South Korea investigates Worldcoin for its personal data collection

According to a report published on March 31 by Nikkei, a Tokyo-based financial news outlet, the Japanese authorities are gearing up to categorize digital assets as financial products, while in the process broadening the scope of insider trading restrictions. While the publication didn’t cite a particular source, it reported that the Japanese Financial Services Agency (FSA) is expected to file a draft amendment related to the existing Financial Instruments and Exchange Act in 2026.Photo by M.S. Meeuwesen on UnsplashFrom payment to investment productCurrently, Japan’s Payment Services Act categorizes crypto assets as a means of settlement. That categorization looks at these assets from the perspective of a payment tool rather than considering them as investment products. The move is understood to be part of a broader effort to copper-fasten crypto sector oversight. Earlier this month, the Japanese cabinet approved a proposal that seeks to amend the Payment Services Act.  At the time, it had been suggested that the amendment would look to exclude crypto assets from being classified as securities, while also bringing about a reduction in the capital gains tax rate as it is applied to digital assets. It’s likely that crypto assets will find themselves in a distinct category, apart from securities like stocks and bonds. Crypto adoptionActivity related to crypto assets has been growing in Japan. 7.34 million active accounts were found to be responsible for crypto transactions in Japan in January. That amounts to a tripling in such crypto transaction activity over the course of five years. Japan enjoyed greater adoption at a very early stage in the global development of crypto. However, following the Mt. Gox crypto exchange collapse in 2014, which at the time accounted for the loss of 7% of Bitcoin’s supply, regulators responded by clamping down on the sector.  That situation led to greater investor protection for Japanese investors but it presented as a difficulty for Japan-based exchanges to compete globally with other exchange businesses overseas. A conservative stance taken by the FSA has also held back crypto exchange-traded fund (ETF) approval and adoption. Bitcoin ETFs were approved in the United States over a year ago. Earlier this month, Astar Network founder Sota Watanabe outlined that the current ruling party in Japan plans to remove crypto assets from a securities classification, alongside other changes which could potentially lead to the approval of crypto ETFs. The Liberal Democratic Party has also put forward crypto tax reforms that, if implemented, would see a 20% tax rate brought into effect where capital gains on digital assets are concerned.The finer detail with regard to the nature of insider trading restrictions as they will be applied to crypto assets has yet to be revealed. Nikkei speculated that such restrictions would likely be similar to those applied to conventional financial products. Last week, the Asia Web3 Alliance Japan, a crypto advocacy group, put forward a proposal to the U.S. Securities and Exchange Commission (SEC) that, if implemented, would see collaboration between the U.S. regulator and Japan’s FSA, its central bank and the Ministry of Economy, Trade and Industry. The objective of the proposal is to bring about cross-border regulatory clarity related to the further development of the Web3 ecosystem in both Japan and the U.S.

OliveX Launches OVE Governance TokenSingapore’s OliveX, a crypto trading ecosystem solutions platform, marked a significant milestone on Sunday with the official launch of its governance token, OVE.The introduction of this token allows users to participate in staking, mining, and unlocking other rewarding opportunities. OliveX was established to address challenges faced by traders within the crypto space.Photo by Kris Sevinc on UnsplashHybrid trading modelTo that end, the platform has introduced its “Fusion-Ex” trading model, presenting a solution to the perpetual dilemma of choosing between centralized exchanges (CEX) and decentralized exchanges (DEX). By merging the strengths of both CEX and DEX, OliveX is attempting to optimize the trading environment for market participants.Through the Fusion-Ex model, OliveX combines the user-friendly and fast experience of CEX with the transparency, security, and control offered by DEX. With this approach, it strives to strike a delicate balance, ensuring high efficiency while prioritizing user asset control. OliveX caters to the diverse needs of both novice and professional traders, while seeking to tailor trading services to these user groups.The role of OVE in the OliveX Ecosystem, the governance token of OliveX, serves as the central component for value circulation within the ecosystem. It plays a pivotal role and offers numerous advantages to OVE token holders. These privileges include the right to propose and vote on ecosystem changes, receiving profit dividends, access to priority whitelists, and participating in airdrops.AI IntegrationAI integration has become a trend among crypto platforms of late. Singapore-based Crypto.com has harnessed AI for the benefit of its user base, as has global exchange, Binance. OliveX has also taken this approach, embracing the future of trading by incorporating AI technology. With its AI trading suite, it offers users a new and enhanced trading experience. The suite customizes an automated revenue model, enabling users to maximize their trading profits. Additionally, it seamlessly integrates with various DeFi applications, opening doors to various on-chain applications and expanding its user base as a consequence.Recent IEOOVE’s journey commenced with an Initial Exchange Offering (IEO) on July 6, which consisted of five rounds. The overwhelming response from the market was evident as each round ended with over-subscriptions. The total funds raised during the IEO surpassed $40 million, with over-subscription rates exceeding 3,000%. The high level of recognition and support was reflected in the participation of over 20,000 users.Looking ahead, the OliveX ecosystem, including the forthcoming OVE Chain, continues to expand into new areas. The platform is promising further product development and updates over the coming months.The official launch of OliveX’s governance token, OVE, is a significant step forward for the fledgling project. With the Fusion-Ex trading model, AI integration, and the versatility of OVE, the platform is certainly making every effort to differentiate itself and appeal to the crypto trading public.

Bitcoin Miners Likely Selling at $28K Level, Says MatrixportAccording to a report by Singapore-headquartered digital asset financial services provider Matrixport, Bitcoin (BTC) is facing selling pressure at the $28,000 price level, possibly due to miners offloading their newly mined coins.The report, cited by CoinDesk on Friday, suggests that miners are being compelled to liquidate their inventory as profit margins have contracted in recent weeks.Photo by Pixabay on PexelsHashrate all-time highMining has become an intensely competitive and often unprofitable endeavor due to the ongoing rise in Bitcoin miner difficulty. The hashrate, or measure of how easily miners can discover a new block of Bitcoin reached an all-time high earlier this week. Markus Thielen, Head of Research at Matrixport, noted that given the current input cost and potential revenue expectations, most machines produced before 2022 appear to be unprofitable.“At the current input cost and potential output revenue expectations, most of the machines produced before 2022 appear to be unprofitable,” Thielen wrote.Forced sellingConsequently, miners are forced to sell their inventory at the current level rather than holding out for higher prices, which Matrixport anticipates. The report highlights the significant upside potential for miners if Bitcoin prices were to increase by 10% or more, as profitability could quadruple.The narrowing profit margins for miners reflect the challenges they face in a highly competitive market. As mining difficulty continues to rise, miners must allocate more resources and computing power to mine new coins, reducing their profitability. The situation is particularly tough for miners operating older machines, which are less efficient and more costly to run.The selling pressure exerted by miners can have a short-term impact on Bitcoin’s price. However, Matrixport’s analysis suggests that if Bitcoin experiences a notable price increase, miners could see a substantial improvement in their profitability. This potential upside convexity creates an incentive for miners to continue their operations and withstand the current market conditions.Ordinals bring increased feesOn the other hand one recent development that is assisting miners is the increase in transaction fees, with the development of Bitcoin Ordinals and BRC-20 tokens over the course of the past six months. That interest seems to be ongoing, and if anything we’re likely to see further development of tokens running on top of the Bitcoin blockchain. On Thursday, Seychelles-based crypto trading platform OKX proposed a new BRC-30 token standard which would enable staking of those tokens, alongside staking of bitcoin.Singapore-based Matrixport is a portfolio company of crypto investment venture capital firm Foresight Ventures, which is also headquartered in Singapore. The firm provides a suite of products that it is positioning to be innovative and easy to use, offering an all-in-one crypto financial services platform, enabling users to earn, invest, loan, and trade digital assets.The Matrixport report indicates that miners are likely selling their Bitcoin at the $28,000 level due to squeezed profit margins. While this selling pressure may affect short-term price dynamics, the potential for increased profitability if Bitcoin prices rise significantly provides miners with an optimistic outlook for the future.