Harvest Global CEO considers offering BTC and ETH ETFs to mainland Chinese investors

South Korean digital marketing company FSN’s subsidiary Fingerlabs has been selected as a tenant of the city of Busan’s Blockchain Offshore Firm Development Center. The company confirmed that it moved in recently on Jan. 2.Photo by Héctor J. Rivas on UnsplashFostering growth and collaborationThe Blockchain Offshore Firm Development Center is part of a project conducted by the Korea Internet & Security Agency (KISA) and the Ministry of Science and ICT and operated by Busan to create a special corporate cluster of blockchain firms, thus revitalizing the blockchain industry and nurturing a sustainable industrial ecosystem. "We are excited to be a new tenant at the Blockchain Offshore Firm Development Center,” said Kim Dong-hoon, CEO of Fingerlabs. “We will share our business know-how with other tenants and commit to joint growth. We will also actively participate in various programs provided by the center to contribute to Busan's leap into becoming a digital economy city." Various companies operating blockchain-related businesses outside of Busan were selected to be a part of the development center after a comprehensive overall evaluation of factors like technological facets, marketability and contributions to innovation. Corporate residents have access to various infrastructure and benefits, including facilities and programs at the Busan Blockchain Venture Convention, also dubbed “b-space”. Fingerlabs plans to participate in various programs led by the public sector such as councils, seminars and conferences to help Busan – notably the first regulation-free special zone for blockchain businesses in South Korea – foster its digital economy based on its expertise in the field of Web3.  Innovating Web3 solutionsFingerlabs has grown to become one of the country’s major blockchain companies through its varied services and products, which are provided to corporate clients like SK Planet, Lotte Home Shopping and SK Networks. In particular, it recently launched Bling, a participatory Web3 membership platform that allows businesses to create and manage NFTs that are linked to membership-only benefits. The company also operates a Web3 content distribution hub called Xclusive and Favorlet, an NFT wallet and customer management service. 

In a collaboration between the Dubai-based Human Institute, Hong Kong’s Animoca Brands and Polygon Labs, the launch of Humanity Protocol on Polygon CDK has been confirmed. Palm recognition technologySpearheaded by Hong Kong entrepreneur Terence Kwok and guided by a council of Founding Humans including Yat Siu, Chairman of the board at Animoca Brands, and Sandeep Nailwal, co-founder of Polygon Technology, this protocol pioneers the use of palm recognition technology as a less intrusive alternative to conventional methods like iris scans. Humanity Protocol is attempting to bring about a paradigm shift in user-centric identity verification within Web3 applications. By integrating palm recognition technology into blockchain infrastructure, it offers a streamlined and inclusive experience for users, departing from the often cumbersome and intrusive nature of existing proof-of-personhood technologies.Photo by Brett Jordan on UnsplashNon-invasive ID verificationIn an announcement on Tuesday, Yat Siu emphasized the significance of non-invasive biometrics in fostering a user-centric ecosystem. He underscored the importance of Humanity Protocol’s approach in promoting equity and inclusion while upholding the principles of digital ownership. Echoing these sentiments, Polygon’s Sandeep Nailwal highlighted Humanity Protocol’s pivotal role in enabling a diverse range of blockchain and real-world applications. Taking to the X social media platform, pseudonymous crypto trader and angel investor @Bull1shkid wrote:”Worldcoin has shown that there is a lot of interest in an identity verification mechanism in the crypto space. Humanity is applying this to crypto, making it decentralized and more convenient to use. With Polygon and Animoca on board. Proud to be an early backer!” By contrast, Worldcoin, which depends upon iris scanning, has proven to be far more controversial. The project is being investigated by multiple authorities worldwide, with the most recent probe having been launched in Hong Kong. Leveraging ZK-proofsThe Humanity Protocol leverages ZK-proofs, cryptographic protocols that enable users to prove specific information without revealing the underlying data itself. By amalgamating Sybil resistance with verifiable credentials in a decentralized validator node network, Humanity Protocol paves the way for decentralized social media platforms, enterprise DeFi solutions and beyond. The incorporation of zkEVM Layer-2 blockchain protocol, fortified by ZK proofs, not only enhances network security and efficiency but also grants users complete ownership over their data and identity. Nikita Uriupin, founder of Exverse, highlighted to Cointelegraph the potential of privacy-preserving technologies like ZK-proofs in bolstering the mass adoption of Web3 technologies. He emphasized the confidence instilled by such solutions in an era marred by widespread data breaches. According to data from IT Governance, the year 2023 witnessed 2,814 reported data breaches, compromising over 8.2 billion documents throughout the year. With the imminent launch of the Humanity Protocol Testnet, users will soon have the opportunity to experience the protocol firsthand and begin earning rewards. Positioned as the human layer for Web3, Humanity Protocol aims to onboard the first billion humans onto a Sybil-resistant network of blockchains, marking a significant milestone in the evolution of the decentralized web. By seamlessly integrating cutting-edge palm recognition technology with blockchain infrastructure, the protocol has the potential to set a new standard for user-centric identity verification, promoting equity, inclusion and genuine digital ownership in the Web3 landscape. 

Indonesia’s Financial Regulator Appoints Hasan Fawzi to Oversee CryptoThe Financial Services Authority (OJK) of Indonesia has chosen Hasan Fawzi, a former executive of the Indonesia Stock Exchange (IDX), as the head of fintech and digital assets oversight and innovation.That’s according to a number of reports published in local and regional news outlets on Thursday. Fawzi, who has served as the Director of the Indonesia Bond Pricing Agency (IBPA) since 2008, brings a wealth of experience in the securities pricing sector. Alongside Fawzi, Lodewik Paulus Agusman, previously responsible for the internal audit department at Bank Indonesia, has also been elected as a member of the OJK Board of Commissioners. These appointments were approved by the House of Representatives Commission overseeing banking and finance.Photo by Tom Fisk on PexelsDigital asset oversightFawzi’s role as the Executive Director for the Supervision of Technological Innovation in the Financial Sector, Digital Financial Assets, and Crypto-assets places him in charge of overseeing peer-to-peer lending platforms, cryptocurrencies, and other components of the evolving industry.Indonesia’s stance on cryptocurrencies remains complex and multi-faceted. While the country is striving to launch a state-backed crypto exchange by mid-2023, as announced by Didid Noordiatmoko, head of the Commodity Futures Trading Regulatory Agency (Bappebti), recent statements by Bali Governor Wayan Koster suggest a tightening of regulations concerning crypto payments.Governor Koster emphasized that foreign tourists who use cryptocurrencies for payments, violate visa provisions, or engage in unauthorized activities will face strict consequences. The Bali Representative Office of Bank Indonesia reiterated that while cryptocurrencies themselves are legal in Indonesia, their use as a payment instrument is not.The appointment of Hasan Fawzi to OJK demonstrates Indonesia’s strategic efforts to strengthen oversight and foster innovation within the fintech and digital asset sectors. Fawzi’s extensive experience in securities pricing and leadership in the Indonesia Stock Exchange make him a valuable addition to the regulatory landscape. As Indonesia navigates the complexities of cryptocurrency usage, it will be fascinating to observe the evolution of regulations and how the country’s financial authorities shape the future of the industry.Controlled innovationThese recent developments highlight Indonesia’s determination to stay at the forefront of financial technology albeit with efforts to retain strict controls over the rollout of that innovation. The country recognizes the importance of effectively regulating emerging technologies while fostering an environment conducive to innovation. With Fawzi at the helm of fintech and digital assets oversight, the OJK aims to strike a balance that protects investors and consumers while promoting technological advancement.As these appointments await final approval from President Joko Widodo, the financial industry and crypto enthusiasts will closely watch Indonesia’s regulatory landscape. The decisions made in the coming months will shape the future of fintech and crypto in the country. Indonesia’s approach to this dynamic sector serves as a case study for other nations seeking to establish oversight and embrace the potential of digital assets. Their international regulatory peers will be monitoring efforts in Indonesia to bring about effective regulation of the digital assets space.