Daily Insights: Updates on Crypto, Blockchain, NFTs, Web3, and Play-to-Earn Gaming

Based in South Korea, Wemade has a $41 million tax bill to pay after starting a $100 million Web3 fund. About 10% of the company's equity is still owed in taxes on WEMIX tokens that were issued by a subsidiary from 2019 to 2022. Since their launch in 2020, WEMIX tokens have grown a lot, giving investors a return of 635%. At the same time, South Korea is thinking about lifting its ban on initial coin offerings from 2017. Instead, they might choose to impose a 20% tax on the profits made from crypto transactions. This new development makes it harder for Wemade to invest in Web3. South Korean gaming powerhouse, Wemade, finds itself in financial turmoil as it discloses a substantial $41 million tax debt following the recent launch of its ambitious $100 million Web3 fund. The tax liability is intricately tied to the issuance of WEMIX tokens by its subsidiary, Wemade Tree, spanning the years 2019 to 2022. This substantial debt amounts to approximately 10% of the company's equity, according to a filing with Kosdaq on January 3. The company assures stakeholders that the tax debt, along with an additional penalty of up to $38 million imposed by tax authorities, is slated for settlement by February 29, 2024, adhering to legal procedures.WEMIX tokens, introduced in 2020, have become a significant player in the cryptocurrency market, demonstrating an impressive 635% return since their inception. Currently trading at $2.64, these tokens boast a diluted market cap of $2.5 billion, functioning as an Ethereum Virtual Machine-compatible protocol that powers Wemade's Web3 applications network.This financial setback comes amid South Korea's evolving regulatory landscape. Despite instituting a ban on initial coin offerings in 2017, the country is now contemplating a shift, exploring the possibility of reversing the ban and, instead, introducing a 20% tax on profits arising from crypto transactions. Wemade's situation is further complicated as it navigates these regulatory considerations while actively engaging in the Web3 space.In a strategic move on December 22, 2023, Wemade collaborated with Singapore's Whampoa Group to launch a $100 million Web3 fund, aiming to invest in digital asset initiatives in the Middle East. The collaboration positions Whampoa Digital as an ecosystem partner for Wemade's Wemix Play Center in Dubai International Financial Centre (DIFC) Innovation Hub, with the fund capital earmarked to support developers within Wemix Play.Wemade's current challenges underscore the intricacies and potential regulatory hurdles within the ever-evolving crypto and blockchain space.

"MIR2M: The Dragonkin," a groundbreaking martial arts RPG powered by blockchain from Chuan Qi IP, will take you on a journey like no other. This article looks at where Chuan Qi IP came from and its famous Legend of Mir history. It shows how tradition and innovation can work together in a fascinating way. Find out what this new chapter means as players go beyond nostalgia to become the strongest in Bicheon's world of the Warrior, Mage, and Taoist classes. Look into adding blockchain technology, which would give players a world of story that is alive and breathing and goes beyond the original MIR impact. Find out how the CQB token can be used in the huge CQB ecosystem and take advantage of the "Share to Earn" promotion, which includes events with great prizes. Come with us as we find out about the who, what, and why of this cutting-edge martial arts role-playing game that is becoming popular.