Can Bali occupy a "place" in the Web3 boom in Southeast Asia?

By Beosin Donny, Eaton

A new gold rush is sweeping through Indonesia, the world’s fourth most populous country, and while the global crypto market remains in a slump, adventurous Indonesian entrepreneurs are making waves in the Web3 world.

According to a report in Forbes, digitization has been identified as a key growth strategy for Indonesia – and it could generate a $150 billion boost by 2025. Although the Web3 field is still in a bear market, some new businesses in Indonesia are still exploring Web3 in order to gain a place in the digital economy.

When it comes to Indonesia, one has to mention Bali, a Web3 hot spot for digital nomads. Bali plays an important role in the development of Indonesia's digital economy. It can not only become the development engine of Indonesia's digital economy, but also attract a large number of domestic and foreign talents and capital into the region, providing a solid foundation for the development of the digital economy .

Bali, a Web3 hotspot for digital nomads

Due to its unique natural environment and pleasant climate, Bali has become one of the choices of many digital nomads and entrepreneurs.

With these digital nomad communities also growing, many Web3-related events and meetups are taking place in Bali. These communities provide a platform for communication and cooperation, enabling people interested in Web3 to connect with each other and share knowledge and experience.

** On August 24-25, the Coinfest Asia 2023 summit will be held in Bali, a highly anticipated event that attracts professionals and enthusiasts from the cryptocurrency and blockchain industry from around the world. **As the core theme of this summit, Coinfest Asia 2023 will introduce a new concept called Web2.5, which aims to explore and promote the integration between Web2 and Web3.

The Beosin team was also invited to participate in this event. As a company that focuses on blockchain security, we will also communicate with participants one-on-one on the spot to share the latest blockchain security trends and best practices and case studies to help attendees better understand and address security challenges. **

At the same time, **Beosin will cooperate with TON to jointly hold an anticipated TON Roadshow event on August 23rd. **This event will bring participants rich content and dry goods sharing by field experts. **Ryan, head of Beosin Southeast Asia BD, will give a wonderful speech at the event. **

Registration link:

On August 25, Beosin will co-organize the Soully Breakfast with Your Web3 BFF's breakfast meeting with Soully. The event will provide a platform for participants to interact and communicate. **In this encrypted breakfast meeting, you can enjoy island food and pure Web3 environment to start the day the Web3 way. **

Registration link:

Indonesia’s Regulatory Changes to Cryptocurrencies

According to a report by the media Blockworks, from 2020 to 2022, Indonesia's foreign tourism industry has dropped by more than 75% compared with before the epidemic, and many tourism companies have been severely affected. In this context, many businesses, with the support of relevant departments in the capital Jakarta, use digital assets, especially NFTs, to promote investment and attract interest from foreign institutions.

In 2018, Indonesia recognized cryptocurrencies as commodities, approved trading through centralized exchanges, and allowed individual investors to legally hold the asset class.

However, under the 2019 and 2020 regulations, only 229 such assets are allowed to be traded by entities that hold licenses and comply with Indonesia’s futures trading regulator, Bappetbi.

Seminyak, a popular tourist area in Bali, ** some popular shopping malls, including restaurants, meditation studios and motorcycle rental companies, accept cryptocurrency payments, according to an investigation by Indonesian news outlet Kompas. **

But there has been a policy twist. **In May 2023, the relevant government of Bali warned tourists not to pay for goods and services in cryptocurrencies on this popular Indonesian holiday island. **

Local media quoted Bali Governor Wayan Koster as saying that those who use cryptocurrencies to pay for accommodation, restaurants, events or shopping will face severe consequences. Failure to comply will result in deportation of individuals, sanctions, criminal penalties, and may result in the closure of certain businesses.

Such warnings may be for regulatory and security reasons. **The anonymity and risk of cryptocurrency transactions may lead to some illegal activities, such as money laundering, unknown sources of funds, etc. Governments may want to ensure the transparency and compliance of economic transactions and protect the interests of tourists and local businesses. **

It is worth mentioning that Beosin has made significant contributions to the regulation and compliance of Hong Kong, Singapore, and Japan. ** On August 17th, Jasper Kanetake, a senior Beosin security expert, was invited to be a guest at the Monetary Authority of Singapore (MAS), and conducted an in-depth Technology Sharing Session with nearly 50 MAS insiders, **Introduction Beosin's one-stop security supervision solution. **If Beosin cooperates with local regulators in Indonesia, the following can be provided.

First of all, Beosin can conduct a security assessment of the blockchain project for the Indonesian Web3 project, including the audit of smart contracts and the detection of code vulnerabilities, which will help ensure the security of blockchain applications. **At present, Beosin has conducted security audits on some Web3 projects in Indonesia, such as Qolaq, to help the safe development of the Web3 ecosystem in Indonesia. **

In addition, **Beosin can provide compliance consulting services for local companies and projects to help them comply with local regulations and regulatory requirements. This includes understanding and meeting regulatory requirements such as KYT and AML (anti-money laundering) to ensure compliant operations. **

From the Web3 boom in Bali, "see" the development of Indonesia's digital economy

Interest in blockchain technology and cryptocurrencies is gradually growing in Indonesia. Some start-ups and projects have begun to explore the potential of Web3 and try to apply it in different fields. We can also see the development of Indonesia's digital economy from these Web3 companies in Indonesia.

1.Nanobyte

The Nanobyte team is focused on building Web3 financial applications. In July 2022, they launched Nanovest, an application that simplifies the investment process and allows Indonesian users to invest in US stocks and digital assets. Currently, the Nanobyte team is developing more products, including Nanobank (blockchain and digital asset friendly bank for Southeast Asia), Nanopay (digital asset to fiat payment platform) and Nanostable stablecoin.

2.TYMIO

TYMIO is a DeFi project launched at the beginning of this year, and the development team is located in Indonesia. TYMIO provides users with a time-limited price limit order service with a rate of return, allowing users to sell or buy digital assets at a specific price. In principle, option strategies are used, that is, selling covered call options or put options. TYMIO allows ordinary users to enjoy the benefits generated by the options market. At present, the transaction volume of TYMIO platform has exceeded 3.6 million US dollars.

3.Crypstak

Crypstak is a development team in Indonesia that focuses on Web3, providing customers with all-round services in project design and development. At present, Crypstak has provided blockchain technical support for industries such as media, recruitment, and education in Indonesia, using Web3 technology to provide them with customized solutions. In December 2022, Crypstak participated in the construction of the Web3nomads recruitment platform, providing a portal for digital nomads around the world to find Web3 jobs.

Written at the end

To realize the long-term development of Web3 in Indonesia, there are still some challenges that need to be solved, including technical infrastructure, security and regulatory framework. Indonesia, as a potential market and innovation ecosystem, provides broad opportunities for the development of Web3. As the technology and market continue to mature, we can expect Indonesia to actively develop and innovate in the Web3 space.