Mars Program Sees Huobi Venture into Space

Korea's Democratic Party of Korea (DPK) plans to re-request the Financial Services Commission (FSC) for an authoritative interpretation of spot Bitcoin ETFs in June, seeking the legal interpretation of such products, according to The Korea Economic Daily.  The FSC currently does not classify virtual assets as financial investment products, as they do not function as underlying assets for ETFs as stipulated by the Capital Market Act. Thus, the issuance and listing of spot cryptocurrency ETFs have not been permitted in the country, limiting trading opportunities for Korean investors. Photo by Pixabay on PexelsDespite the situation, interest around the spot Bitcoin ETFs has surged in South Korea following the approval of such ETFs in the United States and recently in Hong Kong. This heightened expectation of spot Bitcoin ETF approval has coincided with the 22nd general election held on April 10.  DPK’s attempts to keep its promise The DPK’s decision to seek clarification on spot Bitcoin ETFs from the financial regulator comes after the party’s landslide win at the general election, securing a total of 175 seats out of 300 in the National Assembly. Among the party’s key pledges were to allow the trade of spot BTC ETFs and ease regulations on crypto products.  In the run-up to the election, the DPK and the ruling People Power Party (PPP) vied for introducing pro-crypto pledges to win votes from young Koreans in their 20s and 30s, who make up a significant portion of crypto investors within the country.  Bold move to amend Capital Market ActThe spokesperson of the DPK said the party will first seek an authoritative interpretation regarding spot Bitcoin ETFs from the FSC and continue to closely monitor how the situation unfolds. The prevailing view from experts, however, is that the agency is likely to remain sturdy in its view.  If the FSC insists on its current stance on spot BTC ETFs, the party would go as far as to amend the Capital Market Act, the spokesperson said, which would take at least a number of months to follow all due processes. 

Blockchain gaming platform Intella X has partnered with Galxe, a Web3 protocol that allows users to own, manage and share their digital credentials, according to an official announcement by Intella X’s operator Neowiz on Tuesday (KST). The two companies vowed to leverage Galxe's community network and expertise to create an Intella X channel on the Galxe platform, revitalizing the Intella X ecosystem.Photo by GuerrillaBuzz on Unsplash"Through this partnership, we look forward to exchanging our knowledge with Galxe and effectively growing the Intella X community, which will help revitalize the Intella X ecosystem and strengthen our global competitiveness," said Jose Ko, CEO of Intella X. Leading the way in Web3 communitiesWith over 14 million on-chain users, Galxe is a pioneer in Web3 community building. Its vast network supports 26 blockchains and various social networking websites, including X, Discord and more. In particular, the protocol also operates a rewards-based Loyalty Points system with over 3,300 partners, including Optimism, Polygon and Arbitrum, which distributes points rewards based on participation in project campaigns. "We will strive to leverage the Galxe community and introduce Web3 technology that serves to expand the Intella X ecosystem. Through our collaboration, we will bring innovations, developers and gamers to the Web3 market,” said Galxe CEO Charles Wayn. Revolutionizing blockchain gamingIntella X, which is built on the Polygon Network, is a Web3 gaming platform that emphasizes contribution and rewards. Services include a decentralized exchange (DEX), NFT marketplace and digital wallet, as well as a service protocol that rewards platform participants. In December last year, the platform also beta-launched a service last month dubbed Space Candy Store, an innovative platform service designed to reward gameplay.

Laos targets crypto operators’ unpaid feesIn a bid to enhance state revenues, Laos has turned its focus to the cryptocurrency sector, revealing that operators in the country owe a total of $20 million in fees. The announcement, reported on Thursday by Chinese state news agency Xinhua News, references information from the Lao People’s Army News.Photo by Alessio Roversi on UnsplashLoss-making mining activityLaos had previously granted authorization to 15 blockchain companies to engage in crypto mining or operate as exchanges as part of a strategy to diversify government income sources. However, Prime Minister Sonexay Siphandone disclosed that two of these companies showed no progress in their operations, while others lagged behind in meeting their financial obligations to the state.It emerged in August that the national electricity supplier, Electricité du Laos, had decided to suspend the supply of energy to crypto miners amid a perfect storm of challenges. Laos has ample hydro electric resources and is a net exporter of electricity. However, a drought this year has challenged it to honor contracts for supply of electricity to the Electricity Generating Authority of Thailand.To deal with this issue, power supply to Laotian crypto miners was suspended. To compound matters, many mining operators have been struggling financially and were unable to pay their bills.Debt reliefSiphandone mentioned that since the government initially set the tax obligations, the overall value of cryptocurrencies has experienced a 50% decline. Consequently, Laos has decided to alleviate the burden on crypto companies by reducing the outstanding balance by an equivalent 50%.Following this decision, the affected companies have commenced the settlement of their fees, and it is anticipated that all outstanding amounts will be fully resolved by the year’s end, according to the country’s Prime Minister. However, he issued a cautionary note, stating that companies failing to make satisfactory progress would face consequences, including the suspension of their operations, imposition of fines or even the revocation of their licenses.Digital transformationIn May, Laos outlined key aspects of its digital transformation strategy, emphasizing the use of digital technology to generate new fiscal revenue, strengthen foreign exchange reserves, control inflation, and promote sustainable economic growth. The move to reduce crypto companies’ tax burdens amid market volatility underscores Laos’ adaptability to the challenges presented by the dynamic cryptocurrency landscape.As part of its digital transformation strategy, the Laotian government signed a cooperation agreement with Singapore’s MetaBank. Partnering with another overseas entity, the country has also relied upon the expertise of Japanese fintech developer Soramitsu with regard to a central bank digital currency (CBDC). Soramitsu has played a pivotal role in enabling the issuance of Laos’ Digital Lao Kip.Early last year, the landlocked Southeast Asian country authorized trading licenses for two crypto platforms. These included Lao Digital Assets Exchange (LDX), a joint venture between Phongsupthavy Group and AIF Group, and Bitqik, a subsidiary company of Simuong Group.