Putin approves inclusion of digital ruble within Russian tax code

Upbit Seeks Recruits for Program to Foster Digital Asset Investment CultureUpbit, South Korea’s largest cryptocurrency exchange, announced Monday that it is recruiting participants for its second Up!To program, aimed at cultivating a robust digital asset investment culture and leading the era of Web3.Empowering students in the Web3 eraTouting the slogan “Build Your Own Block,” the program will involve various activities, including creating content related to digital assets and investor protection, producing and uploading promotional materials, generating ideas for Upbit’s services, and attending Upbit’s offline events.Photo by Mimi Thian on Unsplash“Through Up!To, university students will gain a comprehensive understanding of digital assets and blockchain,” said Lee Hae-bung, head of the Upbit Investor Protection Center.Program detailsThe program will kick off with the inauguration ceremony on September 18, to be followed by three months of participation and activities. Along with a welcome kit and a designated stipend, participants will also get the chance to be educated and trained in the field of digital assets.Teams that show the most outstanding performance will be awarded a prize of 5 million KRW (approximately $3,800), and runner-up participants will receive a prize of 3 million KRW. A select few will also get the opportunity to intern at Upbit. The total quota for the program has been expanded to 30 — an increase from 20 participants last year.Any university students — excluding those set to graduate in February next year — who are interested in digital assets are eligible to apply. Applications can be submitted from August 7 to August 25 on the Upbit Investor Protection Center website. Final acceptance notifications will be sent via email on September 11.

Shinhan Card to launch NFT-based art-tech service next yearSouth Korean credit card company Shinhan Card is set to launch its art-tech service dubbed “Prestige Collection” next year, according to Park Young-woong of the Digital R&D team during his presentation at the seventh annual Shinhan Future’s Lab Demo Day event held in Seoul on Wednesday.Photo by Yi Liu on UnsplashDigitizing investments in artArt-tech — a portmanteau of art and money management technology — refers to an investment method that involves purchasing or owning artworks as assets and earning profits from their sales.“We are planning to launch our art-tech service next year, which will include exhibition recommendations, NFT ticketing and NFT art warranties to work in tandem with Shinhan Card’s payment services,” Park said. He also mentioned that it is currently undergoing legal evaluations.Making event access more efficientThe inception of this upcoming release started in September, when Shinhan carried out a collaborative proof of concept (PoC) mechanism with two member startups from the ninth installment of its Future’s Lab startup acceleration program, Art Map and SnapTag.Art Map is an art curation service put together by a team of database experts, software developers, artists, curators and designers that gathers metadata based on users’ preferences to recommend exhibitions and other art-related events for them to enjoy. On the other hand, SnapTag offers a variety of services based on its patented invisible watermark technology dubbed LAB Code. LAB Code is able to create an encrypted code by subtly converting image pixels of items like product packages, photos and illustrations and applying those files to printing or production processes without damaging or changing the original image.Last month, Art Map and SnapTag used their respective technologies to work with Shinhan Card to issue and verify blockchain-based NFT tickets for the Sneakers Unboxed special exhibition held at the Sejong Museum of Art. Shinhan was responsible for minting NFTs as tickets for exhibitions promoted on Art Map’s platform, which could be issued and stored on the My NFT section on Shinhan’s mobile app ShinhanpLay. Visitors would then be able to use SnapTag’s digital check-in service Keefo to enter the exhibition.This NFT ticketing system was proven to be a time-efficient and secure alternative to traditional ticketing procedures, which come with several inconveniences like long wait lines, delayed entry, illegal ticket resells and monopolization of customer data by major ticketing conglomerates. This is especially true for music performances by famous artists, where competition during ticket sales can become intense.“Our NFT ticketing service will evolve into an art-tech management service that focuses on art,” Park explained. “Prestige Collection will leverage Art Map’s art concierge platform, SnapTag’s LAB Code technology and Shinhan Card’s My NFT service.”

The first tranche of spot Bitcoin and Ether exchange-traded funds (ETFs) have been officially approved to start trading in Hong Kong on April 30. Announcement from regulatorHong Kong’s Securities and Futures Commission (SFC) announced the official approval of the first batch of spot Bitcoin and Ether ETFs on April 24 via a press release seen by CoinTelegraph. The regulator first provided outline approval for these products on April 15. Additionally, some of the fund management firms themselves have come out to outline product trading commencement at the end of the month. The first batch of approved Hong Kong-based ETFs include China Asset Management’s (ChinaAMC) Bitcoin and Ether-based ETFs.  In a press release, the firm verified that its products will begin trading on April 30. HashKey Capital and Bosera Asset Management have partnered to offer similar spot products. A spokesperson for HashKey told Bloomberg that they’re ready to commence trading of the product at the end of the month.Photo by Ruslan Bardash on UnsplashIn-kind vs. cash-only approachHarvest Global Investments is the third fund manager that intends to launch such a product offering. The launch of these three spot Bitcoin and Ether-based ETFs on April 30 signals a new era for digital asset investment in Hong Kong. Unlike their counterparts in the U.S., which rely on a cash creation model, these ETFs in Hong Kong embrace an in-kind creation mechanism. This approach holds the potential to significantly boost assets under management (AUM) and trading volume, as highlighted by Bloomberg ETF analyst Rebecca Sin. The unique dynamics of Hong Kong's ETF creation model present an opportunity for market growth and innovation, positioning the region as a key player in the global digital asset landscape. By providing a regulated framework for retail and institutional investors, along with the ease of converting digital assets into fully regulated ETFs, ChinaAMC aims to cater to a growing demand for such offerings. China Asset Management’s Head of Digital Assets, Thomas Zhu, emphasized in the firm’s press release the in-kind creation feature. Potential fee warAs the ETF market in Hong Kong gains momentum, competition could result in downward pressure on fees. With issuers vying to offer the most competitive fees to attract customers, the stage is set for a potential battle of pricing strategies. Harvest, for instance, has already entered the fray with a full fee waiver and the lowest fee at 0.3% after the waiver, Bloomberg ETF analyst James Seyffart outlined on the X social media platform. This competitive landscape bodes well for investors, with fees for the first ETFs proving to be lower than expected, as noted by Eric Balchunas, senior ETF analyst at Bloomberg. All eyes will be on the performance and impact of these financial products relative to the crypto market in the Asian region and further afield.