As the project gains momentum with major financial backing, concerns around privacy and regulation are just as swiftly rising.

Massive Investment: $135M To Scale Operations

Worldcoin has secured a massive $135 million funding round from top venture firms Andreessen Horowitz and Bain Capital Crypto. The funding will boost the deployment of iris-scanning devices and expand the digital ID infrastructure, especially across the United States, where the company plans to operate in six cities.

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According to the official announcement, more than 12.5 million individuals across 160 jurisdictions have already received a World ID, based on iris biometric data.

Rising Regulatory Pressures: Bans From Brazil and Indonesia

However, not all countries welcome the project. Brazil’s National Data Protection Authority (ANPD) banned Worldcoin’s services in January over ethical concerns tied to offering crypto rewards in exchange for biometric data. This ban was reaffirmed in March, with the company facing fines of 50,000 Brazilian reais (8,851$) per day if it continues operations.

In Indonesia, the Ministry of Communications and Digital (Komdigi) suspended Worldcoin’s license on May 4, citing violations tied to operating without registering as a licensed digital asset provider. An investigation has been launched into the company’s activities.

EU Watchdog Steps In: Data Must Be Deletable

Before these bans, the Bavarian State Office for Data Protection in Germany warned the company to comply with EU data protection laws, specifically requiring that users must have a clear option to delete their biometric data at any time.

Despite these hurdles, Altman’s vision continues to attract deep-pocketed investors, signaling that the digital identity space is set to be one of the next battlegrounds for tech, ethics, and global regulation.

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Within a short time after poll closure, the Quick Count provided that sixty percent of the nation’s votes rested with former defense minister Prabowo Subianto and the remaining forty percent for Gibran Rakabuming, son of the current president. Participants in the cryptocurrency industry are hesitant not to take sides; however, they consider the accomplished outcomes as a potential sign that the country’s policy toward blockchain may remain the same or even get better. The ruling party will win this election.

Subani, the leader of Indonesia’s official cryptocurrency platform, said to CoinDesk Indonesia that his exchange does not side with any political matters.

“Although Gibran focused on crypto during the election and presidential debates, the crypto industry in Indonesia was thrilled by the attention,” Subani said.

Gibran is assured to grow the blockchain experts in Indonesia, and the country is a huge fan of cryptocurrency. Cryptocurrency was also one of the issues that Gibran sought to raise during his campaign.

The cryptocurrency business has mostly grown in an uncontrolled manner in Indonesia during the administration of President Joko Widodo, who also happens to be Gibran’s father.

Indonesia’s Growing Crypto Industry and Government Regulation

Being the first national bourse for crypto assets in the world, the government of Widodo also regulated the crypto business. His government also introduced a preventive tax system, and speculations suggest it might concur with crypto tax reliefs.

“Gibran, as a representative of the younger generation, must have a roadmap that will move blockchain and crypto,” said William Sutanto of INDODAX, a top Indonesian cryptocurrency exchange, to CoinDesk Indonesia.

In order to enable Indonesia to compete with other Southeast Asian countries—Vietnam, Thailand, and the Philippines, for instance—Sutanto expects that the government will fully embrace bitcoin.

The volume of trade in cryptocurrency in Indonesia is higher than in any other Southeast Asian country, aside from Thailand and Vietnam, because of the lower volume of trading.

Another large local exchange, Tokocrypto CEO Yudhono Rawis, has suggested that blockchain technologies and cryptocurrencies could raise Indonesia’s economy and investment environment. He believes that the growth prospects of Indonesia’s crypto industry are linked to better infrastructure, education, and transparent regulations.

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According to the data of Indonesia’s crypto regulator, the country experienced an increase of 30 trillion Indonesian Rupiah (1.92 billion dollars) in crypto transactions in February. Commodity Futures Trading Supervisory Agency (Bappebti) reported that the number of registered crypto investors in the country rose to 19 million last month and that 170,000 users were added since January. These data shows that the growth in Indonesia’s crypto market is ongoing.

Bappebti attributes the growth in the crypto market in Indonesia to the increase in the price of Bitcoin (BTC) and the positive market sentiment triggered by the rise in other altcoins.

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The regulatory body still aims to reach or exceed the transaction volume of 51.28 billion dollars in 2021. Tirta Karma Senjaya from Bappebti stated that they expect a recovery in 2024, taking into account the downward trend in 2022 and 2023. The upcoming Bitcoin halving is expected to be a significant catalyst.

The best way to reach the crypto transaction target may be to remove or reduce taxes on crypto. Currently, crypto transactions are taxed with a 0.10% Income Tax and a 0.11% VAT on users. Exchanges are taxed at a rate of 0.02% per transaction for the crypto exchange, warehouse, and swap room.

Tirta previously at a Reku exchange event;

He had stated that “this industry (cryptocurrency) is still in its embryonic stage and therefore heavy taxes could kill the sector.”

The transfer of crypto supervision to the Financial Services Authority (OJK) in January 2025 could potentially lead to significant changes such as the reclassification of cryptocurrencies as securities and a revision of VAT policies.

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The world of cryptocurrency saw a significant recovery in 2023, with investors enjoying a hefty sum of $37.6 billion in realized gains. Realized gains, or profits made from selling assets at a higher price than their purchase price, marked a notable turnaround from the $127.1 billion in losses recorded in 2022. This recovery, as reported by the blockchain analytics firm Chainalysis, suggests a cautious optimism in the crypto market. Despite this positive shift, the gains in 2023 did not quite reach the heights of 2021, when investors celebrated $159.7 billion in profits. The growth in asset prices was similar in both years, hinting that investors in 2023 might have held back from cashing out, anticipating further price increases.

Consistent Gains Through 2023 with Minor Setbacks

The journey through 2023 wasn’t entirely smooth for crypto investors. The market experienced a brief period of losses in August and September, attributed to regulatory actions by the United States against cryptocurrency companies. However, the mood shifted towards the end of the year, with gains picking up once more in November and December. This resurgence was fueled by the anticipation surrounding the approval of Bitcoin exchange-traded funds (ETFs), highlighting the market’s reactive nature to regulatory and investment news.

Global Participation and the Rise of Middle-Income Countries

The United States led the charge in realized crypto gains by a significant margin, boasting $9.36 billion over the year. The United Kingdom followed with an estimated $1.39 billion in profits. Notably, countries such as Vietnam, China, Indonesia, India, Russia, and South Korea also crossed the billion-dollar mark in gains, underlining the global nature of cryptocurrency investments. Chainalysis pointed out the remarkable performance of middle-income countries, particularly in Asia, where residents achieved substantial gains. This trend underscores the growing adoption of cryptocurrency in these regions, demonstrating resilience even during the market’s downturns.

The data from Chainalysis, based on asset movements into and out of platforms exchangeable for fiat currency, paints a picture of a recovering and vibrant global crypto market in 2023. While the market did not reach the unprecedented profit levels of 2021, the consistent gains throughout the year, despite regulatory challenges, signal a mature and cautiously optimistic investor base.

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Song Chi-Hyung, one of South Korea’s leading businessmen, established Upbit, a crypto exchange, in 2017. Upbit, became one of the leading crypto exchange platforms by volume of transactions in 24 hours, approximately 2 months after it started operating.

Towards the end of 2018, the company had started to consolidate its presence in the Southeast Asian region. They first started operating in Singapore and then expanded their activities in Indonesia.

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UpBit, announced through a recent announcement that it obtained an MPI license in Singapore. It has not yet been approved on paper, but it was announced that UpBit would be able to provide the necessary services.

UpBit Singapore’s CEO Alex Kim, said after this news: “The approval we received is a strategic turning point to strengthen our leading position in the field of cryptocurrency technology in Singapore. With this success, Singapore, recognized as a global power center, is opening the doors to new capabilities for individual, corporate, and infrastructure-focused businesses.”

The cryptocurrency market is making significant progress worldwide despite various fluctuations in markets, events, and economic uncertainties.

Along with these good news, we can see that investors and companies have increased their interest in cryptocurrencies in order to diversify their portfolios and create an asset class that may appreciate in value in the future.

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According to the Commodity Futures Trading Regulatory Agency (Bappebti), people mostly invest in Tether, Bitcoin, Ethereum, Ripple and BNB. In addition, these cryptocurrencies reach up to 4.42 billion dollars. Thus, it is clear that Indonesian people are interested in crypto assets. These situations cause to launch a new crypto exchange by the government.

Register for the exchanges with 20% discount.

Indonesia announced to launch a new crypto exchange.

Didid Noordiantmoko, the leader of Bappebti, has announced some information about processes in the new exchange. Firstly, Komoditi Nusantara will manage the exchange. Kliring Berjangka Indonesia will clear transactions in the exchange. Also, Tennet Depository will be responsible for the management of crypto assets. Besides, a new law indicates that Bappebti is not responsible for the regulation of cryptocurrencies. This duty was given to Financial Services Authorities. Not only regulations but also they will do the management of crypto.

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