Dubai’s VARA grants WadzPay ‘initial approval’ of trading license

India’s Jio Financial Services to Delve Into BlockchainJio Financial Services (JFS), a subsidiary of Indian multinational conglomerate Reliance Industries (RIL), is gearing up to venture further into the realm of blockchain and central bank digital currencies (CBDCs), according to announcements made by Indian billionaire businessman and Reliance Chairman and Managing Director, Mukesh Ambani, during RIL’s 46th annual general meeting on Monday.Photo by Shubham Dhage on UnsplashBlockchain ambitionsThe Indian billionaire revealed his Web3-related plans, signaling a strategic move for JFS towards blockchain and centralized digital currencies. While addressing the AGM, Ambani emphasized his current caution regarding highly volatile crypto assets. However, he indicated that he aims to have Jio Financial delve deeper into blockchain technology and permissioned digital currencies, particularly the eRupee CBDC, which is undergoing advanced trials within India.JFS will serve as the entry point for Reliance Industries into the Web3 sector. Formerly known as Reliance Strategic Investments, JFS has been rebranded and will now facilitate management services for digital assets.Consolidating payment infrastructureAmbani’s vision for JFS encompasses the consolidation of payment infrastructure, a strategic effort to drive digital adoption throughout India. JFS hit the headlines in July when it was revealed that it was forging a major partnership with BlackRock, the world’s largest asset manager, valued at over $100 billion as of August 18.Ambani’s statement during the RIL annual general meeting highlighted JFS’s objectives: “JFS will consolidate its payment infrastructure further driving digital adoption for India. JFS products will explore pathbreaking features such as blockchain-based platforms and CBDC.”CBDC development has been ongoing through initiatives taken by central banks around the world over the past couple of years. The Reserve Bank of India (RBI) has been no slouch in this respect. It is actively engaged in developing its own CBDC, aiming to modernize online payment systems while reducing reliance on physical cash, thereby optimizing operational efficiency.In July, the RBI turned its attention to the cross-border functionality aspect of CBDCs, experimenting with various use cases relative to international payments. At a governmental level, India is also playing a key role in working towards global regulatory standards for cryptocurrencies. The RBI has contributed to the discussion, citing risks associated with stablecoins in a Financial Stability Report released in June and calling for global regulation.RIL CBDC initiativesNotably, Reliance General Insurance recently announced its acceptance of the eRupee CBDC for premium payments, and earlier this year, Reliance Retail initiated the use of India’s digital rupee CBDC across its Mumbai-based stores. The CBDC is anticipated to outperform India’s successful Unified Payments Interface (UPI) mobile payments system, according to V Subramaniam, Managing Director at Reliance Retail.Ambani’s RIL empire encompasses a diverse range of businesses, including Jio’s network services, retail stores, and fuel stations. Mukesh Ambani’s move to embrace blockchain and CBDCs will likely have broader implications beyond his own companies, given that it signals his intention to drive India’s digital transformation forward.

Coincheck, a subsidiary of Monex Group, a Tokyo-based global financial services firm, has gained U.S. Securities and Exchange Commission (SEC) approval to become the first Japanese crypto exchange to list on the Nasdaq, an American stock exchange.Photo by Denys Nevozhai on UnsplashSPAC mergerThe approval by the U.S. regulator was filed on Nov. 13. The listing has been enabled due to the company’s decision to enter into a merger with a special purpose acquisition company (SPAC), namely Thunder Bridge Capital Partners (TBCP).  A SPAC raises money through an initial public offering (IPO) to either acquire or merge with an existing company. Opting for a SPAC means that Coincheck can forego a lot of the time and expense that would be necessary if it attempted to effect an IPO on its own. Parent company Monex Group published a statement outlining that Coincheck CEO Yuko Seimei had “been diligently preparing for listing its common stock on the Nasdaq Global Market (“Nasdaq”) through a previously announced business combination with Thunder Bridge Capital Partners.” Possible Nasdaq listing on Dec. 10 In a press release issued by TBCP, the company claimed that the proposed merger is anticipated to close on or about Dec. 10, 2024. That eventuality is subject to stockholder approval, Nasdaq approval and specific closing conditions. Consequently, Coincheck’s Nasdaq listing could potentially happen as early as Dec. 10. TBCP is holding a shareholder vote on the merger on Dec. 5. If all conditions are satisfied to pave the way for listing, the company’s stock will be listed using CNCK as the Nasdaq stock ticker. Once the merger and Nasdaq listing have been accomplished, Coincheck will still remain a subsidiary of Monex Group. The merged business will gain access to $237 million, held in trust by TBCP, with Monex retaining an 82% stake in the company. Furthermore, Thunder Bridge CEO Gary Simanson will lead the new company. The $1.25 billion merger had been in the works since 2022, having faced multiple delays on the path towards merger completion and Nasdaq listing. Coincheck finally filed with the SEC to merge back in May. Parent company Monex has other interests in the digital asset sector beyond its involvement with Coincheck. Last December the company acquired a majority stake in 3iQ Digital Holdings, a Canadian crypto asset management company.Monex has just launched a new brand, Monex Web3, comprising of Monex’s Web3 business portfolio. It also offers a Web3 consulting business, using its local know-how to guide Web3 startups in entering the Japanese market. Coincheck has also engaged in partnerships to assist other firms in gaining access to the Japanese market. Earlier this year the leading Japanese crypto exchange partnered with USD Coin (USDC) stablecoin issuer Circle, in an effort to expand USDC access within the local market. In January 2018 the exchange suffered what was at the time the world’s largest ever digital asset theft, losing $534 million in virtual assets in a hack of the platform.

MHC Digital Group, an Australian digital assets management platform, has entered into a partnership with USDC stablecoin issuer Circle Internet Financial, with a view towards increasing the circulation of USDC within Australia and the Asia-Pacific (APAC) region. MHC was founded by well-known venture investor Mark Carnegie, with the company having offices in Sydney and Singapore. The firm will work with Circle to distribute USDC in Australia and within the APAC region. MHC has been marketing its services towards institutional investors and it’s that same client group that the two firms want to target in order to increase USDC circulation. The firm will provide “cost-effective and efficient USDC access” where institutional clients are concerned.Photo by Catarina Sousa on PexelsCrypto ‘a better mousetrap’ In a media release published on behalf of the two companies, Carnegie claimed that while many people still claim that there is no use case for crypto, hundreds of billions move globally at a fraction of the cost experienced via the traditional financial system. “Crypto is simply a better mouse trap for the vast majority of international payments,” he added. Commenting on the development in an interview with the Australian Financial Review, Carnegie stated:“I’m hoping we can show there are hundreds of millions of dollars of forex [foreign exchange] trading fees, where super funds are getting their faces ripped off by Macquarie Bank and the other incumbent banks.” Appealing to pension funds Carnegie wants to get large pension funds on board in using USDC. He pointed to the fact that global banks make $170 billion from corporations and individual investors through the movement of funds over the SWIFT network. He can see that major savings can be made if USDC is used relative to these fees. Despite all this, Carnegie acknowledges that it will be a hard sell to get them on board. As part of these plans, MHC Digital will be launching an over-the-counter (OTC) trading desk, which will be targeted towards hedge funds, crypto enterprises and high-net-worth individuals. APAC opportunity Kash Razzaghi, Circle’s chief business officer (CBO), identified APAC as presenting with an adoption opportunity beyond institutional clients. Razzaghi stated: “With its young, mobile-first and digital wallet-ready population, the Asia Pacific region is ahead of the curve when it comes to digital asset adoption." Carnegie appears to be similarly enthusiastic when it comes to the APAC region. In an interview with CNBC back in January, he suggested that the crypto bull run was “an Asian story this time round.” It’s understood that the two companies are also considering collaborating on the issuance and distribution of an Australian dollar (AUD) denominated stablecoin. This development is the latest in a string of initiatives taken by Circle to bring about USDC adoption in the APAC region. In 2023 the company partnered with SBI Holdings with the objective of enhancing the circulation of USDC within the Japanese market. The very same rationale resulted in it partnering with Tokyo-based crypto trading platform Coincheck in February 2024. The company has also tried to trigger adoption at a retail level, through collaborations with FamilyMart convenience stores in Taiwan and Southeast Asian super app Grab.