WazirX seeks moratorium as it looks to restructure its liabilities

Avalanche Blockchain Developer Expands into IndiaAva Labs, the company behind the layer one Avalanche blockchain, is setting its sights on a significant expansion in India.Seeking out state agency partnershipsThe move by the New York-based blockchain development firm reflects the growing interest in blockchain technology within the world’s most populous country. Ava Labs outlined that it is actively seeking partnerships with Indian government agencies and institutions to facilitate the development of applications on the Avalanche (AVA) blockchain, according to a blog post published by the firm on Thursday.While government and state agencies have not been terribly progressive when it comes to decentralized cryptocurrencies in India, they have been more receptive in terms of developing the underlying blockchain technology.Earlier this year, the Royal Bank of India (RBI) highlighted the importance of adopting blockchain technology. Last month, an RBI-led initiative emerged through India’s National Payments Corporation of India (NPCI) to further explore blockchain technology relative to payment systems.Indian government’s initiatives, such as launching a Centre of Excellence in Blockchain Technology, align with Ava Labs’ expansion strategy. Moreover, Indian states like Goa and Telangana have demonstrated a proactive approach to leveraging blockchain for real-world use cases, including land records and vehicle registrations.Photo by Studio Art Smile on PexelsRecruiting local talentAs part of its plans, Ava Labs has made a few pivotal hires to lead its operations and business development in India. Devika Mittal, formerly the Head of Token Listings for OK Group company Okcoin, and Kamakshi Arjun, who has held leadership positions at Polygon (MATIC) India and Tech Mahindra, have joined the team. Both individuals bring extensive experience in the blockchain industry to their new roles.Mittal expressed her excitement about the opportunity, stating:“I am so excited to help Ava Labs expand its reach and impact in the region, and am confident that Ava Labs is well-positioned to meet the demands of India’s large and growing population of tech-savvy individuals and businesses.”Equally Arjun, with her understanding of the blockchain market, is expected to play a critical role in Ava Labs’ expansion strategy.Business development fundMittal said in an interview with The Block that Ava’s operations in India would focus on several sectors, including ticketing, certification, and supply chains. She also highlighted the innovative features of Avalanche subnets. Notably, Ava Labs has a specific business development fund earmarked for India.There’s a lot of activity within India’s blockchain ecosystem, with projects like Loco, an esports and live-streaming platform, leading the way. Loco is developing a range of Web3 products and pioneering innovative fan experiences using a custom Avalanche Subnet.While Polygon Labs, the founder of Ethereum scaling network Polygon, operates on a fully remote basis, its origins can be traced back to India through its founders. One community member responded to this latest news, stating that the Avalanche development team has a lot of ground to make up by comparison with the progress recorded by Polygon in India in terms of partnerships and business development.Ava Labs is actively engaging with various prominent institutions and has already secured a partnership with a government agency, although specific details have not been disclosed.

Japan and China are moving in different directions on digital finance. In Japan, senior officials are signaling a push to bring cryptocurrencies further into the mainstream financial system. In China, regulators are doubling down on limits for private-sector tokenization even as the central bank expands a state-led digital currency model.Photo by Nat on UnsplashTraditional exchanges to anchor crypto pushSpeaking at the Tokyo Stock Exchange on Jan. 5, Japanese Finance Minister Satsuki Katayama framed 2026 as “the inaugural year of digital” in her New Year’s address, according to local outlet CoinPost. She said she expects cryptocurrency adoption to broaden as commodity and stock exchanges take on a larger role, arguing that established market infrastructure will be key to realizing the benefits of blockchain-based assets. Pointing to the U.S., she noted that exchange-traded funds are commonly used as an inflation hedge, and suggested Japan could move in a similar direction. Katayama also struck an upbeat tone on the wider economy, saying she expects Japanese stocks to hit new record highs this year. She cast 2026 as a potential turning point as Japan seeks to move beyond a long stretch of deflation, and called for responsible but proactive fiscal policy alongside targeted investment in growth sectors. Her comments come as Tokyo considers a major overhaul of how crypto gains are taxed. Under a government proposal, profits from cryptocurrencies would be taxed at a flat 20%, aligning them more closely with levies on stocks and foreign-exchange trading. The framework would also cover crypto-linked ETFs and derivatives. Currently, crypto gains are treated as miscellaneous income, leaving investors subject to progressive rates that can climb to roughly 55% once local taxes are included. The proposed reforms would bring crypto assets under the Financial Instruments and Exchange Act. While the package is slated for discussion during the upcoming ordinary Diet session, which is scheduled to begin on Jan. 23, officials do not expect it to take effect before 2028, given the scope of the required legal and regulatory changes. Industry groups flag RWA tokenization risksChina, by contrast, continues to take a restrictive stance toward private digital-asset activity. Seven major financial industry associations—including the National Internet Finance Association of China, the Banking Association, and the Securities Association—issued a joint statement warning that the tokenization of real-world assets (RWAs) is illegal and amounts to a “risky business model,” according to Wu Blockchain, citing a WeChat post published last month. The associations argued that RWA tokenization still functions as a form of unauthorized fundraising barred under existing securities laws. They also warned of risks tied to both the projects and their underlying assets, including fraud, operational failures, and speculative hype, adding that even when the assets themselves are legitimate, token structures remain unreliable and could pose spillover risks to other parts of the financial system. The statement added that such activities have not received regulatory approval. The warning fits with Beijing’s broader, state-led approach to digital finance. Last month, Lu Lei, a deputy governor of the People’s Bank of China (PBOC), warned that unchecked private-sector innovation could pose challenges for monetary policy, arguing that the rapid growth of digital assets and stablecoins risks weakening central banks’ control over money flows. Against that backdrop, Lu said the PBOC has rolled out a new operational framework for its central bank digital currency that took effect on Jan. 1. The move places the digital yuan in a deposit-like role within the commercial banking system under a two-tier structure, with the central bank overseeing rules and infrastructure and commercial banks handling wallets, payments, and compliance. By late November 2025, the digital yuan network had processed 3.48 billion transactions totaling 16.7 trillion yuan ($2.3 trillion), underscoring how China is channeling digital finance through a centrally controlled system. The system includes about 230 million personal wallets and 18.84 million corporate wallets. 

NFT Artists Coming to Seoul in September for The Gateway: KoreaThe Gateway: Korea, the world-renowned annual Web3 event held to celebrate the NFT community and digital artists, is set to take place next month as part of the sixth annual Korea Blockchain Week 2023. It will be held on September 7 to 8 at SFactory, a culture and arts hub in Seongsu-dong, Seoul.The Gateway has been organized by the Web3 digital media platform nft now since 2021. This year, it will be co-hosted by the blockchain community FactBlock, which is also the co-host of Korea Blockchain Week.Bringing realms togetherCentered around the theme of convergence — specifically, the convergence of man and machine, East and West, and URL and IRL — The Gateway: Korea aims to connect Web3 technology and Korean culture. It will feature activities such as interactive experiences and immersive galleries.Photo by fabio on UnsplashExploring digital art and visionary voicesThe event will also include various programs, including keynote speeches and fireside chats. Most notably, there will be an exhibition of works by famous digital artists like Beeple, who famously sold his NFT art piece titled “Everydays — The First 5000 Days” for a record-breaking $69 million two years ago at an online auction held by auction house Christie’s.Other invited artists include DeeKay, Emonee LaRussa, and Krista Kim, among others.“I am delighted that we are able to achieve global expansion through the September event in Seoul,” said Matt Medved, Co-Founder, CEO, and Editor-in-Chief of nft now.“Korea is experiencing an unprecedented moment where cultures from around the world intersect. This event will welcome leading creators and innovators in the Web3 field.”