Indonesia Set to Launch National Cryptocurrency Exchange in July

One Store’s App Market to Support Polygon-Based dAppsSouth Korean native app market One Store said Friday that it has signed a memorandum of understanding (MOU) with Polygon Labs, the operator of the Polygon blockchain network, to provide robust support for Web3 games and decentralized applications (dApps) as part of its upcoming global service expansion.The signing ceremony for the MOU took place on Thursday at One Store’s headquarters in Seongnam, Gyeonggi Province. Peter Chun, CEO of One Store, and Marc Boiron, CEO of Polygon Labs, were in attendance.Polygon is a layer 2 scaling solution for Ethereum, with numerous domestic and international gaming companies already partaking in the Polygon ecosystem for a variety of purposes, such as Web3 game development and technological collaborations.Elevating user experienceThis new partnership is part of One Store’s efforts to offer enhanced choices for mobile users worldwide, setting its sights on overseas expansion and the creation of a global platform. With a focus on supporting Web3 games, the platform aims to cater to the blockchain gaming and app user base on an international scale, thus contributing to the expansion of the Web3 gaming ecosystem.Photo by Jonas Leupe on UnsplashAccording to the agreement, One Store will support marketing for Web3 games that have onboarded the Polygon platform, while Polygon Labs will encourage game developers that use its platform to enter One Store’s global market.“Through the upcoming global One Store platform, we will connect with users worldwide who are eagerly anticipating Web3 games and apps,” CEO Chun said.This marks a significant step towards the realization of a vibrant Web3 gaming and dApp landscape on a global scale. The collaboration is expected to bring about new opportunities and experiences for users seeking innovative and engaging digital content.Polygon’s collaboration with Korean industry leadersPolygon Labs has been teaming up with other Korean companies as well, including the telecommunications giant SK Telecom, in efforts to further nurture the ever-growing Web3 ecosystem.

Korean Financial Watchdog: Investor Protection Boosts Crypto MarketLee Bok-hyun, Governor of the South Korean Financial Supervisory Service (FSS), addressed the issue of investor protection measures in the cryptocurrency market during his speech at the fourth Blockchain Leaders’ Club in Seoul. According to a report by local news agency News1, Governor Lee emphasized that these measures would not hinder the market but instead establish a positive cycle by increasing market confidence and driving industry growth.Photo by Joshua Miranda on PexelsCrypto user protectionTo underscore the importance of safeguarding users in the crypto industry, Governor Lee referred to recent incidents such as the collapse of stablecoin Terra and the failures of Silvergate and Silicon Valley Bank. He highlighted how these examples demonstrate the need for protective measures as the influence of the crypto market extends beyond the financial sector and impacts the real economy.Governor Lee further emphasized the FSS’s commitment to maintaining ongoing communication with the crypto industry and adapting the regulatory system to accommodate the changing landscape. He stated that the FSS would assist the industry in establishing its own self-regulatory system, which includes monitoring suspicious transactions and transparent procedures for virtual asset listing. Additionally, the FSS plans to collaborate with industry insiders to prevent misunderstandings when formulating relevant rules and regulations.Governor Lee also touched on the Virtual Asset User Protection Bill, stating that he expects to see the final draft this summer as it is currently undergoing a legislative process in the National Assembly. He highlighted the government’s commitment to improving market order and minimizing investor losses before the law’s implementation. The government is taking a “same risks, same regulation” approach to prevent regulatory arbitrage and establish effective monitoring systems for virtual asset transactions and on-chain data.Unfamiliar but importantMeanwhile, Lee Yong-woo, a member of the opposition Democratic Party of Korea (DPK), echoed the importance of establishing and improving a regulatory framework for the cryptocurrency industry. He drew parallels between the current situation and the dot-com bubble era, emphasizing the significance of not disregarding the potential of the crypto market due to unfamiliarity.Communication channelLawmaker Lee expressed hope that the Blockchain Leaders’ Club would contribute to shaping a stable crypto market by providing opportunities to listen to the opinions of market participants, which can then be reflected in managing and revising laws and regulations.Today’s event, hosted by News1, saw the gathering of lawmakers, government officials, crypto industry leaders, and academics. Among the participants were People Power Party Lawmaker Yun Chang-hyun, the top executives of the five major Korean crypto exchanges (Upbit, Bithumb, Coinone, Korbit, and Gopax), and the CEO of blockchain gaming company Wemade.

Wemade and SK Planet Team Up for Blockchain and Online Platform CollaborationSouth Korean gaming publisher Wemade and SK Group’s data and tech subsidiary SK Planet have entered into a strategic partnership to expand their presence in the blockchain and online platform ecosystem.Photo by GuerrillaBuzz on UnsplashBlockchain integrationThe two companies plan to expand their collaboration through the use of blockchain technology, such as issuing membership non-fungible tokens (NFTs) for OK Cashbag, the membership reward program of SK Planet. They are also actively exploring joint marketing and promotional strategies by leveraging their respective technological and service capabilities.“SK Planet is a company with long-standing marketing platforms like OK Cashbag. We believe we can achieve significant synergy through WEMIX’s partnership with SK Planet. In the future, we will contribute to the growth of the Korean market through connections such as that with Wemade’s transparent society platform Wepublic,” said Henry Chang, CEO of Wemade. Wemade operates the WEMIX3.0 decentralized blockchain mainnet whose native token is WEMIX.“We expect that this partnership will bring innovation to the platform ecosystem and provide users with new experiences and customer value,” added SK Planet CEO Lee Han-sang.Strategic investmentsNotably, both companies are engaging in mutual equity investments to further accelerate their strategic alliance. Wemade and its subsidiary, Chuanqi IP, will acquire 7.08% and 5.31% stakes, respectively, in SK Planet from its parent company SK Square. The acquisition amounts to KRW 20 billion for Wemade and KRW 15 billion for Chuanqi IP, totaling KRW 35 billion (approximately $26 million).SK Planet will acquire KRW 20 billion worth of convertible bonds issued by Wemade along with approximately KRW 15 billion worth of shares held by Wemade Chairman Park Kwan-ho, gaining a 1.27% stake in Wemade.Chairman Kwan-Ho Park will then use the proceeds from this stock sale to purchase WEMIX in a move to support the growth and activation of the WEMIX ecosystem.Meanwhile, Wemade plans to initiate a broad range of partnerships with other major local and international companies following its partnership with SK Planet.