Eggverse and SPLabs team up to venture into Southeast Asian Web3 market

Ripple and the Republic of Palau Collaborate to Mint First PSC StablecoinIn a groundbreaking partnership, the Republic of Palau has teamed up with Ripple Labs to introduce its inaugural stablecoin, the Palau Stablecoin (PSC).This occasion was shared by Jay Hunter Anson, the Director of Palau’s Digital Residency Program and a member of Palau’s Ministry of Finance, who took to Twitter on Wednesday to shed light on the collaboration between the Palau National Treasury and Ripple Labs.The event unfolded at the National Capitol in Ngerulmud, Palau, where representatives from both the Palau National Treasury and Ripple gathered to celebrate the successful launch of the Palau Stablecoin. Anson emphasized that this marks a significant step in their joint exploration of the stablecoin’s potential use cases within the Micronesian island nation.Photo by Kanchanara on UnsplashReducing payment costsPalau’s Ministry of Finance initiated the Stablecoin project to address specific needs within the nation’s financial landscape. By sponsoring this project, the ministry aims to reduce payment costs within the Republic of Palau and enhance access to financial services, especially for underserved communities and various socio-economic groups, utilizing digital solutions.Notably, the Palau Stablecoin operates on the XRP Ledger (XRPL), demonstrating Ripple’s technology as the backbone of this financial initiative.Anson’s tweets also shed light on the meticulous approach taken in developing the Palau Stablecoin. Controlled and limited PSC pilot tests have been conducted to assess the effectiveness and efficiency of the solution co-designed with Ripple. These pilot experiments provide valuable insights into the stability and usability of the Palau Stablecoin before its potential public release.Extensive testingAlready, the Palau Stablecoin pilot program has seen volunteer users actively participating in the testing phase. Videos shared by Anson on Twitter showcased smooth transactions at partner vendors in Palau, promptly confirming the transaction receipts.The successful implementation of the Palau Stablecoin pilot program has drawn attention from the XRP community, and anticipation is building for the official joint press release scheduled for July 27, Thursday morning in Ngerulmud, Palau, as Anson revealed.The collaboration between Ripple and the Republic of Palau was initiated at the end of 2021, with launch originally scheduled to take place in 2022. Ripple has claimed to be in dialogue with in excess of twenty governments relative to enabling central bank digital currency (CBDC) issuance.Given that the island state lacks a functioning central bank and the US dollar is recognized as the primary medium of exchange throughout the country, the creation of a USD-backed stablecoin is a significant achievement resulting from the national stablecoin initiative. The president described this as a “step towards our own central bank digital currency.”There has been plenty of activity in Micronesian nations relative to cryptocurrency in recent times. Tonga is understood to be considering introducing bitcoin as legal tender. The Marshall Islands is considering issuing a CBDC although it is being discouraged by the International Monetary Fund (IMF) in that endeavor. Meanwhile, the government of Vanuatu announced its support for the Satoshi Island project.With a strategic focus on addressing financial needs and enhancing accessibility within Palau, this partnership sets the stage for a new era of digital financial solutions for the Micronesian nation.

In a recent survey conducted by personal finance management solutions provider Seedly, together with global crypto exchange Coinbase, it was discovered that over 56% of Singaporeans currently own cryptocurrency, with nearly half expressing bullish sentiments regarding its future prospects over the 12 months of this year.Photo by Zhu Hongzhi on UnsplashFuture of financeTitled "The Pulse of Crypto Singapore Report," the study surveyed 2,006 Singaporean adults across various age groups and household incomes from October to November 2023. Survey participants were deemed to be “finance forward Singapore-based adults who have a strong interest in personal finance and investments.” It determined that 56% of respondents believe cryptocurrency represents the future of finance. Participants cited short-term profitability, long-term capital appreciation and portfolio diversification as key factors driving their optimism. The report’s authors speculate that this optimism is also due to the city-state’s approach to digital assets and the regulatory framework that has been put in place by the Monetary Authority of Singapore (MAS). Yeap Ming Feng, head of marketing at Seedly, also attributed the optimism towards crypto to Singapore's vibrant Web3 ecosystem, which fosters collaboration among builders, investors and users. When selecting a crypto exchange for trading, crypto owners prioritize security, low fees, regulation and ease of use. Coinbase, one of the report’s facilitators, doubled down on its operations in Singapore in 2023, acquiring a Major Payment Institution (MPI) license from the Singaporean regulator, enabling it to expand its product offering. It extended its offering further last month when it launched USD transfers via SWIFT. Notably, the survey identified staking as the most prevalent use case for cryptocurrency in the city-state.  Non-crypto user concernsHowever, the study unveiled that non-crypto users harbor concerns about market volatility (57%), high risk (53%) and the absence of regulation (45%) in the crypto space. Singapore was disproportionately affected by the demise of a number of crypto platforms in 2022. An outsize number of citizens were caught up in the FTX collapse having utilized that crypto exchange instead of Binance, which had been prohibited from trading within the territory. Singapore was also home to failed crypto lenders such as Vauld and Hodlnaut, failed crypto hedge fund Three Arrows Capital (3AC) and UST stablecoin developer Terraform Labs. These high-profile crypto failures so close to home are unlikely to have put crypto skeptics at ease in Singapore where the consideration of risk relative to digital assets is concerned. That said, MAS is actively working towards implementing additional rules to safeguard Singaporean investors. Despite these reservations, the survey underscores a growing interest in and adoption of cryptocurrencies among the financially aware population in Singapore. This trend aligns with Singapore's commitment to remaining a leader in Asia for crypto readiness and supports the city-state's vision of becoming a global digital asset hub. The study also highlighted the progress that the crypto market in general made recently. Over the course of 2023, crypto market capitalization has gained momentum, from $829 billion at the outset of the year, culminating at $1.72 trillion towards the end of the year, according to a report by CoinGekco.

Japan Progresses With Web3 White Paper ReleaseJapan has released a white paper on Web3, with the aim of promoting the growth of the crypto industry in the country. The white paper, titled “Web3 for All: The Future of the Digital Economy in Japan”, outlines a number of proposals to make the regulatory environment for crypto more friendly and conducive to growth.©Pexels/DSDDeveloping a roadmapThe Japanese government has been looking at ways to foster innovation in the crypto industry, which has been gaining traction in recent years. With the release of the Web3 white paper, the government is hoping to provide a roadmap for the development of the industry in the country.One of the key proposals in the white paper is the establishment of a regulatory sandbox for crypto startups. The sandbox would provide a safe space for companies to experiment with new ideas and technologies, without the risk of falling foul of regulations. This would help to encourage innovation and entrepreneurship in the industry, and could lead to the creation of new products and services.Another proposal in the white paper is the introduction of a digital asset exchange license. This would allow companies to operate crypto exchanges in Japan, provided they meet certain regulatory requirements. This would help to create a more stable and reliable marketplace for cryptocurrencies in the country, and could attract more investors to the industry.Blockchain R&D hubThe white paper also proposes the establishment of a blockchain research and development hub. This would bring together academics, researchers, and industry experts to collaborate on the development of new blockchain technologies. The hub would help to promote innovation and knowledge sharing, and could lead to breakthroughs in the field.In addition to these proposals, the white paper also calls for the creation of a new government agency to oversee the development of the crypto industry in Japan. The agency would be responsible for implementing and enforcing regulations, as well as providing guidance and support to companies in the industry.The release of the Web3 white paper has been welcomed by the crypto industry in Japan. Many industry insiders see it as a positive step towards creating a more supportive environment for innovation and growth. Some have also praised the government for taking a proactive approach to the development of the industry, and for recognizing its potential to drive economic growth in the country.White paper concernsHowever, there are also some concerns about the proposals outlined in the white paper. Some worry that the regulatory sandbox may not provide enough protection for consumers, and that it could lead to the proliferation of untested and potentially risky products and services. Others have raised concerns about the potential for government interference in the industry, and the impact this could have on innovation and entrepreneurship.Despite these concerns, it is clear that the release of the Web3 white paper marks a significant milestone in the development of the crypto industry in Japan. With its proposals for a regulatory sandbox, digital asset exchange license, blockchain research and development hub, and new government agency, the white paper provides a roadmap for the growth of the industry in the country. It remains to be seen how these proposals will be received and implemented, but they are certainly a step in the right direction for the future of the crypto industry in Japan.