Crypto.com’s Dubai-based subsidiary secures crypto license

dtcpay, a regulated and licensed digital payment services provider headquartered in Singapore, has announced that it is changing direction, and adopting a stablecoin-only digital payments model. Phasing out Bitcoin, EtherThe company set out details of its new stablecoin-only approach in a series of posts on X on Dec. 3. dtcpay will phase out support for other cryptocurrencies such as Bitcoin and Ether by the end of 2024. It will then transition to the exclusive use of stablecoins, starting with Tether (USDT) and Circle’s USD Coin (USDC). Additionally, FDUSD, a U.S. dollar stablecoin issued by Hong Kong’s First Digital, and Worldwide USD (WUSD), a stablecoin which was developed by the Worldwide Stablecoin Payment Network (WSPN), a Singapore-based project, will be supported.Photo by CoinWire Japan on UnsplashVolatility issuesdtcpay cited the volatility of non-stablecoin cryptos as being an issue for payments. Volatility is driving the company’s plan to concentrate solely on stablecoins. Outlining its rationale further, the company stated: “By transitioning to focus dtcpay’s #DPT services purely on #stablecoins, we are setting the stage for the future of global, digital payments. This move is designed to provide our customers with a more reliable, scalable, & secure payment experience.” A significant portion of the firm’s transaction volume is already stablecoin-based. On that basis, the move can be viewed as aligning with the preferences of its current user base to a large extent. Originally established in 2019 by Alice Liu, Band Zhao and Sam Lin as Digital Treasures Center Pte. Ltd., the company later rebranded as dtcpay. In August 2022, the firm was awarded a full Major Payment Institution (MPI) license by the Monetary Authority of Singapore. In 2023, the company collaborated with Singaporean data-sharing platform PlatON and Chinese payments firm Allinpay, to launch a payments system using point-of-sale terminals which accepted Bitcoin, Ethereum and USDT. Asian expansiondtcpay has set out its objective as aiming to unify payment methods across Asia for the benefit of merchants and consumers alike. Last year, it identified Hong Kong and Dubai as locations of particular interest relative to the company’s expansion plans. In October, it furthered its international presence with the opening of an office in Kuala Lumpur. In an effort to make further in-roads into the payments sector, dtcpay announced a strategic partnership with Visa in September. The integration allows dtcpay to gain access to Visa’s global network of 130 million merchants across 200 countries. As part of the partnership, the company is rolling out its dtcpay Visa Infinite card, enabling users to convert digital currencies to fiat at competitive rates. In 2023, the company raised $16.5 million in a pre-series A funding round led by real estate development company Pontiac Land Group, which is controlled by Singaporean billionaire Kwee Liong Tek.

Crypto Oasis Founder Thinks UAE Set Up For Crypto SuccessAs the dust settles on 2023's Dubai Fintech Summit, which took place last week, one takeaway offered by the Co-Founder of blockchain ecosystem firm Crypto Oasis is that the United Arab Emirates (UAE) has set itself up for success where crypto business is concerned.In speaking with crypto publication CoinTelegraph on the fringes of the Dubai Fintech Summit, Crypto Oasis Co-Founder and Managing Partner Saqr Ereiqat suggested that the regulatory infrastructure that the UAE has put in place provides an ideal foundation upon which crypto companies can develop and prosper.Photo by Mo Ismail on PexelsRegulatory infrastructureEreiqat pointed to some key fundamentals that crypto entrepreneurs and start-up founders should look at when deciding on the location that will best meet their needs and help to optimize their route to market and ultimate success. This includes the regulatory infrastructure.The UAE authorities and regulators at a national level, together with their colleagues within the regulatory agencies in the Emirates of Dubai and Abu Dhabi, have been doing some heavy lifting in this regard over recent months.They’ve all been working on establishing a workable regulatory framework, and as part of that, a licensing process. In the case of Dubai, its Virtual Assets Regulatory Authority (VARA) has started to issue preliminary or Minimum Viable Product (MVP) license approvals that enable crypto startups to get started, while providing them with a pathway towards obtaining Full Market Product (FMP) licensing at a later stage.Talent poolThe other key requirements that Ereiqat set out were digital infrastructure alongside an ability to attract and provide a pool of talent relative to the crypto assets space. In respect of these key considerations, Ereiqat believes that the UAE hits the target in each case.“The UAE’s regulatory framework is more streamlined and business-friendly compared to the complex and fragmented regulatory environment in the US,” he told the crypto media firm.To enhance these fundamentals, Ereiqat also alluded to a depth of capital that could potentially find its way into UAE-based crypto businesses, easing these start-ups’ efforts in executing on funding rounds as they look to achieve growth.Ereiqat maintains that the interest in the region is already evident, citing a data-point that suggests there are 1,800 Web3-centric businesses already operating in the region, with more than 8,000 people working for those start-up businesses. Speaking to that reality further, he said:“The Dubai FinTech Summit was a significant event that brought together stakeholders from the fintech industry […] The presence of crypto and Web3 leaders and projects at the event is an important indicator of the growing interest and adoption of these technologies in the region.”This enthusiasm and belief in the existence of the right Web3 business environment in the UAE was echoed at that event by both Coinbase Founder and CEO Brian Armstrong and Ripple Founder and CEO Brad Garlinghouse. Both industry figures featured as keynote speakers at the event. Armstrong alluded to the potential of Coinbase establishing a base in Abu Dhabi while Garlinghouse announced the opening of a Ripple office in Dubai.

Korean Ministry of Government Legislation Holds Lecture on Generative AI and BlockchainThe Korean Ministry of Government Legislation said it held a lecture on generative artificial intelligence and blockchain in light of the global rise of advanced technologies on Thursday as a means of educating and enhancing the digital capabilities of its employees.The legal environment is expected to undergo rapid and substantial changes in tandem with the fast-paced advancement of technological innovation. In response, the Ministry is conducting a three-part series of special lectures on the expected demands of legislation in the future to help its employees prepare accordingly.This lecture was the second installment in the series, titled “Essential Survival Strategies in the Era of Generative AI.”It was planned as per Minister Lee Wan-kyu’s special orders to educate Ministry employees on the promotion and regulation of new technologies such as generative AI and blockchain, which have been gaining traction as key topics in recent legislative discussions.Photo by RUT MIIT by UnsplashA future led by blockchainThe first lecture, held on July 20, was led by Professor Park Seong-jun, Head of the Blockchain Research Center at Dongguk University in Seoul. During the session, he discussed how blockchain technology would impact South Korean society in the future and shared his insights into the trajectory of related legislation.Living with generative AIThe most recent second lecture featured Chief Judge Kang Min-gu of the Seoul High Court, who delved into the kind of mindset that public officials should adopt in the era of generative AI. He emphasized the need to strike a balance between digital and analog expertise and highlighted the importance of reassessing our attitude towards innovative technology while still valuing the essential principles for our way of life.Managing money launderingThe upcoming final lecture, scheduled for next month, will be given by Park Jeong-hoon, the former Head of the Korea Financial Intelligence Unit, regarding the topic of virtual assets and anti-money laundering. Given the existing concerns about the potential for virtual assets to facilitate money laundering due to their key characteristics such as anonymity and decentralization, this lecture aims to underscore the significance of instituting regulatory measures for preventing money laundering related to virtual assets.“Our laws must evolve to reflect the times that we are living in. Our society is currently experiencing rapid digital innovation — through the enhancement of the digital capabilities of our Ministry employees, I hope that legal administration can undergo innovation as well,” said Minister Lee, who also attended the lectures.“In the future, we will continue to expand capacity-building education opportunities for Ministry employees, enabling them to facilitate legislation that is demanded by modern times.”