Thailand makes crypto trading VAT-free to boost digital economy

Superblock Rolls Out Crypto Wallet, Garnering Over 680K Pre-RegistrantsSouth Korean blockchain startup Superblock has successfully rolled out its own cryptocurrency wallet, named Over Wallet, according to a report by local news outlet Newsis. The wallet has already amassed over 680,000 pre-registrants since April, ahead of its official release.Photo by Shubham’s Web3 on UnsplashAccessibility and cost reductionOver Wallet serves as the mobile crypto wallet for the Over Protocol, a blockchain mainnet developed based on the paper published by Superblock’s CEO, Kim Jae-yun. The Over Protocol distinguishes itself through its accessibility, offering enterprises interested in the Web3 industry an opportunity to reduce costs associated with infrastructure investment and service operation.With the introduction of Over Wallet, Superblock empowers users with the capability to collect and manage Over points. The company plans to add functions for the management and transfer of token assets to provide an even more optimized user experience.Currently, Over Wallet is available for download on the Apple App Store and Google Play Store.Mainnet launch next yearAs part of the preparations leading up to the Over Protocol’s mainnet launch in the first half of next year, the Over Community Access Program (OCAP) has also been unveiled. OCAP enables users to earn Over points by completing various tasks. These accumulated points can then be used at the Over Protocol pop-up store, a side event scheduled for the annual blockchain conference, Korea Blockchain Week 2023, taking place in Seoul in September. The event will collaborate with KREAM, a resale and trading platform catering to collectors of limited editions.Superblock CEO Kim has a notable background, having founded Decipher, a blockchain study group at Seoul National University, in 2018. During the establishment of Superblock, Kim successfully secured funding from investors Spring Camp and Naver Z, both affiliates of the Korean search engine giant Naver.There has been additional support that underpins Superblock’s commitment to blockchain ventures. Last October, the company partnered with Shinhan Securities for technological cooperation. Subsequently, in February of this year, Superblock raised a Series A funding round of 9 billion KRW ($7 million). Investors in this round include notable names like conglomerate SK Inc., game developer Netmarble, and venture capital firm DSC Investment.

Indonesia Embraces XRP, ADA as Tradable Crypto AssetsIn a significant move towards cryptocurrency acceptance, the Indonesian government has taken a momentous step by including a range of digital assets, including XRP and ADA, in a recently published regulatory document.Photo by Nick Agus Arya on Unsplash501 digital assetsThe document, published earlier this month, comprises an extensive list of 501 cryptocurrencies that are eligible for trading within the country. Unsurprisingly, BTC and ETH feature on the list. Other notable cryptocurrencies that have been listed include SOL, LTC, DOT, SAND, and UNI. This development is seen as a positive stride towards wider crypto adoption and holds the potential for broader use of all of these assets. In the case of XRP, it provides it with greater potential to become a viable means of payment within the region in the future, even though current regulation within Indonesia prohibits payments for goods and services in anything other than the rupiah.Defining tradable assetsThe regulatory document, officially titled “Supervisory Body Regulation Commodity Futures Trading Number 4 of 2023,” signifies an amendment to the Trade Controlling Agency Regulations Commodity Futures Number 11 of 2022. Its main objective is to identify the assets that can be traded in the physical market of crypto assets within Indonesia.Colin Wu, a prominent Chinese reporter, shared this significant development on Twitter, sparking interest and discussions within the crypto community. The news has been met with a mix of optimism and caution from Indonesian individuals. One Indonesian YouTuber expressed enthusiasm for the country’s XRP-friendly stance and voiced hope for XRP to eventually attain legal tender status. However, others, like Twitter user Pondok Indah, urged the government to focus on regulatory oversight and taxation rather than direct involvement in the crypto business.This development takes place in the broader context of Indonesia’s evolving crypto landscape. According to a 2022 research report titled “The 2022 Global Crypto Adoption Index: Emerging Markets Lead in Grassroots Adoption ‘’ by Chainalysis, Indonesia ranked at the top among the 20 countries analyzed in terms of peer-to-peer (P2P) exchange trade volume. The country has demonstrated its active participation in the crypto market, with Indodax, the largest Indonesian exchange, adding support for FLOKI, an up-and-coming cryptocurrency, back in April.That said, as we’ve seen in many other jurisdictions, the development of regulation and policy relative to digital assets has not been without its hiccups. Last month, the governor of Bali warned the foreign tourists that flock to the Indonesian island that there would be consequences for those that flouted Indonesian law and used crypto as a form of payment for goods and services.Indonesia’s recognition of the potential benefits of digital assets demonstrates a path forward for other nations to follow. Providing regulatory clarity with regard to digital assets bolsters investor confidence but also opens doors for innovation and financial inclusion. In taking this approach, the Southeast Asian country is setting the stage through which digital assets can contribute to economic growth and technological advancement.

Wemade CEO to attend Abu Dhabi Finance Week and Fortune Global Forum next weekHenry Chang, CEO of South Korean blockchain gaming publisher Wemade, will be traveling to the United Arab Emirates to speak at the second annual Abu Dhabi Finance Week — one of the biggest financial and economic events in the Middle East and North Africa (MENA) region — scheduled for Nov. 27 to 30.Photo by Kevin JD on UnsplashExploring the future of financeTouting the theme “Investing in the Transition Era”, this year’s ADFW is organized by Sheikh Khalid Abu Dhabi, Crown Prince of Abu Dhabi and Head of the Abu Dhabi Executive Council. Several organizations such as the Abu Dhabi Global Market (ADGM) and the Abu Dhabi Department of Economic Development are also participating as official partners. More than 10,000 visitors from over 100 countries across the world are expected to attend.Chang will participate as a panelist on Nov. 29 in the “Convergence: Media, Culture and Fintech” panel at Fintech Abu Dhabi, the flagship event of ADFW. The panel will cover topics like the impact of blockchain and decentralized finance (DeFi) technologies on fintech — more specifically, digital payment trends and the future of digital assets and currencies.Wemade’s expansion in the UAEHe will also partake in the Fortune Global Forum 2023, a global conference for CEOs of major global conglomerates also set to be held in Abu Dhabi from Nov. 27 to 29. The forum has been hosted by American business magazine Fortune since 1995 as a platform for member companies of the Fortune Global 500 list to gather and share insights on global issues like innovation and stability and their impact on economic progress. They will also be joined by government officials from various sectors in the UAE, including artificial intelligence, cybersecurity, oil and gas, industrial automation, healthcare and telecommunications.Wemade has been making strides to expand WEMIX3.0, its borderless Web3 mega-ecosystem, in the MENA region. The company opened an office in Abu Dhabi earlier this year.