Blockchain
Indonesia Crypto Web3 Report 2023 Unveils 5 Key Insights
Asosiasi Blockchain dan Pedagang Aset Kripto Indonesia/Indonesian Blockchain and Crypto Asset Exchanges Association (A-B-I & Aspakrindo), in collaboration with Coinvestasi, has released the highly anticipated “Indonesia Crypto and Web3 Report 2023”. This comprehensive report presents crucial insights that serve as a valuable reference and illustration of the dynamic growth within the crypto and Web3 industry in Indonesia. Here are five noteworthy highlights from the report:
- Soaring Crypto Adoption in Indonesia
Securing its place on the global stage, Indonesia now ranks seventh in the Chainalysis Global Crypto Adoption Index. This impressive climb from 13 in 2022 underscores Indonesia’s pivotal role in driving global crypto adoption. - Surging Transaction Volume and Investor Numbers
Despite market volatility, Indonesia experienced robust growth in crypto transaction volume and investor’s confidence throughout 2023. Notably, the country recorded a transaction value of IDR 122 trillion from January to September, with a significant spike in crypto transaction volume in November 2023.
The Indonesian crypto market witnessed a surge in the number of investors, reaching 18.25 million from January to November 2023. This marks a substantial increase from the 16.55 million investors recorded in the same period in 2022. The monthly increase in registered customers averaged 437,900, with Java Island dominating at 63.6%. The most traded crypto assets included USDT, BTC, as well as emerging ones like SHIB and DOGE. - Innovation Support
As a commitment to foster innovation in the blockchain technology, Indonesia, through the Ministry of Communication and Informatics (Kominfo), has issued the Ministerial Regulation Number 3 of 2021. Collaborating with relevant stakeholders, Kominfo advocates for the creation of sandbox regulations across various technology-related sectors, including fintech, telecommunications, and digital services. - Crypto Surveillance Transition
Under the oversight of the Commodity Futures Trading Regulatory Agency (Bappebti), crypto assets are treated as commodities in line with the country’s economic strategy. This regulatory paradigm will evolve with the transition to supervision by the Financial Services Authority (OJK), aligning with the Law Number 4 of 2023. Key regulations such as CoFTRA Regulations Number 13 of 2022 and 8 of 2021 play a pivotal role in establishing a compliant and structured environment for crypto assets trading, especially on futures exchanges. - Expanded Crypto Trading and Web3 Ecosystem
The number of registered local crypto exchanges in Indonesia surged from 25 in 2022 to 32 in 2023. Additionally, the country saw an increase in the number of legally traded crypto assets, reaching 501 in 2023 compared to 383 in 2022. The completion of Indonesia’s crypto trading ecosystem in 2023 includes the inauguration of PT Bursa Komoditi Nusantara as the Indonesian crypto futures exchange, PT Kliring Berjangka Indonesia as the clearing house, and PT Tennet Depository Indonesia as the depository for crypto assets.
Indonesia’s journey in the crypto and Web3 sectors throughout 2023 demonstrates a mature and innovative strategy. From regulatory development and market expansion to the growing number of investors and technology integration, Indonesia exhibits a profound understanding of the potential of the crypto and Web3 sectors. The publication of this report serves as a positive step, providing stakeholders with insights into the dynamics of Indonesia’s crypto and Web3 industry. The Association remains committed to strengthening the positioning of domestic crypto and Web3 projects at the national level, aiming to stimulate the growth of Indonesia’s broader digital economic ecosystem, as stated by Danny Baskara, Vice Chairman for Blockchain of ABI & Aspakrindo.
For more comprehensive information regarding the development of the crypto industry and Web3 in Indonesia, access the full report here.
SOURCE Asosiasi Blockchain Indonesia
The post Indonesia Crypto Web3 Report 2023 Unveils 5 Key Insights appeared first on Hipther Alerts.
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Blockchain
Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:
BlackRock ETF Embraces Blockchain with First Muni Bond Purchase
BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.
By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.
Source: Yahoo Finance
Plume Secures Funding for Tokenization Platform
Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.
Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.
Source: Fortune
SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips
SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.
As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.
Source: The Quantum Insider
Deutsche Bank’s Public, Permissioned Blockchain Initiative
Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.
The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.
Source: CoinDesk
KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands
Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.
By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.
Source: PR Newswire
Industry Implications and Key Takeaways
Today’s developments highlight the transformative potential of blockchain across multiple domains:
- Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
- Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
- Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
- Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
- Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.
The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.
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