Lillius selected to join Cronos Accelerator Program

Crypto.com Gets AI UpgradeSingapore-headquartered Crypto.com has launched an updated service offering which pioneers further innovation through the use of artificial intelligence (AI).Adding an AI companionAnnouncing the addition on its website on Tuesday, the company outlined that it is “furthering its innovation pipeline by introducing its first-ever Artificial Intelligence (AI) powered-initiative, Amy.”An AI companion which is based on OpenAI’s ChatGPT, Amy has been added to help users learn about crypto and the crypto industry, with the ability to provide close to real time information relative to specific crypto projects and tokens. The objective of the company in adding the tool is to provide greater help and support to the average Crypto.com user.Beta phase roll-outWhile the innovation is grounded and driven by ChatGPT, it will be customized and further trained to provide more accurate and more relevant results based on the likely needs and queries of a typical Crypto.com service user.The feature has been launched as part of a beta phase offering. For the moment, customers will be restricted to its use relative to Crypto.com/Price , and that feature availability is being restricted to a group of select users for the time being.The company plans to broaden the AI-based offering over time, with the feature being rolled out on a scaled basis to additional Crypto.com users over a number of weeks. Crypto.com’s Executive Vice President of Product, Abhi Bisarya, said that “as with other businesses and sectors, we see incredible potential and opportunity in the convergence of AI with the crypto industry and our platform specifically.”Bisarya went on to add: “We are excited to be testing this emerging technology through our Amy pilot project. We are bullish on the innovation of AI in crypto, and we look forward to continuing to enhance the utility of Amy and deploy additional AI-powered capabilities.”AI surgeAI has captured the imagination of the broader public in recent months. Central to the surge in interest in the technology has been the roll-out of ChatGPT. The AI tool achieved an active user-base of 100 million in the space of just two months. To put that in perspective, it took Instagram two and a half years to achieve that metric. More recently, TikTok got there in nine months.Crypto.com is not alone in harnessing the power of AI to develop a higher quality product and service offering. At the beginning of March Changpeng Zhao (CZ), CEO of Binance, announced the launch of Bicasso, an AI-driven non-fungible token (NFT) platform.The tool allows users to harness AI to produce NFT-based digital art. By providing the AI innovation with descriptive prompts, the tool then generates an AI-infused artwork for the user.Additionally, last month the global crypto exchange launched Binance Sensei, an AI-driven learning tool that the company has integrated with its crypto and blockchain education platform, Binance Academy. The tool leverages AI to assist users in accessing the Binance Academy knowledge base.Photo by Markus Winkler on Unsplash

The South Korean port city of Busan yesterday convened a meeting to reaffirm the city’s commitment to establishing a blockchain-specialized cluster in the region.  The meeting took place at the Busan Technology Innovation Center located in Busan International Financial Center (BIFC), attended by Busan Vice Mayor for Economic Affairs Kim Kwang-hee, the Korea Internet & Security Agency Director Lee Sang-joong, Busan Technopark Chairman Kim Hyung-gyun and representatives of companies stationed at the BIFC. Photo by Dane Kim on Unsplash$15 million investment by 2026In a bid to foster blockchain technology companies in the region, the local government has outlined plans to invest a total of KRW 20 billion, or over $15 million, in the blockchain cluster project for the next three years until 2026. The Busan government and the central government are each responsible for providing half of the project’s investment fund. Starting off, KRW 6.2 billion will be allocated this year. Among the project’s main objectives are identifying local startups with high potential for blockchain technology integration, facilitating their connections with VCs for fundraising and promoting the project’s achievements. Participating companies are set to share their annual performances this upcoming December.  Most importantly, the city aims to attract blockchain companies to the region, lay business foundations for them and transform the city into a blockchain industry hub.  Ambition to become a global blockchain hub Vice Mayor Kim said the city will keep supporting local blockchain startups so that these entrepreneurs can settle down in Busan, with the aim of turning the city into a global blockchain hub. 

In a move aimed at boosting the Web3 sector, the adoption of investment tokens and the enhancement of startup financing, the Thai government recently approved a tax break for individuals holding such tokens.Photo by Nataliya Vaitkevich on PexelsIncentivizing crypto-based fundraisingThe decision, reported by local media as having been made on March 12, signifies a significant step towards incentivizing the use of investment tokens for fundraising purposes. Under the new regulations, capital gains derived from holding investment tokens will be exempt from personal income tax calculations. This exemption applies even if a 15% withholding tax had previously been deducted. The endorsement of this tax break by Thailand's cabinet underscores the government's interest in fostering economic growth and enhancing investment opportunities in the region. Kulaya Tantitemit, Director-General of Thailand's Revenue Department, emphasized the strategic importance of these tax measures, which have been made retrospectively effective from Jan. 1. The initiative is expected to stimulate fundraising activities through investment tokens, injecting vitality into the economy and paving the way for increased investment and job creation. However, it's worth noting that the tax break will only apply to individuals who refrain from seeking full or partial refunds of the deducted tax or claiming a deducted tax credit. Additionally, the government has extended tax incentives to investment token issuers, waiving corporate income tax as announced on March 7.Last month, the Thai Finance Ministry announced the exemption of digital asset trading activity from value-added tax (VAT). The VAT exemption is similarly designed to encourage the use of digital assets as an alternative fundraising mechanism. Potential $3.7B boostDeputy Government Spokesman Rachada Dhnadirek highlighted the significance of this move in diversifying fundraising avenues for firms, complementing traditional methods. The government anticipates that investment tokens will contribute approximately $3.7 billion to the economy over the next two years. While the recent tax break signals a positive step towards fostering a crypto-friendly environment in Thailand, the country's approach to crypto taxation has faced scrutiny from industry stakeholders in the past. Efforts by the Thai Revenue Department to tighten oversight and impose taxes on cryptocurrency trading were met with resistance from industry players concerned about the potential stifling effect on the sector's growth. In January 2022, the government's proposal to impose a 15% capital gains tax on crypto traders drew significant public backlash, leading to its suspension on Feb. 1 of the same year. Despite these challenges, Thailand has demonstrated a willingness to adapt its regulatory framework to accommodate the burgeoning crypto industry. Measures such as exempting traders on authorized exchanges from a 7% value-added tax (VAT) on crypto transactions, announced on March 8, 2022, underscore the government's efforts to create a conducive environment for crypto-related activities. The political backdrop in Thailand more recently is likely to be aiding the country in taking a more progressive stance where crypto is concerned. Last year, the country elected Srettha Thavisin as Prime Minister. In a prior role as CEO of real estate developer Sansiri, Thavisin oversaw the company’s involvement in digital asset-related activities. In January, Thailand’s Securities and Exchange Commission (SEC) removed the investment ceiling imposed on retail investors relative to participation in initial coin offerings (ICOs).