Klaytn Foundation Denies Embezzlement Allegations Involving KLAY

Indonesia Sees Further Crypto Investor GrowthRecent data released by the Commodity Futures Trading Supervisory Agency (Bappebti) underscores the robust growth of the crypto investment landscape in Indonesia.Photo by Nick Agus Arya on Unsplash10.1% year-on-year increaseAccording to reports published in recent days in local media, as of September 2023, the country boasts 17.91 million crypto investors, marking a noteworthy 0.67% uptick compared to the previous month of August, which registered 17.79 million individuals.Over the span of a year, from September 2022 to September 2023, the Southeast Asian nation witnessed an influx of approximately 1.64 million new crypto investors, showcasing a remarkable 10.1% increase from the 16.27 million reported in September 2022.Emerging from a slowdownWhile this growth signals a positive trend, a noteworthy observation pertains to the deceleration in crypto investor growth from October 2022 to August 2023. The data reveals that during this period, the increase in the number of crypto investors in Indonesia never exceeded 1%. This slowdown can be attributed to the global crypto market’s trend characterized by uncertainty and a downward trajectory.Tirta Karma Senjaya, Head of the Bappebti Commodity Futures Trading Development and Development Bureau, comments on this phenomenon, stating, “Growth in the number of crypto investors in Indonesia continues to increase, but investors are still looking for the right time to buy crypto.”Furthermore, Bappebti highlights a reduction in the value of crypto transactions in Indonesia for September 2023, amounting to IDR 7.96 trillion ($502 million). This marks a decrease of 25.2% when compared to the preceding month, which recorded a total of IDR 10.64 trillion. In contrast to the previous year, this decline reflects a substantial 54.7% contraction from the September 2022 figure of IDR 17.57 trillion.Yudhono Rawis, CEO of Tokocrypto, an Indonesian crypto exchange platform, suggests that global conditions, including economic and regulatory uncertainties, have significantly impacted the crypto market’s evolution, both within Indonesia and worldwide. Despite the recent slowdown in growth, Indonesia’s crypto market continues to exhibit considerable potential.Bitcoin resurgenceYudhono remains optimistic, anticipating that the growth and trading volumes of crypto assets in October will surpass previous records. This optimism stems from the surge in Bitcoin prices, which soared in excess of $35,000 (approximately IDR 556.5 million) towards the end of October. This milestone marks Bitcoin’s highest point in nearly 18 months and signifies a mounting interest in the crypto market on a global scale.In a statement to Voice of Indonesia, Yudhono stated:“We are confident that the growth of investors and transactions will continue to increase. The increase in Bitcoin prices and increasingly strong interest in the crypto market in general are indications that these digital assets are increasingly accepted by society. We hope that this trend will continue and bring benefits to the entire ecosystem crypto.”The crypto investment sector in Indonesia continues to experience steady growth, albeit amid global market fluctuations. With Bitcoin’s resurgence and a growing appetite for digital assets, the outlook for Indonesia’s crypto market is positive.

Binance, in collaboration with Gulf Innova, a subsidiary of Gulf Energy Development, has officially opened its joint venture crypto exchange, Binance Thailand, for public trading. Challenging the market incumbentThis move had been eight months in the making, signaling Binance's entry into the Thai crypto exchange market, following an announcement in 2023 that it intended to extend its offering to Thailand. While Binance is the largest global crypto exchange platform, in Thailand it will be challenging the dominance of an incumbent exchange. Bitkub is based in Bangkok, currently holding around 77% of the market share, with a daily volume of approximately $30 million, primarily trading the Thai baht and Tether USDT pair.Photo by Sara Dubler on UnsplashRegulatory approvalThe launch comes after Binance received regulatory approval from the local Securities and Exchange Commission (SEC) in 2023. Initially introduced on an "invitation-only" basis, the exchange is now accessible to all eligible users, with Binance having followed through on its plans to expand its presence in the region. In a statement released on Tuesday, Binance TH announced the implementation of a dedicated order book tailored for Thai baht trading pairs. Users can seamlessly deposit and withdraw local currency through integration with domestic banking systems. Binance has managed to push its service offering forward in Thailand despite regulatory concerns. In the aftermath of the company’s $4.3 billion settlement in relation to securities law violations with the authorities in the United States in November, concerns had been expressed that the charges brought against the firm in the U.S. would challenge the feasibility of the Binance TH venture. At present, the platform focuses solely on spot trading, with a Binance spokesperson revealing ambitious long-term plans for additional services pending regulatory approvals. Nirun Fuwattananukul, CEO of Gulf Binance, expressed gratitude, stating:"We are deeply humbled to finally announce the launch of our local platform to the general public in Thailand. Over the past year, we have been working closely with Thai regulators, putting substantial effort into detailed planning." Binance TH facilitates digital asset exchange services, collaborating with local banks in Thailand in enabling its service offering. The exchange has also partnered with Binance Kazakhstan for brokerage services, operating under the supervision of Thailand’s SEC. Richard Teng, CEO of Binance, emphasized the strategic significance of the venture, stating:“This is a strategic step forward, setting the stage for Thailand’s impending role as a key player in the global digital finance landscape.” No access for foreignersOne limitation of the service pertains to foreign nationals. There is a restriction on access for foreigners residing in Thailand, as Binance TH requires a Thai National Digital ID to complete Know Your Customer procedures. Despite regulatory challenges and tax implications on overseas income from stock and crypto traders announced by the government in September 2023, Binance remains optimistic about the future of crypto trading in Thailand. The exchange released its themes for 2024 report on Jan. 15, outlining key growth areas such as the Bitcoin ecosystem, ownership economy applications, artificial intelligence, real-world assets, on-chain liquidity and institutional adoption.

Chinese tech firm pours $15 million into Bitcoin fundLinekong Interactive, a Beijing-based gaming and film production company listed on the Stock Exchange of Hong Kong (HKEX), has made a strategic move by earmarking $15 million for investment in projects designed to build on the Bitcoin network.Photo by Dmytro Demidko on UnsplashThe ‘BTC Next’ fundWang Fang, the founder of Linekong, took to X (formerly Twitter) on Wednesday to announce the establishment of the “BTC Next” fund. The fund’s primary goal is to fast-track the development of emerging projects within the Bitcoin ecosystem, spanning a wide range of areas, including asset issuance protocols, trading markets, expansion initiatives, virtual machines, NFT’s real-world asset (RWA) and GameFi.As part of its initial efforts, Linekong Interactive plans to actively engage in research and investment activities within the Bitcoin network’s ecological assets. The firm will also make its investment portfolios publicly available, enabling transparent visibility into its chosen projects within the Bitcoin ecosystem.Building on BitcoinThe idea of building out Web3 offerings on the Bitcoin network is one that has attracted considerable debate in recent years. Traditionally, Bitcoin has been recognized for its limited programmability in comparison to newer blockchains like Ethereum.Many see that as a feature and benefit. For the most part, Bitcoin has remained largely unchanged since its inception in 2008. A myriad of alternative blockchain projects started to emerge due to the frustrations of developers in wanting to have greater programmability options.However, the past year has seen significant developments within the Bitcoin ecosystem, thanks to the introduction of novel data storage methods known as Ordinals, Inscriptions and BRC-20 Bitcoin tokens modeled on Ethereum’s ERC-20 standard.Growing momentumIn May, Singapore’s OmniBOLT, a project that develops solutions on Bitcoin’s layer-2 network environment, outlined that it will support BRC-20 tokens on Lightning Network. In the same month, crypto exchange OKX announced its support for Bitcoin Ordinals and BRC-20 tokens.Established in 2007 as an online gaming company in Beijing, Linekong Interactive made its debut on the Hong Kong Stock Exchange in 2014. Wang Fang, prior to founding Linekong, served as the Vice President of Software Development at Kingsoft Software, a prominent Chinese information technology conglomerate.In 2018, Wang Fang stepped down as CEO of Linekong to dedicate his focus to blockchain technology. During this period, he initiated multiple projects implicating NFTs, DeFi and Bitcoin mining. In 2022, following an invitation from Linekong’s board of directors, he returned as CEO with the objective of achieving a more seamless integration of Linekong products with the emerging world of Web3.One community member provided a nuanced take on why there has been less development on Bitcoin on X today, stating:“It turns out you can actually do a lot of cool things within the constraints of #bitcoin’s code, but VCs [venture capitalists] weren’t interested in funding these things because they couldn’t cash out on the sale of unregistered security tokens. Fiat incentives at work.”Linekong Interactive’s $15 million investment in the Bitcoin ecosystem reflects a growing trend of interest in expanding the capabilities and applications of the Bitcoin network in spite of the incentives that venture capital firms may have followed in the overarching crypto space in the past.