsWell-timed expansionIt’s understood that Zodia has ambitious growth plans relative to the Asia-Pacific (APAC) region. In May, the firm entered the Middle Eastern market, establishing a presence in Dubai. The firm’s timing is prescient relative to Singapore, as the custodian is responding via its Singapore expansion to an increasing demand coming from institutions seeking robust digital asset custodianship services.The expansion also coincides with the Monetary Authority of Singapore’s (MAS) recent efforts to foster a well-defined digital asset ecosystem. Of late, the MAS introduced a comprehensive framework that encompasses the use of digital currencies, including central bank digital currencies and stablecoins. Moreover, MAS has proposed draft legislation that outlines the safeguarding of digital assets, signaling the pivotal role custodial services are set to play in Singapore’s evolving digital asset landscape.The firm has established a specific local entity, Zodia Custody (Singapore) Pvt. Limited, appointing Kai Kano, the former Managing Director of rival digital assets custodian Bitgo, as the new company’s CEO.Speaking on the subject of the firm’s Singapore market entry, Julian Sawyer, the CEO of Zodia Custody, stated:“Singapore is no stranger to digital assets, having long been a hub for financial technology innovation. But even in a mature market, challenges remain. Having been created by Standard Chartered Ventures, we have a deep understanding of institutional needs and requirements not just to enter the space but thrive within it. As we engage with the local ecosystem, we’ll be providing market participants with cutting-edge technology, bank-level compliance, and governance to accelerate their digital asset adoption journeys.”Strategic partnershipsIn the past year, Zodia Custody has established strategic partnerships with industry leaders such as LMAX Digital, Hidden Road, BlockFills, and Blockdaemon. These collaborations are driven by Zodia’s market-leading Interchange offering, which equips institutions with enhanced risk management, secure custody, and solvency protection.The expansion into Singapore marks the latest milestone in Zodia Custody’s global growth strategy. Over the past year, the custodian has expanded into Japan through a joint venture with SBI Digital Asset Holdings and into Luxembourg, where it operates as a registered virtual asset service provider (VASP). This move into Singapore follows a successful US$36 million Series A fundraising round.Meanwhile, its sister company Zodia Markets, which is totally segregated from Zodia Custody, made the news in crypto circles earlier this month when it achieved in-principle approval in Abu Dhabi for a broker-dealer license.

Taiwan Crypto Trader Strikes it Lucky in Tax Receipt LotteryA trader on Taiwan’s MaiCoin Max crypto exchange has struck it rich in an unexpected way, winning a grand prize of 10 million NTD (approximately $310,000) in the country’s monthly national tax receipt lottery.Photo by Nick Fewings on UnsplashFrom 6 cents to $300KWhat makes this story, which was reported by CoinDesk on Friday, even more surprising is that the trader had paid a mere 2 NTD (equivalent to $0.06) in fees on the exchange as they engaged in relatively small trades.The lucky individual, who chose to remain anonymous, didn’t earn this windfall through traditional trading profits or by accumulating tokens. Instead, their fortune came from Taiwan’s unique approach to tax compliance.For crypto exchanges like MaiCoin, every trade conducted on their platform technically counts as a taxable event. This means that active traders can amass numerous virtual “lottery tickets” each month through their trading activities and transaction fees.Uniform invoice lotteryTaiwan introduced its tax receipt lottery system, known as the uniform invoice lottery, back in the 1950s as an innovative method to encourage tax compliance among consumers. While tax authorities worldwide struggle to capture revenue from cryptocurrency holders, Taiwan’s approach allows them to indirectly benefit from the earnings generated on crypto exchanges.For every transaction made by an individual, whether that should occur on a crypto exchange or elsewhere, the individual is issued with a tax receipt. An electronic copy is also registered with Taiwan’s tax authority. Essentially, every receipt then becomes a lottery ticket as the tax authority then runs a draw on an ongoing basis where taxpayers can earn cash prizes.This particular win involving a Taiwanese crypto trader has drawn attention from the broader public. Paul Huang, a Research Fellow at the Taiwanese Public Opinion Foundation, took to X (formerly Twitter) on the subject, stating:”Who says retail users can’t profit from trading cryptos? Taiwan’s largest crypto exchange @MAX_exch announced some user made a tiny trade that paid $2 NTD ($0.06 USD) in fee on platform, the tax receipt ended up winning 10mil ($310k USD) in Taiwan govt’s invoice lottery!”The recent $310,000 jackpot represents the largest prize ever won by a crypto trader through this lottery. Nevertheless, Taiwan’s tax receipt lottery typically produces smaller windfalls, with the country collecting over $7 billion in sales tax revenue in 2021, and a significant proportion paid out in lottery winnings.Critics argue that this system may not be the most efficient way to boost tax compliance, but Taiwan maintains one of the world’s most effective tax regimes, consistently generating impressive revenue relative to its GDP. Additionally, stories of remarkable lottery jackpots serve as excellent public relations for the scheme.There’s little doubt that cryptocurrencies have brought about significant challenges for tax authorities worldwide. In this particular instance, Taiwan’s tax receipt lottery stands as a unique and intriguing approach to fostering compliance while occasionally making crypto traders unexpectedly wealthy.