Korea’s Changwon City Boosts Local Art Scene with NFTs

Indonesian Food Industry Conglomerate Embraces Blockchain TechIndonesia’s ID Food, a prominent state-owned food industry holding company, is embracing blockchain technology to revolutionize its fisheries operations.Photo by R Eris Prayatama on UnsplashD3 Labs CollaborationIn a strategic collaboration with Singapore-headquartered D3 Labs, a blockchain-based fintech startup, ID Food is set to usher in a new digitized fish trading process. The move leverages the power of blockchain to enhance traceability and transparency throughout the value chain while adhering to stringent fishing standards.With the backing and support of PT Perikanan Indonesia, a subsidiary specializing in the fisheries sector, ID Food will harness D3 Labs’ innovative blockchain-based solution to create a real-time fish exchange platform known as the Indonesia Fishery eXchange (IFX).Indonesia Fishery eXchange (IFX)IFX promises an array of advantages, including transparent stock monitoring and auctions, the facilitation of digital payments for seamless transactions, robust Know Your Customer (KYC) measures, and stringent account management protocols to safeguard against fictitious buyers.Furthermore, it will integrate seamlessly with digital sales markets abroad. The recent collaboration was signed by ID Food and D3 Labs in the presence of fisheries industry stakeholders from 29 countries earlier this month.Dirgayuza Setiawan, the Director of Development and Business Control at ID Food, expressed enthusiasm for the collaboration, noting the positive implications it holds for fishermen, producers, and consumers. He stated:“We recognize the importance of sustainability in the fisheries industry, especially in Indonesia, which is one of the world’s largest fish producers. In addition to improving efficiency and transparency, the use of blockchain technology can enhance productivity, the well-being of our fishing partners, and sustainability in the fisheries sector.”He added that the collaboration with D3 Labs is a commitment to drive innovation in the fisheries industry, with the goal of improving efficiency, productivity, well-being, and sustainability in this sector.Trian Yunanda, Indonesia’s Secretary of the Directorate General of Wild-Catch Fisheries at the Ministry of Maritime Affairs and Fisheries, praised the partnership as a pivotal step towards building a robust fisheries ecosystem for the future. With blockchain technology at its core, this collaboration is aiming to revolutionize Indonesia’s fisheries industry, fortifying its position as a global leader in responsible and efficient fish trade.ID Food, the corporate brand of the state-owned food giant PT Rajawali Nusantara Indonesia (Persero), boasts a diversified portfolio spanning agriculture, livestock, fisheries, and trade and logistics.Indonesia’s digital rupiahThis is not D3 Labs’ first Indonesian blockchain-related collaboration. In August, the Singaporean blockchain technology firm partnered with the Indonesian Blockchain Association with the objective of supporting the first phase of development of Indonesia’s digital rupiah.The initiative, titled Project Garuda, is being overseen by Bank Indonesia, the Southeast Asian country’s central bank. While cryptocurrency is not deemed to be legal tender in Indonesia and is not permitted for use when it comes to payments for goods and services, the Indonesian authorities permit trading of digital assets. In June, the Indonesian government published a document that set out a list of cryptocurrencies which are eligible for trading within the country.

Cultural content company Com2uS Holdings announced Monday that XPLA, its layer 1 blockchain, is now supported by on-chain content (OCC) aggregator Gall3ry. Photo by GuerrillaBuzz on Unsplash"We are pleased with the recognition of our technology and ideas, and with our collaboration with global mainnet XPLA," said Joseph Lee, CEO of Gall3ry. "We plan to provide various experiences based on our decade of expertise in the IP industry." Empowering multifaceted ownershipGall3ry offers an OCC tokenizer solution that converts off-chain data into on-chain tokens – mainly NFTs – boosting user engagement and revenue while building Web3 communities. It ultimately gives NFT holders a sense of true ownership because they can personalize their social identities and build connections with other users through their assets. In particular, they can display their NFT artwork on the Gall3ry platform to share with the community, which can lead to increased communication and engagement on social media platforms, thus lowering the barriers to entry for NFTs. Elevating gaming experiencesBy supporting the XPLA blockchain, users on XPLA can now experience an innovative and improved Play-to-Own (P2O) aspect of their favorite games. Now that Gall3ry’s solution is linked to XPLA, NFT holders will be able to experience more active and vibrant connections with each other, moving away from the now outdated concept of one-dimensional ownership on XPLA. "This partnership is a significant collaboration for XPLA and our NFT marketplace X-PLANET," said Paul Kim, Team Leader at XPLA. "It will provide new and diverse ways for holders to utilize their NFTs."

XREX secures MPI license from Singapore regulatorTaipei-based cryptocurrency exchange XREX has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license.Photo by Mark König on UnsplashBitCheck payment tool offeringThe approval marks a crucial step for the fledgling exchange business, enabling it to offer digital payment token products and services in Singapore. Once it’s upgraded to a full license, XREX will be able to expand its BitCheck payment tool, currently facilitating transactions involving fiat currencies, stablecoins and various cryptocurrencies.This regulatory milestone places XREX among the approved exchanges, stablecoin issuers, neobanks and payment service providers in Singapore. Since the introduction of the licensing regime in January 2020, the MAS has received over 580 applications for payment services licenses, with fewer than 20 Digital Payment Token (DPT) licenses and in-principle approvals granted to date. XREX now joins the ranks of established entities like Coinbase, DBS Vickers, Circle, Paxos, Ripple and Revolut in receiving approval from the MAS.Taking to X on Friday, the company acknowledged the license award while outlining that the license would mean that it can now start to offer an e-money issuance service, cross-border money transfers, account issuance services, digital payment token services, as well as merchant acquisition and domestic money transfer services.Serving home and overseas marketsWayne Huang, Co-Founder and Group CEO of XREX, emphasized that XREX Singapore will serve as the primary provider of products across the Asia Pacific (APAC) region. Simultaneously, XREX Taiwan will continue to play a pivotal role in product design, engineering, research and threat analysis functions for the company. Positioning itself as the Asia Pacific headquarters for the group, XREX Singapore aims to target emerging markets in the region where access to USD liquidity may present challenges.Christopher Chye, CEO of XREX Singapore, expressed the significance of the approval, noting the thorough scrutiny by Singapore’s regulatory authorities. Chye stated:“Singapore wants to attract responsible actors, and the reality is that doing so necessitates a fine-tooth comb. This is great for Singapore and great for our industry as a whole. XREX is looking forward to introducing cheaper, safer, and faster domestic and cross-border payments for Singapore and emerging market businesses.”It was no secret that the company had been working towards acquiring a license in Singapore for some time. In December 2022, its Singapore team tweeted out such a claim, adding that an MPI license from MAS “is one of the most coveted and well-regarded licenses worldwide.”Highlighting Singapore’s progressive and robust regulatory framework, Nick Chang, XREX Group and XREX Singapore Head of Compliance, said:“Singapore boasts a progressive and robust regulatory framework, offering our users the clarity and confidence they need to access digital assets and use stablecoins.”XREX has also made in-roads into the European market. In May of last year, the company opened an office in Lithuania, while becoming a crypto asset service provider within the Baltic state. Earlier this year the company strengthened its compliance process by integrating transaction monitoring and investigative tools from blockchain analysis firm Chainalysis.