Forkast Labs streamlines operations following merger

South Korea is taking new steps to bring cryptocurrencies more firmly into its legal, financial, and payment systems, with recent developments pointing to both wider institutional adoption and continued regulatory caution.Photo by Traxer on UnsplashCrypto status comes under reviewA research institute affiliated with South Korea’s judiciary has recommended amending the Civil Act to give cryptocurrencies clearer status as property. Digital Asset reported that the Judicial Policy Research Institute made the proposal in a February paper, arguing that the law should reflect how digital assets are already controlled, traded, and contested in legal disputes, even though the current Civil Act is built around physical objects. The institute said the lack of clear property status can create uncertainty in cases involving custody, hacking, bankruptcy, and asset recovery. It also called for a legal concept of “control” over digital assets, similar to possession in the physical world. The recommendation does not change the law on its own, but it strengthens the case for crypto legislation that deals not only with market oversight and investor protection, but also with ownership and legal remedies. Crypto holdings are also set to be included in government debt-relief screening. According to Yonhap News, the Financial Services Commission said a revised Credit Information Use and Protection Act passed the National Assembly, allowing government-backed debt relief agencies to review applicants’ deposits, securities, cryptocurrencies, income, and property records when assessing repayment capacity. The measure is intended to reduce the risk of applicants hiding assets while seeking public support and to improve fairness in debt-relief programs. Payment pilots meet regulatory limitsIn payments, fintech platform Toss has signed an agreement with KOMSCO, South Korea’s state-run mint and identity-document agency, to develop blockchain-based payment infrastructure, according to Yonhap Infomax. The partnership will initially focus on linking Toss’s payment network with public-sector payment infrastructure, before exploring tokenized payment tools such as deposit tokens and stablecoins. The deal pairs one of Korea’s largest consumer fintech platforms with a public agency that already runs municipal voucher programs and digital gift certificates. Regulators, however, remain cautious about token projects launched before a broader legal framework is in place. Aju Business Daily reported that the Korea Insurance Institute has not yet received approval from the Financial Services Commission for proposed changes that would allow it to issue a token tied to its training programs and establish or invest in an AI subsidiary. The institute says the plans are still under regulatory review, but the delay reflects concerns over whether token issuance fits its role as a training body for insurance professionals. 

India’s HPCL Embraces Blockchain Tech to Streamline Purchase OrdersHindustan Petroleum Corporation Limited (HPCL) has forged a partnership with Zupple Labs, an Indian Web3 startup, to upgrade its purchase order processes through blockchain.Photo by Zbynek Burival on UnsplashTamper-proof documentationAccording to local media publication Business Today, the collaboration leverages blockchain technology to issue tamper-proof digital purchase orders via LegitDoc, ensuring instant verification on the NEAR blockchain. The move is a significant step toward enhancing transparency and efficiency in the purchase order system, addressing long-standing challenges in the industry.Notably, HPCL has awarded purchase orders worth $52 billion in the past five years, making these orders economically significant. Until now, automating purchase order verification for third-party requests outside of HPCL proved to be particularly challenging, resulting in substantial manual labor to process external verification requests.With the implementation of LegitDoc, historically fraud-prone purchase orders can be seamlessly issued to the relevant stakeholders. This breakthrough empowers participants to verify the authenticity of these orders with a simple click, reducing the risk of forgery and expediting the verification process.HPCL’s use of blockchain technology in partnership with Zupple Labs serves multiple purposes. It aims to combat purchase order forgery, simplify vendor access to trade finance through collateralization, and provide evidence of turnover, ultimately facilitating participation in public procurement processes. The facility will soon be accessible to both the public and vendors, with the launch set for October.Neil Martis, the founder of LegitDoc, expressed his enthusiasm about HPCL’s adoption of their technology. He noted:“It’s exciting to see an oil conglomerate such as HPCL use our technology LegitDoc, to secure billions of dollars’ worth of purchase orders. This serves as a testament to the confidence that businesses and governments have placed in our blockchain platform over the years in protecting important documents.”Utilizing two blockchainsThe approach taken in this instance relies on the use of two parallel blockchains which act as settlement layers: the NEAR public blockchain and permissioned private blockchain Hyperledger Fabric. As of mid-October, 3,000 purchase orders had been issued using blockchain.HPCL’s move to digitize and secure its purchase order system not only benefits the corporation but also has industry-wide implications. By promoting digital automation and trust, it sets a precedent for transparency and efficiency in the oil and gas sector. This adoption of blockchain technology aligns with a global trend of enhancing digital trust and streamlining operations across various sectors.Further application of blockchain techIt’s worth noting that this isn’t the first instance of Zupple Labs’ blockchain technology-based solutions being employed by the government in India. LegitDoc has previously been adopted by the administration of Gadchiroli, Maharashtra, for issuing tribal caste certificates in 2022, in that instance by way of the Polygon blockchain.Moreover, the technology played a pivotal role in issuing COVID-19 vaccine certificates in Maharashtra in 2021, while over 100,000 degree certificates were issued in 2022. These instances underscore the versatility and growing acceptance of blockchain technology in modern governance and business processes.

Crypto emerges as topic in Indonesian election campaignAs Indonesia gears up for its upcoming presidential election, the country’s crypto market has become a focal point for political discourse. Gibran Rakabuming Raka, a vice presidential candidate and the eldest son of President Joko Widodo, recently unveiled his plans to foster expertise in blockchain and crypto within the Southeast Asian nation.Chosen as the running mate for presidential candidate Prabowo Subianto, the 36-year-old politician aims to elevate tech education in Indonesia, opening avenues for the younger generation, particularly in the realm of digital assets. According to a report by Indonesian online news portal detikNews, while speaking at a political gathering on Dec. 10, Gibran asserted:“We are preparing blockchain experts, we are preparing cyber security experts, we are preparing crypto experts.”Photo by Nick Agus Arya on UnsplashCrypto potentialIndonesia has emerged as being ahead of the curve in terms of crypto adoption, ranking seventh on Chainalysis’ 2023 global crypto adoption index. With an estimated 18 million crypto investors, the country boasts a robust industry association that also functions as a self-regulatory body.Local news media reported in October that the Southeast Asian country has seen a 10.1% year-on-year increase in the number of crypto investors. At the time, Tirta Karma Senjaya, Head of the Commodity Futures Trading Regulatory Agency, said, "Growth in the number of crypto investors in Indonesia continues to increase, but investors are still looking for the right time to buy crypto.”Private sector entities have also identified the raw potential. In the same month, Web3 consulting firm Tiger Research, in partnership with South Korean crypto data platform Xangle, produced a report which identified significant potential for the development of Indonesia’s Web3 market. There are over 30 crypto exchanges operating in the country, acting as the primary channel through which growth in crypto is propelled in Indonesia.Capitalizing on crypto interestThe government, under President Widodo, has actively sought to capitalize on this crypto enthusiasm, going as far as establishing a local “stock market” dedicated to crypto assets.Gibran’s proactive stance on crypto education aligns with his broader vision of positioning Indonesia at the forefront of the global digital revolution. The country’s rapidly growing tech landscape and crypto adoption make it an opportune space for fostering expertise in these cutting-edge technologies.As the presidential election approaches, Gibran’s commitment to cultivating a pool of crypto experts underscores the potential influence of the crypto industry in shaping Indonesia’s economic future.An international topicCrypto is increasingly becoming an important topic in elections globally. In the United States, many of the presidential candidates, particularly within the Republican Party, have publicly expressed their interest in crypto and blockchain. Yesterday, Ripple CEO Brad Garlinghouse took to the X social media platform on the subject, stating:”Team @Ripple is putting a stake in the ground, leading the charge with other industry leaders to support pro-innovation and pro-crypto candidates in the 2024 US election cycle. The US cannot afford to continue taking a back seat on the global stage.“With Indonesia’s election frontrunners, Prabowo and Gibran, expressing interest in the sector, it remains to be seen how this focus on crypto will resonate in the upcoming political debate on Feb. 4.