Chinese state publication calls for crackdown on crypto

Alchemy Pay, a Singapore-based platform that supports fiat to crypto purchases across 173 countries using Visa, Mastercard, regional mobile wallets and domestic transfers, has announced that it now provides a rupee-denominated on-ramp using India’s UPI real-time payments system.Photo by rupixen.com on UnsplashIn a recent blog post, the fiat to crypto payments solutions provider outlined that it now has the capacity to more effectively on-ramp India’s 1.4 billion citizens by enabling domestic transfer payments to effect crypto purchases through the Unified Payments Interface (UPI), a popular instant payments system in India. Processing domestic transactionsThe move means that Indian citizens can interact with the platform by way of simple, real-time domestic transfers, with a minimum purchase value of 1250 INR. First introduced in 2016, UPI has been wildly successful. In September 2022, the system recorded a monthly transaction volume of 6.7 billion transactions, representing a movement of $140 billion.The platform has partnered with 358 banks and continues to grow and expand its network. In Alchemy Pay’s home territory of Singapore, UPI has recently secured an integration with PayNow, a Singaporean secure funds transfer service. Referring to the PayNow/UPI integration in its blog post, Alchemy Pay is likely to be extending its UPI-based transfer service as a direct consequence.The payments facilitator claims that its plugin is “now being used by many wallets, DeFi, gaming and NFT marketplaces, as well as exchanges like OKX and LBank.”The Alchemy Pay platform has focused in particular on emerging regional real-time payments platforms. Within emerging markets it supports similar systems such as Pix, SPEI, GCash, Dana and OVO. As the Singaporean start-up puts it, ”simplifying the on-boarding process is crucial for the widespread adoption of cryptocurrencies and by enabling local payment options, Alchemy Pay makes the adoption by a growing number of users possible.”Off the back of this expanded service offering, the company is currently inviting developers of Web3 platforms and dApps to get in touch so as to enable them in adding its plugin and integrating its API. Importance of bridging crypto with fiatIn another blog post on Monday, Alchemy Pay underscored the importance of an ability to on/off ramp to and from the crypto ecosystem. The company points out that in its recent history, the crypto space has been a complex and intimidating environment to enter or exit to/from the conventional world. It claims to be playing its part in changing this.According to the firm, its available options of transferring fiat currency to a user’s credit card, savings card or bank account via SWIFT, IBAN or local bank transfer is far more seamless than what has been offered to crypto space participants up until now. These transfers can be effected in minutes, with the platform supporting 22 currencies and payouts facilitated in over 60 countries.The digital assets space doesn’t exist in a vacuum. Current generations were all born into fiat-based monetary systems and naturally enough, the overwhelming majority of wealth is tied up within traditional systems.While digital assets have garnered quite a bit of attention over the course of the past few years, the overall market capitalization of crypto, which stands at $1.2 trillion at the time of publication according to cryptocurrency data aggregator CoinGecko, is only a drop in the bucket by comparison with the wealth that exists within the conventional system. More seamless bridging in line with what Alchemy Pay is offering will be necessary for this space to have a realistic chance of conquering mass market adoption.

Japan’s Largest Airline Opens NFT MarketplaceAll Nippon Airways (ANA), Japan’s largest airline, has ventured into the world of Web3 by launching its own non-fungible token (NFT) marketplace through its subsidiary, ANA Neo.Photo by Marcus Ng on UnsplashANA GranWhale NFT marketplaceThe newly introduced platform, called the “ANA GranWhale NFT Marketplace,” will showcase an exclusive digital art collection crafted by renowned aerial photographer Luke Ozawa.The NFT marketplace commenced on Tuesday with the conversion of Ozawa’s first digital photograph into an NFT. One of these unique pieces will be auctioned alongside the positive film, which served as the source for the photo’s development. The starting price for this item is set at 100,000 yen, offering collectors the opportunity to acquire an NFT paired with a tangible artifact.Following this initial collection, ANA plans to release its second batch of NFTs on June 7. This collection will feature the NFT rendition of the first Boeing 787 operated by ANA, presented in the form of a 3D model airplane. The offerings include a total of 1,574 items, comprising two types of 787 models, with each item priced at 7,870 yen.ANA, a company with revenues of $12.2 billion in its previous fiscal year, aims to expand its NFT product line in the future. The airline envisions leveraging NFTs to enhance the customer experience and add value to its services.Airline industry NFT PotentialThe development of ANA Neo’s GranWhale initiative began in August of last year. The project focuses on creating a virtual travel platform that utilizes various technologies, including virtual reality (VR), to recreate destinations and cultures from around the world. These recreations take the form of metaverse parks, allowing users to explore and immerse themselves in virtual travel experiences.ANA Neo President Mitsuo Tomita emphasized the significance of this venture, stating that the ANA GranWhale logo symbolizes the fusion of the virtual and the real, signifying the airline’s journey into the future, where Web3 and metaverse travel will become increasingly prevalent. “Through this initiative, we aim to unlock the potential of NFTs in the aviation industry, bringing together the digital and physical realms to create unique and memorable experiences that unite the world in wonder,” Tomita stated.Club Toki NFTsANA is not the first Japanese airline to involve itself with the NFT space. Earlier this month, regional Japanese airline Toki Air announced the launch of Club Toki, a fan community centered around NFTs. The initiative claims that community members join by purchasing NFTs, and as NFT holders, they receive further club benefits. The NFTs can be purchased by credit card or payment in ETH, with the buyer needing a MetaMask wallet in order to receive the NFT.In March, Argentinian low-cost airline Flybondi integrated Web3 into its ticketing process by issuing tickets as NFTs in a partnership with NFT ticketing firm, TravelX. With this initiative, Flybondi became the first airline to offer flight tickets as NFTs.With its entry into the NFT marketplace, ANA joins the growing number of companies embracing Web3 technologies to offer unique digital assets and experiences. As the airline continues to develop its GranWhale platform, it seeks to cater to the evolving demands of the market and establish a presence at the intersection of aviation and the metaverse.

Samjong KPMG, the South Korean division of global accounting firm KPMG, is gearing up to host a seminar on virtual assets. The event is scheduled for Jan. 5 (KST) and is organized in partnership with Xangle, a Web3 data intelligence platform. Earlier this month, the two entities agreed to collaborate in exploring on-chain data relevant to crypto accounting.Photo by Markus Winkler on UnsplashGrowing crypto marketRecently, there has been a notable increase in the crypto market activity in South Korea, with the daily trading volume of virtual assets surpassing KRW 10 trillion (approximately $7.8 billion), equivalent to approximately $7.8 billion. In response to this burgeoning market, South Korea is looking forward to the implementation of the Virtual Asset User Protection Act in July. Additionally, last week, the country’s financial regulators issued the final version of new guidelines for cryptocurrency accounting and disclosure. In light of these recent developments in South Korea's crypto market, the event organized by Samjong KPMG and Xangle aims to bring together crypto entrepreneurs to discuss strategies for adapting to the new corporate regulations concerning accounting, disclosure and internal control. This seminar will provide an opportunity for stakeholders in the crypto industry to prepare for the upcoming regulatory changes, ensuring compliance and effective management in this evolving financial landscape.From market forecast to taxationIn the upcoming seminar, a series of talks are slated to shed light on the shifting landscape of the cryptocurrency market. The first presentation will feature Junwoo James Kim, Co-CEO of Xangle, who is set to present a forecast for the cryptocurrency market in the next year.  Following Kim's presentation, Park Jong-baek, a Partner at law firm Bae, Kim & Lee, will take the stage. Park's expertise in legal matters will guide the audience through the current and forthcoming regulatory trends in virtual assets. Meanwhile, Choi Yeon-taek, Director at Samjong KPMG, will address the practical aspects of the recently released guidelines for cryptocurrency. His discussion will focus on their application in corporate accounting, disclosure and internal control. Xangle’s Co-CEO Lee Hyun-woo will highlight the importance of complying with disclosure rules for virtual asset information, focusing on aspects like circulating supply. Furthermore, Samjong KPMG’s Director Kim Byung-kook will address taxation issues related to virtual assets.Accounting transparency and investor protectionAccording to a report by local news outlet The Maeil Business Newspaper, Park Sung-bae, the head of the virtual asset business consulting division at Samjong KPMG, expressed optimism about the upcoming seminar’s potential impact. He hopes that the event will play a significant role in fostering a healthy cryptocurrency market. The focus will be on changing regulations that aim to enhance accounting transparency and protect investors, underlining the importance of adapting to these changes. Echoing Park's sentiments, Lee from Xangle emphasized the importance of clear and well-defined regulations for the cryptocurrency market, given that such regulations enhance transparency and help maintain the overall health of the crypto ecosystem. He highlighted that despite various challenges and concerns, the crypto market has continued to grow. Lee expressed his hope that the seminar will be particularly beneficial for individuals and organizations involved in Web3 projects, aiding them in navigating and understanding the evolving regulatory environment.