The lowdown this week...
- A South Korean city provides citizenship rights through NFTs
- The US Treasury Department releases 3 publications related to digital assets
- Binance seals deal with France to transform it into a financial crypto hub
- Coinbase in Japan doubles the number of tokens on its list
A South Korean City is providing citizenship rights through NFTs
Seongnam, a South Korean city - has adopted NFTs to issue citizenships. The city plans to recreate a special metaverse city by the end of 2022, which allows residents to stay updated with the municipal policy status - via blockchain tech. To incentivize residents, the city government plans to issue NFTS for municipal information in the metaverse. The city government is hopeful that this new method will attract people born in the early 1980s to 2000s.
Seongnam has around one million residents, who will soon be able to access municipal information. South Korea generally, has been making significant strides towards crypto adoption. Last month, Seoul launched a test run for the first stage of its metaverse project. The test run featured a virtual redesign of Seoul city hall, including the Seoul Plaza. The capital of South Korea has big plans for the next five years - to redesign the city in the metaverse in stages.
Order in The Court!
The US Treasury Department unveils a massive list of crypto risks to the public
The White House has expressed their dislike for cryptocurrency over the past few months. They requested that federal agencies strive to make Bitcoin mining greener, and recently released a list of crypto risks to the public. The statement in one of the released publications, expressed an almost hostile stance towards crypto adoption. As expressed in the “Crypto-Assets: Implications for Consumers, Investors, and Businesses” publication, it stated that: “The potential for blockchain technology to transform the provision of financial services, as espoused by developers and proponents, has yet to materialize.”
Half of the report delves into the descriptive survey of crypto assets, and the risks are also heavily posed. The most insightful part of the report is a thorough discussion of the risks and opportunities that digital assets bring. It’s also accompanied by an extensive statistical portion in a few sections, underlining the technical data in the report. In the end of the report, it states three recommendations: “vigilant monitoring, with increased enforcement, interagency cooperation and information sharing; that agencies produce more guidance and rules, and for greater educational outreach.”
Talk of The Town
Coinbase Japan doubles its tokens on its platform
Coinbase Japan, the crypto exchange has almost doubled its number of tokens - listed on its platform. This effect could be due to the fact that Japan has recently eased tax burdens on crypto. The exchange announced on its Twitter that it had begun trading chainlink (LINK), enjin Coin (ENJ), OMG (OMG), Ethereum Classic (ETC), and Basic Attention Token (BAT).
Prime Minister Fumio Kishida has spoken about Web3 in a good light and looks forward to the future of crypto adoption in Japan. He has also agreed to produce a number of positive adjustments to the domestic crypto sector. At the start of the year, zero exchanges listed more than 20 tokens in Japan, but now the country witnesses the growth of exchanges and tokens steadily increasing.
France turns into the newest financial crypto hub in Europe thanks to Binance
Changpeng Zhao, Binance’s CEO has been strengthening its foothold in France, describing Paris as the newest financial crypto hub in Europe. Zhao announced at the latest Binance Blockchain Week Paris, that the crypto market is set to explode in the country - in the next five years. One of the key factors to look out for is France’s efforts to ease up employment laws and lessen taxes.
Zhao also mentioned that he European Union's landmark Market in Crypto Assets (MiCA) regulation is "a little bit strict" on stablecoins. Despite this, he described MiCa as “fantastic” and soon he predicts that it will be the “global standard in crypto regulation” for other jurisdictions to follow. Due to the strict downhill slopes, the government representatives announced that France will launch a 3-year regulatory Sandbox for the crypto industry - starting next year. Hopefully, this should encourage more crypto innovation to grow and bring about new start-up opportunities.
Food for thought:
- Which European country do you think will be the next financial hub?
- Do you think that there are any cons to Seongnam providing citizenship rights through NFTs?
- Do you think that with less crypto tax burdens, more crypto start ups will flourish in Japan?
- What Web3 development would you like to see boom in Paris?
This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. Charts, graphs and references to any digital assets are for informational and illustrative purposes only.
Finblox Blog is associated with Finblox - a next-generation crypto ecosystem where you can buy and earn amazing rewards on your digital assets.