BlackRock Investment Marks its Return to India

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.

South Korea Embarks on Wholesale CBDC Pilot ProgramAiming to pave the way for a future-oriented monetary infrastructure, South Korean financial agencies announced a plan on Wednesday (local time) to pilot a central bank digital currency (CBDC). This trial is designed to evaluate its practical use in real-world scenarios.The Bank of Korea (BOK), alongside the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS), has been working with the Bank for International Settlements (BIS) from the inception of this project’s blueprint. Together, they plan to partner with multiple commercial banks to successfully carry out this initiative.Photo by Y K on UnsplashWholesale CBDCThe test will concentrate on a wholesale CBDC designed for transactions and settlements between financial institutions. This concept is akin to how commercial banks use reserves in their central bank accounts for transactions and settlements.Meanwhile, banks will introduce tokenized deposits for public use within the CBDC network. These payment instruments will circulate securely within the new monetary infrastructure built by the BOK and managed jointly with the FSC and the FSS.The pilot of this cutting-edge monetary infrastructure is poised to set the stage for the introduction of diverse, innovative payment and financial services that stand out from current offerings. This effort will also lay the groundwork for newer financial products, like security tokens, to be traded with greater safety and efficiency.Participation from citizensThe test aims to complete its Proof of Concept (PoC) through technical trials in simulated settings. Furthermore, a select group of citizens will be given the opportunity to engage in specific use case tests, letting them experience firsthand the advantages of the emerging digital payment methods. This project will significantly contribute to the future research and development of CBDC infrastructure.The Korean financial authorities have engaged in in-depth discussions regarding policy matters leading up to the test. To ensure alignment with existing laws, only banks will be involved in this initial phase. Decisions on expanding the test will come later, after a thorough evaluation of relevant policy considerations after the trial.The agencies will continue working to ensure that transaction tests involving citizens are conducted with sufficient user protection measures under the existing legal framework.Moreover, from the outset of the test’s preparation, the BIS offered insights from its research and development experiences with CBDC systems. In particular, members from the BIS’s Innovation Hub and the Monetary and Economic Department provided technical advice on designing and constructing a CBDC network. Stemming from their discussions, the BIS and the BOK jointly released a report highlighting the test’s importance and its intricately crafted model.This trial is a step towards identifying the best CBDC model suited for Korea’s financial and economic landscape. It’s important to note that the test doesn’t necessarily indicate a complete rollout of a CBDC or the final version of a CBDC network.Moving forward, the BOK, FSC, and FSS will form a collaborative working group. They’ll work hand-in-hand with pertinent ministries and entities, including the Ministry of Economy and Finance, to ensure a seamless execution of the test. Their technical partnership with the BIS will also remain ongoing.The selection process for a system developer began on October 4. Later this month, there will be an informational session for companies and banks engaged in the project. By the end of November, the financial authorities will unveil information regarding the banks involved and the specific use cases slated for testing. Public involvement is anticipated to start in the fourth quarter of next year.

BSN Foundation launches in Singapore with five global membersThe BSN Foundation, a Singapore-based organization dedicated to building global blockchain infrastructure, on Thursday officially announced its five founding members from different regions and sectors.Photo by Julien de Salaberry on UnsplashBroad representationThe founding members of the BSN Foundation include Blockdaemon, a leading institutional digital asset wallet provider; Zeeve, a Los Angeles-based blockchain infrastructure automation platform; TOKO, a Hong Kong-headquartered digital asset creation platform; GFT Technologies, a German tech firm specializing in financial services and Red Date Technology, a tech firm behind the BSN Spartan Network located in Hong Kong.Representatives from these entities gathered at the Pan Pacific Singapore on Thursday for a launch event. The BSN Foundation will act as the governing body of the BSN Spartan Network, a public infrastructure network based on open-source virtual data centers. The launch of the foundation marks a major milestone in the BSN’s global expansion and its vision to establish a decentralized public layer of the internet.In discussion with Cointelegraph, Tim Bailey, the Vice President of Global Business at Red Date Technology, stated:“The BSN Foundation launch is a vital step in our global expansion, demonstrating the international recognition and support for the BSN Spartan Network’s concept and goals.” He added:“These organizations bring expertise in areas like blockchain-as-a-service, asset tokenization, financial services, and consulting, highlighting the wide applicability and potential of the BSN Spartan Network.”Bailey emphasized that the BSN Spartan Network is designed to change the application and governance of public chain technology. “By focusing on non-cryptocurrency public chains and a decentralized governance model, we’re not just innovating in technology but also in how global collaborations can shape the future of IT infrastructure,” Bailey stated. BSN’s strategy is focused on creating a “more stable and accessible network” for businesses around the world, distancing itself from the volatility related to traditional cryptocurrencies like Bitcoin.Chinese originsThe BSN Spartan Network, launched in September 2022, features a non-tradable token (NTT) issued on its default chain. Each of the network’s data centers is equipped with a single registered NTT wallet for managing and holding these tokens. NTTs can be acquired using fiat currency, selected stablecoins or through various incentive programs.The BSN Spartan Network, which originated in China as the “Blockchain-based Service Network” in early 2020, was developed with the backing of the Chinese government.“BSN was indeed originally initiated in China. However, the BSN Spartan Network, governed by the Singapore-based BSN Foundation, is distinct from the BSN Networks in mainland China,” Bailey stated. He highlighted that the BSN Spartan Network is constructed following global standards, is entirely open source and maintains independent operations from the BSN Networks present in mainland China.UDPN proof of conceptBSN, driven by Red Date Technology as its lead developer, had outlined plans to develop a universal digital payments network (UDPN) as early as 2021. That project continues to progress. Last month, it emerged that SC Ventures, the Singapore-based fintech investment subsidiary of British banking conglomerate Standard Chartered, had partnered with Deutsche Bank in a first proof of concept (POC) of the UDPN. That POC resulted in real-time transfers and swaps of synthetic USDC and EURS stablecoins between the two banks.