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Indonesia Crypto Web3 Report 2023 Unveils 5 Key Insights

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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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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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Supply Chain Finance Market Forecast to Reach $9.4 Billion by 2029: Increasing Emphasis on Sustainable Sourcing

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Global Supply Chain Finance Market

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Web3 Startups Raise Nearly $1.9B in Q1 2024 Despite Overall Downtrend in Crypto VC Interest

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Venture capital funding for cryptocurrency and blockchain projects has seen a notable resurgence in the first quarter of 2024, marking its first quarterly rise since 2021. Crunchbase data released today indicates that Web3 startups secured nearly $1.9 billion in funding across 346 deals during this period. This represents a substantial 58% increase from the previous quarter, offering a glimmer of hope amidst the ongoing downward trend in overall crypto VC interest.

The recent surge in funding can be attributed to investors adopting a more long-term perspective on Web3, as opposed to the hype-driven “tourist investors” predominant in recent years. Chris Metinko, the author of the report, notes that investors are shifting their focus to the AI sector, indicating a change in investment strategy. There is a growing interest in supporting the foundational infrastructure of the decentralized internet, rather than solely concentrating on crypto wallets and lending platforms, which attracted significant investments during the peak period of 2021 to 2022.

While large funding rounds were relatively uncommon in Q1, several notable investments stood out. Exohood Labs, a company integrating AI, quantum computing, and blockchain, secured a remarkable $112 million seed round at a valuation of $1.4 billion. EigenLabs, an Ether token “restaking” platform, raised $100 million in a Series B round led by a16z crypto. Additionally, Freechat, a decentralized social network leveraging blockchain technology, secured $80 million in a Series A round. These investments, among others, contributed to the increase in valuations and the emergence of four new Web3 unicorns in Q1.

Despite the recent progress, the future trajectory of Web3 remains uncertain. Metinko suggests that the next few quarters will be pivotal in determining the industry’s direction. While investors anticipate a rebound in investment as the decentralized internet evolves, it may take another year for venture capital activity to stabilize after the exuberance of 2021. Factors such as the approval of U.S. spot Bitcoin exchange-traded funds and the upcoming Bitcoin halving could also influence the market, given the rising prices of Bitcoin and Ether.

A noteworthy example of significant funding in the Web3 space is Monad Labs’ recent successful funding round, which secured $225 million led by Paradigm. Monad Labs is a layer-1 blockchain compatible with Ethereum, offering faster transaction processing. This funding round harkens back to the golden era of crypto funding in 2021-2022, when L1 solutions attracted substantial investments.

Earlier this year, Balance, a digital asset custodian based in Canada, announced that it had once again reached $2 billion in assets under custody (AUC) amidst the recent market recovery. Similarly, Korea Digital Asset (KODA), the largest institutional crypto custody service in South Korea, has experienced remarkable growth in crypto assets under its custody, expanding by nearly 248% in the second half of 2023.

Analysts at Bernstein Research project that crypto funds could reach an impressive $500 billion to $650 billion within the next five years, representing a significant leap from the current valuation of approximately $50 billion. This forecast underscores the growing optimism and potential for substantial growth within the crypto industry in the coming years.

Source: cryptonews.com

The post Web3 Startups Raise Nearly $1.9B in Q1 2024 Despite Overall Downtrend in Crypto VC Interest appeared first on HIPTHER Alerts.

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ASIC cracks down on blockchain mining firms

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Three blockchain mining companies – NGS Crypto, NGS Digital, and NGS Group – along with their directors, Brett Mendham, Ryan Brown, and Mark Ten Caten, are facing legal action from the Australian Securities and Investments Commission (ASIC) for allegedly operating without a license, in violation of Australia’s Corporations Act. ASIC initiated legal proceedings against these entities on April 9, citing concerns about their non-compliance with financial regulations and their solicitation of Australian investors.

According to ASIC, the NGS companies promoted blockchain mining packages with fixed-rate returns to Australian investors, encouraging the transfer of funds from regulated superannuation funds to self-managed superannuation funds (SMSFs) for conversion into cryptocurrency. Approximately 450 Australians invested a total of around USD 41 million in these packages, raising concerns about potential financial losses.

The legal action filed by ASIC alleges that the companies violated section 911A of the Corporations Act, which prohibits companies from providing financial services without a valid Australian Financial Services Licence (AFSL). ASIC is seeking interim and final court orders to prohibit the NGS companies from offering financial services in Australia without an AFSL.

ASIC Chair Joe Longo emphasized the importance of investors carefully considering the risks before investing in crypto-related products through their SMSFs. Longo stated that ASIC’s actions send a message to the crypto industry about the regulator’s commitment to ensuring compliance with regulations and protecting consumers.

In a separate development, the Federal Court appointed receivers for the digital currency assets associated with the NGS companies and their directors to safeguard these assets amid concerns about the risk of dissipation. Mendham was also issued a travel restriction order, preventing him from leaving Australia.

While a court date for the proceedings has not been set, ASIC’s investigation is ongoing, with the regulator continuing to gather evidence and build its case. It is worth noting that the investigated companies share a similar name with NGS Super, a legitimate Australian pensions provider, leading to potential confusion among investors. NGS Super clarified that it is not involved in selling cryptocurrency or related products and has taken legal action to protect its trademark and members’ interests.

Source: iclg.com

The post ASIC cracks down on blockchain mining firms appeared first on HIPTHER Alerts.

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