Wintermute Asia executes inaugural options block trade via CME

Hyosung TNS and APoT Join Hands to Promote NFT Portal ServiceSouth Korean IT infrastructure and financial solutions provider Hyosung TNS announced that it is teaming up with APoT Platforms, a company specializing in developing blockchains for real-world assets (RWAs), to promote NFTtown — Hyosung TNS’ portal service dedicated to providing information, news, and educational content on NFTs.Photo by Andrey Metelev on UnsplashBringing real-world assets to blockchainAPoT Platforms is equipped with technology that is able to embed data on RWAs, such as artwork and luxury goods, thereby connecting them to the blockchain. The company also maintains an extensive network of collaborative relationships with various NFT artist organizations and communities both domestically and abroad.Hyosung TNS plans to bring APoT’s artist network to NFTtown, allowing users to easily access information regarding NFT artists and their works.The two companies will also work together on other efforts, including introducing NFT artworks, digital product transfers, and events for NFT holders.NFT art exhibitionAs the first step of their collaboration, they plan to exhibit and sell works by renowned NFT artists such as Han Kwang-suk, Quiet Eye, and HAN (Han Sun-ok) this month at the Lotte Department Store Ilsan’s Spazio We;R Gallery.

A number of reports published by local Russian media in recent days suggest that the Russian authorities are implementing taxation and regional controls on cryptocurrency mining.Photo by Michael Parulava on UnsplashRegional mining banA report published by the Moscow Times on Nov. 19 suggests that Russia’s Deputy Prime Minister, Alexander Novak, has led a government commission that plans to implement a ban on cryptocurrency mining in specific Russian regions.  The authorities have been motivated in enacting such a ban in order to combat power shortages. With that, a ban is being implemented on a temporary basis during the heating season. The restrictions will apply to miners located within six regions within the North Caucasus, as well as the Zabaikalsky region in Siberia and territories now controlled by Russia in Ukraine. The ban will apply from December through to mid-March 2025, with this seasonal restriction to be applied subsequently each winter until 2031. Back in August, Russian President Vladimir Putin signed into law legislation which legitimized cryptocurrency mining within the Russian Federation. That law recognized mining activities and the concepts of mining pools and mining infrastructure operators. The legislation requires mining operators to register with the government. Individual miners can mine without registering so long as they stay within specified energy-use limits. Earlier this month, the authorities set a power consumption limit of 6,000 kWh per month for those unregistered miners.  The legislation also recognized the ability of stakeholders to trade in foreign digital assets on Russian blockchain platforms, with Russia’s central bank, the Bank of Russia, retaining the ability to ban specific digital assets from being traded if such trading is deemed to be a threat to Russia’s financial stability. 15% tax proposalEarlier this week Russia’s Interfax news agency reported that the Russian government had approved draft amendments to a bill concerned with the purchase and sale of digital currencies relative to crypto mining activity.  According to those proposed legislative amendments, digital assets will be classified as property from a taxation perspective. Income derived from mining activities will be assessed in terms of taxation based on market value at the time of receipt of the asset. The legislative amendments propose a 15% tax rate for cryptocurrencies. Furthermore, crypto transactions will not be subjected to value-added tax (VAT). However, income derived from such transactions will be taxable in the same way as income from transactions involving securities. Crypto mining operators will be permitted to deduct operating expenses from their taxable income. Russia’s Finance Ministry is understood to have clarified that the taxation approach would strike a balance between Russian government interests and those of commercial operators. With the introduction of legislation to recognize cryptocurrency mining activity earlier this year, Ki Young Ju, CEO of on-chain and market data analytics firm CryptoQuant, noted the country’s growing involvement and national-level engagement with digital assets. The coming months will determine if these latest crypto mining restrictions will dampen the level of involvement of Russia-based crypto miners.

Sleek Secures $5M seed funding to propel Web3 social networking offeringHong Kong-based startup Sleek has successfully raised $5 million in seed funding to advance its Web3 social networking platform, aiming to further the ownership economy and introduce blockchain-powered social media accessible to a broad audience.Photo by micheile henderson on UnsplashIncentivized networking through ‘SocialFi’Officially launched in April of this year, Sleek aspires to reshape human connections by simplifying networking, infusing a sense of fun and fostering productivity. The platform provides users with an expansive environment where they can exchange information, connect with new contacts and participate in incentivized networking through innovative Web3 social finance (SocialFi) business models.In essence, SocialFi employs blockchain technology with the objective of monetizing social interactions. The concept has come to broader attention in recent months as a consequence of the emergence of Friend.tech, a novel way for creators to monetize content, by way of tokenizing attention. Sleek enables users to directly monetize their content and social capital, emerging as a new generation of creators within the Web3 landscape. Sleek Co-Founder Chase Guo explained to The Block how it differs from other Web3 social networks:“Most of the time, this strategy [bootstrapping a platform using tokens or incentives] does not result in unique content generation and sustainable growth. People are here for the airdrop and leave once they cash out. Sleek took a very different approach — build a real use case first with die-hard fans.”Sleek CardAt the forefront of Sleek’s offerings is its flagship product, Sleek Card, specifically designed to empower Web3 professionals in face-to-face networking. Each Sleek Card generates a blockchain wallet and a decentralized identity for users, streamlining the onboarding process into the Web3 space.Utilizing NFC technology and a proprietary messaging bot, Sleek Card allows users to capture data and manage contacts, resulting in robust on-chain social graphs. Notably, Sleek Card has facilitated over 300,000 connections, establishing itself as a key player in the Web3 landscape. The platform has also formed strategic partnerships with prominent entities such as Solana Hacker Houses, Coinfest, Digital Art Fair and NFTNow, bringing innovative event experiences to life.Both of the startup’s founders spoke about the body of work Sleek is involved in. Co-Founder Tania Tse stated:“We are launching monetization models in our platform that are only possible through the blockchain, so talented creators from various verticals who don’t have a full team supporting them can earn sustainably.”Chase Guo added: “Leveraging our own experiences and lessons learned, we are building applications alongside our users to power the future of Web3 social.”Looking ahead, Sleek plans to unveil an open marketplace in the first half of 2024, empowering domain experts to become creators by tokenizing their knowledge into liquid and accessible assets. This strategic move aligns with Sleek’s vision for a more equitable, user-centric and transparent digital social landscape.Broad industry backingSleek’s investor roster includes well-known names such as Shima Capital, Spartan Group, Symbolic Capital, Genblock Capital, Big Brain Holdings, Market Across, Emirates Consortium, Arkstream, Perridon, GBV and various angel investors. Notably, Binance Labs, the venture capital arm of Binance, invested in Sleek through the Binance Labs Incubation Program in 2022.