Indonesia sets out crypto exchange registration requirement

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.

Korea Information Certificate Authority Dives into NFT Domain with New Platform LaunchKorea Information Certificate Authority (KICA), a South Korean certification service provider, has recently ventured into the NFT domain through its new platform, Web3id.kr.Photo by Choong Deng Xiang on UnsplashNFT domainsNFT domains function as user-friendly addresses that simplify the cumbersome 42-character cryptocurrency wallet address. As part of this new initiative, KICA partnered with the Web3 identity platform, Unstoppable Domains, in February to facilitate the creation of NFT domains specifically for the South Korean market.An official from KICA emphasized the versatility of NFT domains, noting that a single domain can act as a distinctive username across various dApp platforms. To celebrate the debut of Web3id.kr, KICA is conducting a promotional event between August 17 and September 16. At the end of this event, 100 lucky participants, chosen randomly from those who promote Web3id on their social media accounts, will be awarded credits. These credits can then be redeemed at Unstoppable Domains for an NFT domain.From Web2 to Web3KICA, with its 24-year legacy, has been a frontrunner in offering Web2 authentication services such as public key infrastructure (PKI) and biometric solutions, emphasizing its prominence in the Know Your Customer (KYC) authentication sector. The firm is currently ramping up its efforts to stay ahead in the evolving Web3 space. A testament to this is its recent acquisition in August of Digitalzone, a digital certificate solution provider that holds a market share of over 50% in the domestic certificate sector for universities and hospitals.

Chinese Subsidiary of DBS Bank Launches e-CNY Product OfferingDBS Bank China, a cryptocurrency-friendly bank and subsidiary of the Singaporean multinational financial services firm DBS, has introduced a new solution for its customers in mainland China, facilitating transactions with the digital yuan.The bank has officially launched the digital yuan or e-CNY merchant solution, allowing businesses in mainland China to receive payments in the central bank digital currency (CBDC). The announcement of the new service offering was made via a press release published to the website of the parent company on Wednesday.Photo by Hanny Naibaho on Unsplashe-CNY settlementWith this new service, DBS clients in mainland China can receive the e-CNY and have it automatically settled into their CNY bank deposit accounts. DBS refers to this as a “merchant collection solution,” where the merchant collects the final amount in CNY directly into their bank deposit account. The solution aims to streamline the process by eliminating manual settlement procedures.Enabling CBDC functionalityThis innovative tool offers several advantages. It allows businesses to collect CBDC without the need for manual settlement processes. Moreover, the e-CNY’s capabilities enable users to receive payments in regions with limited internet connectivity, ensuring broader accessibility. The solution also provides reconciliation through consolidated merchant reports, with detailed e-CNY transactions available on DBS’ digital platform for business banking.The CEO of DBS Bank China, Ginger Cheng, announced that the first e-CNY transaction using the new solution has been successfully completed, involving a catering company in Shenzhen. Cheng emphasized that integrating a CBDC collection and settlement method into clients’ existing payment systems would position their businesses for a digital future where e-CNY becomes increasingly prevalent among Chinese consumers. She expressed the bank’s commitment to enhancing user experience and supporting China’s financial market innovation.Adoption pushChina has made substantial progress in promoting and expanding the digital yuan since its launch in 2019. The country’s central bank reported that there were 13.6 billion e-CNY in circulation, equivalent to approximately $2 billion, by the end of 2022.The digital yuan is currently accepted in 26 cities and 17 provinces across China, with further adoption expected as the program gradually expands to more regions. In recent days, another measure was taken to bring about everyday use of the digital yuan when the city of Jinan enabled use of the currency across its public transport system.DBS Bank has become actively involved in the digital assets space. In 2020, the bank launched cryptocurrency trading and custody services for institutional clients. In April of this year, it extended crypto trading services to its premier customers. The bank has also participated in various government-related blockchain initiatives in Singapore, including Project Orchid, Project Guardian, and Project Ubin.DBS is not the first foreign banking entity to collaborate with the Chinese relative to the digital yuan. Earlier this year, France’s BNP Paribas partnered with the Bank of China to promote the digital yuan to its corporate clients. The Chinese are clearly making every effort to promote use of the digital currency inside and outside of Chinese territory.