Taiwan Proposes New Crypto Business Category

NEOPIN and SBINFT Join Forces to Expand DeFi and NFT EcosystemsNEOPIN, the global CeDeFi platform of South Korean investment holding company Neowiz Holdings, announced today its strategic partnership with SBINFT, the NFT marketplace developer and Web3 subsidiary of Japanese online financial conglomerate SBI Holdings.Photo by Markus Winkler on PexelsExtending their global reachThrough this partnership, the two companies will combine their individual expertise to enhance the global reach of each other’s ecosystems. Their strategy involves facilitating the introduction of established NFT projects from regions such as South Korea, the Middle East, and Southeast Asia into the Japanese market. Additionally, they will collaborate to offer both financial and technical assistance to promising Japanese Web3 initiatives, enabling them to expand internationally.Web3 projects and utility NFTsTo achieve this objective, NEOPIN will onboard a diverse range of Web3 projects to its ecosystem, thereby broadening their adoption and appealing to a worldwide user base. Meanwhile, SBINFT will proactively seek to bring utility NFTs into its NFT marketplace.NEOPIN’s partnership with SBINFT is a strategic step in its plan to enter the Japanese market. Just recently, the South Korean enterprise revealed its proactive approach to intensify endeavors to attract a Japanese customer base.Kim Yong-ki, NEOPIN’s CEO, mentioned that the collaboration with SBINFT represents one of their initial endeavors to penetrate the Japanese market. Kim further stated that NEOPIN is dedicated to achieving favorable outcomes not only within Japan but also across the East Asian region.Ko Jang-deok, CEO of SBINFT, echoed this sentiment, expressing that NEOPIN possesses a robust strategy tailored for the Japanese market. He mentioned that the partnership with such a company will help SBINFT introduce international content to the Japanese market. Ko highlighted SBINFT’s commitment to extending its presence in the East Asian market.

Bitmain to Launch Filecoin Token Mining MachinesBitmain, the well-known Chinese manufacturer of Bitcoin mining machines, has made a significant announcement that marks its entry into the Filecoin ecosystem.FIL token miningAccording to that announcement made by the company on social media on Friday, the company is set to launch FIL token mining machines, which are expected to have a hash rate of up to 4,300T each and will be available for purchase at $38,888 per unit.Filecoin, created by Protocol Labs, was originally designed as a blockchain-based collaborative digital storage and data redemption solution. As an open-source, public cryptocurrency and digital remittance system, Filecoin has garnered significant attention in the market.Photo by Traxer on UnsplashDelegated stakingAlong with the mining machine development, Bitmain has introduced a delegated staking service with a low monthly fee of 0.5%. This service offers traders an opportunity to earn more through staking with minimal computational energy. Delegated staking allows users to delegate their staking rights to validators or staking pools, enabling them to partake in the rewards generated by these validators.According to a recent report by crypto market intelligence firm Messari, Filecoin’s data storage market continued to grow in Q2, 2023. Active data storage deals grew 64% when compared with the previous quarter. That deal flow resulted in increased revenue from fees, which was up 91%. Further development of the Filecoin protocol resulted in the recent introduction of the Filecoin Virtual Machine (FVM). That runtime environment for smart contracts has enabled new use cases, including liquid staking, decentralized computing, and perpetual storage.Bitmain’s venture into the Filecoin ecosystem not only supports the development of FIL token mining machines but also offers hope for FIL token holders who experienced losses. The FIL unit price peaked at $190 during the 2021 crypto bull market. The company’s involvement has positively influenced Filecoin’s price.Meanwhile Bitmain continues to be a major player in the crypto mining equipment space. 2021 has not been without its blemishes for the company though, as in April the Beijing-based company was fined $3.7 million by the Chinese authorities for a violation of Chinese tax regulations.Bitmain hashrate dominanceEarlier this month, US bitcoin miner TeraWulf purchased 18,500 mining machines from Bitmain, with a view to deploying them at its 43 MW Lake Mariner mining facility in New York State in the US. The deal had a value of $75 million.A recently published report by crypto intelligence firm Coinmetrics outlined that the majority of the Bitcoin hashrate is being processed by Bitmain’s S19 miner model. Three Bitmain miner models are responsible for 76% of the entire Bitcoin network’s hashrate, the report states.

At the 'Beyond Coin: Brace for Digital Asset Super Cycle' conference held in Seoul on April 30, Lee Hae-bung, Head of Investor Protection Center at Upbit, said that it is significantly important for virtual asset service providers (VASP) to fulfill their responsibilities at a time when the government authority is laying the groundwork for crypto regulations, according to local media TECH M. Upbit is one of the few licensed cryptocurrency exchanges in South Korea. The conference was jointly organized by SEUM Law Firm and local media outlet TECH M.  During his speech at the conference, Lee stated that by adhering to industrial rules and meeting obligations, VASPs can protect not only crypto investors but also themselves. This is how the crypto industry can enhance the value of blockchain and build trust surrounding the cutting-edge technology, he asserted. Photo by Lukas on PexelsShifting paradigm Lee said everything created based on blockchain and ledger technology is now deemed assets and property in the modern world, warranting new regulations. This marks a contrasting shift from the past when only fiat currencies were considered assets and mediums of storage.  In the following sessions, he delivered presentations about cryptocurrency regulations in various countries such as the U.S., Singapore, Hong Kong and several EU member states. During his speech, four moral pillars – legal clarity, responsible innovation, accountability and resilience – were particularly highlighted as ethical requirements for VASPs.  Ten minus one equals zeroLee noted that Korea's crypto industry is currently going through transitional phases, during which the nationwide crypto craze disrupted the market and turned many good-willed investors into victims. The recent Bitcoin rally has lured many young Korean investors in their 20s and 30s to the crypto market, many of whom engaged in reckless investments with borrowed money.  The industry is now at a point where regulations are being laid out for investor protection, however, heading into a sustainable and healthy direction, he added.  "Ten minus one equals zero when it comes to regulating the crypto industry," Lee said, underscoring the significance of completing all the tasks related to establishing regulation in the local crypto space. “Transparency and accountability are the two most important values VASPs must safeguard on their journey to building trust. If VASPs fulfill these obligations, they should be able to gain the trust of users. Otherwise, they must bear liability for the consequences,” he added, citing the European Union’s Market in Crypto Asset (MiCA) Regulation as a model example that values transparency and accountability. The MiCA Regulation is currently being discussed by legislators from EU member states.