Intella X Teams Up with Web3 Comm Protocol to Boost Game Experience

Japanese cabinet approves crypto tax reformThe Japanese government has green-lit an amendment to its fiscal 2024 tax reform plan, specifically targeting the taxation of companies holding third-party-issued cryptocurrencies.Photo by Louie Martinez on UnsplashIntroducing tax exemptionAccording to local news sources, this amendment brings about a crucial change by exempting such companies from the year-end mark-to-market valuation tax.The Fiscal Year 2024 Tax Reform Outline, now approved by the Japanese cabinet, marks a departure from the previous tax regime. Under the new framework, companies holding crypto assets will no longer be subjected to mark-to-market valuation at the end of the fiscal year. Instead, they will be taxed solely on the actual profits realized from the sale of virtual currencies and tokens.Alleviating the tax burdenThe primary motivation behind this amendment is to alleviate the tax burden on corporations engaged in the holding and operation of crypto assets. Previously, corporations holding third-party-issued cryptocurrencies were required to record profits or losses based on the difference between market value and book value at the end of the fiscal year. The new reform, however, exempts assets assumed to be held continuously from this mark-to-market valuation.News of moves to implement such reform emerged at the beginning of December. At the time, a report by Nikkei Asia suggested that Japanese lawmakers were working towards addressing issues related to crypto taxation. Japanese regulator, the Financial Services Agency (FSA) had first proposed such changes to the tax code via a 16-page submission on Aug. 31.Signaling investor-friendly approachThis policy shift aligns the taxation of companies with the tax system applicable to individual investors, signaling a more investor-friendly approach. Lawmakers from the Liberal Democratic Party and their coalition partner Komeito had reportedly considered a proposal to exempt corporations from taxes on unrealized crypto gains. This move is seen as Japan’s effort to boost liquidity in the market, putting it in line with other Asian regions striving to become prominent centers of crypto activity.The amendment, influenced by the Japan Cryptoasset Business Association’s (JCBA) call for tax reform, is anticipated to stimulate the growth of local startup businesses utilizing blockchain technology and attract international projects to the Japanese market.The proposal is set to be presented at the regular session of the National Diet (Japan’s national legislature) in January of the upcoming year, where it will require approval from both the House of Representatives and the House of Councilors.Notably, the Fiscal Year 2024 Tax Reform Outline encompasses a broader spectrum of economic policies, including a plan to reduce income tax and resident tax by 40,000 yen per person from June 2024 onwards.News of the crypto tax reform has been well-received by most industry commentators and market participants. Daiki Moriyama, Director of Singapore-based gaming blockchain project Oasys, reacted positively to the development. He told The Block:“The fact that the Japanese government has demonstrated its willingness to grow Web3 business by enacting tax reform for the second year in a row is extremely important to all Web3 business stakeholders around the world.”

Bitget Achieves 20M Users With Wallet Integration Driving Trading VolumeSeychelles-based cryptocurrency derivatives exchange, Bitget, has experienced remarkable growth in the first half of 2023 surpassing 20 million users, driven by the successful integration of its recently acquired self-custodial wallet service, now renamed Bitget Wallet.Photo by Mike Hindle on UnsplashTop four exchangeThe wallet integration has propelled Bitget into the ranks of the four largest cryptocurrency exchanges by trading volume.According to a second-quarter report by Beijing-headquartered crypto research firm TokenInsight, the top four exchanges collectively account for 85% of the total market trading volume. Binance dominates the market with a 52% share, followed by OKX (15.13%), Bybit (10.6%), and Bitget (8.1%), securing its position among the industry’s leading players.$60 billion spot trading volumeBitget’s Q2 report, released on July 18, revealed that the platform’s spot trading volume surpassed $60 billion, with futures trading reaching a staggering $606 billion. Notably, research by blockchain analytics firm Nansen showcased Bitget as the only exchange to witness an increase in futures trading volumes in the six months following the collapse of FTX.The exchange attributes part of its impressive Q2 performance to the introduction of copy trading, a feature enabling users to emulate the trading strategies of select traders. This innovation proved highly successful, attracting 29,700 new elite traders and 169,800 followers, generating $33 million in profits by mid-2023.Bitget, aligning with leading exchanges like Binance, has released its proof-of-reserves to assure users that it maintains reserves exceeding 100% of all assets on the platform, including Bitcoin (BTC), Ether, Tether, and USD Coin. At the time of publication, the exchange’s current reserve ratio, calculated by dividing the platform’s assets by users’ assets, stood at an impressive 223%. According to that data, the crypto platform is claiming a debt-free status for the business.Regional expansionAs part of its expansion strategy, Bitget has obtained virtual asset service provider registration in Poland and Lithuania in 2023, solidifying its presence in Europe. Additionally, the exchange has announced plans to establish a hub for its operations in that region.Last week, it announced that it was also targeting the Middle East and North Africa (MENA) as part of its expansion plans. To support that effort, it has opened an office in Dubai in the United Arab Emirates (UAE) and hired 60 employees with plans on hiring up to 60 more over the course of the next two years.Crypto loans have been an area that has seen major failures within the sector over the last couple of years. However, this isn’t holding Bitget back from getting involved. Earlier this month, it announced the launch of its crypto loans product, which is aimed at market participants who are seeking alternative funding solutions, backed by digital assets.With Bitget’s rebranding efforts following the BitKeep acquisition and its exceptional growth in user numbers and trading volumes, the exchange is making a concerted effort to position itself so as to effect a global expansion strategy. As the market evolves further, it will be interesting to see how the crypto trading market settles, given that there are now a number of firms in the space actively vying for that business.

Kandle Secures Funding for Platform DevelopmentSingapore-based crypto fantasy GameFi startup Kandle has recently secured $1.7 million in a seed funding round, with Saama Capital, a venture capital firm that invests in early and growth stage tech sector companies, leading the investment.Other participants in the funding round included PointOne Capital, Cloud Capital, Good Capital, Founder’s Room, Seeders Fund, and Sumit Gupta, CEO of crypto investment platform CoinDCX.The GameFi concept is an innovative fusion of blockchain technology, gaming, and decentralized finance, allowing players to earn cryptocurrency and non-fungible tokens (NFTs) while playing games on the platform. Additionally, GameFi enables the transfer of in-game items to the virtual world, enabling trade on NFT marketplaces and crypto exchanges.Photo by Towfiqu barbhuiya on UnsplashExpansion plansKandle stands out by offering fantasy games that incorporate crypto tokens, where players compete to win various rewards. Already gaining traction in Southeast Asian countries like Indonesia and Vietnam, as well as in burgeoning markets such as Nigeria and India, Kandle has ambitious plans to expand its footprint across Asia and North America.As part of its efforts to realize that expansion, funding is being used to build out the Kandle platform further, expanding its user base into the bargain. Founder Jaideep Yadav expressed enthusiasm about the potential of gaming and crypto coming together, positioning Kandle at the forefront of this evolving landscape.Yadav stated: “There is a massive opportunity at the intersection of gaming and crypto, and we’re excited to be at the forefront of this evolution in crypto fantasy gaming. Super grateful for the unwavering support of our investors as we forge ahead in bringing the vision of Kandle to fruition. “Project roadmapLooking ahead, Kandle aims to unveil its project roadmap, which will include token issuance, token utility, and a play-and-win model designed to reimagine the play-to-earn ecosystem. Notably, Kandle has taken a unique approach by prioritizing the development of a fully functioning, sustainable gaming product based on sound gaming principles rather than merely focusing on project tokens. The team plans to integrate smart contracts to ensure transparency, security, and fairness in the gaming experience.Ash Lilani, the Managing Partner at Saama Capital, commented on the importance of making the crypto industry safer for the next wave of users. He praised Kandle’s gamified approach for providing a secure and unique way for users to engage with crypto without taking direct exposure to any specific coins.Kandle’s funding success signifies the increasing interest and investment in the GameFi space, which merges the excitement of gaming with the possibilities offered by blockchain and cryptocurrencies. News of the investment comes within the same time frame as an announcement by Sky Mavis, the team behind Axie Infinity, which is also Singapore-headquartered, which sees it partner with CyberKongz, an Ethereum-based non-fungible token collection.The development of blockchain gaming has not progressed in a neat straight line. It’s been imperfect but ongoing activity in the sector suggests that ultimately, GameFi start-ups will continue to evolve until such time as a mass market breakthrough is made in gaming.