Incheon City Creates Metaverse Representation of Incheon Landing Operation Within The Sandbox

Web3 Fashion Platform doDRESS Opens Pop-up Store in SeouldoDRESS, a fashion and lifestyle platform created by the faculty at Kookmin University in Seoul, has opened a pop-up store in Seoul in line with the launch of its new website. doDRESS aims to create a decentralized Web3 fashion ecosystem centered around brands, creators, and influencers, providing a space to communicate with consumers and promote their businesses and content. In turn, consumers can get the chance to dive into a new form of Web3 technology and express themselves through their personal style.Photo by No Revisions on UnsplashInteractive space for creators and consumersThe pop-up store, which was revamped from an old auto repair shop, has invited some 40 designers and graphic artists to showcase and sell their unique street fashion-inspired clothing and graphic art to consumers. It will also present an opportunity for them to interact with influencers who can contribute to the marketing and distribution of their products, thus boosting their value.Creators and those who wish to become creators can upload the products they make on doDRESS. When a product is sold, every individual in the platform’s Web3 ecosystem who contributed to making it will receive a portion of the revenue.Visitors, on the other hand, can customize their own clothing by printing designs created by the artists themselves through doDRESS’s fashion stickering service, which is available both online and offline at the pop-up store. The platform also said that it would give out custom doDRESS products worth KRW 40,000 (approximately $30) on a first-come, first-served basis to 70 visitors on weekdays and 200 on weekends.Future plans for growthIn the future, doDRESS aims to expand on a global scale and add more clothing products to its services utilizing various production techniques like 3D printing.The pop-up store will be open until next Wednesday (local time) in Seongsu-dong.

India has once again emerged as the global leader in cryptocurrency adoption for the second consecutive year, according to the latest Chainalysis Global Crypto Adoption Index for 2024. Despite strict regulations, including high taxes and restrictions on foreign exchanges, India continues to see widespread participation in digital assets, showcasing resilience in the country’s growing cryptocurrency ecosystem.Photo by Jovyn Chamb on UnsplashIndia leads in crypto adoptionIndia ranked first out of 151 countries in the 2024 Chainalysis report, maintaining its top position from 2023. Indian investors have continued engaging with both centralized and decentralized finance (DeFi) platforms despite regulatory challenges such as the 30% capital gains tax and a 1% tax deducted at source (TDS) on crypto transactions. This activity highlights the country's strong interest in digital assets. India received $143 billion in crypto inflows from July 2023 to June 2024, placing second in the Central and Southern Asia and Oceania (CSAO) region behind Indonesia, which received $157 billion. CSAO as a whole accounted for $750 billion in crypto assets over the same period, making up 16.6% of global crypto activity. Offshore exchange restrictions and workaroundsIn December 2023, India’s Financial Intelligence Unit (FIU) issued show-cause notices to nine offshore cryptocurrency exchanges, including Binance, Kraken and KuCoin, for non-compliance with anti-money laundering laws. The FIU also blocked access to these platforms for Indian users. However, many investors found ways to bypass these restrictions, continuing to access these exchanges via pre-downloaded apps. Despite these regulatory hurdles, Binance and KuCoin have since re-entered the Indian market after paying fines and complying with local laws. Binance settled a $2.25 million fine in June 2024, while KuCoin resolved a $41,000 penalty in March 2024. Indonesia’s rapid growth in cryptoIndonesia on the other hand has emerged as the fastest-growing crypto market in the CSAO region, climbing four places to third in the global rankings. The country experienced a nearly 200% year-over-year increase in crypto activity, driven primarily by retail investors seeking alternative investments such as meme coins. Indonesia received $157.1 billion in crypto inflows during the 12-month period, reflecting strong engagement with decentralized finance services. Broader regional trendsSeven of the top 20 countries in Chainalysis’ adoption index come from the CSAO region, including Vietnam, the Philippines and Pakistan. This growth is fueled by investment opportunities and an embrace of digital assets as new financial tools. Countries with lower purchasing power tend to have higher adoption rates, with retail-sized transactions making up a significant portion of activity.India’s resilient crypto marketDespite regulatory challenges, India’s crypto market continues to thrive. The government's strict policies have done little to dampen enthusiasm for digital assets. Chainalysis found that investors remained committed to crypto, even as the country enforces strict tax policies. India’s high adoption rate reflects strong demand and adaptability in the market. Future outlook for India’s crypto ecosystemIndia’s leadership in crypto adoption is expected to continue. The FIU is reviewing applications from more foreign exchanges, with at least two expected to be approved by the end of 2025. As the regulatory landscape evolves, clearer guidelines could encourage further growth and innovation in the digital asset space.

Zipmex proposes creditor repayments of 3 cents on the dollarBeleaguered Singaporean crypto exchange Zipmex has unveiled a restructuring proposal aimed at repaying creditors. According to a report published by Bloomberg on Wednesday, the initial offer stands at 3.35 cents for every dollar of the creditors’ claims.Photo by Alexander Grey on UnsplashRestructuring challengesThis restructuring proposal unfolds against the backdrop of a challenging period for Zipmex, triggered by the aftermath of last year’s crypto price downturn. The crypto exchange, which operates in Thailand, Indonesia, Australia and Singapore, is currently undergoing a court-supervised restructuring process based in Singapore.In its efforts to restructure the business, Zipmex is grappling with a debt of $97.1 million. That total debt level is contingent upon the eventual recovery of assets. Bloomberg cited sources familiar with the matter, suggesting that depending on the success of these recovery efforts, the repayment figure could potentially surge to 29.35 cents per dollar.Creditor dissatisfactionHowever, not all major creditors are on board with Zipmex’s proposed plan. Expressing reservations, they are pushing for an independent review to scrutinize recent changes in the company’s assets and liabilities, as outlined in an Oct. 4 court document. This external examination is deemed crucial to ensuring transparency and fairness throughout the restructuring process.In response to these developments, Marcus Lim, the Group Chief Executive Officer of Zipmex, refrained from providing detailed comments due to the confidentiality of the ongoing arrangement. While acknowledging inaccuracies in information sourced from external outlets, he chose not to elaborate on them further.Investor deal failureA previous attempt to sell Zipmex to V Ventures, a subsidiary of Thoresen Thai Agencies, fell through. To add to the struggling company’s woes, it emerged earlier this week that Thailand’s securities regulator, the Securities and Exchange Commission (SEC) recently instructed Zipmex to halt operations in the country due to insufficient net capital.The company had been fined 11 million baht ($315,000) by the SEC earlier this year. The SEC cited the co-mingling of corporate and customer funds as one regulatory breach. Furthermore, the Thai regulator claimed that between May and July 2022, Zipmex “did not have in place a system to effectively prevent conflicts of interest in such matters and the business operation does not have an adequate risk control system.”In response to this recent regulatory directive, Zipmex Limited issued a statement to its customers, expressing its commitment to ensuring proper and compliant business operations in line with the criteria set by the Thai SEC. Consequently, the temporary suspension of digital asset trading and deposit of all types was deemed necessary.The intricacies of Zipmex’s financial restructuring will be closely watched by market observers, especially considering the volatility in the crypto market and the regulatory challenges faced by the company in multiple jurisdictions. The success of the proposed repayment plan, contingent upon asset recovery, remains uncertain, leaving creditors and industry stakeholders on edge.As Zipmex grapples with these multifaceted challenges, its future trajectory hinges on navigating both the demands of the bankruptcy process alongside regulatory requirements.