Infinite Block Receives Certification for Information Security Management System of Blockchain…

Indonesia to Launch Blockchain Trials to Enhance Public ServicesIn the wake of its recent government-backed cryptocurrency exchange launch, Indonesia is moving further forward to launch trials that employ blockchain technology within its public services sector.Photo by Bisma Mahendra on UnsplashBlockchain-based land ownership recordsAt the recent Blockchain Economy Summit held in Dubai, Tuhu Nugraha, the Principal of the Indonesia Applied Digital Economy and Regulatory Network (IADERN), told Cointelegraph that these trials will encompass the utilization of blockchain-based digital certificates for land ownership and certificates of competence within the education sector.The executive believes that blockchain’s inherent attributes, which include characteristics such as immutability and transparency, can be harnessed to combat certificate fraud. By anchoring these certificates in blockchain’s secure ledger, the government can efficiently verify the authenticity of various digital certificates, which is a significant leap forward in ensuring the integrity of critical documents.Nugraha is an advisor to the Indonesian government on blockchain and metaverse technologies. He emphasized the government’s collaborative approach to Web3 technology. Additionally, Nugraha revealed that the Indonesian government is working in close partnership with various blockchain-focused associations to conduct experiments and gather insights into the multifaceted implications of blockchain across diverse sectors. Instead of imposing rigid regulations, Nugraha maintains that the Indonesian government is committed to crafting regulations that spur innovation.Cointelegraph also spoke with Grace Sabandar, Co-Founder of the Indonesia Blockchain and Metaverse Center (IBMC). Sabandar, an advocate of blockchain’s potential, emphasized the pivotal role of Indonesia’s youthful demographic on the basis that this dynamic demographic is inherently adaptable to new technology.Youthful demographic to capitalize on Web3Sabandar made the point that this younger Indonesian demographic has already demonstrated itself to be one of the world’s largest user bases for Web2 social media platforms such as Facebook and Instagram. On that basis, she believes Indonesia is poised to lead in the adoption of Web3 technology. She remarked:“We want to be the leader, not only the user of technology, because now, because of decentralization, anybody can do something, anybody can create something.”Furthermore, Sabandar highlighted the crucial educational role played by the IBMC in collaboration with the government, private sector stakeholders, media, and academia. Their mission revolves around enlightening the nation about the manifold benefits of blockchain, emphasizing transparency, the utility of smart contracts in business operations, the essence of decentralization, and other fundamental aspects.Realizing blockchain and Web3 potentialEarlier this week, a report published by South Korean crypto data platform Xangle in conjunction with Web3 consulting firm Tiger Research concluded that Indonesia has significant potential to grow its Web3 sector.Reports in recent days have also demonstrated further instances of the use of blockchain technology in the country, with state-owned ID Food collaborating with Singapore’s D3 Labs to establish a blockchain-based fish trading process. In July, South Korean tech company Milk Partners launched its blockchain-based reward points service in Indonesia.Indonesia’s blockchain development and adoption are being spurred on by the enthusiasm of its tech-savvy youth, collaborative partnerships, and a government dedicated to innovation and transparency. As it paves the way in the Web3 era, Indonesia seeks to leverage blockchain technology to benefit public services, foster trust, and lead by example in the global digital revolution.

Bill Winters, the American banker who heads the British financial group Standard Chartered, appeared at the Hong Kong FinTech Week conference earlier this week, where he predicted a future in which cash will give way to blockchain-based systems for everyday transactions. According to Cointelegraph, Winters’ view aligns with that of Hong Kong regulators. At the same time, he stressed the importance of continued experimentation, noting that it remains uncertain how this transformation will ultimately take shape. Winters also commended Hong Kong’s leadership in exploring the potential of digital finance. Tech-driven finance has certainly been one of the key initiatives Hong Kong has been exploring. Recently, the Hong Kong Monetary Authority (HKMA) released its e-HKD Pilot Programme Phase 2 Report, which showed public support for tokenized deposits.Photo by Shubham Dhage on UnsplashReal-world assets gain ground on the blockchainOn-chain data also underscores the rapid growth of the tokenization sector. According to RWA.xyz, the total value of real-world assets (RWAs) deployed on-chain has climbed to $35.63 billion, up 7.8% from a month ago. A study by Ripple and Boston Consulting Group (BCG) estimates that tokenized assets could be worth $19 trillion by 2033, about 530 times their current value. Among RWA assets, the BlackRock USD Institutional Digital Liquidity (BUIDL) Fund, Tether Gold (XAUT), and Paxos Gold (PAXG) currently lead the market in terms of value. Over the past 30 days, BlackRock’s BUIDL Fund slipped 0.06%, while the two tokenized gold products, XAUT and PAXG, jumped 46.65% and 14.19%, respectively. These gains mirror gold’s bullish run in October, when its price surpassed $4,000 per ounce for the first time on Oct. 7. The momentum has since eased slightly, with gold now trading at around $3,969.55 per ounce. Tokenization brings 24/7 markets and P2P flexibilityIndustry experts point to the convenience of tokenization as a key advantage. Speaking to Yahoo Finance, Will Peck, head of digital assets at WisdomTree, explained that tokenized gold allows for around-the-clock trading and direct peer-to-peer (P2P) transactions. He added that gold and Bitcoin act as complementary stores of value, both serving as deflationary assets. Ian Kane, CEO of fintech company Firepan, said tokenized gold appeals to investors as it enables them to retain ownership, leverage their holdings for loans, and generate extra yield, while preserving their principal against debasement or devaluation. These views are not new. Earlier this month, Robinhood Markets CEO Vlad Tenev described tokenization as “a freight train” that “can’t be stopped,” predicting it will eventually transform the global financial system. Similarly, in his annual letter to investors in April, BlackRock CEO Larry Fink said the tokenization of assets could fundamentally reshape the way people invest. By digitizing ownership, tokenized venture capital funds could move beyond their closed circles, giving ordinary investors a stake in early-stage innovation and greater control over their capital. Venture capital faces hurdles in tokenization pushWhile tokenization promises greater accessibility and liquidity, not all market segments are ready for it. According to TheStreet, tokenized venture capital (VC) funds could open a traditionally closed market to more investors, but the process is more complex than it appears. In an interview with TheStreet, Elena Obukhova, founder of Supermoon Ventures, said that liquidity, not technology, is the main obstacle. Unlike tokenized company shares that can be traded freely on public markets, VC funds invest in private startups whose value may take years to materialize through an exit or acquisition. Allowing such funds to trade freely could increase volatility and pressure founders, as interim valuations might distort perceptions and weaken confidence in early-stage ventures. Still, the promise of tokenized venture finance remains within reach. Firms are testing models that limit trading periods, protect investor data, and refine valuation methods to better reflect the illiquid nature of startup investments. Since liquidity events such as initial public offering (IPOs) or acquisitions typically occur only every one to two years for early-stage startups, the path forward will depend on creating systems that can maintain stable and accurate valuations in the interim. Tokenization is rapidly emerging as a transformative force in the financial world, offering greater accessibility, liquidity, and efficiency. As more assets, from gold to venture capital, make their way onto the blockchain, the potential to reshape investment and trading markets grows. While challenges remain, particularly around liquidity and valuation in sectors like venture capital, the continued advancements in tokenization demonstrate its key role in the future of finance.

Banking Difficulties Remain in Hong Kong for Crypto Start-UpsWhile Hong Kong has demonstrated a very clear crypto-friendly stance over the course of the past six months, crypto start-ups are still struggling with banking in the Chinese autonomous territory.Photo by Manson Yim on UnsplashLicensing backlogAll the signs are that Hong Kong is striving to develop itself as a regional hub for crypto and blockchain related business. Encouraged by that stance, against a background of the United States becoming openly hostile to crypto over that very same time frame, applications are streaming in from international firms to be licensed to operate their businesses in the city.In discussion with crypto start-up applicants, CoinDesk has established that the issue extends to firms that have already obtained a license to operate. To compound matters, the Hong Kong regulator, the Securities and Futures Commission (SFC), has a shortage of manpower, with just eight officials currently working on the applications of eighty crypto firms.Speaking to that backlog, Amy Yu, APAC CEO for Swiss crypto financial services company, SEBA Bank, stated: “This probably would have been a different story six or nine months ago.”A known problemIt appears that both the SFC and its regulatory peer, the Hong Kong Monetary Authority (HKMA) were aware of the issue and tried to get out ahead of it. Late last month, both regulators convened a meeting with bank officials and virtual asset service providers (VASPs).The objective was to try to forge a path forward such that banks could amend their approach, enabling greater facilitation and acceptance of crypto businesses such that the banks would be more inclined to approve bank account applications from those fledgling businesses.Arthur Yuen, Deputy CEO of the HKMA addressed the matter in a blog post published to the regulator’s website on April 27. Yuen was clear in calling on the banks to enable banking for VASPs:“With the implementation of the regulatory regime for VA [virtual assets] activities in Hong Kong and the strengthening of supervisory regimes in different jurisdictions according to the international standards, and as the banking industry develops a better understanding of the VA industry over time, we expect that regulated virtual asset service providers (VASPs) will be able to successfully apply for a bank account through a reasonable process.”Banker resistanceElaborating on the matter further, it’s clear that Yuen and his colleagues understand the importance of banking in enabling this nascent business sector such that the broader strategy of a pro-crypto business environment is affected in Hong Kong. “To attract businesses from new markets, it is crucial to have high quality financial services, while enhancing corporate access to bank accounts would be one of the key priorities,”he stated.An attendee at that regulator-organized round-table last month said that “It was more like a wish list from the regulator,” and that “whether the banks fully embrace it is another matter.” The issue remains as a major impediment to the ability of crypto start-up companies to operate, Some are being forced to try and work around the stumbling block, relying instead on overseas banking partners.