Dunamu Restructures Leadership at Its Blockchain Research Arm

Indian Crypto Platform Mudrex Expands Operations in ItalyMudrex, the Indian cryptocurrency investment platform, has achieved a new milestone by successfully registering to operate in Italy.News of Mudrex’s move into the Italian market emerged via a press release published on Tuesday, as well as through an interview given recently by CEO and Co-Founder Edul Patel to CoinDesk. The expansion into Italy marks a rare international move for Indian crypto entities, which have faced challenges due to stringent taxation policies and the global crypto market’s fluctuations.Photo by Mathew Schwartz on UnsplashGlobal expansion planPatel unveiled Mudrex’s ambitious plan for global expansion, with half of the team actively working on international initiatives. The firm’s journey into the Italian market involved gaining approval for registration with Italy’s Organismo Agenti e Mediatori (OAM), a crucial step for crypto firms operating in the country. This registration, granted on September 1, was a strategic move that the company had been carefully planning. Patel explained:“We just wanted some time to pass after the approval before we made the news public.”Coin Sets and thematic indexesDespite having only one million registered users, Mudrex stands out as one of India’s largest crypto platforms. It offers a unique investment approach, focusing on index investing through Coin Sets, an innovative alternative to speculative trading. These Coin Sets encompass various categories, including small, mid, and large-cap assets, as well as Bitcoin (BTC) and Ethereum (ETH). Additionally, Mudrex provides thematic indexes that cover layer one and layer two solutions, NFTs, metaverse projects, and Dow trackers.“While India is our home and where we initially grew, our international customers have told us that investment products in their regions lack diversity,” Patel noted. “We believe that our product is unique and offers distinct advantages.”Mudrex was established in 2018 in Bengaluru while also establishing an office in San Francisco. Alongside Patel, its other Founders included Alankar Saxena as CTO, Rohit Goyal in the role of VP of DeFi, and Prince Arora as VP of Engineering.In 2021 it raised $2.5 million in funding with a view towards launching crypto mutual funds and ETFs. It followed that up in 2022 when it raised $6.5 million in a pre-series A funding round, supported by Y-Combinator, Arkham Ventures, and Tribe Capital.The firm participated in what has become a crypto platform trend over recent months by incorporating an AI chatbot into its platform in June to assist platform users when it comes to learning about crypto.Lithuanian trading licenseMudrex’s expansion into Italy was facilitated by the company’s prior fulfillment of EU operating requirements. The company had obtained a license in Lithuania less than a year ago, enabling it to navigate the EU regulatory landscape efficiently. During the six months of pursuing registration in Italy, Mudrex’s presence in the EU grew substantially, with user numbers increasing from approximately 5,000 to 17,000.With its foothold established in Italy, Mudrex now seeks to make its investment products accessible through various registered entities, including banking partner apps. Patel confirmed ongoing discussions with potential partners, further signaling the company’s commitment to expanding its global footprint.

Binance Introduces Dedicated Trading Platform in JapanGlobal cryptocurrency exchange Binance made an announcement on Friday regarding its plans to establish a new trading platform exclusively for residents of Japan.The move is in compliance with Japanese laws and regulations, and a demonstration of the company coming into line with Japan’s legal and regulatory framework relative to crypto assets and crypto asset trading. While specific details such as the platform’s launch date are yet to be disclosed, Binance has assured its Japanese customers that this information will be provided in the near future.Photo by Bagus Pangestu on PexelsPlatform transitionIn terms of scheduling, we do know that a new know your customer (KYC) verification process will be available after August 1, to migrate to the new local platform for existing Japanese users on the global platform. As part of the transition process, Binance will be sending out information to Japanese residents who currently utilize their global trading platform. This communication will include instructions on procedures including further information on identity verification.To facilitate a smooth transition, Binance’s global trading platform will cease providing services to Japanese residents on November 30, 2023. Additionally, there are plans to change the company name from Sakura Exchange Bitcoin to “Binance Japan Co., Ltd.”This development marks Binance’s initial foray into the Japanese market firmly under its own brand. In November 2022, the company entered the country by acquiring Sakura Exchange Bitcoin (SEBC). The forthcoming trading platform, dedicated exclusively to domestic residents, represents the first step in Binance’s strategic approach to the Japanese market.The new services on the platform are set to launch during the summer, with future expansion plans to broaden that offering further. Binance also intends to introduce initiatives in Japan that leverage its ecosystem, including the provision of free educational resources through “Binance Academy” to promote Web3 education.Service offeringThe newly created entity will offer crypto spot trading with fiat deposit and withdrawal facility to its Japanese customers. Crypto lending products will be provided through a digital asset earn program. For those who like to dollar cost average (DCA), an automated recurring purchase feature will be provided.In 2021, Binance introduced an NFT marketplace and that will be a service that it will also extend to its Japanese customers. Upon launch of the dedicated service, crypto derivative trading will not be offered although it is understood that it may be offered at a later stage. Derivatives are likely to be under much closer scrutiny by the Japanese regulator than Binance’s other products.It is worth noting that Binance had previously received a warning from the Financial Services Agency (FSA) for offering cryptocurrency trading services to Japanese residents without proper registration. With its full-fledged entry into the Japanese market, it remains to be seen what impact this move will have. Will it accelerate the regulatory landscape and the adoption of Web3 technology in Japan from a global perspective?Additionally, how smoothly will Binance be able to acquire new accounts while competing with domestic business operators? These developments warrant close attention as they unfold.

JD.com, one of China’s largest business-to-consumer (B2C) online retailers, is understood to have registered “JCOIN” and “JOYCOIN” ahead of Hong Kong’s Stablecoins Ordinance going live on Aug. 1. According to a report published by the Hong Kong Economic Times, in its trademark registration application, JD.com described the services associated with the two brand names as implicating the provision of electronic fund transfers and cryptocurrency-related financial transactions achieved via blockchain technology.Photo by tommao wang on UnsplashHKD-pegged stablecoinThe trademark registrations were filed by JD.com's subsidiary company, JD Coinlink Technology. The company was announced as a participant in the Hong Kong Monetary Authority’s (HKMA) stablecoin issuer sandbox last year. Around that timeframe, it also unveiled plans to launch a stablecoin pegged to the Hong Kong dollar (HKD).  That move was followed by British multinational bank Standard Chartered in February, with it announcing the launch of a HKD-pegged stablecoin in Hong Kong alongside local partners. Standard Chartered and its partners have also been participants in Hong Kong’s stablecoin issuer sandbox. Liu Peng, CEO of JD Coinlink Technology, provided an update in May, outlining that its stablecoin was entering phase two of sandbox testing. He stated that he hopes the project “contributes to payment efficiency not only within JD’s ecosystem but also for businesses and individuals worldwide.” On its website, JD Coinlink Technology describes its “JINGDONG Stablecoin” as a stablecoin backed 1:1 by the Hong Kong dollar, with the goal of meeting regulatory compliance and becoming “one of the leading digital currencies for businesses and individuals seeking for efficient, cost-effective, and secure payment solutions.” In a press briefing in Beijing in June, Peng outlined that the company was making preparations to apply for stablecoin issuer licensing in several markets. The JD Coinlink Technology CEO asserted that stablecoins “can reduce payment costs by 90% and complete transactions within 10 seconds.”  Ant Group, a subsidiary of another Chinese e-commerce giant, Alibaba, has also been following a similar track, preparing to apply for stablecoin licensing in both Hong Kong and Singapore. Push for yuan-pegged stablecoinsBoth Ant Group and JD.com have been lobbying the authorities in China for permission to issue a yuan-pegged stablecoin. Mainland China continues to impose a prohibition on crypto trading and mining, although more recently there have been signs that it may be considering accommodating stablecoins. Behind closed doors, it is understood that JD.com has urged officials at the People’s Bank of China to permit the issuance of offshore yuan-pegged stablecoins as a means to promote use of the yuan internationally and to enable more efficient cross-border trade. Hong Kong is perceived by many commentators as a testing ground for the digital assets sector in China. However, regulators in the Chinese autonomous territory have expressed caution around approving fiat-backed stablecoins tied to foreign currencies, noting that such issuances would require prior “discussions with the relevant authorities.” With Hong Kong’s Stablecoins Ordinance going live on Aug. 1, the HKMA published further guidelines for licensed stablecoin issuers on July 29. The regulator disclosed that it intends to publish a public registry of licensed stablecoin issuers for the benefit of the general public.