Korean Blockchain Experts Suggest Tackling Everyday Challenges with Blockchain Adoption

Indonesia’s Financial Regulator Appoints Hasan Fawzi to Oversee CryptoThe Financial Services Authority (OJK) of Indonesia has chosen Hasan Fawzi, a former executive of the Indonesia Stock Exchange (IDX), as the head of fintech and digital assets oversight and innovation.That’s according to a number of reports published in local and regional news outlets on Thursday. Fawzi, who has served as the Director of the Indonesia Bond Pricing Agency (IBPA) since 2008, brings a wealth of experience in the securities pricing sector. Alongside Fawzi, Lodewik Paulus Agusman, previously responsible for the internal audit department at Bank Indonesia, has also been elected as a member of the OJK Board of Commissioners. These appointments were approved by the House of Representatives Commission overseeing banking and finance.Photo by Tom Fisk on PexelsDigital asset oversightFawzi’s role as the Executive Director for the Supervision of Technological Innovation in the Financial Sector, Digital Financial Assets, and Crypto-assets places him in charge of overseeing peer-to-peer lending platforms, cryptocurrencies, and other components of the evolving industry.Indonesia’s stance on cryptocurrencies remains complex and multi-faceted. While the country is striving to launch a state-backed crypto exchange by mid-2023, as announced by Didid Noordiatmoko, head of the Commodity Futures Trading Regulatory Agency (Bappebti), recent statements by Bali Governor Wayan Koster suggest a tightening of regulations concerning crypto payments.Governor Koster emphasized that foreign tourists who use cryptocurrencies for payments, violate visa provisions, or engage in unauthorized activities will face strict consequences. The Bali Representative Office of Bank Indonesia reiterated that while cryptocurrencies themselves are legal in Indonesia, their use as a payment instrument is not.The appointment of Hasan Fawzi to OJK demonstrates Indonesia’s strategic efforts to strengthen oversight and foster innovation within the fintech and digital asset sectors. Fawzi’s extensive experience in securities pricing and leadership in the Indonesia Stock Exchange make him a valuable addition to the regulatory landscape. As Indonesia navigates the complexities of cryptocurrency usage, it will be fascinating to observe the evolution of regulations and how the country’s financial authorities shape the future of the industry.Controlled innovationThese recent developments highlight Indonesia’s determination to stay at the forefront of financial technology albeit with efforts to retain strict controls over the rollout of that innovation. The country recognizes the importance of effectively regulating emerging technologies while fostering an environment conducive to innovation. With Fawzi at the helm of fintech and digital assets oversight, the OJK aims to strike a balance that protects investors and consumers while promoting technological advancement.As these appointments await final approval from President Joko Widodo, the financial industry and crypto enthusiasts will closely watch Indonesia’s regulatory landscape. The decisions made in the coming months will shape the future of fintech and crypto in the country. Indonesia’s approach to this dynamic sector serves as a case study for other nations seeking to establish oversight and embrace the potential of digital assets. Their international regulatory peers will be monitoring efforts in Indonesia to bring about effective regulation of the digital assets space.

Wemade Expands Web3 Ecosystem Through New CollaborationsSouth Korean blockchain gaming publisher Wemade has been making strides to expand its ecosystem. Most recently, the company announced that it made a series of new investments and signed a business deal with a social finance organization.Photo by Shubham Dhage on UnsplashInvesting in the future of blockchain gamesWEMIX PTE., a Singapore-based Wemade subsidiary, said Wednesday that it has invested in five Chinese game developers through a $30 million fund aimed at fostering promising blockchain gaming companies. Mirana Ventures, the Web3-focused investment unit of the crypto exchange Bybit, is also participating in the fund as an investor. The latest investment was worth $6.4 million.Each investee is working on a new game, ranging from massively multiplayer online role-playing games (MMORPG) to card strategy and sports games. All of these games will be onboarded to WEMIX PLAY, WEMIX’s blockchain gaming platform.WEMIX reaffirmed its dedication to working with Chinese projects and providing the new investees with its knowledge about blockchain technology and the burgeoning Web3 market.Giving back to the communityMeanwhile, the South Korean blockchain gaming publisher Wemade also signed a memorandum of understanding (MOU) with Social Solidarity Bank, a Korean social finance organization, to build a blockchain-based sponsorship ecosystem. Social Solidarity Bank offers microfinance and alternative finance services mainly in the form of loans and funds to economically vulnerable groups with the help of sponsors. It will be onboarding Wepublic, a transparent social platform based on WEMIX that allows users to create and operate their own decentralized autonomous organizations (DAOs).Under the agreement, Wepublic’s proof of balance protocol will be integrated into Social Solidarity Bank’s social finance system to mint mirror tokens that are linked one-to-one with individual accounts. The mirror tokens will serve to help donors understand how their contributions are translated into social outcomes. Sponsors can check the status and usage of donations at any time through records of token deposits and withdrawals.This service is set to launch next year and will be grow into a Web3 sponsorship business where sponsors will also be given the right to participate in governance voting.

Galaxia Metaverse Joins Hands with MVL Foundation to Expand Blockchain EcosystemsSouth Korean blockchain company Galaxia Metaverse said Wednesday it will collaborate with MVL Foundation, a blockchain-based mobility enterprise in Singapore, to advance their respective blockchain ecosystems by enabling the use of their tokens, Galaxia (GXA) and MVL, within them.Photo by Shubham Dhage on UnsplashPromoting token utilizationAs of now, MVL tokens can be used for purchasing discount coupons for TADA, MVL Foundation’s ride-hailing service. Through the partnership, GXA tokens will also be able to purchase TADA discount coupons through MVL’s cryptocurrency wallet, Clutch Wallet. Discussions are currently underway regarding more joint ventures, such as integrating the MVL token with staking products offered by Galaxia’s own digital wallet.“The MVL token is already being used by millions of mobility service users with Southeast Asia as its base. Through this partnership, we expect that our global expansion will be accelerated as we bring more users to our ecosystem,” Galaxia emphasized.Expanding the Southeast Asian user baseMVL Foundation operates its mobility services mainly in Southeast Asian countries including Singapore, Cambodia, and Vietnam. Its ride-hailing service TADA is the second-largest of its kind in Singapore. This ecosystem is connected via blockchain, enabling participants to receive rewards in accordance with their activities and ultimately forging a Web3 mobility system.Subsequently, Galaxia intends to take advantage of MVL’s solid footing in Singapore to push joint localized marketing within the country.“We are planning to develop various solutions, rewards, and service integrations with MVL by leveraging our strengths, expertise, and networks,” Galaxia said.Meanwhile, throughout this year, Galaxia has been expanding its blockchain ecosystem in other ways. Notably, it has collaborated with industry leaders such as Korean NFT exchange Pala and karaoke app Somesing.