South Korean Prosecutors Fail to Recover Do Kwon’s Assets

LDP Working Group Proposes Web3 Industry Plan to Japan’s Prime MinisterJapan’s ruling Liberal Democratic Party (LDP) announced that its Working Group for Digital Society Promotion presented a proposal related to the Web3 industry to Prime Minister Kishida Fumio on Tuesday. The information was made public on the party’s website and later reported by the Korean crypto media outlet Tokenpost.Photo by Jezael Melgoza on UnsplashImproved crypto regulationsThe comprehensive 35-page study favorably reviewed the enhanced cryptocurrency regulations implemented by the Japanese government following the 2014 Mt. Gox breach and the 2018 Coincheck hack. The study credits these improved regulations for nurturing Japan’s robust Web3 ecosystem, which received global attention amidst the recent crypto winter. This term refers to a period marked by a sustained downturn in cryptocurrency values.Japanese crypto exchanges demonstrated prudence by refraining from listing most of the problematic tokens on their platforms, thereby averting panic within the market. This cautious approach was supported by Japanese law, which mandates crypto exchanges to securely store customers’ staked tokens separately. As a result, they were shielded from the repercussions of the FTX bankruptcy, which arose due to a liquidity crisis of FTT, the global crypto exchange’s native token.Significance of security tokensThe paper optimistically projected that Japan could lead the way in passing through the crypto winter ahead of other countries, citing the nation’s track record of overcoming numerous challenges in the industry. The authors highlighted the exit of speculative projects from the sector, balanced by the rise and continuous growth of new blockchain-based businesses. The report underscored the significance of tradable security tokens, which leverage blockchain technology to represent assets or rights.The adaptable nature of blockchain technology was emphasized, particularly its potential to incentivize social activities like volunteering. This versatility enables the broader public to actively participate in monitoring and addressing issues related to deteriorating infrastructure, thereby reducing associated management costs across society.Crypto taxationThe proposal also addressed the issue of crypto taxation, arguing for enhancements to the token investment environment to bolster blockchain-driven businesses. Currently, Japan taxes tokens held by corporations, discouraging domestic investment and stifling the growth of the Japanese Web3 ecosystem. To rectify this, the paper suggested exempting tokens issued by a third party from taxation if they are not intended for short-term trading.Moreover, the authors addressed the high taxation rates facing retail investors in Japan, which can reach up to 55% on income from crypto trading. This stricter tax regime compared to other countries has led many taxpayers to seek investment opportunities abroad. The authors suggested improvements to create a more investor-friendly environment.Token listing procedureThe proposal also included recommendations concerning token listings. In Japan, crypto exchanges are currently obligated to undergo a preliminary review conducted by the Japan Virtual and Crypto Assets Exchange Association (JVCEA) before listing tokens. It was suggested that the review process should be further refined to enhance efficiency.Yen stablecoinsThe authors emphasized the importance of introducing and circulating yen stablecoins to foster the growth of the Japanese Web3 industry, necessitating the development of a sustainable business model for these stablecoins.Content & Web3Furthermore, the proposal underscored the need for clear guidelines to discourage gambling behaviors and promote responsible usage within the NFT space. It advocated for the establishment of an industry organization bridging the content industry and the Web3 industry, which would facilitate collaboration and collective efforts towards a robust NFT ecosystem in Japan. Measures to protect Japanese content and data from unauthorized monetization by foreign entities were also recommended.According to an industry official who spoke with Tokenpost, Japan’s extensive preparations for the Web3 initiative have instilled confidence in the sector. The official highlighted that the country is currently exploring ways to establish connections between these new projects and existing industries, with the goal of maximizing their economic potential and generating fruitful outcomes.

United Arab Emirates (UAE)-based crypto market maker and Web3 investment firm DWF Labs has launched a $250 million fund for investment in mid to large-cap crypto projects. The company, which recently switched its administrative base from Singapore to Abu Dhabi, asserts that the fund will contribute towards the real-world adoption of Web3 technology. Photo by Towfiqu barbhuiya on UnsplashUp to $50M per projectTaking to X, DWF Labs Managing Partner Andrei Grachev announced the $250 million fund. He added:”Single ticket size ranged from 10 to 50M$ per a project. Cash + comprehensive support = Moon” In a statement published to the company’s website, DWF Labs outlined that the Liquid Fund initiative aligns with the firm’s commitment to contributing towards real growth within the broader crypto market. It stated: “The fund will provide strategic crypto venture capital and ecosystem support, ensuring sustainable growth for projects that drive real-world adoption and help promote change in the industry.” Initial dealsWork on the fund is already in motion. The company confirmed that it has already invested $11 million into promising blockchain projects as part of the initiative. Furthermore, DWF Labs confirmed that it is on the verge of signing two major investment deals with ticket values of $10 million and $25 million respectively. Beyond those deals, the firm asserts that other investment deals are in the pipeline. It clarified that the nature of the investment differs from traditional investments insofar as each deal incorporates a full-scale ecosystem growth strategy, devised specifically for the particular needs of each project. Grachev stated that the company believes “that strategic capital, coupled with hands-on ecosystem development, is the key to unlocking the next wave of growth for the industry.” Key aspects being considered by the company when formulating ecosystem growth strategies relative to targeted blockchain projects include public relations (PR) and brand amplification, a comprehensive go-to-market (GTM) strategy, lending markets development and a focus on stablecoin total value locked (TVL), with supporting liquidity and DeFi activity relative to layer-1 and layer-2 projects. Focus on ‘usability and discoverability’Grachev told Cointelegraph that emphasis will be placed on investing in blockchain projects that stand out in terms of “usability and discoverability.” He added that “good technology and utility alone isn’t sufficient,” asserting that "users first need to discover these projects, comprehend their value and develop trust." The DWF Labs managing partner suggested that strategic capital, together with hands-on ecosystem development, is paramount relative to efforts to realize the next iteration of growth within the crypto sector. Up until the end of last year, DWF Labs was headquartered in Singapore and still maintains a presence there. Besides Abu Dhabi, it also has a physical presence in Dubai. Hong Kong, Switzerland, South Korea and the British Virgin Islands (BVI) account for the locations of the remainder of its international offices. While Grachev and his firm can be assumed to have a positive broader view on the cryptocurrency sector given the launch of this latest fund, the DWF Labs managing partner recently pointed to a more immediate potentially bearish trend in the market.

WEMIX Listed on Crypto Exchange CoinDCX, Strengthening Presence in IndiaWEMIX, the utility coin of blockchain game platform WEMIX Play, has now been listed on India-based cryptocurrency exchange CoinDCX, according to a press release. WEMIX Play is operated by South Korean gaming company Wemade.Photo by Naveed Ahmed on UnsplashWEMIX/USDT & WEMIX/INREstablished in 2018, CoinDCX earned unicorn status two years ago, becoming the first Indian crypto exchange to accomplish this feat. With a current valuation of approximately $2.5 billion, CoinDCX offers trading support for over 80 cryptocurrencies and provides decentralized financial (DeFi) services to a customer base of 15 million global users. CoinDCX users can trade WEMIX against USDT and INR, where USDT stands for a stablecoin issued by crypto giant Tether and INR for Indian Rupee.WEMIX made its debut on the Indian market in February through its listing on Bitbns, another cryptocurrency exchange. The token’s addition to another trading platform in India indicates the growing presence of the WEMIX ecosystem in the region.India’s Web3 landscapeIndia is a prominent market for non-fungible tokens (NFTs) and blockchain technology. As of April, investments in the Indian Web3 ecosystem had reached $1.3 billion. The country also boasts the world’s third-largest talent pool for Web3 development. Currently, more than 450 Indian startups are making their mark on the global stage, demonstrating expertise in DeFi services, gaming, NFTs, and metaverses.Looking ahead, WEMIX aims to further expand its reach by pursuing listings on additional crypto exchanges. This strategy will enable gamers worldwide to trade the WEMIX token with their respective fiat currencies.