Indonesia to Launch Blockchain Trials to Enhance Public Services

CoinNess, the leading crypto media platform in South Korea, announced today that it has become the country’s largest online community platform for cryptocurrency enthusiasts. 100,000 daily active usersThe virtual asset media outlet revealed that during the second week of January, the average daily active user (DAU) count neared 100,000. The platform also experienced a milestone, with the average concurrent user count surpassing 15,000 for the first time, edging out Coinpan, Korea's preeminent cryptocurrency community website. High ranking in app marketsAdditionally, CoinNess achieved the second position in the Top Charts for free iPhone apps in the news category on the Apple App Store in Korea. The top spot is held by the social media platform X, previously known as Twitter. On the Android Play Store, the CoinNess app ranked 82nd in the finance category and is the fourth most popular among crypto-related apps, trailing behind Bithumb, Upbit and Bitget. The significant increase in CoinNess’ user base can be attributed to the recent surge in interest in spot bitcoin exchange-traded funds (ETFs). More and more Korean investors have turned to CoinNess, finding it crucial to stay informed about the U.S. Securities and Exchange Commission’s (SEC) approval of spot bitcoin ETFs and to begin participating in the cryptocurrency market.Korean crypto market’s prominenceThe prominence of the Korean market in the world of cryptocurrency is highlighted by the Korean won's leading role in the fiat currency trading of bitcoin. According to a Bloomberg report, in November, the Korean won made up 42.8% of all fiat currencies used in bitcoin transactions, surpassing the U.S. dollar. Regarding this development, Kim Jung-ho, CEO of CoinNess, said, “Korean investors generally commit substantially more funds to cryptocurrency investments than the average seen globally. They are keenly attuned to international news and market trends, demonstrating a propensity for analyzing the market from diverse viewpoints.” Established in 2018, CoinNess is a news platform specializing in live updates on virtual asset investment. The media expanded to include an online community in 2021, creating a more holistic experience for its users. In Korea, CoinNess prides itself on having the largest active user base in the cryptocurrency media and community sector. Furthermore, CoinNess stands out as the only business-to-business (B2B) provider of live cryptocurrency news in Korea. It delivers real-time crypto updates to prominent platforms, including Coinone and Gopax, which are among the nation's five largest fiat-to-crypto exchanges. English service in Q1Moving forward, CoinNess is gearing up to launch a new service in the first quarter, offering live, around-the-clock updates on cryptocurrency markets in English to a global audience. As a key partner with Ness LAB, the blockchain research firm responsible for the NESS token, CoinNess seeks to enhance Ness LAB’s efforts to cultivate an information economy within the cryptocurrency sector. 

Binance Takes P2P Service Measures in Response to Sanctioned Russian BanksGlobal crypto exchange Binance has removed the option for users to conduct transactions via sanctioned Russian banks on its peer-to-peer (P2P) platform, a decision that comes on the heels of a Wall Street Journal exposé published earlier this week, shedding light on the platform’s involvement in facilitating the movement of funds for Russian users.Previously, Binance’s peer-to-peer service featured five Russian banks under sanctions as a method for ruble transfers between users. However, the company swiftly acted to address potential compliance concerns. Fittingly, this latest news was also broken by the Wall Street Journal on Friday.Dmitry Sidorov on PexelsSailing too close to the windWhen approached regarding the omission of these banks, a Binance spokesperson stated: “We regularly update our systems to ensure compliance with local and global regulatory standards. When gaps are pointed out to us, we seek to address and remediate them as soon as possible.”The Wall Street Journal’s article outlined how Binance’s peer-to-peer platform facilitated ruble-to-crypto trades that frequently involved the sanctioned Russian banks, with Rosbank and Tinkoff Bank being prominent examples.These trades often utilized layers of intermediaries to convert funds from these banks into Binance balances, as detailed by various company resources, user screenshots, and messages in official chat groups. Despite these revelations, Binance’s exchange had continued to handle significant volumes of ruble trading, according to data compiled by digital asset research firm CCData.US DoJ probeBinance’s activities in Russia could potentially contribute to its ongoing legal challenges in the United States. The US Justice Department (DoJ) has been probing the company’s actions for potential violations of American sanctions on Russia. In response to such concerns, the Binance spokesperson emphasized:“Binance aims to diligently comply with the global sanctions rules and enforces sanctions on people, organizations, entities, and countries that have been blacklisted by the international community, denying such actors access to the Binance platform.”WorkaroundsTraders, however, had reportedly found workarounds to the bank removals, as observed in the official Telegram chat group for Russian clients. Many shared that they could still engage with sanctioned banks by selecting alternative payment methods and then manually inputting their Rosbank or Tinkoff bank details.Earlier this year, an investigative report by CNBC alleged that employees of the company had told it that Binance staff regularly helped Chinese customers to bypass Know Your Customer (KYC) controls in order to access the platform. More recently, another report, once again by the Wall Street Journal, found that business in China was booming, which surprised many given that China banned crypto trading within the country in 2021.It’s apparent that the company is reacting to regulatory and legal pressures in taking the decision to make these changes to its P2P service. Perennial crypto critic US Senator Elizabeth Warren took to X (formerly Twitter) on Friday, stating:“I rang the alarm about sanctions evasion by Russia using the crypto platform Binance — and urged [the DoJ] to investigate potentially false statements it made to Congress. We need stronger crypto regulations to rein in illicit finance.“

Ripple Exec: Clear Regs Helped Japanese Market Withstand Crypto WinterEmi Yoshikawa, the Vice President of Strategy & Operations at business-focused crypto solutions provider Ripple, has attributed the Japanese cryptocurrency market’s ability to withstand the recent crypto winter to well-defined regulations.©Pexels/WorldspectrumSecurity breach at Mt.GoxIn a recent interview with Korean blockchain media outlet Digital Asset, Yoshikawa noted that Japan implemented regulations on cryptocurrencies earlier than other countries, in part due to the 2014 security breach at the Tokyo-based Bitcoin exchange Mt.Gox that resulted in investor losses.The Mt.Gox exploit prompted revisions to the Payment Services Act, which now recognizes cryptocurrencies as a means of payment. Furthermore, the Financial Instruments and Exchange Act was revised in 2020 to give security tokens the same status as stocks. The Japanese government is also exploring the possibility of allowing the domestic circulation of foreign stablecoins.Although it took several years for companies to enter the market after the regulatory framework was established, the security token market has since expanded, with more businesses now participating.Yoshikawa credited the Japanese crypto market’s resilience during the recent global crypto winter to clear regulatory guidelines. The recognition of cryptocurrencies as financial instruments enabled the regulation of not only spot trading but also derivatives trading. Japanese exchanges are also required to hold customer funds separately in trust firms, ensuring investor protection. This regulatory environment allowed companies and investors to confidently enter the crypto industry last year.FTX JapanFTX Japan’s return of customer assets and resumption of withdrawals in February showcased the effectiveness of these clear regulatory guidelines. Among subsidiaries of the now-defunct crypto exchange FTX, FTX Japan is the only one to have returned customer assets thus far, Yoshikawa emphasized.While crypto regulations in some areas, such as taxation, remain insufficient, both the Japanese government and entrepreneurs agree that the Web3 industry should develop in a way that benefits the nation’s economy.Ripple’s projects in JapanYoshikawa said that Ripple views the Japanese market as one of its key markets. In 2016, the company formed a joint venture, SBI Ripple Asia, with Japanese financial group SBI Holdings. Through this partnership, Ripple collaborated with several Japanese financial institutions to launch RippleNet and provide liquidity to the payment service.Japan’s largest remittance technology firm, SBI Remit, has adopted RippleNet and Ripple’s own remittance system On-Demand Liquidity (ODL) to facilitate real-time payments between Japan and Southeast Asian nations. Yoshikawa underlined that Ripple is committed to supporting Southeast Asian workers in Japan who need swift and cost-effective international payments.