Coins.ph leads Digital Asset Exchange Alliance in Southeast Asia

SK Planet Teams Up with T1 for LoL NFT Event: ‘The Hero’s Journey’SK Planet, the data and tech subsidiary of South Korean conglomerate SK Group, announced last week that it is conducting a non-fungible token (NFT) event called “The Hero’s Journey.” This event is a collaborative effort with T1 Entertainment and Sports, the company behind League of Legends (LoL) team T1. T1 Entertainment and Sports is a global esports joint venture established by American company Comcast Spectacor and SK Telecom, the telecommunications subsidiary of SK Group.This event coincides with the 2023 League of Legends World Championship (Worlds 2023), taking place in Korea from October 10 to November 19 (local time).Photo by RDNE Stock project on PexelsMission-based adventureThe NFT promotion, running until December 3, promises a unique and rewarding experience for users. LoL and NFT enthusiasts are encouraged to complete five missions and earn NFTs at various physical locations related to T1, a participant in Worlds 2023.These locations include T1’s headquarters, Base Camp, Café & Arena, and HiKR Ground. To complete their missions, visitors can collect stamps from each site, sign up for a T1 membership, and either attend a Worlds 2023 game at the stadium or join the viewing party.Anyone who has downloaded UPTN Station, the digital wallet launched in June by SK Planet, can join this promotional event, with the chance to receive rewards for each completed mission. Rewards include NFTs of LoL players like Lee “Faker” Sang-hyeok and Choi “Zeus” Woo-je, discounts on T1 memberships, vouchers for the T1 HQ SHOP, and free drink coupons.Upon completing all five missions, participants will automatically be entered for a chance to win various prizes. These include AVAX tokens, player-signed jerseys, tickets to T1 CON — a fan meet-up with T1 players — and a T1 Bap invitation, which gives fans the opportunity to tour the T1 headquarters and enjoy a meal on-site.SK Planet’s NFT commitmentLately, SK Planet has been actively undertaking NFT endeavors. In June, it introduced an NFT membership program named “Road to Rich,” capitalizing on OK Cashbag, which is the popular customer rewards program of SK Planet. This was followed by the debut of a blockchain-centric ticketing service, developed in partnership with layer 1 blockchain protocol Avalanche. Looking ahead, SK Planet aims to provide an even broader range of practical utility NFTs.Commenting on their latest project, Kim Kyo-soo, who leads the customer experience division at SK Planet, shared his excitement about collaborating with T1, one of the world’s most popular esports teams. He sees the use of NFTs in this event as a meaningful way to connect with fans in person. Kim anticipates a strong response and active participation from the esports community.

The United Arab Emirates (UAE) is updating its tax policy such that cryptocurrency-related transfers and conversions will be exempt from value-added tax (VAT).  News of the policy change emerged via the UAE’s Federal Tax Authority (FTA), which published an Arabic version of the updated tax code on Oct. 2, followed by the publication of an English version on Oct. 4.Photo by Darcey Beau on UnsplashExemption backdated to 2018British multinational consulting firm PricewaterhouseCoopers (PwC) published a review of the UAE tax code update on Oct. 4. The auditing firm noted that virtual assets are defined within the UAE tax code as a “representation of value that can be digitally traded or converted and can be used for investment purposes.”It noted that Article 42 of the update dealt with the crypto VAT exemption. The firm suggested that entities dealing with crypto should “analyze the impact of the exemption on their (retrospective) VAT position, especially in respect to their input tax recovery,” adding that voluntary disclosures may be required to correct previous tax returns. Additionally, a VAT exemption has been introduced on services extended to fund managers relative to licensed funds. Younis Haji Al Khoori, a UAE Ministry of Finance official, stated that the amendments have been made with a view towards easing the burden on businesses. He stated:“These amendments help minimise misunderstandings, simplify procedures, and ultimately contribute to an improved quality of life for all.”  Crypto-friendlyAbdulla Al Dhaheri, CEO of the Blockchain Center in Abu Dhabi, commented on the development on X, stating:”The UAE, driven by visionary leadership, continues to set the global standard by becoming the number 1 destination for blockchain innovation. With the elimination of VAT on crypto transfers and conversions, the UAE reinforce their commitment to building a world-leading digital economy, attracting the best talent and investment from around the globe.” The UAE, and particularly Dubai and Abu Dhabi, have taken great strides forward in ensuring regulatory clarity for the virtual assets sector over the course of the past two years. Regulatory frameworks have been put in place, leading to many participants in the crypto sector praising the regulatory stance taken within the UAE.  This latest addition has equally being welcomed within the crypto sector. Many crypto sector participants have highlighted it as a wake-up call for other jurisdictions to follow suit or see crypto enterprises move to the UAE.  The Indian authorities, in particular, have an unfavorable tax policy in place relative to digital assets, with a 1% tax deducted at source (TDS) being applied. This latest development in the UAE prompted some to consider if India would learn from the UAE’s example. Earlier this year, the Indonesian tax framework, which subjects crypto assets to both income tax and VAT, was cited as the main reason for a slump in crypto trading. A recently published report by blockchain data platform Chainalysis found that the Middle East & North Africa (MENA) region accounts for 7.5% of crypto trading volume, with the report noting that the UAE, alongside Saudi Arabia, is showing a strong interest in decentralized platforms.

NEOPIN works with Japan’s Jasmy to develop RWA-based DeFi productsSingapore-headquartered centralized decentralized finance (CeDeFi) protocol NEOPIN has formed a strategic partnership with Jasmy, a Japanese developer specializing in blockchain-based Internet of Things (IoT) platforms. This collaboration represents a step in their joint effort to expand into the global blockchain market, with a particular emphasis on data assetization.Founded in 2016, Jasmy has a management team in which most have a background with tech conglomerate Sony. In contrast to the dominance of tech giants like Google, Apple, Meta and Amazon over data, Jasmy concentrates on achieving data democratization. This concept empowers individuals to have control over their own data. The growing Japanese firm is convinced that the integration of IoT and blockchain technology is the key to realizing this vision of data democracy.Notably, Jasmy has its native token called JasmyCoin. As a regulated virtual asset in Japan, it is listed on centralized exchanges like Binance, Coinbase, Kraken and KuCoin.Photo by Shubham Dhage on UnsplashReal-world assets and security tokensThrough this partnership, the two will explore joint business ventures involving real-world assets (RWAs) and security tokens. They plan to utilize their combined business networks to expand their ecosystems beyond Korea, Japan and the Middle East. NEOPIN will introduce DeFi products using its native token, NPT, and JasmyCoin. Additionally, NEOPIN will become a validator on Jasmy’s mainnet to support its growth.Their collaboration is poised to boost NEOPIN’s advancement into the Japanese market. NEOPIN has been actively pursuing expansion into Japan since its announcement in August. With the Japanese government advocating for Web3 initiatives, a rise in the creation of tokens from local projects is anticipated, leading to a growing demand for DeFi and wallet services.NEOPIN’s partnerships in JapanAs Japan’s digital asset landscape evolves, NEOPIN is actively working to increase its market share in the country. This effort includes a variety of strategies such as focusing on gaming, developing their mainnet, engaging in local marketing activities and launching DeFi products. NEOPIN has also previously announced partnerships with other entities in the Web3 space, including SBINFT, Lena Network and Rokubunnoni, as part of its broader strategy to strengthen its presence in the Japanese market.NEOPIN’s CEO, Ethan Kim, highlighted the company’s goal to lead in the global RWA market. In partnership with Jasmy, they aim to develop and showcase DeFi products related to RWAs and security tokens. NEOPIN is also committed to strengthening its position in Japan by providing Japanese language support this year and actively forming alliances with promising Japanese blockchain enterprises.Hiroshi Harada, CFO of Jasmy, acknowledged NEOPIN’s proven expertise in the Korean market and expressed enthusiasm about the collaboration between the two companies in the blockchain sector. Harada said that their joint efforts will focus on building networks, developing use cases and expanding the market.