Cheongju City Targets Cryptocurrency to Recoup Unpaid Taxes

Laos to Prioritize Blockchain for Digital TransformationThe Laotian government, under the leadership of Prime Minister Sonexay Siphandone, recently hosted the inaugural Ministerial Conference on Blockchain 4.0 Digital Transformation in Vientiane, the country’s capital. The conference, held on Friday, brought together blockchain experts and leaders from various economic departments in the country, indicating the government’s prioritization of blockchain technology for its digital transformation efforts.Photo by Molydar SOUAMA on UnsplashMetaBank cooperation agreementIn an effort to promote digital transformation within Laos, the Laotian government has signed a cooperation agreement with Singapore’s MetaBank. Software company MetaBank describes itself as a “digital civilization accelerator empowered by blockchain.”A report from MetaBank sheds light on the main focus of the conference. The key objective was to expedite Laos’ digital transformation by harnessing the potential of digital technology. The concept of Blockchain 4.0 was introduced, highlighting the importance of open collaboration and positioning Laos as both a catalyst and a beneficiary of the emerging global digital landscape.In a press release published on Monday, MetaBank Founder and Chairman Frank Sui said that blockchain technology can help developing countries like Laos to “overtake on a bend.” Laotian Minister of Technology, Boveingkham Vongdara, suggested that blockchain technology is needed to transform production and service methods.In line with this vision, MetaBank and the Laotian Ministry of Technology plan to establish a blockchain research and development center that will support the Blockchain 4.0 initiative in Laos. This center will serve as a hub for innovative blockchain projects and contribute to the country’s technological advancements.Leveraging digital technologyThe conference outlined several goals for the development of Laos’ digital economy. These goals include leveraging digital technology to generate new fiscal revenue, strengthen foreign exchange reserves, control inflation, foster sustainable economic growth, improve living standards, and enhance international competitiveness in the short term.Furthermore, the event proposed the establishment of a Blockchain Technology Transformation Committee, which would be responsible for ensuring legal compliance and drafting legislation relevant to the digital economy.During the conference, Prime Minister Siphandone stressed the importance of integrating blockchain technology into various government processes and utilizing it extensively for administrative management and public services. He emphasized that embracing blockchain technology is vital for the successful implementation of Laos’ ninth five-year plan, which aims to drive national, economic, and social development.Laos, situated in Southeast Asia, has recently taken significant strides in adopting blockchain and digital technology. In February, the country’s central bank signed a memorandum of understanding with Japanese financial software firm Soramitsu to launch a proof-of-concept project for a central bank digital currency (CBDC).The project involves the creation of a digital currency called DLak, which will be exchanged with commercial banks for fiat currency and used for real-time transactions through a QR code and an accompanying app. This initiative aims to address the delays previously experienced in digital transactions within Laos, which could take up to a month to clear.With the establishment of this Blockchain 4.0 initiative and the planned research and development center, Laos is positioning itself to make further progress in its digital transformation journey.

Hong Kong Crypto Licensing Yet to Result in Job SurgeWhile Hong Kong has seen a rush for crypto licenses, scrambling for licensing has not yet resulted in a corresponding surge in job opportunities, according to recruiters in the industry.Approximately 150 companies applied for a local crypto license on June 1, allowing them to operate crypto trading platforms, but recruiters have not witnessed a high demand for talent in the field. That’s according to reports received by Cointelegraph from a number of recruiters active in the crypto space in the Chinese autonomous territory.Photo by Simon Zhu on UnsplashBear market hangoverSue Wei, the Managing Director of major recruitment firm Hays, revealed that her firm has experienced a significant decrease in requests for recruiting technical talent since the recent dip in the crypto market. This decline was particularly notable when many talents were laid off en masse, which led to hesitancy among individuals to work for crypto companies due to the volatile nature of the business, heavily reliant on cryptocurrency prices.Neil Dundon, the Founder of crypto recruiter Cryptorecruit, also noted a lack of significant activity in the Hong Kong market. Despite the regulatory changes, venture activity remains low. However, Dundon expressed optimism that the market has reached its bottom and expects an upward trend to emerge soon.Olga Yung, the Managing Director of Michael Page Hong Kong, echoed the sentiment, stating that there hasn’t been a substantial increase in individuals seeking jobs in the Web3 sector, despite the government’s recent efforts to promote it. However, Yung did mention a slight increase in Web3 firms seeking legal and compliance hires in the latter half of Q2 2023.At the time of publication, 85 crypto-related jobs were being advertised on LinkedIn. Meanwhile, Hong Kong’s Cyberport, the city’s flagship technology hub, has attracted more than 150 companies operating within the Web3 space over the course of the past 12 months. Authorities in Hong Kong are also trying to entice Web3 companies based in mainland China to establish bases within Hong Kong.Increased job openings anticipatedAlthough these firms have displayed enthusiasm in entering the Hong Kong market, the recruitment needs of the crypto industry remain relatively light at present, as many Web3 companies are still in their early stages of development. However, recruiters anticipate a rise in job openings as these companies continue to grow and mature.Kevin Gibson, Founder of Proof of Search, a Web3 recruitment specialist, said that it may take six months before current crypto licensing activity in Hong Kong translates into a surge in demand for staff. Gibson maintains that specialist talent in Hong Kong is in short supply due to many such professionals having left the city in recent years.While Hong Kong has witnessed a rush for crypto licenses, the recruitment landscape in the industry has yet to experience a corresponding surge. However, recruiters remain optimistic about future job opportunities as Web3 companies progress and regulatory conditions stabilize.With Singapore-based Matrixport and international banking firm Standard Chartered both predicting a Bitcoin unit price in the region of $120,000 by the end of 2024, the market is expected to trend upward in the coming months. That could potentially lead to increased hiring activity in the crypto sector.

Ripple Collaborates with Hong Kong Regulator in RWA TokenizationIn a demonstration of an extended use case, Ripple, the real-time gross settlement system, currency exchange, and remittance network, has announced that it has been selected by the Hong Kong Monetary Authority (HKMA) to showcase a real world asset (RWA) tokenization solution.Photo by Redd F on UnsplashReal world asset (RWA) tokenizationIn a press release published on Thursday, the San Francisco-based firm outlined that the objective of its participation in the HKMAs inaugural e-HKD Pilot Program is to showcase a particular approach to real estate tokenization. In principle the e-HKD project is a central bank digital currency (CBDC) scheme.Ripple is one of sixteen firms that will participate in the program. Among the other participants are HSBC, one of the largest banking and financial services institutions in the world, British multinational bank Standard Chartered, and Bank of China (Hong Kong).For its part, Ripple will partner with Fubon Bank, a subsidiary of one of the largest financial holding companies in Taiwan. The e-HKD Pilot Program will feature a series of pilots conducted through several industry players with a view towards carrying out in-depth research into application, implementation, and design issues relative to the e-HKD.Real estate tokenization is a leading example of RWA tokenization, which overall is anticipated to become a multi-trillion dollar industry by the end of this decade. Its plan is to build the solution on a private and secure ledger, guided in principle by the same technology that the company has utilized for XRP, the native token of the Ripple ecosystem.Illiquid assetsThe company points out that people’s homes are usually one of their primary assets. Notwithstanding that, unlocking value in real estate can be problematic, having considerable friction. The idea is that this illiquid wealth can be unlocked through tokenization. It’s a concept that is seeing a lot of interest from competing projects. Start-ups like Securitize and Provenance Blockchain would be among a long list of start-up firms that see the potential in the tokenization of RWAs.In Asia, Japanese trading and investment firm Mitsui has gotten involved in the tokenization of real estate through its Alterna investment platform. Tokeny and CoFund offer other examples of innovators that are pioneering real estate tokenization.In its press release, Ripple outlined that it aims to use its technology in this particular instance to enable Hong Kong citizens to experience the faster and more efficient release of equity relative to real estate.James Wallis, Ripple’s VP of Central Bank Engagements & CBDCs, expanded on this idea further:“The Asia Pacific region has many forward-looking regulators such as the HKMA, who are looking to leverage the capabilities of blockchain and crypto technology. It’s a huge honor for Ripple to be one of the select few organizations participating in the HKMA’s e-HKD Pilot Programme. We now have the opportunity to demonstrate how real estate asset tokenization could be brought to the citizens of Hong Kong, and are confident that our fully integrated solution will be an industry-first use case demonstrating the power of leveraging a CBDC for real estate equity asset release.”