South Korea Launches Blockchain Project to Streamline Public Services

In response to the expanding demand for cryptocurrencies in Indonesia, the government has laid down a directive, requiring crypto exchanges operating within the Southeast Asian country to register with the recently inaugurated Commodity Future Exchange (CFX).Photo by Bisma Mahendra on UnsplashMandatory requirementThe CFX was established back in July as the world's first national bourse exclusively dedicated to digital assets. The national exchange has been modeled to replicate exchanges in traditional markets like the NASDAQ, but in this case, focusing entirely on digital assets. Under regulations introduced in 2019 by the Indonesian Commodity Futures Trading Regulatory Agency (Bappebti), crypto exchanges in the country must seek authorization. Even exchanges operating legally since 2014 fall under the category of "prospective crypto exchanges" and must undergo a rigorous process to gain recognition as legitimate entities affiliated with the CFX. Safeguarding investorsThis regulatory initiative aims to create a secure environment for crypto investors while simultaneously serving as a platform for tracking digital asset transactions for taxation purposes. Beyond the regulatory oversight, registering with the CFX also acts as a gateway for the Indonesian government to monitor cryptocurrency transactions for taxation purposes. The authorization process involves registration with self-regulatory organizations (SROs) like the CFX, followed by scrutiny by Bappebti to assess the company's suitability to operate. Only after meeting all requirements can a crypto exchange be issued a crypto exchange license (PFAK). Failure to complete the new procedures and registrations within the specified timeframe, set for Aug. 17, 2024, will result in the inability to operate in Indonesia. Currently, there are 29 prospective crypto exchanges in Indonesia that must obtain authorization to continue their operations. Regulatory oversight change in 2025It is noteworthy that a significant regulatory overhaul in 2025 will shift the oversight of cryptocurrency regulation from Bappebti to Indonesia's Financial Services Authority (OJK). This change could potentially reclassify cryptocurrencies as securities, potentially impacting taxation. While crypto assets are currently subject to Value Added Tax (VAT) and Income Tax (PPh) as commodities, reclassification as securities may lead to a reduction in taxes. In late February, Didid Noordiatmoko, head of Bappebti, announced the nation's intention to launch its state-backed crypto exchange by mid-2023. The exchange will be operated by a private-sector company rather than the government, with private-sector crypto platforms executing trades on the exchange. Crypto adoptionThe surge in demand for cryptocurrencies in Indonesia is evidenced by official data from 2023, indicating that the number of registered crypto traders exceeds that of stock traders. Data published in October outlined that Indonesia has seen a 10.1% year-on-year increase in the number of crypto investors in the country, bringing that figure to 17.79 million citizens. The increase in interest in crypto among Indonesians has not been lost on the country’s politicians as crypto appears to have become an election issue. Gibran Rakabuming Raka, a vice-presidential candidate in the upcoming Indonesian election, expressed the aim to accelerate Indonesia's position as a leader in the digital revolution by cultivating expertise in blockchain and cryptocurrencies. 

Finger Labs to leverage Web3 services for Dream Ladders’ college entrance briefingFinger Labs, a subsidiary of digital marketing company FSN, announced on Tuesday (local time) that it is set to introduce its Web3 services, Xclusive and Favorlet, at an informational college admissions briefing hosted by Dream Ladders, a blockchain subsidiary of educational and career services provider Jinhak.Photo by Unseen Studio on UnsplashXclusive is Finger Labs’ Web3 content distribution hub that uses blockchain technology to connect content creators and consumers, facilitating the distribution of various content like movies and performances and the creation of profitable business models. Favorlet, on the other hand, is an NFT wallet that allows users to view, manage and store their NFTs safely in one place.Innovative ticketingThe upcoming briefing, organized by Dream Ladders’ EDUM project, is set to share insights regarding college entrance exams and applications. Attendees will be able to submit questions in advance and receive exclusive benefits. It is scheduled for Dec. 22 to 23, hosting 50 select individuals each day.Tickets for the event will be issued and sold as NFTs, which are available for purchase on Xclusive until Dec. 21. Attendees can purchase the tickets and store them in their Favorlet wallets, which will allow them to easily verify their tickets on-site at the briefing. This ticketing process will serve to show users the convenience that Web3 technology offers.“Contributing our Web3 services to this opportunity offers promising outlooks,” said Kim Dong-hoon, CEO of Finger Labs.Showcasing Web3 solutionsFinger Labs has previously tailored solutions for major corporations like SK Planet, Lotte Homeshopping and SK Networks. In particular, the company also introduced Xclusive and Favorlet at this year’s Blockchain Grand Week — a large-scale blockchain event hosted by the Ministry of Science and ICT and jointly organized by the National IT Industry Promotion Agency (NIPA), the Korea Internet and Security Agency (KISA) and the Institute of Information and Communications Technology Planning and Evaluation (IITP).

BIONES partners with Bithumb Burrito Wallet for integrated service developmentBIONES, the developer of Bio Passport, a blockchain-based medical record and healthcare data management service, announced Wednesday that it has signed a memorandum of understanding (MOU) with Rotonda, the operator of the cryptocurrency wallet Bithumb Burrito Wallet. Burrito Wallet’s services are expected to be integrated into Bio Passport to expand accessibility and grow the blockchain ecosystem.Photo by Julia Zyablova on UnsplashRevolutionizing healthcare with blockchainBio Passport is notable for its blockchain-based features. This includes secure management and storage of personal healthcare information, built on distributed identification technology; a token reward system; and a decentralized application (dApp) service that allows users to contact their healthcare providers remotely, among other functions. The company’s ultimate goal is to provide telemedical services so that patients can receive consultations without having to visit a hospital or clinic in person.Simplifying crypto transactions across the worldLaunched in February, Burrito Wallet’s primary functions include convenient chat-based cryptocurrency transfers and crypto swapping. It is the largest multi-chain wallet in Korea that supports 11 mainnets, including Bitcoin and Ethereum, as well as over 1,000 token currencies.It was also recently launched in Latin America, accelerating its global expansion. Notably, users of the service in this region will have access to on- and off-ramp functions for buying and selling crypto.Strategic collaborationThrough this agreement, BIONES said that it would work with Rotonda in blockchain-related business endeavors and participate in various activities for joint development, such as user acquisition, blockchain ecosystem expansion and marketing projects.“Burrito Wallet has a variety of functions, from storing and managing crypto assets to transfers and swaps. Users can take advantage of increased safety and convenience while enjoying user-friendly wallet services,” BIONES said. “By integrating Burrito Wallet into the Bio Passport app, we aim to make it easier for more users to use our Web3-based dApps, and we plan to expand the blockchain ecosystem to create synergized effects through active marketing and technical cooperation.”