Op-Ed: South Korea’s new president aims to take crypto to the next level

Op-Ed: South Korea’s new president aims to take crypto to the next level
Plans including raising the crypto tax threshold and legalizing ICOs are welcome, but will they give South Korea the shakeup it needs?
President Yoon Suk-Yeol plans to raise the current crypto tax threshold from around $2,000 to approximately $40,000. The current president Moon Jae-in lost the opportunity to take the country forward with a more positive crypto policy, in a country where last year Koreans invested over $43 billion in crypto assets in 2021.In April 2021 younger investors filed a number of petitions for example complaining how crypto assets were being taxed at a less favorable rate than stocks. Now this victory means that their voice is being heard, which I believe is great news, not just for the crypto industry, but for this new generation of investors. But at the same time, as someone involved in the Korean market since 2017 while I welcome the reports coming out of Yoon’s Presidential Transition Committee, I also know what matters is what happens after the new president takes office on May 10.

There is a risk the new government decides to allow investing in ICOs, IEOs, and STOs only to those above a certain income, to accredited investors. Certainly, the news of a new Basic Digital Asset Law, to enable the recovery of funds lost from illegal trades and scams is very welcome. But at the same time, a balance has to be struck, so the younger generation of investors in their 20s and 30s, who consist of around 36% of the market, feel they have a stake in the new system.

I also note that play-to-earn games are still illegal with no plans to change that. So, it’s somewhat ironic that the recent $620 million hack of Axie Infinity was reportedly carried out under the auspices of the North Korean government. While South Korea and the US are therefore looking to work more closely on cybercrime, there is a risk that the US will also seek to put pressure on the South Koreans to take a more highly regulated approach to crypto more in line with emerging US policy.

Will the prospect of a growing NFT market bear fruit?

What I do expect is for the market in NFTs in South Korea to grow in the future. And I think this presents a window of opportunity for the new government to take a positive approach. While the Financial Services Commission (FSC) is reportedly working to introduce NFT rules, this is yet to happen. Another potential source of frustration within the investor community is the complexity of using exchanges with different travel rule systems.

Among the big four exchanges Upbit, Bithumb, Coinone, and Korbit (with over 95% of the crypto market share), there are two travel rule systems. Upbit with the lion’s share of the exchange market has adopted its home-grown Verify VASP program, while the remainder follows another system. So, it’s perhaps good to know that Yoon’s Presidential Transition Committee is also “looking to grant more cash-to-crypto licenses to crypto trading platforms in efforts to dilute the local crypto exchanges oligopoly”.

Another overlapping issue is the dominance of the Upbit exchange in the South Korean crypto market. What’s interesting to me is seeing the concerted move by local banks to enter the crypto market. Part of the banks’ motivation to approach the incoming government is down to the fact that Upbit has over 80% of the market share.

This is underlined by the fact that Dunamu, operator of Upbit, posted a net income of 2.2 trillion won (around $1.8 billion) last year, with the figure growing 46-fold on-year. The news reportedly “shocked onlookers, as it drew near Woori Financial Group, a major banking group here. Woori posted a net income of nearly 2.6 trillion won in the same period”, according to the Korea Herald.

Banks fight for a slice of the crypto pie

Allowing banks to take apart on a more equal footing with exchanges certainly marks a step forward with potential implications for competition in regional crypto markets as well as internationally. Certainly, in Singapore, we have seen a tightening of regulations since the ICO boom years of 2017/18 which attracted so many crypto startups.

This stricter regulation has prompted startups to leave for the likes of more crypto-friendly Dubai, including global exchange Binance which recently withdrew an application to register in Singapore, instead setting up an office in the UAE.

The economic risks of not moving fast enough are also shown in the UK, where despite government plans for crypto growth there’s been significant criticism of its regulator, the FCA, for being too slow in processing crypto license applications to allow crypto startups to operate.

So, while I believe South Korea is likely to try to be more open, it’s going to be a tricky path to walk to keep all the different segments onboard, from crypto industry stakeholders to expectant younger investors. The ‘proof is in the pudding’ as they say, because while the incoming government might talk about plans to legalize ICOs it may in the fine print only be available to people who have say $1 million in assets.

However, on a more optimistic note, I do agree with crypto commentators such as Anthony Pompliano that South Korea’s crypto plans are potentially a significant step on the world stage. Yoon Suk-yeol is the first head of state from a major economy that says it plans to take crypto really seriously, including protecting the public; however, it’s also worth noting that outlined plans to set up a dedicated government agency for crypto and NFTs did not make it into the final copy of his campaign pledges.

Speaking recently in Korea on the same platform with a member of the People’s Power Party, I said that crypto and blockchain was the future. We now have to wait and see how well that promise and potential is delivered.

 

Original Source: https://cryptoslate.com/op-ed-south-koreas-new-president-aims-to-take-crypto-to-the-next-level/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

j j j

NFTs: Bringing about the next level of funding social causes

NFTs: Bringing about the next level of funding social causes

NFTs are leading a revolution in fundraising for the marginalised by reaching out to a global audience and rewarding them for their contributions

Non-fungible tokens (NFTs), digital assets backed by the technology that drives cryptocurrencies, are now spurring social change by facilitating fundraising for charitable causes ranging from female empowerment to supporting philanthropic efforts in war-torn countries such as Ukraine.

This ability to fund initiatives for a range of socially important issues through the sale of NFTs could power the next growth phase for this asset class.

Crypto-based donations have been trending since 2017, when an anonymous donor created the Pineapple fund by donating 5,104 Bitcoins to support causes including international aid and life-extension research.

NFTs are used to represent popular art, real estate, intellectual property (IP) and other applications where authenticity and proof of ownership are vital.

Good causes

Although a recent phenomenon, NFTs have successfully entered mainstream transactions, overriding aspects such as age, geographic location, and intention. As the world goes through the next phase of the digital revolution, there are strong signs of NFTs becoming a vehicle for social change — from charitable events held in the most creative manner to celebrity partnerships and other forms of cryptocurrency-based donations.

NFT donations can be purely giving crypto for good causes, where donors are attracted to charities that share similar values to their own and not monetary gains, said Anndy Lian, chairman of BigONE Exchange. All the proceeds can go directly to those in need without any intermediaries — this is the true meaning of doing good using crypto and blockchain technology, according to Lian.

Easily accessible and highly convenient, this format of contributing has encouraged artists, celebrities, socialites, and the wealthy to engage with charitable causes, where cryptocurrency replaces actual currency in a win-win situation for all.

According to Aliasgar Merchant, developer relations engineer at Ignite, the most common causes benefiting from NFT donations are fighting the COVID-19 pandemic, mental health and wellbeing, animal welfare efforts like Orangutan Outreach, fighting poverty via organisations like No Hungry Kid, climate change and sports. It has also given birth to a whole new set of philanthropic organisations that bridge donors and receivers in various parts of the world.

Linking NFTs with an underlying cause allows participants to engage and get timely updates on the impact generated by their donations. Environment-focused organisations that auction NFTs representing endangered wildlife species also provide the buyers with updates on how the funds are used.

This brings about transparency that was unseen before while improving society and nature. NFT projects such as ChangeDAO, Impact, KRebels, and ARTXV are examples of how social entrepreneurs engage with a global audience to focus on often-neglected communities or causes.

Arijit Mukherjee, founder of Yunometa, an NFT marketplace, says while the Ukraine war is a terrible tragedy, the world has seen how NFTs have come to the aid of the country.

“The country itself is selling NFTs the way war bonds were sold previously to raise money. Apart from this, individuals and social causes have also banded together to send aid to the country by selling NFTs. The one that comes to mind is Kyiv mayor Vitali Klitschko’s brother raising funds through his NFT called Vandalz for Ukraine: WhIsBe x Wladimir Klitschko, the proceeds of which will go to Red Cross Ukraine and UNICEF. This is just one example for a country that has raised over $60 million in crypto donations,” Mukherjee said.

Value potential

Yunometa will come out with a series of NFTs in conjunction with various projects to save animals including tigers and elephants, he said.

Being non-fungible or non-interchangeable by design, every minted NFT is unique and has the potential to increase in value due to the inherent exclusivity and scarcity embedded in it. This is why collectors lap up NFTs from philanthropic projects, having realised that they could be even more valuable than a donated piece of art or possessions of famous personalities in the future.

Blockchain has been heralded by thought leaders as the greatest confluence of technology since the invention of the internet. It allows a multitude of applications, such as peer-to-peer smart contracts, the creation of digital assets, and data collection.

The strong social impact of blockchain can be highlighted with the example of Digital Arts for Social Impact (DASI), said Raj Kapoor, strategic advisor to Acryptoverse, a blockchain and crypto advisory firm.

He said the initiative is an innovative collection of NFTs minted on the blockchain in collaboration with artists around the world. The proceeds of the sales of these NFTs go towards the education of underprivileged children and improving their living conditions in rural communities around the world.

NFTs represent a new and novel approach to achieving equity in society while also rewarding donors with potentially invaluable digital assets. More creators and entrepreneurs are bound to collaborate and expand the horizon of NFT-based fundraising, benefitting more of humanity and fostering a better world for future generations.

 

Original Source: https://www.msn.com/en-in/money/topstories/nfts-bringing-about-the-next-level-of-funding-social-causes/ar-AAWm8nX

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

j j j

NFTs: Bringing about the next level of funding social causes

NFTs: Bringing about the next level of funding social causes

NFTs are leading a revolution in fundraising for the marginalised by reaching out to a global audience and rewarding them for their contributions

Non-fungible tokens (NFTs), digital assets backed by the technology that drives cryptocurrencies, are now spurring social change by facilitating fundraising for charitable causes ranging from female empowerment to supporting philanthropic efforts in war-torn countries such as Ukraine.

This ability to fund initiatives for a range of socially important issues through the sale of NFTs could power the next growth phase for this asset class.

Crypto-based donations have been trending since 2017, when an anonymous donor created the Pineapple fund by donating 5,104 Bitcoins to support causes including international aid and life-extension research.

NFTs are used to represent popular art, real estate, intellectual property (IP) and other applications where authenticity and proof of ownership are vital.

Good causes

Although a recent phenomenon, NFTs have successfully entered mainstream transactions, overriding aspects such as age, geographic location, and intention. As the world goes through the next phase of the digital revolution, there are strong signs of NFTs becoming a vehicle for social change — from charitable events held in the most creative manner to celebrity partnerships and other forms of cryptocurrency-based donations.

NFT donations can be purely giving crypto for good causes, where donors are attracted to charities that share similar values to their own and not monetary gains, said Anndy Lian, chairman of BigONE Exchange. All the proceeds can go directly to those in need without any intermediaries — this is the true meaning of doing good using crypto and blockchain technology, according to Lian.

Easily accessible and highly convenient, this format of contributing has encouraged artists, celebrities, socialites, and the wealthy to engage with charitable causes, where cryptocurrency replaces actual currency in a win-win situation for all.

According to Aliasgar Merchant, developer relations engineer at Ignite, the most common causes benefiting from NFT donations are fighting the COVID-19 pandemic, mental health and wellbeing, animal welfare efforts like Orangutan Outreach, fighting poverty via organisations like No Hungry Kid, climate change and sports. It has also given birth to a whole new set of philanthropic organisations that bridge donors and receivers in various parts of the world.

Linking NFTs with an underlying cause allows participants to engage and get timely updates on the impact generated by their donations. Environment-focused organisations that auction NFTs representing endangered wildlife species also provide the buyers with updates on how the funds are used.

This brings about transparency that was unseen before while improving society and nature. NFT projects such as ChangeDAO, Impact, KRebels, and ARTXV are examples of how social entrepreneurs engage with a global audience to focus on often-neglected communities or causes.

Arijit Mukherjee, founder of Yunometa, an NFT marketplace, says while the Ukraine war is a terrible tragedy, the world has seen how NFTs have come to the aid of the country.

“The country itself is selling NFTs the way war bonds were sold previously to raise money. Apart from this, individuals and social causes have also banded together to send aid to the country by selling NFTs. The one that comes to mind is Kyiv mayor Vitali Klitschko’s brother raising funds through his NFT called Vandalz for Ukraine: WhIsBe x Wladimir Klitschko, the proceeds of which will go to Red Cross Ukraine and UNICEF. This is just one example for a country that has raised over $60 million in crypto donations,” Mukherjee said.

Value potential

Yunometa will come out with a series of NFTs in conjunction with various projects to save animals including tigers and elephants, he said.

Being non-fungible or non-interchangeable by design, every minted NFT is unique and has the potential to increase in value due to the inherent exclusivity and scarcity embedded in it. This is why collectors lap up NFTs from philanthropic projects, having realised that they could be even more valuable than a donated piece of art or possessions of famous personalities in the future.

Blockchain has been heralded by thought leaders as the greatest confluence of technology since the invention of the internet. It allows a multitude of applications, such as peer-to-peer smart contracts, the creation of digital assets, and data collection.

The strong social impact of blockchain can be highlighted with the example of Digital Arts for Social Impact (DASI), said Raj Kapoor, strategic advisor to Acryptoverse, a blockchain and crypto advisory firm.

He said the initiative is an innovative collection of NFTs minted on the blockchain in collaboration with artists around the world. The proceeds of the sales of these NFTs go towards the education of underprivileged children and improving their living conditions in rural communities around the world.

NFTs represent a new and novel approach to achieving equity in society while also rewarding donors with potentially invaluable digital assets. More creators and entrepreneurs are bound to collaborate and expand the horizon of NFT-based fundraising, benefitting more of humanity and fostering a better world for future generations.

 

Original Source: https://www.moneycontrol.com/news/business/cryptocurrency/nfts-bringing-about-the-next-level-of-funding-social-causes-8377161.html

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

j j j