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The recent developments in Asia’s crypto industry have led to significant regulatory and market shifts. In India, the industry had hoped for a reduction in the nation’s cryptocurrency trading tax, which has been cited as a leading cause for the 97% drop in trading volume across India’s exchanges since its implementation in 2022.
India’s Crypto Industry
Despite the disappointment from the unchanged tax structure in the Finance Minister’s budget speech, industry leaders remain optimistic about the potential for future tax amendments. The industry had hoped for a reduction in the nation’s cryptocurrency trading tax, which has been cited as a leading cause for the 97% drop in trading volume across India’s exchanges since its implementation in 2022.
- Significant regulatory and market shifts in Asia’s crypto industry
- Hope for a reduction in India’s cryptocurrency trading tax
- Disappointment from the unchanged tax structure in the Finance Minister’s budget speech
Hong Kong’s Crypto Landscape
Meanwhile, in Hong Kong, the launch of Asia’s first inverse Bitcoin ETF has captured attention, marking a significant milestone in the region’s crypto investment landscape. However, the number of interested cryptocurrency businesses in Hong Kong has seen a decline, with only a select few granted legal operation status by the city’s securities watchdog.
These developments underscore the evolving regulatory dynamics and market trends shaping Asia’s crypto industry.
- Launch of Asia’s first inverse Bitcoin ETF in Hong Kong
- Decline in the number of interested cryptocurrency businesses in Hong Kong
- Only a select few granted legal operation status by the city’s securities watchdog
Toyota’s Blockchain Research
Toyota’s blockchain research arm has unveiled its exploration of Ethereum’s potential contributions to its “mobility” campaign, signaling a significant intersection between traditional automotive industry players and blockchain technology. The company’s proposal to implement blockchain technology as part of its vision highlights the potential for automation, standardized interfaces, and tokenization of rights within the automotive industry.
Ethereum’s ERC-4337 standard and ERC-721 for non-fungible tokens (NFTs) are identified as key elements in Toyota’s vision for leveraging blockchain technology. The company’s emphasis on utilizing Ethereum’s capabilities underscores the growing interest in blockchain integration within traditional industries, signaling a potential shift towards innovative applications of decentralized technologies in mobility and beyond.
- Exploration of Ethereum’s potential contributions to Toyota’s “mobility” campaign
- Potential for automation, standardized interfaces, and tokenization of rights within the automotive industry
- Emphasis on utilizing Ethereum’s capabilities for blockchain integration within traditional industries
📎 Read the original article on cointelegraph.com
