Huobi Delists USDD Stablecoin Pairs

Grab Turns to Web3 With Crypto Wallet IntegrationGrab, the Singapore-headquartered Asian ride-hailing firm with a user base of 180 million people, is integrating a crypto wallet into its platform.That’s according to Chinese crypto reporter Colin Wu. Wu tweeted out news of the development on Thursday, including screenshots which he had obtained that provide further detail relative to Grab’s Web3 wallet.Often dubbed the “Uber of Southeast Asia,” Grab’s foray into Web3 technology could reshape how the region engages with cryptocurrencies. This move, initially available in Singapore, aligns with the city-state’s reputation as a fintech leader and developing crypto hub, suggesting it may serve as a testing ground for Grab’s crypto integration.Photo by Afif Ramdhasuma on UnsplashPolygon wallet integrationOne pivotal aspect of this integration is Grab’s support for the Polygon wallet, a layer-2 scaling solution for Ethereum. Known for its speed and low transaction fees, Polygon aids Grab’s venture into crypto, as these characteristics feed into its practicality for everyday crypto transactions. This strategic choice aims to make cryptocurrencies more accessible and usable for the masses.Venturing beyond paymentsIt seems like Grab’s ambitions extend beyond basic cryptocurrency payments. It is also setting the stage for users to explore non-fungible tokens (NFTs) and blockchain technology. The company has provided guidance content for wallets and NFTs which would suggest that Grab’s vision goes beyond mere transactions and that it sees the potential for NFTs in terms of transforming digital ownership and other such use cases.The Web3 wallet stands out in terms of user experience. Unlike traditional crypto wallets that are reliant on private keys, Grab employs a PIN password system. This simplifies the crypto experience. This is of particular importance when it comes to trying to find ways to bring Web3 and crypto into everyday use by the mass market.Additionally, Grab introduces an account recovery system based on questions and answers, in an effort to strike a balance between security and convenience.MAS collaborationAs part of the firm’s journey into Web3, it has been collaborating with the Monetary Authority of Singapore (MAS), the city-state’s central bank and financial regulator. Together, they’ve explored digital assets, central bank digital currencies, and innovative payment systems, and it also indicates that the company is working towards including a Web3 offering while remaining in regulatory compliance.According to the company’s Q2, 2023 results, Grab records an average of 34.9 million monthly transactions.By integrating a user-friendly crypto wallet, supporting Polygon, and exploring NFTs, it appears that Grab is aiming to empower its massive user base to participate in the digital asset revolution. With Singapore as the initial launchpad, Grab’s Web3 journey holds the potential to influence how the entire region embraces cryptocurrencies.In simplifying crypto access, supporting innovative technologies like Polygon, and educating users about NFTs and blockchain, the Singaporean firm is paving the way for a more inclusive and decentralized financial future in the region.

Abu Dhabi Puts Forward Legal Framework for Decentralized TechAuthorities in Abu Dhabi, the capital of the United Arab Emirates (UAE) as well as an individual emirate within it, have published a proposed legislative framework for distributed ledger technology.©Pexels/redouan khoulassiThe consultation paper, titled “Proposal for a legislative framework for distributed technology foundations” was published earlier this month by the Abu Dhabi Global Market’s (ADGM) Registration Authority.Promoting investor protectionThe document covers a broad spectrum of aspects relative to digital assets and crypto entities, including corporate governance, insolvency and restructuring considerations, and data protection. The ADGM’s objective with the proposed policy is to advance investor protection, improve market integrity and efficiency, and build towards a comprehensive regulatory framework.Specific proposalsMore specifically, the policy would implicate an enhancement in the protection of whistle-blowers who report misconduct relative to ADGM-regulated companies. Under the proposal, new rules would be introduced to ensure that digital asset platforms operate in a fair and transparent manner. A requirement would be placed on regulated companies to disclose detailed information in relation to beneficial ownership and control structures. Furthermore, the policy seeks to bring about an improved dispute resolution process between the stakeholders involved in ADGM-regulated transactions.Building upon an existing frameworkThe Abu Dhabi regulator’s current legal framework is built upon English common law. It has its own financial services regulator, the Financial Services Regulatory Authority (FSRA) which operates independently and is responsible for supervising and licensing financial institutions and market participants. The FSRA takes a principles-based approach, regulating those market actors attempting to maintain financial stability and integrity, promote market competition and innovation and ensure customer protection.ADGM has sought to act on an international basis by signing agreements with regulatory bodies in the UK, Hong Kong and Singapore, in an effort to enable information sharing and cross-border cooperation.Regulatory activityAt a national level, earlier this year the UAE enacted a digital assets regulatory framework. Earlier this week, the UAE also revealed a federal licensing system for crypto companies. In February, work began on a $2 billion initiative to nurture blockchain and Web3 startups via Hub71, the emirate’s tech ecosystem. The initiative provides startups with access to a broad range of support services as well as potential collaborations with government and investment partners.According to the document, “this Consultation Paper is of interest to any persons operating or planning DLT projects, persons engaging in digital asset-related activities and their legal advisors, as well as DLT participants, associations, and stakeholders.”With that, the ADGM is inviting comments and feedback from members of the public on the proposed changes contained within the consultation paper. To aid public comment, the policy document includes a number of questions that it invites stakeholders to consider as they work towards submitting their feedback.Those interested have until May 12 to take the opportunity to submit their comments and views relative to the Abu Dhabi regulator’s proposed framework.

Barunson Labs and EQBR forge partnership to develop film-based security tokensBarunson Labs, a Korean blockchain-based platform for culture and arts, has joined forces with Web3 firm EQBR Holdings to offer film-based security tokens, aiming to bridge the realms of finance and cinema both in Korea and overseas.Photo by Felix Mooneeram on UnsplashBarunson’s diversified endeavorsBarunson Group, the parent company of Barunson Labs, has been a major leader in various cultural ventures involving film, drama, virtual reality, games and the metaverse. Notably, its production subsidiary Barunson E&A is known for its investment in “Parasite,” the critically acclaimed movie that won four Oscars at the 92nd Academy Awards.Earlier this year, Barunson Labs applied for a financial regulatory sandbox — a program under Korea’s Financial Services Commission that offers a special and provisional regulatory exemption for financial services that have been recognized for their innovativeness — to launch security tokens based on films. To gain approval, the firm also released the beta version of CRADE, a blockchain-based service that manages the flow of funds during the film production process.EQBR’s strategic expansionMeanwhile, EQBR has been developing a security token offering (STO) platform called Apanda Partners — a joint venture established with Shinhan Securities and Aegis Asset Management that received approval as a financial regulatory sandbox in December of last year. Apanda Partners’ Singaporean branch has since established a localized platform catered to the country’s securities firms and prepared for listing on the country’s regulated investment and trading platform SDAX. Barunson Labs and EQBR plan to list their first security token based on Korean content on SDAX in the first half of next year.“Starting with our collaboration with Barunson Labs, we are developing a process to make diverse assets available as products on various security token platforms built on EQBR’s technology,” explained Lee Hyun-ki, CEO of EQBR. “We will not simply talk about our technological possibilities but also demonstrate them through real-life cases, proving that investments can be diversified through the use of blockchain technology and smart contracts.”Lee is also set to participate in the STO Summit hosted by local news outlet Edaily from Thursday to Saturday (local time), where he will deliver a presentation on the application of STO solutions to actual financial services and the future trajectory of this trend. He will also introduce EQBR’s STO platform.“We are taking a dual-track strategy by simultaneously launching security token products in Korea and in overseas markets like Singapore, which is one step closer to institutionalization,” said Kang Shin-beom, CEO of Barunson Labs. He added that the company would launch more innovative investment products in the future that are poised to boost the status of Korean cultural and entertainment content on the global stage.