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UAE Emirate Launches Digital Asset Oasis Free ZoneRas Al Khaimah (RAK), one of the seven Emirates of the United Arab Emirates (UAE), has launched the RAK Digital Assets Oasis (RAK DAO), a free zone tailored exclusively for digital and virtual asset enterprises.Photo by Mostafa Ashraf Mostafa on UnsplashFrom conception to launchThe Emirate has been working on the RAK DAO project for some time, having enacted a law to establish the free zone in March of this year. In July it emerged that RAK Digital Assets Oasis had partnered with the HBAR Foundation, the project team behind the Hedera public ledger, with HBAR extending funding and resources to fuel the growth of free zone members.Having put in the hard yards to establish the free zone, RAK DAO, under the patronage of RAK Emirate ruler His Highness Sheikh Saud Bin Saqr Al Qasimi, had its launch event on Thursday. The event included a range of industry speakers including Ledger Chairman and CEO Pascal Gauthier, Animoca Brands Co-Founder and Executive Chairman Yat Siu, DFINITY Founder Dominic Williams, and TON Foundation President Steve Yun, among others.During the event, DAO creation and governance platform DeXe DAO Studio announced its partnership with RAK DAO.With an eye towards keeping the RAK Emirate ahead of the technological curve, RAK DAO aims for the digital assets oasis to become the world’s first free zone dedicated solely to digital and virtual asset companies. While RAK DAO is initially expected to focus on non-financial activities, it holds the potential to introduce financial activities at a later stage.Nurturing Web3 innovationThe mandate of RAK DAO is to provide robust support to companies engaged in cutting-edge technologies. This includes but is not limited to ventures in the metaverse, blockchain, utility tokens, virtual asset wallets, non-fungible tokens (NFTs), decentralized autonomous organizations (DAOs), decentralized applications (DApps), and various other Web3-related businesses.Entrepreneurs who establish their presence within the confines of this free zone will be granted the privilege of retaining 100% ownership of their enterprises. Moreover, they will benefit from innovative tax schemes and a regulatory framework that is tailored to the unique demands of the digital asset industry.Progressive approach to Web3The UAE, as a nation, has actively pursued and courted crypto and blockchain firms by cultivating a progressive regulatory environment. Dubai led the charge by introducing a virtual assets law and establishing the Virtual Asset Regulatory Authority.RAK is not the first Emirate to establish a free zone that caters to crypto and Web3 business within the UAE. The Emirate of Abu Dhabi has established the Abu Dhabi Global Market (ADGM) while the Dubai International Financial Centre (DIFC) established its own financial regulator in Dubai, paving the way for attractive free zones for digital asset businesses. The Dubai Virtual Assets Regulatory Authority (VARA) even took its commitment a step further by inaugurating its headquarters in The Sandbox in May 2022.Dubai has issued operational licenses to several crypto firms, including prominent names like Binance, Crypto.com, and Nomura’s Laser Digital and digital asset custodian Komainu. These licenses have further solidified the UAE’s position as a preferred destination for crypto, blockchain, and Web3 enterprises.

Rotonda revamps Burrito Wallet with cross-chain swapping, added mainnet and moreRotonda, a subsidiary of South Korean crypto exchange Bithumb, has recently revamped its Web3 wallet Burrito Wallet to make the app more convenient for users, according to Korean news agency Etoday on Wednesday (local time). The newest version features an improved mainnet support system, user interface (UI) and user experience (UX), with a stronger focus on enhancing user convenience and creating a framework for optimal investment.Photo by Shubham’s Web3 on Unsplash“Through this service renewal, we hope that many users will be able to experience a more convenient and unique web3 environment. We will continue to improve our services to establish Burrito Wallet as a user-friendly crypto wallet platform,” the company said.Expanded options for token tradingMost notably, Burrito Wallet now offers cross-chain swapping, which allows users to trade token currencies that have been issued on different mainnets. This is a step up from regular crypto swapping, which only allows the swapping of tokens issued on the same mainnet. Cross-chain swapping between the Ethereum, BNB Smart Chain, Matic, Avalanche and Arbitrum mainnets is now supported by the deSwap Liquidity Network (DLN), a decentralized cross-chain exchange built by deBridge Finance. DLN facilitates secure and unlimited liquidity transfers across chains with zero slippage.Rotonda added that it would continue to expand its lineup of swap platforms through collaborations with major industry names like Kana Labs, WOOFi and Unizen.Better user experienceThe company also added new features to help users make optimal investments. This includes a new notification bot dubbed “Burrito Chef,” which sends notifications for announcements, updates and events within the app. Users can quickly and conveniently check the insights they need to inform their personal investments and get the most out of the app’s services.On the UI front, a “Home” tab has been added, which provides users with a concise overview at of the most commonly used features like wallet, swap and chat, along with the most popular content. Token rankings by category — such as most swapped tokens and most rising tokens — that were previously available on the “Swap” tab have been moved to the “Home” tab and placed in the foreground of the screen. Rotonda also explained that it aims to provide a more customizable experience by adding more detailed chart features.The wallet also now supports the Sui mainnet, bringing the total number of supported mainnets to 12.This development comes shortly after Rotonda recently launched Burrito Wallet in the Latin American region in a move to expand its global user base.

Standard Chartered Bank Hong Kong, a licensed bank and subsidiary of British multinational banking group Standard Chartered, has partnered with local companies to launch a Hong Kong dollar-based stablecoin in the Chinese autonomous territory.Photo by Chapman Chow on UnsplashJoint venture formed In a press release published by Animoca Brands, a blockchain-based gaming and Web3 venture capital firm based in Hong Kong, the company outlined details of the partnership between it and Standard Chartered, alongside Hong Kong Telecom (HKT), Hong Kong’s dominant fixed-line, mobile and broadband telecommunications firm. The partnership has been structured as a joint venture between the three companies, with the objective of launching the Hong Kong dollar-backed stablecoin. Local regulator and central bank, the Hong Kong Monetary Authority (HKMA) has been working towards implementing a regulatory framework specifically dedicated to stablecoins.  Legislative framework incoming As of the end of 2024, proposed legislation that would enable such a framework had advanced to Hong Kong’s Legislative Council. Before the bill can be enacted into law, the legislative process requires three readings of the bill accompanied by a series of debates and the scrutiny of lawmakers.  Once the legislation has been signed into law, it will require stablecoin issuers to obtain a license from the HKMA. In the case of this particular joint venture, the promoters plan to apply for a license in due course. Standard Chartered is already deeply embedded in Hong Kong’s financial system, making this latest development all the more significant. Alongside HSBC and Bank of China (Hong Kong), Standard Chartered issues the local currency, the Hong Kong dollar. That activity is carried out under the oversight of the HKMA.  The HKMA launched a sandbox environment relative to stablecoins in order to provoke an exchange of views between the regulator and market participants. The three parties to this latest joint venture have been sandbox participants since July of last year, alongside JINGDONG Coinlink Technology and RD InnoTech. JINGDONG declared its intention to launch a Hong Kong dollar-backed stablecoin last year. RD InnoTech plans to launch the HKDR stablecoin in conjunction with HashKey Exchange. Stablecoins ‘starting to eat the world’Earlier this month, Rene Michau, Standard Chartered’s global head of digital assets, set out the bank’s thoughts on stablecoins in an article published on the company’s website and co-authored by Circle Chief Financial Officer (CFO) Jeremy Fox-Green. Within it, Standard Chartered recognized the potential of stablecoins, suggesting that they are key to unlocking a future where blockchain acts as a new “internet of money.” The article went on to state that it is critical for stablecoin issuers “to maintain deep connections with strong banks and for those banks to be building digital asset capability.” The company recognizes that stablecoins are “starting to eat the world,” referring to a global stablecoin circulation that has already surpassed $100 billion.  Evan Auyang, President of Animoca Brands, pointed out that “we are still in the early stages for mass adoption of stablecoins across retail, enterprises and institutions.” He added that Hong Kong has a bright future as a global Web3 hub. Susanna Hui, Managing Director at HKT, believes that “issuing an HKD-linked stablecoin will enhance payment efficiency, streamline transactions, and provide greater security and transparency through advanced Web3 innovations.”