Coinone reports decline in customer inquiries due to improved user convenience

State-Owned Newspaper to Launch NFT Platform in ChinaChinese government-owned media outlet China Daily, under the guidance of the Publicity Department of the Chinese Communist Party, has allocated a substantial budget of 2.813 million yuan (equivalent to $390,000) for the development of an NFT platform.Photo by Hanson Lu on UnsplashInviting bids from home and abroadThe move will open the door to both domestic and international blockchain technology firms, inviting them to spearhead the creation of the platform. According to a public tendering announcement published last month, the chosen firm must operate on a blockchain mainnet capable of handling over 10,000 transactions per second, ensuring top-notch performance and reliability.One of the platform’s key features will be its user-friendly interface, allowing users to effortlessly upload, display, and manage their digital collections. It will support a wide range of multimedia formats and diverse collection types, making it a versatile hub for creative expression. Additionally, the platform will offer advanced functionalities like pricing, bidding, limited-time offers, and multi-currency settlement to ensure a comprehensive and satisfying user experience.Extending the reach of Chinese cultureThe core objective of the China Daily NFT Platform is to amplify the global influence of Chinese culture by seamlessly blending technology and culture in the metaverse. This ambitious strategy integrates cutting-edge technologies such as virtual reality (VR), augmented reality (AR), mixed reality, blockchain, non-fungible tokens (NFTs), big data, and cloud computing.In an effort to expand the global reach of their digital collections, China Daily intends to collaborate with both domestic and international mainstream NFT platforms. This ambitious plan includes partnerships with well-known foreign platforms such as OpenSea, Rarible, SuperRare, and Foundation. Despite the rigorous regulatory landscape and scrutiny that blockchain entities face in China, this approach aims to make Chinese digital collections more accessible to a global audience.The urgency and importance attached to this project are evident in the tight timeline set by China Daily. The chosen contractor must submit their application by October 17 and complete the development of the platform within three months, highlighting the publication’s commitment to this venture.NFT platform development despite crypto banHowever, it’s important to acknowledge that this initiative unfolds within the backdrop of stringent cryptocurrency regulations in China. Since 2021, although NFTs have not been banned, all forms of cryptocurrency transactions have been prohibited in the country, and blockchain entities operating within China face intense regulatory oversight.In May the Supreme People’s Procuratorate of China issued a warning relative to NFTs on the basis that they have crypto-like properties. However, the agency also acknowledged that NFTs do present a novel application of blockchain technology.Recent events, including the detention of former China Evergrande executives Xia Haijun and Pan Darong for alleged involvement in fraudulent activities, underscore the strict regulatory environment prevailing in China.Within the Chinese autonomous territory of Hong Kong, the South China Morning Post (SCMP) spun out Artifact Labs, an NFT company, following an initial decision in 2021 to launch an NFT standard called artifact.China Daily’s foray into the NFT space demonstrates that some facets of blockchain innovation are being leveraged within China, in this instance with a view towards cultural promotion and global engagement.

Dunamu Loses Lawsuit Seeking $19M in Corporate Tax Refunds After Venture Status RemovalDunamu, the operator of South Korea’s largest cryptocurrency exchange Upbit, lost a 24.8-billion-won (approximately $18.7 million) corporate tax lawsuit, according to local news outlet The Korea Economic Daily. This legal action emerged after Dunamu was removed from the list of registered venture firms in December 2018. The Seoul Administrative Court ruled that since Dunamu was no longer a venture, it was not eligible for the associated tax benefits.Photo by Tingey Injury Law Firm on UnsplashLosing venture statusIn September 2017, Dunamu obtained certification as a venture company from the Ministry of SMEs and Startups. However, this certification was revoked in December of the following year. This revocation was due to an amendment to the Enforcement Decree of the Venture Businesses Act in October 2018, which resulted in the exclusion of “blockchain-based crypto asset trading and brokerage” from the venture business classification. Consequently, the withdrawal of this certification rendered the company ineligible for government tax incentives.Tax refund request deniedIn August 2020, Dunamu took action by formally requesting a refund of KRW 24.8 billion in taxes previously paid to the tax office. The foundation of its claim rested on its entitlement to venture company tax benefits up until the corporate tax period of 2018. However, its request was turned down, leading Dunamu to escalate the matter by initiating an administrative case against the tax authorities, following an unfavorable decision by the Korean Tax Tribunal.Meanwhile, an amended version of the Act on Special Cases Concerning Taxation Restrictions, which excluded cryptocurrency-related industries from benefiting from tax reductions, went into effect in January 2019. Pointing to the effective date of this act, Dunamu argued that the company should be entitled to benefits applicable up until the corporate tax cycle of 2018. Furthermore, Dunamu highlighted its legal action, which had led the administrative court to suspend the effects of the venture company certification revocation from December 31, 2018, to January 18, 2019.Court’s stanceDespite these arguments, the court rejected Dunamu’s argument and upheld that tax relief could not be granted for the tax year encompassing the date of the removal of its venture status. Additionally, the court affirmed that the tax authorities’ decision was valid since the venture status had been revoked in 2018, regardless of the amended Taxation Act’s implementation.In disagreement with the court’s ruling, Dunamu has filed an appeal against the decision.

Huobi Rebrands as HTX to Mark Tenth AnniversaryIn a move marking its 10th anniversary, Seychelles-registered cryptocurrency exchange Huobi has decided to rebrand itself as “HTX.”Rebranding confusionIn crypto-centric discussions on social media, the decision has sparked controversy and raised eyebrows, drawing comparisons to the now-defunct exchange FTX.The announcement of Huobi’s rebranding to HTX was made on Wednesday. According to the company, the new name is a combination of symbolic elements. The “H” represents the first letter of “Huobi,” the “T” is a nod to Justin Sun’s blockchain project Tron, and the “X” stands for the exchange itself.Alternatively, some interpret “HT” as a reference to the exchange’s native Huobi Token (HT), while the “X” symbolizes the Roman numeral for 10, commemorating the company’s 10th anniversary. Huobi’s new slogan accompanying the rebranding is “HTX, Just Trade It.”Before the official announcement, Huobi changed its social media account names to align with the new brand. The exchange’s Twitter handle is now HTX_Global, and its official Telegram group is named “HTXglobalofficial.” As of the time of writing, the website domain still retains the original Huobi name.Photo by Kate Trysh on UnsplashFTX comparisonsThe rebrand immediately drew attention on social media. In one of a range of similar comments, a user lined up the Huobi logo next to that of FTX and wrote: “I think I’ve seen this movie before.” Although a matter of speculation, there has been some chatter on social media in recent weeks, questioning the health of the Huobi business. It didn’t help the firm that in August, rumors swirled that some of the company’s executives were subject to an investigation by Chinese authorities.This isn’t the first time a crypto-related entity has seemingly borrowed part of its name from FTX. In January, the founders of the collapsed cryptocurrency hedge fund Three Arrows Capital announced plans to raise $25 million for a proposed crypto exchange called “GTX.” Huobi’s rebrand has amused some FTX creditors who had faced criticism from some in the crypto sector for wanting to resurrect the business while maintaining the same branding.In early August, Huobi refuted reports suggesting insolvency and the arrest of senior executives by Chinese authorities. Additionally, the exchange had previously been ordered to cease operations in Malaysia following regulatory actions by the country’s securities regulator in May.International marketing effortHuobi’s rebranding to HTX has undoubtedly stirred debate and curiosity within the cryptocurrency community. Justin Sun, an advisor to the project, stated at a media briefing at Token 2049 in Singapore that the HTX brand will be marketed towards Huobi’s international English-speaking users.Sun said: “It’s very hard for foreigners, Westerners, to pronounce ‘Huobi’… It doesn’t make any sense to them,” Sun said, explaining that the word Huobi means fire and coin in Chinese. “That’s why we rebranded as HTX for international branding.”As the crypto industry continues to evolve, it remains to be seen how this new identity will impact Huobi’s reputation and standing in the market. Regardless, the crypto world is known for its surprises, and Huobi’s marketing move serves as a reminder that the industry is in constant flux, filled with unexpected developments.