Investo Japan’s very own Metaverse is on the way, will accelerate Web3 adoption – Major Japanese companies are coming together for an open Metaverse.- Japan is looking to incorporate Web3 technology into its national agenda Many major Japanese technology, manufacturing, and financial firms are collaborating to build the infrastructure for an open metaverse in order to advance the country’s Web3 strategy.On 27 February, IT services company Fujitsu announced in a press release that it was working with nine other companies, including automobile manufacturer Mitsubishi and global bank Mizuho, to develop Ryugukoku, an interoperable metaverse structure that will expand the “Japan Metaverse Economic Zone.” The press release mentioned that the metaverse alliance aims to help build the framework for corporations to tap into Web3 marketing, work reform, and consumer experience initiatives.Ryugukoku will function as a virtual world that connects users to various Web3 services developed by businesses and government agencies.
Companies that have signed the agreement will integrate their respective technologies and services to create Ryugukoku, according to its terms.Gamification, FinTech, and information and communication technologies are all examples of this enterprise.The Japan Metaverse Economic Zone will eventually result from the interoperability of various metaverse services and platforms available to Japanese consumers.The agreement also mentions the possibility of providing this infrastructure to companies and governments outside of Japan in the future.
The platform will also employ Auto-Learning Avatars, which will collect user data in order to provide a personalized metaverse experience.The Pegasus World Kit will assist users in creating gamified metaverse experiences.Moreover, its Multi-Magic Passport will provide identification and payment methods to facilitate metaverse interoperability.Japan to incorporate Web3 nationally Japan is attempting to incorporate Web3 technology into its national agenda.
In February, the Japanese Prime Minister, Fumio Kishia, recognized that decentralized autonomous organizations (DAOs) and nonfungible tokens (NFTs) would support the government’s “Cool Japan” strategy.Previously, in October 2022, the Prime Minister announced that the country would invest in digital transformation services such as non-fungible tokens (NFTs) and the Metaverse.In November 2022, the country’s Digital Ministry announced plans to establish a decentralized autonomous organization (DAO) to assist government agencies in transitioning to Web3.Blockchain China bats for on-chain blockchain ownership to increase transparency – The Chinese city of Shenzhen plans to stamp data ownership on blockchain.
– Data owners will reportedly be able to trade data property on the data market.The Shenzhen Municipal Committee announced the release of the “Interim Measures for the Administration of Data Property Rights Registration in Shenzhen” to standardize the registration of data property rights.It would promote the open flow, development, and utilization of data as a factor of production.Data owners can use data property for financing According to the announcement by the Shenzhen Development and Reform Commission, data pertaining to ownership should be kept on-chain for a minimum of thirty years.
The proposal aims to protect the public’s right to know and participate in the regulation of data property rights.The city would achieve this by soliciting feedback from relevant units and people before releasing the final version.As per the proposal, data owners will claim property rights by filing a registration with the relevant authorities.Subsequently, a certificate of ownership for “data property” will be provided to the data owners.People could either use the asset for financing or trade it in the data market.
This new initiative aims to protect the legitimate rights and interests of participants in the data element market.This has become increasingly important as more and more companies and organizations rely on data for their operations.The lack of standardized registration of data property rights has made it difficult for companies to know who owns data, and has led to disputes over data ownership.The announcement came after China released the “20 Data Articles” on 12 December 2022, in which it stated that it aims to: “Establish a data property rights system that protects rights and interests and uses them in compliance, explore a structural separation system for data property rights, and establish a data property rights system framework for the “separation of three rights” of data resource ownership, data processing and use, and data product operation rights.” – China is reportedly onboard with Hong Kong’s recent push to embrace crypto.- Representatives from mainland China are closely following and reporting on the crypto developments in the island city.
The island of Hong Kong seems to have the veiled approval of mainland China for its recent move to attract crypto investors to establish itself as a crypto hub.Recent reports suggest that Beijing is onboard with the move, which has helped to encourage mainland Chinese firms to return to the city.
Chinese representatives closely following Hong Kong’s crypto development According to a report by Bloomberg published on 21 February, representatives from China’s Liaison Office, along with other officials, have attended Hong Kong’s crypto gatherings in the past few months.The meetings have been friendly, with officials checking on developments, asking for reports, and in some cases, making follow-up calls.The Liaison Office happens to be the top mainland body in the island city.Local crypto operators have said that the officials’ presence at these events has helped to clear up any doubts about Beijing’s attitude toward Hong Kong’s efforts to become a crypto hub.
The subtle support also shows that Chinese officials are interested in using the city as a testing ground for digital assets while keeping a tight rein on such activity on the mainland.People familiar with the matter revealed that mainland representatives in Hong Kong are reporting their findings back to their superiors in mainland China, although the purpose of these reports is not yet clear.The Securities and Futures Commission (SFC) has initiated a consultation process to allow Virtual Asset Service Providers to apply for licenses to offer trading services for retail investors.The regulator has set requirements for VASPs seeking licenses, including a due diligence process on tokens prior to listing, a risk profile for clients to ensure their exposure is reasonable, and limits on allowable exposure.
It is unclear when the SFC’s consultation process on allowing retail investors access to crypto trading will be concluded.According to National People’s Congress member and crypto lawyer Nick Chan, “As long as one doesn’t violate the bottom-line, to not threaten financial stability in China, Hong Kong is free to explore its own pursuit under ‘One Country, Two Systems’.” – Peckshield has sent out a warning about ChatGPT pump & dump tokens.- Two tokens have already lost 100% of their value, while the third lost 65%.Blockchain security firm PeckShield has issued an alert on Twitter about newly created BingChatGPT tokens.
These are reportedly ‘pump and dump’ tokens related to AI-powered chatbot ChatGPT.
#PeckShieldAlert PeckShield has detected dozens of newly created #BingChatGPT tokens, of which 3 appear to be #honeypots & 2 have high sell tax.2 of them have already dropped over -99%.Deployer 0xb583 has already created dozens of tokens with a pump & dump scheme #AI #ChatGPT pic.twitter.com/merQikuslk — PeckShieldAlert (@PeckShieldAlert) February 20, 2023 All about BingChatGPT’s honeypot scheme According to a blog post published on 20 February, at least three BingChatGPT tokens appear to be part of honeypot schemes, which are smart contracts that trick a user into transferring Ethereum [ETH], which the attacker then traps and retrieves.
Moreover, PeckShield confirmed that at least two of the identified tokens have already lost nearly 100% of their value.Additionally, a third token lost 65%.The creators of a pump & dump scheme typically orchestrate a campaign of misleading statements and hype to persuade investors to purchase tokens; the investors then secretly sell their stake in the scheme as its prices go up.Deployer 0xb583, a bad actor behind the tokens, created dozens of tokens using a pump and dump scheme, mentioned PeckShield.It is being speculated that the scammers could attempt to capitalize on a recent announcement of OpenAI’s ChatGPT technology being integrated into Bing, Microsoft’s Edge web browser.The token’s name could be an attempt to dupe victims into thinking they are connected to Microsoft.
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