XPLA to Bring The Walking Dead: All-Stars to Mainnet

Thai Opposition Party Offers Election Crypto SweetenerThailand’s opposition party, the Pheu Thai Party (PTP), has made a controversial move ahead of next month’s general election by offering 10,000 baht (approximately $300) in digital assets to citizens above 16 years old in exchange for their votes.©Unsplash/Markus WinklerThe stated intention of the policy is to spread the use of blockchain-based assets and attract international digital currencies, as well as to distribute products made in Thailand abroad using blockchain technology. Prommin Lertsuridej, who runs the party’s economic policy committee has claimed that 55 million Thai citizens will benefit from the measure if the PTP wins the election.Populist policiesThe plan will cost $15 billion and it is claimed that it will serve to revive the country’s struggling economy while providing relief to those struggling with debt. Additionally other populist measures will be pursued including an increase in the minimum wage and a minimum monthly household income guarantee.The policy has been met with mixed reactions from citizens, with some welcoming the extra cash and others accusing the party of blatant, cynical manipulation. The PTP has tried to sidestep accusations of manipulation by stating that the money will be limited to spending on local economic stimulus projects. Additionally, it cannot be used for gambling or debt repayment, and must be spent within a four-kilometer radius. The party’s chief adviser on public participation and innovation, Paetongtarn Shinawatra, called this policy an attempt to draw the attention of international currencies to Thailand.New crypto regulationsThis policy announcement comes just two months after the Securities and Exchange Commission (SEC) of Thailand issued new regulations for crypto service providers. The regulations were implemented to prevent a situation similar to the recent FTX collapse and hack, which resulted in the loss of millions of dollars’ worth of digital assets. The SEC has required service providers to establish a digital wallet management system to ensure efficient custody and to have a contingency plan in case of a security breach.Unintended consequencesWhile the PTPs policy has been met with criticism, it has also been seen as a bold move towards promoting the use of blockchain-based assets and digital currencies in Thailand. By offering citizens an incentive to use digital assets, the policy may encourage more people to explore this emerging market, which has the potential to create new opportunities for investment and economic growth.Populist politics and policy comes with a heavy longer term cost. The PTPs policy may be successful in achieving its intended goals, or it could ultimately lead to unintended consequences. Regardless of the outcome, the PTPs policy is a significant development in Thailand’s growing digital asset market and may set a precedent for other countries seeking to promote the use of blockchain-based assets and digital currencies.From an international perspective, even if the move backfires economically within Thailand, ever greater use and normalization of digital assets as in this case can only lead to greater overall adoption.

INDODAX, Indonesia’s largest virtual asset trading platform by trading volume, has acquired full licensing in Indonesia from the local regulator. That’s according to a report published by local media outlet VOI. The license, a Physical Crypto Asset Trader (PFAK) license, has been awarded to the company by Indonesia’s Commodity Futures Trading Supervisory Agency, better known as BAPPEBTI.  The license will place INDODAX in a complaint position within the Indonesian market, relative to local regulations. The business has been issued certificate number 10/BAPPEBTI/PFAK/12/2024 by the regulator, its approval certificate as a Physical Crypto Asset Trader.Photo by Mark König on UnsplashMandatory registration requirementIn December 2023 the authorities in Indonesia set out a mandatory requirement for crypto trading entities to register with the Commodity Future Exchange (CFX). CFX is Indonesia’s national crypto bourse, while INDODAX is a member. As of April 2024, 35 crypto exchanges had been registered with the regulator. CFX has been given the mandate to monitor crypto exchange operations, to safeguard investors by ensuring exchanges abide by local regulations. Fendy Tan, chief financial officer (CFO) at INDODAX commented on the firm’s recent licensing milestone, stating: "We are grateful to BAPPEBTI and CFX for the trust given through this full license. The long process that must be passed reflects our commitment to providing the best protection for users. The license number 10 also has a special meaning, which symbolizes perfection, and symbolizes the 10-year journey of INDODAX in leading the crypto industry in Indonesia."  Liquidity and SOP requirementsIn order to acquire this license INDODAX had to comply with BAPPEBTI Regulation Number 8 of 2021 and Number 13 of 2022. It has also had to ensure a minimum paid-up capital of 100 billion Indonesian Rupiahs ($6,158,000), and a minimum equity of IDR 50 billion ($3,079,000). Furthermore, the company has had to implement a set of standard operating procedures (SOPs), together with achieving ISO certification in accordance with global security standards, with specific emphasis on complying with regulations to safeguard customer funds according to the balances held on account of fiat currency and digital assets by INDODAX customers. INDODAX is understood to have 7.1 million customers while a transaction volume of 109 trillion Indonesian rupiahs was reached for the period January to November 2024. BAPPEBTI had extended a deadline for the crypto licensing of exchanges late last year, a move welcomed at the time by INDODAX CEO Oscar Darmawan. Darmawan said that the move would strengthen the industry by ensuring that market participants were compliant with recently introduced regulations. While this licensing milestone is a positive for INDODAX, the firm had faced challenges in 2024. In September it emerged that the platform had been compromised with the loss of around $18 million in digital assets. Meanwhile, the authorities in Indonesia had planned to switch crypto market oversight from BAPPEBTI to the Financial Services Authority (OJK) by Jan. 12. However, a recent report published by the Jakarta Globe suggests that the Indonesian government has yet to finalize this regulatory transfer.

Emurgo Looks to Fill in Missing Cardano Ecosystem ComponentsEmurgo, the Singapore-based commercial arm and a founding entity of the Cardano blockchain network, plans on working towards filling in the gaps relative to needed Cardano ecosystem components.So said Emurgo Founder and CEO Ken Kodama, in a recent discussion with Andrew Fenton, the Editor of Cointelegraph’s magazine. Emurgo is one of the three entities governing Cardano and has taken on the task of addressing what it perceives as “missing” components in the Cardano blockchain when compared to other leading blockchains.Photo by Traxer on UnsplashAddressing 21 categoriesKodama outlined a strategic shift in Emurgo’s approach, describing it as a transition to a venture studio model to address 21 specific categories that he and his team believe require attention. According to Kodama, the solutions to these gaps will either be built by Emurgo themselves or sourced through investments, hackathons, or grants to incentivize developers within the Cardano community. Kodama stated: “So, that’s what we need to focus on, shifting from where we are today into a venture studio model.”One area that the Emurgo CEO is looking to address is the need to introduce layer 2 solutions to enhance Cardano’s scalability. While other blockchains have seen significant development in this area, Kodama feels that Cardano needs to catch up. Therefore, it’s a priority for Emurgo to cultivate a similar environment within the Cardano network.Along those lines, Emurgo is exploring zero-knowledge rollups and optimistic rollups, indicating the firm’s commitment to exploring and investing in what is the latest cutting-edge blockchain technology. To this end, they’ve already organized hackathons centered around these themes.Developer proficiency issueThe Emurgo boss feels that one of these 21 shortfalls is more pressing than the rest. Kodama acknowledged that the barrier of having developers proficient in more obscure programming languages like Haskell and Plutus is a difficulty. He believes the current pool of developers with expertise in these languages is insufficient. To address this, Emurgo is keen to promote Aiken, a toolkit and a new programming language designed to facilitate the development of smart contracts on the Cardano blockchain.Another one of the highlighted gaps is the absence of a robust decentralized identity (DID) system for enterprise adoption within the Cardano ecosystem. Kodama voiced his concern in this respect, stating: “We don’t see that much DID application being built on Cardano. So, that’s the first gap, or primary gap that we need to fill in.”“Aiken and other programming language applicability are quite important to broaden the number of builders able to build on top of Cardano. We have been educating builders to code in Haskell and Plutus. We had more than 2,000 graduates. However, that’s not really enough,” Kodama added.Emurgo has high hopes for Aiken and similar programming languages that can be integrated into Cardano, with the aim of diversifying the pool of developers capable of creating smart contracts on the platform, using a variety of programming languages.