Thailand’s SEC moves to block five exchanges to protect investors

Aptos charts success in South Korea through bridging Web2 and Web3Aptos, a major layer 1 blockchain network developed by the experts behind Meta’s canceled stablecoin payment system Diem, is growing in South Korea. In a recent Aptos Day conference held at the Hashed Lounge in Seoul, the Aptos team shared its vision for developing its ecosystem in Korea and attracting users by actively bringing content from Web2 to Web3, instead of simply focusing on cultivating a Web3-only ecosystem.Photo by GuerrillaBuzz on UnsplashDavid Wolinsky, a software engineer at Aptos and a former developer at Facebook, presented Aptos’ key advantages and achievements since its launch last year and outlined the blockchain’s future plans for growth.High-speed Web3 powerhouseIn particular, he highlighted Aptos’ high compatibility with social media, its solid security framework built with the Move programming language and a rapid processing speed of up to 200,000 transactions per second (TPS) — with a time to finality (TTF) of less than one second. Thanks to this impressive speed, Wolinsky explained, lots of projects have onboarded the network, which is anticipated to grow into a bigger ecosystem with more decentralized applications (dApps).Aptos has also carried out over 300 million transactions since its launch in October of last year, creating seven million unique addresses. Just two months following its launch, there were already over 200 projects on the blockchain. Aptos could thus play a significant role in revolutionizing Web3, which is currently dominated by the Ethereum virtual machine (EVM).Facilitating the transition from Web2 to Web3To grow the ecosystem further, Wolinsky emphasized the importance of bringing Web2 users to Web3 in an efficient and seamless manner. Aptos aims to achieve this by facilitating the creation of Aptos-based wallets through integration with platforms like Facebook, X (formerly Twitter) and Google, allowing users to enjoy various dApps.Wolinsky also noted that Aptos uses Move — an open-source programming language developed by Facebook for writing smart contracts on the Diem blockchain — which is designed to be developer-friendly, employing similar mechanisms that developers generally use to build applications on Web2. This language can attract not only Web2 users but also Web2 developers who are transitioning to Web3 without worrying about the complexity of the process. Aptos argues that Move is more secure than EVM’s Solidity language.Positive prospects in KoreaAptos also regards Korea as a key market for growth, as Korean developers are actively contributing to the Aptos ecosystem and providing helpful feedback. The blockchain disclosed that as of Q3 this year, Korea has 13 Aptos validators — second only after the U.S., which has 14.Christie Lee, Head of Business Development and Partnerships in Korea at Aptos, argued that Korea is innovating the most at the larger corporate level while also contributing to the ecosystem. Lots of endeavors are playing out in the Korean market, she said, as regulatory restrictions in fields like gaming, entertainment, finance and more are starting to loosen.She also added that the Korean market is not only driven by innovation from large companies but also by small developers who can contribute to the ecosystem, noting that the market is a favorable environment for developers to thrive. In addition, Korean users are sensitive to trends and adept at incorporating technology, which would allow them to quickly adopt Web3 culture.

Incheon City to Host Blockchain Conference Showcasing its VisionIncheon City will host a blockchain conference, Incheon Metanomics 2023, to showcase its vision at the Songdo Convensia Convention Center on May 9.The event will present the city’s goal of building a blockchain ecosystem and fostering digital economy growth. About 150 blockchain experts from around the world are expected to attend, according to Block Media.Insightful talksProminent industry figures, including Leon Sing Foong, the head of Asia-Pacific operations at cryptocurrency exchange Binance; Steve Park, Asia-Pacific head of public policy at online game platform Roblox; and Justin Kim, a solutions architect at semiconductor company AMD, will speak at the event. Foong will talk about the collaboration between crypto exchanges and governments, Park will provide insights into the future of the metaverse, and Kim will address upcoming trends in decentralized storage systems.Registration for the conference is free and open until May 4 through Event Us, with a live stream of the event available on YouTube.Incheon and DubaiIncheon has been working towards establishing a special digital economy zone within the city by utilizing blockchain technology. In March, Incheon Mayor Yoo Jeong-bok met with Ahmed Bin Sulayem, the executive chairman of the UAE’s Dubai Multi Commodities Centre (DMCC), to discuss cooperation in the blockchain industry and digital economy.The DMCC, a free trade zone in Dubai, hosts over 65,000 workers from more than 21,000 companies across 180 countries. Notably, the DMCC crypto center is home to a community of over 500 crypto firms, fostering the Web3 and blockchain economy.Similarly, Incheon operates a free trade zone that connects 147 cities with populations exceeding 1 million within a three-hour flight radius. The Incheon Free Economic Zone is appealing to global blockchain companies as it offers flexible business operations for foreign entrepreneurs.© Pexels/joon young, Park

India’s Upcoming G20 Summit Bullish for CryptoThe upcoming G20 summit in Delhi, India, will mark the first-ever G20 summit hosted in South Asia. The G20 comprises 19 countries and the European Union. While the summit is focused on discussing critical issues related to the global economy, it will also include discussions on cryptocurrencies.©Pexels/Studio Art SmileCrypto policy precursor to mass adoptionRegulations and policy frameworks around crypto will be a significant topic of conversation at the summit, alongside discussions on international financial stability. India’s Finance Minister, Nirmala Sitharaman, confirmed that G20 nations are working towards creating an effective Standard Operating Procedure (SOP) for regulating crypto during the summit.India has been taking a systematic approach to regulate the evolving crypto space, as evidenced by the nation’s evolving stance on cryptocurrencies and the recently launched central bank digital currency (CBDC) pilot. With this in mind, the G20 summit in Delhi is expected to provide a platform for countries to discuss and collaborate on effective crypto regulations and policy frameworks.According to Gracy Chen, Managing Director of the Singapore-based Bitget cryptocurrency exchange, more work on policy relative to crypto in India is bullish for the development of the sector within the South Asian country. “India’s consistent growth in adapting to cryptocurrencies and forming newer policies around it has made it a hub for tech investments. With more development and a policy framework, we can expect higher mass adoption. The G20 summit will be bullish for crypto’s growth in India,” Chen told Indian weekly English-language news magazine, India Today.During the 2022 Budget discussions, the government of India proposed some significant changes to the taxation of cryptocurrencies. As a premium investment product, cryptocurrencies are known for their high volatility, and the government believed that they should be subject to a heavier tax burden. Specifically, they introduced a 30% tax on capital gains earned through the sale of digital assets, as well as a 1% tax on Tax Deducted at Source (TDS) for all crypto transactions.The tax on capital gains applies to all digital assets, and the government intends to track historical records to ensure compliance. Additionally, the 1% TDS is applied to every single transaction, regardless of its size or frequency. These changes were seen by some as a trial framework, and many in the crypto space hoped for greater leniency from the government in the future. However, it remains to be seen whether the government will revise these tax policies in the coming years.CBDC pilot projectsFurthermore, the Reserve Bank of India (RBI) has recently launched two CBDC pilots to test the feasibility of digital currencies in India. The first pilot is a wholesale CBDC, which is being conducted in collaboration with nine banks.The second pilot is a retail CBDC, launched in December, which is being tested in four major cities across India — Mumbai, New Delhi, Bengaluru, and Bhubaneswar. The goal of these pilots is to evaluate the potential of digital currencies in facilitating secure and efficient transactions, as well as to study the possible impact on the traditional banking system.By exploring both wholesale and retail CBDCs, the RBI is taking a comprehensive approach to CBDC development, which may inform future decisions regarding the adoption of digital currencies in India.Chen maintains that “discussions around cryptocurrency policy frameworks accelerate the possibilities of mass adoption in the region.” “With over 750 million internet users, India holds the potential to not just pilot but establish real-life crypto and blockchain use cases for the masses,” she added.