Bitget Launches Blockchain4Youth Project

Korea’s Busan City to Develop Blockchain-Based Carbon Neutrality PlatformBusan Metropolitan City, known for being home to South Korea’s largest port, announced today that its consortium won the bid for the 2023 new local energy facilitation project offered by the Korea Energy Agency, an organization under the Ministry of Trade, Industry, and Energy (MOTIE). The consortium consists of five entities, including Busan City, tech solution provider Nuri Flex, and gas distributor Busan City Gas. As the winning bidder, Busan City and its collaborators will proceed with the development of a blockchain-based platform that promotes carbon neutrality.Photo by BERK OZDEMIR on PexelsCarbon neutralityThe primary aim of this project is to create a system that leverages surplus renewable energy to achieve carbon neutrality in the city’s port and industrial infrastructure. The initiative includes providing eco-friendly renewable energy to port and industrial facilities, establishing a blockchain-based carbon credit system to support businesses in joining the global corporate renewable energy initiative RE100, and facilitating the trading of surplus electricity. These measures are intended to save energy, enhance power system stability, and create greater value.Boosting green energy proportionThe project is set to take place from June 2023 to December 2024, with an estimated cost of 3 billion KRW ($2.3 million). The national and local governments will each finance 25% of the project, while the private sector will cover the remaining 50%. Upon completion of the project, Busan aims to increase the proportion of renewable energy within the city. Leveraging surplus energy and engaging in carbon credit trading, Busan expects to gain a competitive edge in the carbon-neutral sector.

In a move aimed at boosting the Web3 sector, the adoption of investment tokens and the enhancement of startup financing, the Thai government recently approved a tax break for individuals holding such tokens.Photo by Nataliya Vaitkevich on PexelsIncentivizing crypto-based fundraisingThe decision, reported by local media as having been made on March 12, signifies a significant step towards incentivizing the use of investment tokens for fundraising purposes. Under the new regulations, capital gains derived from holding investment tokens will be exempt from personal income tax calculations. This exemption applies even if a 15% withholding tax had previously been deducted. The endorsement of this tax break by Thailand's cabinet underscores the government's interest in fostering economic growth and enhancing investment opportunities in the region. Kulaya Tantitemit, Director-General of Thailand's Revenue Department, emphasized the strategic importance of these tax measures, which have been made retrospectively effective from Jan. 1. The initiative is expected to stimulate fundraising activities through investment tokens, injecting vitality into the economy and paving the way for increased investment and job creation. However, it's worth noting that the tax break will only apply to individuals who refrain from seeking full or partial refunds of the deducted tax or claiming a deducted tax credit. Additionally, the government has extended tax incentives to investment token issuers, waiving corporate income tax as announced on March 7.Last month, the Thai Finance Ministry announced the exemption of digital asset trading activity from value-added tax (VAT). The VAT exemption is similarly designed to encourage the use of digital assets as an alternative fundraising mechanism. Potential $3.7B boostDeputy Government Spokesman Rachada Dhnadirek highlighted the significance of this move in diversifying fundraising avenues for firms, complementing traditional methods. The government anticipates that investment tokens will contribute approximately $3.7 billion to the economy over the next two years. While the recent tax break signals a positive step towards fostering a crypto-friendly environment in Thailand, the country's approach to crypto taxation has faced scrutiny from industry stakeholders in the past. Efforts by the Thai Revenue Department to tighten oversight and impose taxes on cryptocurrency trading were met with resistance from industry players concerned about the potential stifling effect on the sector's growth. In January 2022, the government's proposal to impose a 15% capital gains tax on crypto traders drew significant public backlash, leading to its suspension on Feb. 1 of the same year. Despite these challenges, Thailand has demonstrated a willingness to adapt its regulatory framework to accommodate the burgeoning crypto industry. Measures such as exempting traders on authorized exchanges from a 7% value-added tax (VAT) on crypto transactions, announced on March 8, 2022, underscore the government's efforts to create a conducive environment for crypto-related activities. The political backdrop in Thailand more recently is likely to be aiding the country in taking a more progressive stance where crypto is concerned. Last year, the country elected Srettha Thavisin as Prime Minister. In a prior role as CEO of real estate developer Sansiri, Thavisin oversaw the company’s involvement in digital asset-related activities. In January, Thailand’s Securities and Exchange Commission (SEC) removed the investment ceiling imposed on retail investors relative to participation in initial coin offerings (ICOs).

Bakkt, an American digital asset custodian and trading firm, has acquired a stake in Marusho Hotta, a Japanese textile firm, as part of a new crypto treasury strategy which the company adopted recently. The firm, which was established in 2018 and is 55% owned by Intercontinental Exchange, the owner of the New York Stock Exchange (NYSE), published a statement on its website on Aug. 6, outlining that it had acquired a 30% stake in Marusho Hotta. The textile firm, a publicly-listed company on the Tokyo Stock Exchange (TSE: 8105), is both a manufacturer and distributor of yarn and bedding, as well as Japanese and Western clothing.Photo by 🇸🇮 Janko Ferlič on Unsplash‘bitcoin.jp’As a result of the transaction, Bakkt International President Phillip Lord will become CEO of Marusho Hotta, and the company will be renamed as “bitcoin.jp.” Akshay Naheta, co-CEO of Bakkt, commented on the development, stating: "Japan's regulatory environment creates an ideal platform for a Bitcoin-centered growth business. We look forward to working with MHT's team to integrate Bitcoin into their operating and financial model and to establish MHT as a leading Bitcoin treasury company." Back in June, it emerged that Bakkt was working towards raising $1 billion from investors, providing the first indication that the firm was moving towards pursuing a crypto treasury strategy. A filing lodged with the Securities and Exchange Commission (SEC) at the time stated:“We may acquire Bitcoin or other digital assets using excess cash, proceeds from future equity or debt financings, or other capital sources, subject to the limitation set forth in our Investment Policy.” The company went on to outline that the timing and magnitude of any such crypto purchases would depend upon market conditions at the time, capital market receptivity, the firm’s business performance and other strategic considerations. Given the credentials within traditional finance of the company’s owners, the arrival of Bakkt in 2018 was seen as a significant event within the crypto sector. However, the firm’s journey has not been an easy one. It started out by trying to appeal to retail users and bring about real-world use of cryptocurrency. It established an app and a partnership with Starbucks, which looked to bring crypto into mainstream use in terms of everyday payments.However, that partnership fizzled out and in 2024 a filing lodged by the company with the SEC revealed that the company’s position was challenging, with it warning that it “might not be able to continue as a going concern.” When the business first launched, it aspired to bring Bitcoin to 401(k) retirement accounts in the U.S. It may have been ahead of its time in that regard as it had to contend with Donald Trump’s first term as president when he wasn’t particularly pro-crypto and a distinctly anti-crypto Biden administration immediately afterwards. It is only now, seven years after the founding of Bakkt, that the current Trump administration is finally moving to allow crypto investment to form part of 401(k) plans. More recently the firm had concentrated on catering to the needs of institutional investors but faced further turmoil earlier this year when it lost two customers who allegedly made up 73% of Bakkt’s revenue.