Rotonda Signs Deal with The Sandbox for Blockchain Ecosystem Expansion

NFT Artists Coming to Seoul in September for The Gateway: KoreaThe Gateway: Korea, the world-renowned annual Web3 event held to celebrate the NFT community and digital artists, is set to take place next month as part of the sixth annual Korea Blockchain Week 2023. It will be held on September 7 to 8 at SFactory, a culture and arts hub in Seongsu-dong, Seoul.The Gateway has been organized by the Web3 digital media platform nft now since 2021. This year, it will be co-hosted by the blockchain community FactBlock, which is also the co-host of Korea Blockchain Week.Bringing realms togetherCentered around the theme of convergence — specifically, the convergence of man and machine, East and West, and URL and IRL — The Gateway: Korea aims to connect Web3 technology and Korean culture. It will feature activities such as interactive experiences and immersive galleries.Photo by fabio on UnsplashExploring digital art and visionary voicesThe event will also include various programs, including keynote speeches and fireside chats. Most notably, there will be an exhibition of works by famous digital artists like Beeple, who famously sold his NFT art piece titled “Everydays — The First 5000 Days” for a record-breaking $69 million two years ago at an online auction held by auction house Christie’s.Other invited artists include DeeKay, Emonee LaRussa, and Krista Kim, among others.“I am delighted that we are able to achieve global expansion through the September event in Seoul,” said Matt Medved, Co-Founder, CEO, and Editor-in-Chief of nft now.“Korea is experiencing an unprecedented moment where cultures from around the world intersect. This event will welcome leading creators and innovators in the Web3 field.”

Japan’s Financial Services Agency (FSA) is advancing proposals to authorize exchange-traded funds (ETFs) backed by specific cryptocurrencies, a move that fleshes out previously reported plans to apply a flat 20% separate tax to crypto gains. According to agency materials released on Dec. 26 and reported by CoinPost, the regulator has now clarified that crypto-linked ETFs and derivatives will be integrated into this new tax framework.Photo by Jakub Żerdzicki on UnsplashThe materials, part of the tax reform framework for the fiscal year 2026, indicate that the regulator intends to align the tax treatment of crypto-linked ETFs with that of stocks and foreign exchange trading. Under the current system, cryptocurrency gains in Japan are classified as miscellaneous income, subjecting investors to progressive tax rates that can reach approximately 55% when local levies are included. The proposed reforms aim to integrate crypto assets into the Financial Instruments and Exchange Act (FIEA), a legislative package slated for debate during the 2026 Diet session. Derivatives also subject to separate taxBeyond ETFs, the regulator plans to adjust the taxation of derivative products based on certain crypto assets. While these derivatives would remain classified as miscellaneous income—similar to conventional futures—the method of taxation would shift from comprehensive taxation to a separate self-assessment model. Despite the outlined tax reductions, market observers anticipate that full implementation may be delayed until 2028 due to the time required to amend the relevant laws and government ordinances. FSA restructures to better oversee cryptoIn parallel with regulatory updates, the FSA is restructuring its internal operations to better address digital finance. Nikkei reported that the agency has decided to elevate its Crypto-Assets and Blockchain Innovation Office to the status of a division beginning in the administrative fiscal year starting July 2026. This restructuring follows an August proposal in which the FSA cited the need to bolster its capacity to handle financial services transformed by financial technology, crypto trading, and generative artificial intelligence (AI). The agency noted that it faces accumulating challenges, including fraud prevention and the government's broader goal of positioning Japan as a leading asset management nation. Additionally, the establishment of a new Asset Management and Insurance Supervision Bureau is expected as part of the reorganization. The regulatory shifts coincide with broader efforts to integrate blockchain technology into Japan's financial infrastructure. A separate Nikkei report last week stated that policymakers have agreed to prepare for the issuance of local government bonds as blockchain-based security tokens. The government plans to submit the necessary legislation during the next ordinary Diet session, aiming to streamline settlement processes and enable real-time monitoring of investor data. Corporate crypto strategies persist despite concernsIn the private sector, Tokyo Stock Exchange-listed Metaplanet is proceeding with a corporate strategy focused on Bitcoin accumulation. Dylan LeClair, the company's Director of Bitcoin Strategy, said on X that shareholders at an extraordinary meeting approved proposals to raise capital for additional Bitcoin purchases, including the issuance of Class B preferred shares to overseas institutional investors. Earlier this year, Metaplanet shareholders authorized a long-term plan to acquire more than 210,000 Bitcoin by 2027, representing roughly 1% of the total supply. However, analysts warn that corporate models based primarily on asset accumulation face structural risks. According to Cointelegraph, industry figures such as MoreMarkets CEO Altan Tutar and Solv Protocol co-founder Ryan Chow have cautioned that companies relying solely on digital asset holdings may struggle to maintain valuations without developing operational businesses that generate consistent returns. 

Tether, the company behind USDT, the popular dollar-backed stablecoin, is seeking to establish a presence in South Korea through remote hiring, according to a report from Maeil Business Newspaper citing industry sources.Photo by DrawKit Illustrations on UnsplashRather than opening a physical office, Tether is looking for a remote employee who will focus on increasing USDT adoption in Korea, exploring business opportunities, building partnerships and navigating the local regulatory landscape. The expansion comes as stablecoins gain significant traction in South Korea. Data provided to lawmaker Min Byeong-dug from the country's five largest cryptocurrency exchanges via the Financial Supervisory Service (FSS) shows that dollar-pegged stablecoins accounted for 47% of crypto assets withdrawn from these platforms between January and March. Central bank pushes for regulationMeanwhile, South Korean officials are increasingly focused on regulating the stablecoin sector. Bank of Korea (BOK) Governor Rhee Chang-yong recently called for the swift implementation of stablecoin oversight, warning that they could bypass the country’s financial rules. During a press conference in Italy, Rhee argued that stablecoins pegged to either the Korean won or the U.S. dollar effectively function as alternative currencies and should be examined under existing money transfer laws. Rhee has emphasized that authorities must first determine whether won-backed digital tokens should be permitted at all. Last October, during a national audit, he expressed concerns about stablecoins' dependence on fiat currencies and advocated for implementing a central bank digital currency (CBDC) instead. These concerns were echoed by Ko Kyeong-cheol, head of BOK's electronic finance team, who recently highlighted at a financial law conference that stablecoins could profoundly impact the central bank's ability to carry out monetary policy, maintain financial stability and oversee payment settlements. Ko emphasized that if South Korea were to permit won-pegged stablecoins, the BOK should be involved early in the approval process to minimize potential risks to its policy objectives. On the regulatory front, Financial Services Commission (FSC) Chairman Kim Byoung-hwan has indicated that discussions on developing a stablecoin regulatory framework are likely to begin in June as part of a broader initiative. Presidential candidates weigh in on stablecoin futureThe issue has also entered the political arena ahead of South Korea's June 3 presidential election. Lee Jae-myung, the Democratic Party of Korea's presidential candidate, has advocated for a market featuring won-based stablecoins. Lee argues that quickly adopting stablecoins would help South Korea keep pace with global trends and prevent capital outflows. His platform includes introducing spot crypto ETFs and reducing digital asset trading fees.  Another candidate, Hong Joon-pyo of the People Power Party, also previously announced plans to explore the issuance of a won-pegged stablecoin before being eliminated in the party's primary election.