Uzbekistan Revamps Crypto Mining with New Regulatory Framework

Dominik Schiener, the co-founder of distributed ledger technology (DLT) project IOTA, outlined on X on Dec. 12 that he had met with Cristina Aldeguer-Roque, Secretary of Trade of the Philippines. Commenting further, Schiener wrote: “We are looking forward to expand IOTA and our trade infrastructure TWIN across South East Asia in 2025.” Photo by iSawRed on UnsplashCutting through trade barriersTWIN refers to IOTA’s Trade Worldwide Information Network, a continuation of another longstanding IOTA project, the Trade and Logistics Information Pipeline (TLIP). The objective of TWIN is to cut through trade barriers and improve connections between disparate national trading systems. In rolling out the network, IOTA has formed a consortium which includes organizations such as TradeMark Africa, the Global Alliance for Trade Facilitation and the Chartered Institute of Export & International Trade. TWIN seeks to optimize trade processes by merging physical goods with digital infrastructure, eliminating inefficiencies and boosting transparency. Schiener anticipates that once participants place data on the network, they will ultimately tokenize assets on it. In turn, this will result in utility for the IOTA token, once TWIN is released on the IOTA mainnet. The TWIN project is currently staffed by 28 people but Schiener believes that this will grow to 100 people over the course of the next two years. The project originally emerged in Germany, with the IOTA Foundation having its headquarters in Berlin. Initially, IOTA concerned itself with European blockchain initiatives in trying to find its place in the industry. Earlier this year, its Web3 identity authentication solution was chosen by the European Commission for inclusion within the European Blockchain Sandbox Initiative (EBSI). In August, the IOTA Foundation completed the final stage of the European Union’s blockchain pre-commercial procurement (PCP) program. Strategic expansionHowever, over the course of the past year, the project has expanded towards searching for product market fit within emerging markets. In November 2023, the project established the IOTA Ecosystem DLT Foundation within the Abu Dhabi Global Market (ADGM) financial center in the United Arab Emirates (UAE). This marked the first DLT foundation to have established itself within the ADGM.  $100 million in funding was provided with the objective of nurturing the IOTA ecosystem and accelerating the growth of the IOTA protocol. Since then, the TON Foundation and the Aptos Foundation have moved to register under the ADGM’s DLT Foundations framework. East Africa has been ground zero for IOTA’s attempts to enhance cross-border processes related to trade documentation, where it has been working with TradeMark Africa and local regulators. In Singapore, the IOTA Foundation has collaborated with global innovation ecosystem Tenity to establish the IOTA Accelerator, a 12-week initiative aimed at assisting early-stage startups concerned with real-world asset (RWA) tokenization within the IOTA ecosystem. Schiener’s meeting in the Philippines would suggest that the project is making greater efforts still in terms of bringing about the adoption of the technology in Southeast Asia. In his X post, Schiener wrote: “Let's connect the world with sovereign digital infrastructure.”

Celebrating a Decade of Crypto in South Korea: Experts Convene to Chart the FutureThe MK Virtual Asset Conference, an event held in Seoul yesterday to celebrate the 10th anniversary of South Korea’s cryptocurrency industry, convened experts, politicians, and stakeholders to discuss the future of blockchain and digital assets.The conference was hosted by Maeil Business Newspaper and its blockchain subsidiary Mblock, and sponsored by cryptocurrency exchange Korbit, the Korean Securities Association, and the Korea Derivatives Association. It served as a valuable opportunity to evaluate the current state of the crypto market and explore solutions for pressing challenges.Photo by Ciaran O’Brien on UnsplashInevitable rise of blockchainOne of the distinguished speakers at the event highlighted the inevitable rise of blockchain technology. Kim Yong-beom, CEO of Hashed Open Research, the research arm of Seoul-based crypto venture capital firm Hashed, said, “Blockchain is the antithesis of the modern financial and capital system. While traditional finance possesses its own merits, it also carries substantial transaction fees and is confined within national boundaries. It is only natural that such a counterforce has emerged to address these issues.”He continued, “Given that traditional finance properly responds to blockchain technology’s rise and overcomes its limits, blockchain may lose its competitive edge. However, if traditional finance fails to do so, blockchain will not be easily dismissed.”CEO Kim also highlighted the third section named “Blueprint for the Future Monetary System” of the Bank of International Settlements’ 2023 Annual Economic Report, which was published in June. The report states, “The BIS Innovation Hub, in partnership with central banks around the world, stands at the forefront of experimentation with CBDCs and tokenization.” According to Kim, the traditionally conservative financial institution, which had previously been skeptical about blockchain-based distributed ledger technology, has now shifted its position to be more accepting of blockchain.Importance of institutional investorsDuring the conference, an academic underscored the importance of allowing institutional investors to enter the virtual asset space. Kang Hyoung-goo, an assistant professor in the Department of Finance at Hanyang University Business School, pointed out that the crypto market, when primarily driven by retail investors, tends to favor volatile assets over stable ones. Due to this inclination, more individual investors are attracted to exchanges where speculative trading is a frequent occurrence. This dynamic creates a vicious cycle, he explained.Defining digital assetsOn a different note, Lee Han-jin, a lawyer at Kim and Chang, one of the largest law firms in the country, emphasized the crucial need to establish a legal definition of digital assets. In Lee’s view, digital assets exist in the form of data on the blockchain, setting them apart from traditional assets. He argued that without a legal definition outlining the nature of these assets, they could potentially devolve into entities that mislead the public, lacking both legal reliability and trustworthiness.Political voicesPoliticians also took the stage to share their thoughts. Back Hye-ryun, a Democratic Party of Korea member, expressed in her congratulatory speech her commitment to protecting virtual asset users through legislation. Kim Jong-min, another lawmaker from the same party, underscored the unstoppable nature of the blockchain trend. Yun Chang-hyun, a lawmaker of the ruling People Power Party, mentioned that while Bitcoin couldn’t establish itself as a key currency in an anarchic manner, stablecoins and central bank digital currencies (CBDCs) are now positioned to fill that role.Regulatory considerationsMeanwhile, Kim So-young, Vice Chairman of the Financial Services Commission, stressed the ongoing uncertainty surrounding the societal impact of cryptocurrencies and how governments should oversee them. He emphasized that the Korean government aims to establish a balanced framework to facilitate the responsible development of digital assets. Furthermore, he highlighted the necessity of collaborating with major economies due to the global nature of virtual assets.

OliveX Launches OVE Governance TokenSingapore’s OliveX, a crypto trading ecosystem solutions platform, marked a significant milestone on Sunday with the official launch of its governance token, OVE.The introduction of this token allows users to participate in staking, mining, and unlocking other rewarding opportunities. OliveX was established to address challenges faced by traders within the crypto space.Photo by Kris Sevinc on UnsplashHybrid trading modelTo that end, the platform has introduced its “Fusion-Ex” trading model, presenting a solution to the perpetual dilemma of choosing between centralized exchanges (CEX) and decentralized exchanges (DEX). By merging the strengths of both CEX and DEX, OliveX is attempting to optimize the trading environment for market participants.Through the Fusion-Ex model, OliveX combines the user-friendly and fast experience of CEX with the transparency, security, and control offered by DEX. With this approach, it strives to strike a delicate balance, ensuring high efficiency while prioritizing user asset control. OliveX caters to the diverse needs of both novice and professional traders, while seeking to tailor trading services to these user groups.The role of OVE in the OliveX Ecosystem, the governance token of OliveX, serves as the central component for value circulation within the ecosystem. It plays a pivotal role and offers numerous advantages to OVE token holders. These privileges include the right to propose and vote on ecosystem changes, receiving profit dividends, access to priority whitelists, and participating in airdrops.AI IntegrationAI integration has become a trend among crypto platforms of late. Singapore-based Crypto.com has harnessed AI for the benefit of its user base, as has global exchange, Binance. OliveX has also taken this approach, embracing the future of trading by incorporating AI technology. With its AI trading suite, it offers users a new and enhanced trading experience. The suite customizes an automated revenue model, enabling users to maximize their trading profits. Additionally, it seamlessly integrates with various DeFi applications, opening doors to various on-chain applications and expanding its user base as a consequence.Recent IEOOVE’s journey commenced with an Initial Exchange Offering (IEO) on July 6, which consisted of five rounds. The overwhelming response from the market was evident as each round ended with over-subscriptions. The total funds raised during the IEO surpassed $40 million, with over-subscription rates exceeding 3,000%. The high level of recognition and support was reflected in the participation of over 20,000 users.Looking ahead, the OliveX ecosystem, including the forthcoming OVE Chain, continues to expand into new areas. The platform is promising further product development and updates over the coming months.The official launch of OliveX’s governance token, OVE, is a significant step forward for the fledgling project. With the Fusion-Ex trading model, AI integration, and the versatility of OVE, the platform is certainly making every effort to differentiate itself and appeal to the crypto trading public.