Klaytn Foundation partners with CoinMarketCap to support Web3 startups and developers

Academia, Industry Collaborate on Crypto Accounting Research in KoreaThe Korean Accounting Association (KAA) and Samil PwC, the South Korean member firm of global accounting company PwC, have joined forces to conduct collaborative research on accounting for cryptocurrency assets, according to a report by local news outlet Maeil Business Newspaper.Photo by Pixabay on PexelsCollaborative effortsUnder this newly formed partnership, the KAA’s crypto asset committee will work closely with Samil PwC to explore a wide range of crypto assets, facilitate the development of financial statements pertaining to these assets for businesses, and implement accounting policies that align with the characteristics of cryptocurrencies.Leading the crypto asset committee is Roh Hee-chun from Soongsil University, while Partner Lee Jae-hyeok from Samil PwC will participate in the study. Until 2028, this collaboration is poised to yield insights and findings on crypto asset accounting.First seminarThe committee is set to hold its first seminar on June 27, serving as a platform for knowledge exchange and fostering deeper understanding among industry professionals. Furthermore, the accountants involved anticipate publishing a paper in an academic journal next year.PwC’s Assurance Leader Oh Kee-won emphasized the accounting firm’s commitment to leveraging its extensive resources in order to produce outcomes that positively impact society.Meanwhile, KAA President-elect Kim Gap-soon highlighted the relative novelty of crypto asset accounting, acknowledging that there is much ground to be covered. The association aims to establish a solid foundation that offers optimal guidance in the field of crypto asset accounting.

Dunamu’s Luxury Watch Trading Platform Thrives with Blockchain EdgeViver, a luxury watch trading platform and subsidiary of Dunamu, which operates the Upbit cryptocurrency exchange in South Korea, has been experiencing continued success amidst an ever-growing interest in luxury items as real-world assets and lucrative investment drivers.Photo by Christian Wiediger on UnsplashLeveraging blockchain technology and a showroom experienceThis success can be attributed to the platform’s commitment to taking advantage of Dunamu’s cutting-edge blockchain technology and infrastructure, setting it apart from other luxury platforms and boosting competitiveness in the market.Another major factor is the Viver showroom in Gangnam, southern Seoul, which allows visitors to try on and purchase watches, get their own watches polished and checked, and speak with a professional watch curator.Moon Jae-yeon, CEO of Viver, unveiled plans to surpass global competitors like the US’ Watchbox and Europe’s Chrono24 within five years by growing the app into a global vertical commerce platform focused on luxury watches.Rolex’s finest dominate Viver’s diverse collectionIndeed, Viver has become a popular trading hub for timepiece enthusiasts and investors across the country, and the platform recently revealed in a special article for its 100th magazine issue that its best-selling watch is the Rolex Submariner — a globally renown line of high-end divers’ wristwatches.Different models from the Submariner line have taken up the top three ranks of most sold watches. Coming in first is the Submariner Date in Oystersteel, priced at KRW 16.5 million (approximately $12,500) on Viver, which accounted for 16.5% of total sales. Following close in second place with just two fewer watches sold and a 16.2% share of sales is the Submariner in Oystersteel, which is set apart by its lack of a date indicator. Last but not least, the Submariner Date in Oystersteel and yellow gold took up 13.7% of sales.The watch sold the fastest on the platform was the Rolex Datejust 41 in Oystersteel and white gold. Sporting the iconic Jubilee bracelet and fluted bezel, the timepiece took just a minute and 42 seconds from registration to sale.Though Rolex has evidently claimed its superlative title as the platform’s most popular brand, Audemars Piguet secured its own as the most expensive. The priciest timepiece to ever be sold on Viver is the Royal Oak model for KRW 130 million.Exponential growthThe platform also added four new brands in June — Patek Philippe, Omega, Cartier, and Vacheron Constantin. Consequently, total transaction value, product registrations, and product purchases in July increased by 34%, 116%, and 36%, respectively.As a result of these combined efforts, both monthly trade count and transaction volume on Viver have spiked by more than 15 times since its establishment last August, while the number of users has grown by about 10 times over the past year.The number of products directly registered by sellers also increased by about 30 times compared to the first month since the platform’s launch.

In a significant move to propel Thailand towards becoming a digital asset hub, the Finance Ministry has announced the exemption of value-added tax (VAT) on digital asset trading. VAT exemptionAccording to the Bangkok Post, the decision became effective on Jan. 1. It aims to foster the growth of the digital asset industry and support the country's growing digital economy. Paopoom Rojanasakul, secretary to the finance minister, underscored the ministry's commitment to promoting digital assets as a viable fundraising tool. By suspending the requirement to pay 7% VAT on income derived from cryptocurrency and digital token trading, authorities seek to encourage investment in the digital asset market. This VAT exemption extends beyond authorized digital asset exchanges to include brokers and dealers under the supervision of the Securities and Exchange Commission (SEC). The move aligns with Thailand's ambition to position itself as the region's premier digital asset hub. Moreover, the Finance Ministry and SEC are actively amending the 2019 Securities and Exchange Act to enhance regulations concerning digital investment tokens, bringing them more in line with securities.Photo by Markus Winkler on UnsplashAttracting offshore digital asset sector investmentThailand's attractiveness to offshore digital asset investors has grown substantially in recent years. The new tax policies are poised to further bolster the country's position in the global digital asset market. Last month, the Thai SEC adjusted the rules governing digital token investments, raising the investment ceiling that had been imposed on retail investors where initial coin offerings (ICOs) relative to infrastructure and real estate are concerned. Furthermore, the Commission has updated criteria for custodial wallet provider businesses, enabling them to extend their services to digital asset business operators, thereby facilitating smoother operations within the digital asset ecosystem. However, Mr. Paopoom emphasized the importance of balancing development with financial stability. While fostering innovation in the digital asset sector, the government remains mindful of safeguarding the integrity of the financial system. Despite these advancements, the SEC has made it clear that it will not permit the trading of spot bitcoin exchange-traded funds (ETFs) in Thailand. This decision contrasts with the recent approval of bitcoin ETFs in the United States and moves towards approving crypto ETFs in Hong Kong, reflecting Thailand's cautious approach to cryptocurrency-related financial products. Nevertheless, Thailand continues to attract global crypto exchanges, with industry giants such as Binance establishing a presence in the country. Last month, Binance announced the launch of crypto exchange services to the general public in Thailand through Gulf Binance, a joint venture with Thailand’s Gulf Innova. The VAT exemption on digital asset trading represents a pivotal step in Thailand's journey towards embracing the digital economy. With supportive regulatory measures and a dynamic market environment, Thailand aims to take its place as a leading player in digital assets.