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South Korea Introduces ABLE Alliance for Blockchain Advancement and CollaborationThe South Korean Ministry of Science and ICT (MSIT) celebrated the launch of the Alliance of Blockchain Leading Digital Economy (ABLE) yesterday, according to its press release. The ministry convened a meeting in Seoul to discuss the government’s digital transformation agenda with the alliance’s members.Photo by Shubham Dhage on UnsplashStartups’ challengesIn the rapidly evolving blockchain technology landscape, Korean startup vendors have encountered challenges in finding clients for their products. Moreover, they often face the problem of their services or technology becoming outdated by the time they are ready to be brought to market. To address these issues, MIST and the Korea Internet and Security Agency (KISA) took the initiative to establish the ABLE alliance.64 ABLE membersThe ABLE alliance consists of 64 entities, categorized into three distinct groups: clients, vendors, and advisors. Prominent clients include financial institutions such as the Bank of Korea, KB Kookmin Bank, and Hana Bank. Notable vendors within the alliance include Lambda256, a blockchain solution provider; AhnLab Blockchain Company; and Raon Secure, a mobile security solution. Serving as advisors are well-known participants like SK Securities; NH Investment Securities; and Nice Information Service, a credit bureau and corporate intelligence data provider.Objectives and rolesThe primary objective of the ABLE alliance is to promote effective communication among its entities, fostering a better understanding of each other’s requirements for blockchain projects. ABLE will serve as a centralized point of contact for handling various industry suggestions.To achieve its goals, ABLE will operate an advisory body that offers consultations on diverse areas such as attracting investments, expanding into overseas markets, formulating regulations and policies, and facilitating networking within the technology sector. The alliance will also provide opportunities for its members to showcase and explain their products and technologies to one another. Regular meetings will be conducted to share industry trends and policy developments, ensuring seamless communication among the alliance members.

The global cryptocurrency market is poised for unprecedented growth, potentially reaching $200 trillion within a decade, according to Yat Siu, co-founder of Animoca Brands, a prominent Hong Kong-based Web3 game software company and venture capital firm. 2-3x within 18 monthsCurrently valued at approximately $2.7 trillion according to data from crypto aggregator CoinGecko, the cryptocurrency market is set to double or triple in the near term, Siu predicted on The Valr Podcast on May 28. “In the near term — within 12 to 18 months — we can conceive of a doubling or tripling of the space,” he stated, expressing strong confidence in the industry's future milestones. Siu elaborated on his bold forecast, suggesting that over a five to ten-year period, the market could accelerate by 100 to 200 times, potentially reaching a valuation of $200 trillion or even higher. In conversation with Farzam Ehsani, the co-founder of Valr, a platform that allows users to buy, sell, store and transfer crypto assets, Siu said:“I think we could reach that kind of number within a decade.” This explosive growth, according to Siu, will be driven by billions of people becoming digital property owners within the Web3 ecosystem. Siu stated: “It is entirely conceivable that we’re going to have a billion property owners because we’re going to have a billion token holders. This is not possible in the physical world.”Photo by Pierre Borthiry - Peiobty on UnsplashAsia fastest growing marketSiu also pointed out the regional dynamics within the Web3 space, noting that Asia has emerged as the fastest-growing market. “Right now, the leading force in Web3 is clearly Asia,” he argued, citing robust adoption rates in regions such as Southeast Asia, Hong Kong and Japan. In contrast, jurisdictions like the United States are lagging behind, primarily due to regulatory uncertainties. Siu pointed out that historically, the United States has tended to take a leadership role where new technology is concerned. Web3 is turning out to be the exception to that rule. With that, he thinks that it is Asia that will lead the way and that it will continue to lead for the foreseeable future where Web3 is concerned. Bullish on BitcoinHis optimism about the Web3 market's potential aligns with his bullish stance on Bitcoin, currently standing at a market capitalization of $1.3 trillion. Siu made another bold prediction recently, expressing confidence that Bitcoin would eventually reach $1 million. At the time of writing, Bitcoin is trading at $68,346. While that’s far from his $1 million unit price prediction, he did state at Web Summit Rio in April that it would do so “over time.”  That bullishness from the Animoca founder has also manifested itself within the company itself. In early May, the company announced its entry into the Bitcoin ecosystem by endorsing the Opal Foundation, a Bitcoin-centric protocol. At the time, Siu suggested that Bitcoin is now primed for Web3. Siu's projections reflect a broader optimism in the cryptocurrency industry, where rapid technological advancements and increasing adoption rates are expected to drive significant growth. As more individuals and institutions embrace digital assets, the potential for exponential market expansion becomes increasingly plausible.

Blockchain Council Exec: Philippines Poised for Crypto AdoptionDonald Lim, the Founder of the Blockchain Council of the Philippines (BCP), believes that the country has all the necessary elements for mainstream crypto and blockchain adoption.In a recent interview with Cointelegraph, Lim discussed the potential for crypto adoption in the Philippines and explained why he is optimistic about the success of blockchain projects in the country.Photo by Krisia on PexelsFinding its place in blockchainAccording to Lim, the BCP recognized the global shift towards Web3 and organized the Philippine Blockchain Week to explore the ecosystem’s potential. That activity revealed to the organizers that the country has a vibrant community eager to find its place in the world of blockchain. Lim expressed confidence in the Philippines becoming the blockchain capital of Asia, citing the country’s technical expertise, young population with a median age of 25, and its ability to adapt quickly, as demonstrated by the popularity of the play-to-earn game Axie Infinity.Crypto interestAxie Infinity, a play-to-earn blockchain game, gained significant traction in the Philippines in 2021, with 40% of its player base coming from the country. This increased awareness of Web3 concepts and the creation of crypto wallets. Additionally, research carried out recently suggests the Filipinos are among the most interested in crypto in the region.Lim noted that international organizations have been eager to enter the Philippine market due to favorable demographics and the government’s open stance on crypto and blockchain. The executive emphasized that the government is not seeking to stifle innovation in the sector. On the contrary, it welcomes blockchain and Web3 projects, creating an environment conducive to their growth.Ethan Rose, founder of Pouch, a wallet service supporting the Bitcoin Lightning Network in the Philippines, corroborated this sentiment. Pouch has successfully onboarded over 400 businesses in the country to accept Bitcoin payments. While the onboarding of Filipino merchants into the crypto space is a positive step, Lim believes that it will take time before living solely on Bitcoin or crypto becomes a reality.Adoption inevitableHowever, he remains optimistic about the future, stating that it is only a matter of time before crypto adoption snowballs into something more significant.Lim highlighted the need for infrastructure development, expecting it to mature within the next four to five years. As the infrastructure improves, crypto will not only be used for payments but also for activities such as purchasing non-fungible tokens (NFTs) and participating in the metaverse. This comprehensive adoption will pave the way for a crypto-powered future in the Philippines.Philippine regulator, the Securities and Exchange Commission (SEC), recently delayed publication of its crypto regulatory framework. However, it appears that the move stems from an abundance of caution in getting the regulation right. Earlier this year, Robert De Guzman, Head of Legal Compliance at Philippines-based cryptocurrency exchange, Coins.ph, expressed his optimism that the authorities are developing a progressive regulatory framework for crypto in the Southeast Asian country.The Philippines shows promising potential for crypto and blockchain adoption, fueled by its young population, technical expertise, and supportive government. As the infrastructure continues to evolve, crypto adoption is expected to expand beyond payments, encompassing various aspects of the digital economy.