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BINANCE GAINS OPERATIONAL MVP LICENCE IN DUBAI |1300 HKT | 0600 UKT | 1 Aug 2023

The Dubai subsidiary of leading cryptocurrency exchange Binance, Binance FZE, has reportedly secured an operational minimum viable product (MVP) licence from the Virtual Asset Regulatory Authority (VARA) in Dubai. This development, officially announced on 31 July, permits Binance to offer cryptocurrency exchange and virtual asset broker-dealer services. However, these services are currently accessible only to institutional and qualified retail investors in Dubai who fulfil specific eligibility criteria. Qualified retail clients must be aged 21 or above and possess at least 500,000 United Arab Emirates dirhams ($136,000) in net liquid assets, and present valid identification and UAE residency documents. Source: https://cointelegraph.com

HONG KONG AND SAUDI ARABIA TO BOOST FINANCIAL COOPERATION, FOCUSING ON TOKENIZATION AND PAYMENTS |1300 HKT | 0600 UKT | 31 July 2023

Hong Kong and Saudi Arabia are planning to increase their financial collaboration, particularly in the areas of tokenization and payment infrastructures. In a recent meeting between the Saudi Central Bank (SAMA) and the Hong Kong Monetary Authority (HKMA), both entities discussed key initiatives such as advancing financial infrastructure, enhancing market connectivity, and promoting sustainable development. They also signed a Memorandum of Understanding (MoU) to promote joint discussions on financial innovation. However, the official joint announcement did not clarify if the partnership would involve joint crypto-related efforts. While Hong Kong recently allowed retail investors to trade crypto, Saudi Arabia has remained quiet on its stance towards crypto since 2019. Source: https://cointelegraph.com

DUTCH CENTRAL BANK APPROVES CRYPTO.COM TO PROVIDE SERVICES IN THE COUNTRY |1300 HKT | 0600 UKT | 31 July 2023

Cryptocurrency platform Crypto.com has been granted permission by the Dutch central bank, De Nederlandsche Bank (DNB), to offer its services in the Netherlands. This approval follows an extensive review of the firm’s business and its adherence to the country’s anti-money laundering and counter-terrorism financing requirements. Crypto.com is allowed to provide cryptocurrency wallets to users and process fiat currency on cryptocurrency exchanges. Crypto.com now joins 36 other crypto-related firms registered with DNB, including Coinbase Europe, eToro, and Bitstamp. Meanwhile, Binance has decided to stop its services in the Netherlands after it failed to meet registration requirements. Source: https://cointelegraph.com

BINANCE WITHDRAWS CRYPTO LICENCE APPLICATION IN GERMANY |1300 HKT | 0600 UKT | 31 July 2023

The world’s leading cryptocurrency exchange, Binance, has reportedly withdrawn its application for a crypto licence in Germany, revealing its reconsideration of immediate expansion strategies in the face of increasing regulatory scrutiny. Despite facing a lawsuit from the US Securities and Exchange Commission (SEC) and ongoing investigation in France, Binance stated it still plans to apply for a suitable licence in Germany in the future. The exchange recently had to leave the Netherlands due to non-compliance with the country’s registration requirements. Source: https://www.reuters.com

MAJORITY REMAIN SCEPTICAL OF CBDCS, CFA INSTITUTE SURVEY REVEALS |1300 HKT | 0600 UKT | 26 July 2023

A recent survey of the global investment industry conducted by the CFA Institute reveals a distinct divide in the attitudes of respondents towards Central Bank Digital Currencies (CBDCs). Out of over 4,150 respondents, only 42% backed the idea of launching CBDCs. Notably, only 37% of respondents from developed markets supported CBDCs, compared to 61% from emerging markets. The responses also vary in each country, with a mere 31% in the US, but as high as 70% in China, supporting the introduction of CBDCs. The respondent’s primary concerns include the potential failure of CBDCs to address a compelling need and the risks of cyberhacking and data privacy. Source: https://www.reuters.com

NAMIBIA SIGNS VIRTUAL ASSETS ACT 2023 INTO LAW |1300 HKT | 0600 UKT | 26 July 2023

In a significant policy shift, the Namibian government has officially signed the Namibia Virtual Assets Act 2023 into law to regulate Virtual Asset Service Providers (VASPs). This landmark legislation, which marks the country’s first legal framework for cryptocurrency-related activities, aims to oversee crypto exchanges, ensure consumer protection, prevent market abuse, and mitigate money laundering and terrorist financing risks. Penalties for non-compliance could reach up to $671,000 and 10 years in prison. However, the country’s central bank maintains that cryptocurrencies will not be considered legal tender. The effective date of the new law will be determined by the Ministry of Finance. Source: https://cointelegraph.com

ABU DHABI REGULATOR ALLOWS CRYPTO FIRM RAIN TO PROVIDE BROKERAGE AND CUSTODY SERVICES |1300 HKT | 0600 UKT | 26 July 2023

The Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority has reportedly given Rain, a cryptocurrency firm, approval to provide brokerage and custody services to residents. Rain, headquartered in Bahrain, mainly provides crypto services across the Middle East and Turkey. To strengthen user protection, Rain CEO Joseph Dallago said the firm has partnered with a local bank for its services. This follows the crypto exchange Binance received similar regulatory approval last year. Source: https://cointelegraph.com

MAJOR CRYPTO EXCHANGES START TRADING WLD TOKEN | 1300 HKT | 0600 UKT | 25 July 2023

The new Worldcoin WLD token is now being traded on crypto exchanges like Binance, Bybit, Huobi and Gate. In addition to standard trading, Binance also allows users to deposit their WLD tokens and plans to introduce leveraged trading. CoinGecko data indicates a total supply of 10 billion tokens, marking a fully diluted value of $25.6 billion on 24 July. The WLD token is associated with the Worldcoin project led by Sam Altman, CEO of OpenAI, which uses biometric verification to authenticate users. Source: https://decrypt.co

BINANCE AND ZHAO TO CONTEST CFTC ALLEGATIONS |1300 HKT | 0600 UKT | 25 July 2023

The world’s largest crypto exchange Binance, and its CEO, Changpeng Zhao, plan to contest and seek dismissal of a complaint filed by the Commodity Futures Trading Commission (CFTC). The CFTC alleges that Binance contravened the Commodity Exchange Act and certain related federal regulations from July 2019, offering and executing unlawful commodity derivatives transactions for US customers. Binance and Zhao also face allegations from the US Securities and Exchange Commission (SEC) and the Justice Department. Source: https://www.reuters.com

PUTIN SIGNS DIGITAL RUBLE BILL INTO LAW |1300 HKT | 0600 UKT | 25 July 2023

Russia is progressing with its Central Bank Digital Currency (CBDC), the digital ruble, with President Vladimir Putin officially signing the bill into law on 24 July. The law grants the Russian central bank the authority to implement the first CBDC pilot with real consumers in August. The country’s central bank is expected to manage the digital ruble infrastructure and oversee all stored assets. Serving as a payment and money transfer method, the digital ruble will operate as an alternative alongside cash and non-cash rubles. Its use will be optional, with the central bank foreseeing mass adoption no earlier than 2025-2027. Source: https://cointelegraph.com

BANK OF JAPAN EXPLORES DIGITAL YEN WITH 60 FIRMS IN ITS CBDC PILOT PROGRAM |1300 HKT | 0600 UKT | 24 July 2023

The Bank of Japan (BOJ) has initiated a series of discussions with 60 firms, including some industry giants like Sony and Toyota, as part of a pilot program exploring the development of a digital yen. These discussions will delve into business and technological aspects of retail settlements using a Central Bank Digital Currency (CBDC). Despite the ongoing discourse, no decision has been made on whether Japan will issue a digital yen. This move comes as central banks around the world are increasing efforts to develop digital versions of their currencies for retail use, with the Bank for International Settlements estimating that around two dozen CBDCs could be in circulation by the end of the decade. Source: https://www.reuters.com

NIGERIAN SOCIAL PAYMENTS APP BUNDLE CEASES CRYPTO EXCHANGE OPERATIONS |1300 HKT | 0600 UKT | 24 July 2023

Bundle, a social payments app based in Nigeria, has announced its decision to discontinue its crypto exchange operations. As announced on 20 July, the company’s shareholders have decided to concentrate on its payment solution Cashlink that meets the Web3 ecosystem’s needs. Bundle has already ceased several user services including new registrations, asset deposits, and all asset swaps in Bundle wallet except for Tether. Users are now unable to withdraw via Cashlink without Nigerian Naira or other fiat on Bundle. Bundle users are also advised to withdraw all assets by 12 September 2023. Source: https://cointelegraph.com