Glohow to promote UtopiaGames’ blockchain-based casino games on global stage

LDP Working Group Proposes Web3 Industry Plan to Japan’s Prime MinisterJapan’s ruling Liberal Democratic Party (LDP) announced that its Working Group for Digital Society Promotion presented a proposal related to the Web3 industry to Prime Minister Kishida Fumio on Tuesday. The information was made public on the party’s website and later reported by the Korean crypto media outlet Tokenpost.Photo by Jezael Melgoza on UnsplashImproved crypto regulationsThe comprehensive 35-page study favorably reviewed the enhanced cryptocurrency regulations implemented by the Japanese government following the 2014 Mt. Gox breach and the 2018 Coincheck hack. The study credits these improved regulations for nurturing Japan’s robust Web3 ecosystem, which received global attention amidst the recent crypto winter. This term refers to a period marked by a sustained downturn in cryptocurrency values.Japanese crypto exchanges demonstrated prudence by refraining from listing most of the problematic tokens on their platforms, thereby averting panic within the market. This cautious approach was supported by Japanese law, which mandates crypto exchanges to securely store customers’ staked tokens separately. As a result, they were shielded from the repercussions of the FTX bankruptcy, which arose due to a liquidity crisis of FTT, the global crypto exchange’s native token.Significance of security tokensThe paper optimistically projected that Japan could lead the way in passing through the crypto winter ahead of other countries, citing the nation’s track record of overcoming numerous challenges in the industry. The authors highlighted the exit of speculative projects from the sector, balanced by the rise and continuous growth of new blockchain-based businesses. The report underscored the significance of tradable security tokens, which leverage blockchain technology to represent assets or rights.The adaptable nature of blockchain technology was emphasized, particularly its potential to incentivize social activities like volunteering. This versatility enables the broader public to actively participate in monitoring and addressing issues related to deteriorating infrastructure, thereby reducing associated management costs across society.Crypto taxationThe proposal also addressed the issue of crypto taxation, arguing for enhancements to the token investment environment to bolster blockchain-driven businesses. Currently, Japan taxes tokens held by corporations, discouraging domestic investment and stifling the growth of the Japanese Web3 ecosystem. To rectify this, the paper suggested exempting tokens issued by a third party from taxation if they are not intended for short-term trading.Moreover, the authors addressed the high taxation rates facing retail investors in Japan, which can reach up to 55% on income from crypto trading. This stricter tax regime compared to other countries has led many taxpayers to seek investment opportunities abroad. The authors suggested improvements to create a more investor-friendly environment.Token listing procedureThe proposal also included recommendations concerning token listings. In Japan, crypto exchanges are currently obligated to undergo a preliminary review conducted by the Japan Virtual and Crypto Assets Exchange Association (JVCEA) before listing tokens. It was suggested that the review process should be further refined to enhance efficiency.Yen stablecoinsThe authors emphasized the importance of introducing and circulating yen stablecoins to foster the growth of the Japanese Web3 industry, necessitating the development of a sustainable business model for these stablecoins.Content & Web3Furthermore, the proposal underscored the need for clear guidelines to discourage gambling behaviors and promote responsible usage within the NFT space. It advocated for the establishment of an industry organization bridging the content industry and the Web3 industry, which would facilitate collaboration and collective efforts towards a robust NFT ecosystem in Japan. Measures to protect Japanese content and data from unauthorized monetization by foreign entities were also recommended.According to an industry official who spoke with Tokenpost, Japan’s extensive preparations for the Web3 initiative have instilled confidence in the sector. The official highlighted that the country is currently exploring ways to establish connections between these new projects and existing industries, with the goal of maximizing their economic potential and generating fruitful outcomes.

Coinone reports decline in customer inquiries due to improved user convenienceKorean crypto exchange Coinone revealed on Tuesday (local time) that the number of customer inquiries sent to its support center has nearly halved since it began introducing various updates to boost user convenience in the second quarter of this year. The exchange explained that it has been consistently collecting and analyzing customer feedback and then applying these insights to enhance its products and services.Photo by Petr Macháček on UnsplashTaking initiative to improve user experienceA recent analysis of voice of the customer (VOC) data collected by the support center up until this year’s third quarter showed that the overall volume of inquiries began to decrease in Q2, and the total number of inquiries in Q3 subsequently decreased by 24.7% compared to Q2. Notably, in September, the inquiries decreased by a whopping 45.5% compared to April. This translates to an average monthly decrease of about 11%.This trend can be attributed to ramped-up efforts for product convenience starting in Q2, which has had a positive impact on reducing customer inquiries. Earlier in May, during a short period of transition when Coinone changed its affiliated bank from Nonghyup Bank to KakaoBank, the exchange released notices with relevant information regarding transactions, deposits and withdrawals that made it easier for customers to navigate the transition. The number of related inquiries subsequently decreased by 86%.Furthermore, in June, queries regarding password recovery and mobile device authentication reset decreased by 58% and 65%, respectively, after Coinone provided simple guidelines for inactive customers to reset their passwords without having to contact the support center. Submissions to the support center for assistance with fiat deposits and withdrawals also dropped after the exchange added Naver as a channel for two-factor authentication (2FA) to its account setup system.Additional updatesOther noteworthy updates include the Coinone app version 3.0, which came with a new updated interface with five tabs — transactions, trading prices, charts, market prices and other information — for users to explore.

Socket, a cross-chain infrastructure protocol, and its interoperability bridging platform, Bungee, have restarted operations following a temporary pause prompted by an exploit that led to the apparent theft of $3.3 million.Photo by Anna Tarazevich on PexelsSecurity incidentTaking to the company’s Discord, Socket team hospitality lead Taylor Melvin clarified that it had “experienced a security incident which affected wallets with infinite approvals to Socket contracts.” The incident, which occurred on Tuesday, involved an unknown attacker draining millions worth of stablecoins and other tokens from the Bungee bridging aggregator. The attackers targeted wallets with infinite approvals to Socket contracts, exploiting authorizations for blockchain-based tools that allow applications to access tokens in a user's wallet. Security researcher "@speekaway" was the first to flag the exploit on Tuesday. The attacker's wallet, connected to the exploit, held nearly $3 million in ether (ETH) and $300,000 worth of other tokens. By 2:47 p.m. ET, the attack seemed to have ceased, with the researcher recommending users to revoke approvals for Socket to safeguard their assets. Pausing contractsIn response to the security breach, Socket announced the pause of affected contracts on Tuesday at 3:15 p.m. ET. The project's team promptly identified and addressed the issue, taking swift action to mitigate the exploit's impact. @speekaway chimed back in once contracts had been paused, writing:”Think this pause fixed it, very likely no more attacks are possible. So if you are currently freaking out about revoking you can probably relax.” Normal service returnsAs Socket paused activity during the incident, preventing further propagation of the attack, developers worked to fix the issue. Early Wednesday, Socket developers announced that the problem had been resolved, and normal activities had resumed. The team also stated that plans for compensation were in progress. Cross-chain bridges, like Socket's Bungee, facilitate token transfers between different blockchains but remain susceptible to exploitation. Blockchain security and data analytics company PeckShield confirmed that at least $3.3 million had been lost, highlighting the need for enhanced security measures in the rapidly evolving blockchain ecosystem. The exploit involved the exploitation of a recently added route, which has since been disabled. The attacker targeted users who had over-approved Socket, draining funds up to the limit of their approval. This incident follows the $81 million hack of Orbit Chain, a cross-chain bridge connecting Ethereum to other networks, earlier in January. Cross-chain tools' complexity contributes to the frequency of such attacks, emphasizing the importance of understanding the security measures in place when utilizing these bridges. In a message to CoinDesk, Sergey Nazarov, co-founder of Chainlink, emphasized the need for users to scrutinize the security of their chosen bridge, considering the various levels of cross-chain security. With the complexities involved, users are encouraged to be vigilant and informed about the security spectrum of the bridges they employ. Socket was founded by Indian duo Rishabh Khurana and Vaibhav Chellani. In September, the company raised $5 million, with funding coming from Framework Ventures and Coinbase Ventures.