Anndy Lian Talks about his new book NFT: From Zero to Hero at Bitcoinlive

Anndy Lian Talks about his new book NFT: From Zero to Hero at Bitcoinlive

Anndy Lian is an all-rounded business strategist in Asia. He has provided advisory across a variety of industries for local, international, public listed companies and governments. He is an early crypto adopter and experienced blockchain serial entrepreneur, book author, investor, board member and keynote speaker. He has launched his new book titled NFT: From Zero to Hero.

The book was first launched on Bybit NFT Marketplace. 8,000 copies of this book were sold out on 15th August 2022. He then launched it on Amazon Books and Google books subsequently.

He speaks to Nick from Bitcoinlive on his new book. Zero to Hero is a call to anyone and everyone excited about the prospect of the world of NFT. Bound by imagination only, the NFT space is still in its early days and early adopters can be a “hero” in their search for new possibilities.

They talked about:

– Are we missing out NFT copyrights?
– How is the NFT market is evolving?
– Should we be wary of NFT finance products?
– Is gaming sector the space to look out for?
– What are NFT utilities?

“Nft market is not dying and it will hold on for live.”

“NFT PFP collections are often the ones making the biggest headlines, but these are not what NFT is all about.”

– Anndy Lian

 

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”.

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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”.

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Fortune: Crypto trading in India plummets as much as 70% as new hurdles scare off investors

Fortune: Crypto trading in India plummets as much as 70% as new hurdles scare off investors

The cryptocurrency boom in India, which has the world’s second-largest community of crypto investors, may be turning into a bust.

“In general, we have seen trading volumes [on Indian exchanges] come down by 30%-40% in the last two to three weeks,” Nischal Shetty, founder and CEO of WazirX, India’s biggest cryptocurrency trading exchange told Fortune.

Other Indian crypto exchanges say their trading volumes have been hit too.

Sumit Gupta, co-founder and CEO at CoinDCX, blames the 30-35% drop in trading volume on his exchange, one of India’s largest, on global and domestic factors. Bitcoin has been stagnant at $39,000 to $40,000 for several months, while large traders have slowed their activity due to new taxes, he says.

Atulya Bhatt, co-founder of BuyUcoin, an Indian cryptocurrency exchange, says trading volume on his platform has fallen up to 70% “since the new taxation came in this month.”

Drops in trading volume vary from exchange to exchange, but volumes on most crypto platforms have dipped 30%-40% in April from the prior month, says Raj Kapoor, founder of India Blockchain Alliance, a trade body for the crypto industry.

“It is just the beginning. Volumes will drop substantially if there is no [government] intervention,” says Kapoor. “It is not going to be healthy for a nation like ours. When you have an elephant in the room [like crypto], you have to learn how to dance with it or get trampled.”

The double whammy of new taxes and limited payment mechanisms has soured crypto investors’ sentiment in the South Asian country, home to 25 million investors who hold assets worth more than $6 billion—putting the future of crypto in India in doubt.

India’s new budget, which took effect when the new fiscal year started on April 1, imposed a 30% capital gains tax on cryptocurrency earnings, the same rate the government applies to winnings from horse racing and a significant increase from the previous scheme that didn’t specify taxes for crypto but applied income-based rates that maxed out at 30%. Under the new tax rules, cryptocurrencies are subject to a heavier tax than traditional asset classes like stocks, which are taxed at varying rates starting at 10%. The 30% tax rate on cryptocurrency gains applies even to earners whose total annual income is below INR 250,000 or $3,300 and are otherwise exempt from paying income tax.

“That is causing a lot of fear and stress in the younger population who are into crypto trading,” says Shetty.

In addition to the 30% tax on earnings, the finance ministry is levying a 1% tax on every crypto transaction starting in July in an effort to rein in speculative trading.

“Historical data indicates that transaction taxes significantly reduce trading volumes,” says. Kristin Boggiano, president of crypto exchange Cross Tower.

Italy, for example, introduced a 0.1% tax on equity transactions in 2012 that caused a 35% decline in trading volumes over a two-year period, Boggiano says.

A recent decision by Indian banks to stop funneling rupees to crypto exchanges via state-run Unified Payments Interface (UPI) is also hitting trading volume.

Typically, investors could transfer money from their banks to a crypto exchange wallet over UPI, India’s ubiquitous payments processor that’s responsible for 75% of all crypto transactions in India, according to Shetty’s estimates. Once the transfer hits a wallet, investors can use the money to trade cryptocurrencies, such as Bitcoin. But earlier this month, banks severed that financial plumbing, says Shetty.

The trouble started after Nasdaq-listed crypto exchange Coinbase, which launched rupee-based operations in India earlier this month, publicly said that its users could easily deposit funds to their accounts on the exchange using UPI, throwing the behind-the-scenes payments system into a glaring spotlight. In response to the ad, the state-run National Payments Corporation of India (NPCI), which runs UPI, said it was not aware that the payment platform was being used to buy cryptocurrencies.

The statement by the Payments Corporation caused banks to second-guess the legality of routing payments to crypto exchanges. Banks have operated in a state of semi-limbo regarding crypto transactions for years after the country’s Supreme Court in 2020 overturned an order by the Reserve Bank of India for financial institutions to cut all ties with individuals and businesses dealing in cryptocurrency. The Supreme Court said the order violated the freedom of trade guaranteed by India’s Constitution, freeing up banks to facilitate crypto transactions until the latest NPCI statement delivered another dose of ambiguity.

Without access to UPI, crypto investors are finding it tough to deposit money from bank accounts to their wallets on crypto exchanges.

“We are on a wait and watch mode,” BuyUcoin’s Bhatt. “We are hoping that this is a temporary situation.”

India’s crypto enthusiasts had been hoping that the sector’s era of uncertainty was coming to a close.

Last year, Reserve Bank of India governor Shaktikanta Das said he had “serious concerns” about the potential risks of cryptocurrencies, and the government had proposed prohibiting certain private cryptocurrencies. However, the imposition of taxes on crypto earnings had signaled the government’s intent to regulate digital assets, rather than ban them outright.

But the new tax burden and UPI saga have cast the market back into the unknown, and industry executives say scores of startups in blockchain and crypto are exploring bases outside of India as a result.

“What we are seeing is a flight of funds to outside the country. A lot of people are opening payment wallets outside of India,” Kapoor says. High volume traders and firms are opting for locations like Dubai because it’s easier for crypto businesses to operate there, says Kapoor.

This week, India’s Business Today reported that WazirX founders Shetty and Siddharth Menon had shifted their base of operations from India to Dubai. In an interview with Fortune, Shetty declined to comment on the report. “WazirX is headquartered in Mumbai and Bengaluru, and there is no change in our operating procedure,” the company said in a statement.

BuyUcoin’s Bhatt admits the company has considered relocating from India but says that “[moving is] not a topmost priority as we would like to serve users in India.”

Anndy Lian, Singapore-based chairman of BigOne Exchange, a cryptocurrency exchange based in the Netherlands, expects investors to leave India’s crypto market for rivals in Singapore and Dubai.

“Constantly, we have been asked by Indian communities to start in India. We do not have intentions to set up a base in India currently,” Lian says. “If the regulations are clearer, we might consider.”

 

Original Source: https://fortune.com/2022/04/23/india-cryptocurrency-exchanges-trading-regulation-tax-upi-payments-wazirx-coindcx-buyucoin/

 

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”.

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