Wed 01/11

Good Morning. Music Maestro Rahaman has entered the metaverse, US govt. has seized SBF's shares and Hong Kong will have a proper legal framework for crypto from June.

• AR Rahman Unveils Metaverse Platform ‘Katraar’ For Musicians: AR Rahman announced the launch of his new metaverse music platform called "Katraar" on Twitter. Rahman had recently entered the Web3 space to connect with his fans in the metaverse. Rahman launched the project on Friday to celebrate his 56th birthday. It’s an exclusive platform to promote new creations in music and other art forms. The Oscar-winning music composer will work on NFTs in music, art, and storytelling.

• KoinX Introduces B2B2C-Based Crypto Tax Tool For Users: Indian crypto tax platform KoinX has launched a tax tool for professionals, a B2B2C-integrated service for crypto taxation and compliance. It said the tool is expected to help chartered accountants (CAs) to reduce TAT (turnaround time) by 99% while increasing KoinX’s customer base by 400 % by 2023. KoinX for Tax Professionals allows a CA to onboard clients and manage their cryptocurrency taxes on a dashboard, where they can see the value of their clients' portfolios and exchanges. In addition, the CAs can access KoinX's "Mastering Crypto tax series" and participate in live sessions with crypto tax experts.

• U.S. Government Seizes Sbf’s Robinhood Shares: The U.S. Government officially seized FTX founder Sam Bankman-Fried‘s (SBF) Robinhood shares, which equates to $455 million, as reported by WatcherGuru. SBF acquired 7.6% of Robinhood for $648.3 million on May 13, 2022. After the FTX crash on Jan. 4, the U.S. Department of Justice revealed that it would take control of Robinhood shares under dispute by all FTX-related parties. Upon this news, FTX and Alameda Research attempted to secure their ownership of Robinhood shares by filing legal requests on Jan. 5, claiming that the bankrupt exchange has no “legal claims” over the assets in question.

• Shiba Inu-themed Bonk Tokens Are Yielding Nearly 1,000% For Solana Liquidity Providers: Bonk, a Shiba Inu-themed token that was issued on Dec. 25, has returned 2,220% to traders in the past week, with a 150% rise in the past 24 hours alone. The token was airdropped to Solana NFT (non-fungible token) communities and creators, which led to quick hype and trading volumes for the token, as CoinDesk reported Tuesday. Data from Orca shows the BONK/SOL pair has conducted over $14 million in trading volume, while the BONK/USD coin pair saw over $6.2 million. Both pools are paying out nearly 1% hourly to liquidity providers, or over 24% each day.

• Hong Kong Set To Enforce Crypto Regulation From June: Hong Kong’s Financial Secretary Paul Chan said that the government has completed its crypto regulation framework, which will come into effect in June 2023. According to Chan, the government’s move to finalize the regulation guideline will provide clarity for many startups looking to set up their headquarters in Hong Kong. He added that the regulatory requirements for virtual asset providers will be similar to what is currently applicable to traditional financial institutions. Specifically, exchanges will be required to detail how they plan to combat money laundering and enforce investor protection.

 Backend Engineer At Plutoverse

What Is Minting?: Minting is the process of creating a new token, typically by placing a block on a blockchain. The opposite of this is the destruction of tokens, referred to as burning. Minting also specifically refers to the transformation of a digital asset into one that can be stored on a blockchain. It thus becomes unique and considered an NFT.