Putin approves inclusion of digital ruble within Russian tax code

Binance, in collaboration with Gulf Innova, a subsidiary of Gulf Energy Development, has officially opened its joint venture crypto exchange, Binance Thailand, for public trading. Challenging the market incumbentThis move had been eight months in the making, signaling Binance's entry into the Thai crypto exchange market, following an announcement in 2023 that it intended to extend its offering to Thailand. While Binance is the largest global crypto exchange platform, in Thailand it will be challenging the dominance of an incumbent exchange. Bitkub is based in Bangkok, currently holding around 77% of the market share, with a daily volume of approximately $30 million, primarily trading the Thai baht and Tether USDT pair.Photo by Sara Dubler on UnsplashRegulatory approvalThe launch comes after Binance received regulatory approval from the local Securities and Exchange Commission (SEC) in 2023. Initially introduced on an "invitation-only" basis, the exchange is now accessible to all eligible users, with Binance having followed through on its plans to expand its presence in the region. In a statement released on Tuesday, Binance TH announced the implementation of a dedicated order book tailored for Thai baht trading pairs. Users can seamlessly deposit and withdraw local currency through integration with domestic banking systems. Binance has managed to push its service offering forward in Thailand despite regulatory concerns. In the aftermath of the company’s $4.3 billion settlement in relation to securities law violations with the authorities in the United States in November, concerns had been expressed that the charges brought against the firm in the U.S. would challenge the feasibility of the Binance TH venture. At present, the platform focuses solely on spot trading, with a Binance spokesperson revealing ambitious long-term plans for additional services pending regulatory approvals. Nirun Fuwattananukul, CEO of Gulf Binance, expressed gratitude, stating:"We are deeply humbled to finally announce the launch of our local platform to the general public in Thailand. Over the past year, we have been working closely with Thai regulators, putting substantial effort into detailed planning." Binance TH facilitates digital asset exchange services, collaborating with local banks in Thailand in enabling its service offering. The exchange has also partnered with Binance Kazakhstan for brokerage services, operating under the supervision of Thailand’s SEC. Richard Teng, CEO of Binance, emphasized the strategic significance of the venture, stating:“This is a strategic step forward, setting the stage for Thailand’s impending role as a key player in the global digital finance landscape.” No access for foreignersOne limitation of the service pertains to foreign nationals. There is a restriction on access for foreigners residing in Thailand, as Binance TH requires a Thai National Digital ID to complete Know Your Customer procedures. Despite regulatory challenges and tax implications on overseas income from stock and crypto traders announced by the government in September 2023, Binance remains optimistic about the future of crypto trading in Thailand. The exchange released its themes for 2024 report on Jan. 15, outlining key growth areas such as the Bitcoin ecosystem, ownership economy applications, artificial intelligence, real-world assets, on-chain liquidity and institutional adoption.

CarrieVerse Token CVTX Listed on BingXBlockchain-based Web3 metaverse platform CarrieVerse has recently listed its native token CVTX on the cryptocurrency exchange BingX.Photo by m. on UnsplashMultipurpose tokenBuilt on Polygon, CVTX is integrated into the tokenomics ecosystem of CarrieVerse and its card strategy role-playing game (RPG) SuperKola Tactics. It is also the governance token for the CarrieVerse blockchain gaming platform Cling. It is currently tradable on other international exchanges in addition to BingX, such as Gate.io, MEXC Global, BitMart, and ProBit Global, as well as the Korean exchange GOPAX. CVTX can be traded for USDT on all of the above exchanges except for GOPAX, which offers a CVTX/KRW pair. KRW stands for Korean won.“CVTX has expanded its global presence one step further. We will continue to strive for market expansion through listings on leading exchanges, building on the excitement inspired by gaming and staking,” said David Yoon, CEO of CarrieVerse.About BingXFounded in 2018, BingX is a Singapore-based digital asset exchange that offers spot derivatives, copy trading, and grid trading services to over five million users across 100 countries worldwide. Its spot trading volume over the past 24 hours at the time of publication, according to recent data from CoinMarketCap, stands at $602 million. Notably, it allows for easy transfer of assets between Korean exchanges Bithumb and Coinone, having passed their Travel Rules requirements last year.

Saudi Arabia’s NEOM Forms $50M Animoca Brands PartnershipHong Kong’s Animoca brands, a gaming and metaverse venture capital firm, is embarking on a partnership with Saudi Arabia’s NEOM Investment Fund, focusing on pioneering Web3 initiatives.Animoca announced the initiative via a statement published to its website on Monday. NEOM is an ambitious project aiming to create a futuristic urban oasis in northwest Saudi Arabia, serving as a nexus for technology, commerce, entertainment, and tourism. It is planning to invest $50 million in Animoca.Photo by Hala AlGhanim on UnsplashDeveloping Web3 service capabilitiesThis collaboration will see Animoca harness its expertise to develop Web3 service capabilities with broad global applications in tandem with NEOM, aligning with NEOM’s vision of becoming a cutting-edge tech hub of the future.Animoca Brands has been a prominent player in the Web3 investment arena for several years. In July 2022, the company’s valuation soared to $6 billion, with backing from notable entities such as Singapore’s state investment fund, Temasek. Despite its ambitious goal to secure $2 billion for its metaverse fund in November of the same year, those expectations were significantly tempered following the FTX collapse. Consequently, in March, Animoca revised its target to a more modest $800 million.In-house market makingA report by The Block on Friday revealed that Animoca has been making efforts to pitch an in-house market making service to fledgling Web3 businesses within its portfolio. That service has been presented by the company to more than 400 startup projects in which it has been an investor over recent months.The key market makers in the crypto space include Wintermute, Keyrock, and GSR. This move by Animoca potentially puts Animoca in direct competition with these primary crypto-sector market makers. An in-house digital asset team has been tasked with offering the service. An Animoca spokesperson stated:“Its primary role, much like the treasury teams in many large corporations, is to optimize the utilization of the company’s balance sheet. The team does conduct market-making to ensure there is enough buy/sell liquidity for certain tokens, which is similar to the function that third-party market makers conduct, except that we choose to perform this in-house for scale and efficiency.”Saudi diversificationAs part of its Vision 2030 initiative, Saudi Arabia has been looking to diversify away from its predominantly oil-based economy. In an interview last month, Animoca Brands Founder Yat Siu outlined that the Middle Eastern country is embracing new technologies such as artificial intelligence (AI) and blockchain, encompassing blockchain-based gaming and Web3.In July it emerged that the Saudi Central Bank (SAMA) and the Hong Kong Monetary Authority (HKMA) were looking to extend the level of collaboration between the two territories relative to international payments and tokenization.This renewed interest from state-backed funds in Animoca suggests a potential shift in the Web3 venture capital landscape, coinciding with broader indications of a thaw in the crypto winter. The collaboration with NEOM and the injection of $50 million underscore the growing recognition of Web3’s potential, cementing Animoca Brands’ position as a key player in the ever-developing Web3 space.