WEMIX PLAY to Add Two New Blockchain Games to Lineup

India’s WazirX Partners with TaxNodes to Simplify TaxesIndia’s largest cryptocurrency exchange by trading volume, WazirX, has integrated with TaxNodes to enable platform users to calculate and file their crypto-taxes with greater ease.TaxNodes is a platform that provides users with the ability to calculate taxes on their cryptocurrency transactions. The start-up company has built a product for the retail crypto investor and trader that’s accessible on a global basis.Photo by Julian Yu on UnsplashEase of calculationThrough the partnership, TaxNodes will enable WazirXs expansive user base to calculate and file taxes on their crypto trades and crypto investments accurately. Furthermore, it will extend its service to provide updates on any developments in Indian taxation relative to the digital assets sector.Avinash Shekhar, Founder and CEO of TaxNodes, commented on the partnership: “We are looking forward to embarking on a journey with WazirX. We believe that our solutions will help WazirX’s customer base get clarity on the taxes levied on their investment. We think that our users will be able to leverage our plans to not only compute but also file their taxes, thereby, enabling us to simplify the taxation journey of crypto investors in the country.”From its perspective, Rajagopal Menon, Vice President at WazirX, said that the company has always prioritized compliance with regulations in the country to set an example of fair practice in the virtual digital asset industry. The partnership between WazirX and TaxNodes will be beneficial in enabling an ecosystem of regulatory abidance and mainstream adoption of crypto without the challenges of tax miscalculation or default.”High taxesIndia has chopped and changed its position on digital assets many times, and its tax treatment of cryptocurrencies has also undergone changes in tandem with that. Currently, Indian investors who trade digital assets, inclusive of NFTs, are under the obligation to declare their income if the assets are held as investments.Income tax return (ITR) forms for the 2022–2023 tax year have been amended to include a section dedicated to digital assets. A section called “Schedule — Virtual Digital Assets (VDA)” is now included. Income from the sale of virtual assets is currently taxed in India at a rate of 30%. One inequitable feature of the Indian crypto tax treatment is the fact that losses incurred from digital assets cannot be offset against other income.Additional taxes are to be applied in the form of tax deducted at source (TDS) of 1%, applicable on all sell transactions of digital assets and NFTs. That measure was first applied as of July 1, 2022. The world’s largest democracy has taken a very repressive stance in taxing digital assets, and added to that, non-compliance in the case of TDS can be sanctioned by way of a fine or jail time.With those high stakes, it’s appropriate that service providers like TaxNodes are collaborating with Indian crypto exchanges like WazirX. Crypto market participants can’t afford to miscalculate their taxes given the sanctions that could potentially be applied.

XPLA-Kado Partnership allows fiat-to-crypto transactions for XPLA usersXPLA, the layer 1 blockchain project operated by South Korean gaming company Com2uS Group, announced on Friday (local time) its partnership with Kado, a fiat-to-crypto on/off ramp platform, enabling XPLA users to move between fiat currencies and cryptocurrencies seamlessly.Photo by Ibrahim Boran on UnsplashXPLA available via Visa, MastercardKado simplifies the process of converting between fiat and crypto. Usually, Web3 users have to deal with the inconvenience of using centralized exchanges to make such conversions. But Kado makes this much easier, allowing users to make purchases with either fiat currencies or cryptocurrencies. The platform accommodates an array of more than 20 fiat currencies and supports well-established payment options, including Visa, Mastercard, Apple Pay, ACH Transfer and Wire Transfer. Moreover, Kado’s services extend across over 150 countries that support Know Your Customer (KYC) protocols.Paul Kim, CEO of XPLA, acknowledged Kado’s contributions to establishing a base for the growth of the Web3 economy. He pointed out that this collaboration will make it simpler and more intuitive for XPLA users to engage with the Web3 economy. Thanks to Kado’s services, XPLA users will now be able to transact with their tokens with greater ease.Vince Dowdle, co-founder of Kado, underscored the importance of this partnership, noting that Kado has recognized XPLA as a frontrunner in shaping the future of Web3 gaming. This recognition comes from XPLA’s proactive stance in acquiring the intellectual properties (IPs) of multiple major games, reflecting a firm belief in the potential of the Web3 content space.Meanwhile, XPLA boasts a diverse roster of validators such as Oasys, Animoca Brands, YGG, Blockdaemon, Cosmostation and LayerZero. It has also onboarded popular games like Summoners War: Chronicles, Minigame Party, Ace Fishing: Crew, Idle Ninja Online and The Walking Dead: All-Stars. With these titles, XPLA is actively working to establish itself as a major hub for Web3 content on a global scale.

OKX Follows Path Towards Dubai LicensingSeychelles-headquartered OKX, one of the world’s largest cryptocurrency exchanges, has expressed its intention to seek regulatory approval for operating in Dubai as part of its expansion strategy in the Middle East.With that objective, the company has obtained a Minimum Viable Product (MVP) preparatory license, an interim step on its path towards full licensing. That’s according to a press release published on Thursday.Tim Byun, OKX’s Global Head of Government Relations, emphasized the growing trend of regulation within the industry. In an interview with Reuters, Byun stated: “We would like to get ahead of that curve and be regulated in a sound manner.” The move comes in the wake of recent legal action taken by the Securities and Exchange Commission (SEC) in the United States against Binance and Coinbase, two of the largest crypto exchanges, for alleged breaches of SEC rules.Photo by Marcus Herzberg on PexelsSwitching to DubaiByun believes that the SEC’s actions will compel more market participants to seek out innovative regulators such as Dubai’s Virtual Asset Regulatory Authority (VARA).To support its expansion plans, OKX intends to hire 30 staff members following the opening of an office last month in the Dubai World Trade Center, strategically located in the business and financial hub of the United Arab Emirates.Byun further explained that by expanding its services from Dubai to jurisdictions like Saudi Arabia or Bahrain, where no domestic regulatory framework is in place, the local populations would benefit significantly from OKX’s regulation under an international regulator.Following Bahamian regulationCurrently regulated in the Bahamas, OKX does not allow customers from the United States to utilize its platform due to regulatory concerns. Following the collapse of FTX in November of last year, the Bahamas has suffered reputationally.It’s seen as a jurisdiction with much looser regulation and as the FTX debacle demonstrated, one that proved to be totally ineffective in preventing the epic fraud that occurred in that instance.Effective regulatory frameworkIn contrast, Dubai and the United Arab Emirates (UAE) in general seem to be making a much better effort towards a workable yet effective regulatory framework. Established in March 2022, VARA serves as the regulatory authority overseeing the burgeoning virtual asset sector in Dubai, excluding the Dubai International Financial Centre financial free zone. The United Arab Emirates has been actively working towards positioning itself to become a global crypto industry hub.No company has yet obtained a license for VARA’s full market product (FMP) stage, which would grant permission to serve retail clients. Byun revealed that OKX intends to apply for such a license.Byun concluded by expressing OKX’s willingness to be regulated and licensed in jurisdictions that adopt a balanced, clear, and transparent approach to the industry. The exchange is committed to operating within frameworks that prioritize investor protection and promote market integrity.