Indonesia Set to Launch National Cryptocurrency Exchange in July

Circle Makes Inroads in Singapore with License AwardCircle Internet Financial’s Singapore entity, Circle Internet Singapore, has received a full license from the Monetary Authority of Singapore (MAS) to provide digital payment token services in Singapore. This major payment institution (MPI) license will enable Circle Singapore to offer cross-border and domestic money transfer services through its Circle account.Photo by Timo Volz on PexelsMajor Payment Institution (MPI) licenseThe company announced the milestone achievement via a press release published on Monday. The MPI license enables Circle to offer institutional customers access to USDC, a leading US dollar stablecoin issued by the company. With the license approval, Circle Singapore can now fully utilize the expertise of its corporate affiliates to drive innovation, expand its offerings, and provide more value to its clients and stakeholders.The granting of the license follows the in-principle approval received by Circle Singapore in November last year and the subsequent opening of its office in May. The company recognizes the importance of Singapore in its global expansion strategy and its mission to promote global economic prosperity through seamless value exchange.Jeremy Allaire, Co-Founder and CEO of Circle, expressed the significance of Singapore in Circle’s expansion plans and the goal of facilitating frictionless value exchange. The company aims to leverage its licensed status to contribute to Singapore’s digital payment ecosystem positively.Pursuing overseas expansionWith ongoing regulatory turmoil in the United States right now in relation to the treatment of digital assets, no doubt Circle, just like many other leading US digital asset companies, sees the benefit in diversifying geographically. In turn, that feeds into the importance Allaire affixes to this Singapore expansion: “Singapore is integral to Circle’s global expansion and mission in raising global economic prosperity and through the frictionless exchange of value.”There has been a flurry of activity in terms of large crypto sector players establishing a greater foothold in Singapore in recent months. Last week, global crypto trading platform Crypto.com was granted an MPI license by MAS.Coinbase, the US-headquartered crypto exchange business that was sued earlier this week by the Securities and Exchange Commission (SEC) in the United States, took the decision to expand its product offering in the Singapore market last month. Another US-based crypto business, Gemini, has decided to expand its Singapore operation with a view towards growing its institutional and retail customer base.Tribe collaborationEarlier this year, Circle Singapore collaborated with Tribe, the first government-supported blockchain ecosystem builder in Singapore. Together, they launched a training and support program designed to nurture and upskill Web3 developer talent in the region. This initiative aligns with Singapore’s focus on promoting blockchain technology and nurturing a skilled workforce capable of driving the growth of the digital economy.With its full license, Circle Singapore is well-positioned to strengthen its presence in the Singaporean market and offer enhanced digital payment token services to institutional customers. The license also demonstrates the company’s commitment to compliance and regulation in the evolving landscape of digital finance.As Circle Singapore expands its operations and explores further innovations, it will continue to contribute to Singapore’s reputation as a leading global fintech hub. The company’s focus on promoting global economic prosperity aligns with Singapore’s vision of becoming a smart financial center and a pioneer in digital innovation.

LINE NEXT Captivates NFT Aficionados with Beta Launch of DOSI LandLINE NEXT, an American-based NFT platform subsidiary of Tokyo-headquartered messaging app developer Line Corporation, has launched the beta version of DOSI Land, the FINSCHIA token (FNSA) reward program on its global non-fungible token (NFT) platform, DOSI. This program aims to provide opportunities for its membership owners, known as DOSI Citizens, to win FNSA.Photo by Markus Winkler on PexelsWeekly token rewardsDOSI Land is a weekly program that rewards FNSA to lottery winners. However, only DOSI Citizens with Level 2 or above are eligible to participate in this event. DOSI Citizens are categorized into four levels, ranging from Level 1 to Level 4. Users can achieve attendance goals, invite friends, and make NFT transactions to elevate their Citizen status. It’s important to note that this program is not available in some countries, including the United States and Japan.DOSI Land comprises three lands: Emerald Orbit, Sapphire Starlight, and Golden Galaxy. Each land is accessible to Citizen Level 2, Level 3, and Level 4 users, respectively. Every week, a total of 3,000 FNSA will be distributed, with each land offering different chances of winning the token. Furthermore, each land has three zones, and users can participate in one zone per land. Participation in each zone requires DON, a membership point earned based on the total NFT transaction amount, and Level-up Passes, which are needed to improve Citizen status.DOSI operates the DOSI Citizen Membership system, which rewards users based on their contributions to the ecosystem. Alongside DOSI Land, DOSI has also implemented other reward programs such as DOSI Adventure and DOSI Arcade, offering a variety of NFTs to membership owners.As part of its efforts to expand the DOSI ecosystem, LINE NEXT incentivizes FNSA rewards to users actively engaging in DOSI through DOSI Land. The company plans to continue offering various benefits to DOSI users.DOSI’s presenceSince its beta launch, DOSI has attracted 4.6 million membership owners, facilitating over 410,000 transactions and involving 190,000 traders. These figures are as of May 2023. LINE NEXT cites NFT data analysis platform NFT Go’s statistics to state that DOSI is Asia’s largest and the world’s third largest platform in terms of monthly NFT traders. With its mission to establish a global ecosystem for NFTs and Web3, LINE NEXT aims to foster a thriving NFT platform business.The Finschia FoundationIn March of this year, the Finschia Foundation was established in Abu Dhabi, UAE, by Line Tech Plus, a Singaporean-based subsidiary of Line Corporation. This establishment was an effort to expand the corporation’s global Web3 endeavors. Line Corporation is a subsidiary of Z Holdings, jointly owned by South Korea’s Internet search engine provider Naver and Japanese technology investor Softbank Group.The Finschia Foundation operates Line’s open blockchain mainnet Finschia and rebranded its native crypto asset LINK (LN) to FINSCHIA (FNSA) last month. FNSA is currently listed on crypto exchanges Bithumb, Bittrex, and Huobi, according to CoinMarketCap.

Credit Saison, one of the largest credit card issuers in Japan, is accelerating its global venture strategy with the creation of Onigiri Capital, a new fund targeting early-stage startups building on blockchain technology. Set up in Singapore last month through Credit Saison’s corporate venture arm, Saison Capital, the vehicle is aiming for up to $50 million in commitments and will run for 10 years, with an optional two-year extension. The fund has already secured $35 million toward its target.Photo by Markus Winkler on UnsplashBuilding on a fintech track recordThe initiative is part of Credit Saison’s broader plan to expand in emerging markets and spur innovation in financial services, drawing on Saison Capital’s track record. Established in 2019, the venture arm has backed fintech startups across Asia and, since 2021, has increasingly focused on blockchain-based finance, investing in more than 40 companies. The firm said those investments laid the groundwork for Onigiri Capital, which will also enable other financial institutions to invest alongside Credit Saison in promising blockchain ventures. Onigiri Capital will concentrate on five areas: stablecoins, payments, asset tokenization, decentralized finance (DeFi), and financial infrastructure. The fund will invest primarily at the seed and early stages, with an emphasis on long-term growth. Managing the fund are Qin En Looi, a partner at Saison Capital involved in over 40 blockchain investments, and Hans de Back, a venture investor with more than two decades of experience. Cross-border stablecoin pilotThe launch comes as Japan steps up efforts in digital assets beyond investment alone. According to Electronic Times, the first phase of “Project Pax,” a cross-border stablecoin remittance pilot involving financial institutions in Japan and South Korea, concluded successfully last week. Participants were Progmat—a tokenization platform backed by a consortium of major institutions, including MUFG—along with Datachain and Shoko Chukin Bank from Japan, and Shinhan Bank, NH Nonghyup Bank, and Kbank from South Korea. Fair Square Lab and Korea Digital Asset Custody helped develop an application programming interface (API) for the trial. The pilot demonstrated the feasibility of a network that converts fiat currency into stablecoins for on-chain transfers and then back into local currency at the destination, an approach expected to reduce the time and cost of cross-border payments. The results add momentum to Japan’s bid to modernize financial infrastructure, a backdrop that Onigiri Capital aims to capitalize on as it deploys capital into the sector.