MaskEX Gets Initial Regulatory Approval in UAE

Saudi Arabia Looks to Diversify Through Web3Saudi Arabia is intensifying its efforts to diversify its economy as part of its ambitious Vision 2030 initiative. In a move away from its traditional reliance on oil, the kingdom is embracing cutting-edge technologies like blockchain and artificial intelligence (AI) and is delving into the burgeoning gaming industry.That’s the view of Animoca Brands Co-Founder Yat Siu, who, in a recent interview with Cointelegraph, highlighted Saudi Arabia’s keen interest in Web3, emphasizing the country’s partnerships with entities like The Sandbox and Animoca itself.Photo by Hala AlGhanim on UnsplashDriving gaming growthSiu believes that Saudi Arabia is making a concerted effort to explore the possibilities of the new iteration of the internet, particularly in the realm of Web3 gaming and blockchain gaming, where asset ownership is verified on the blockchain. He stated:“I think Saudi [Arabia] understands the principle that Web3 gaming or blockchain gaming — the one that we actually prove the owner assets — is going to be the future of gaming.”While Saudi Arabia has yet to make a significant global impact in game and AI development, experts in the emerging field of Web3 believe that the kingdom’s investments in gaming could have far-reaching implications.The Boston Consulting Group reported that Saudi Arabia accounts for 45% of the region’s gaming sector, with a total value exceeding $1.8 billion. It also boasts one of the highest game revenues in the area, according to Ireland-based gaming content creator, Allcorrect.$38 billion gaming fundSiu is not the only one to believe in the efficacy of Saudi’s Web3 efforts. Poland-based Web3 gaming platform GameSwift also articulated a similar view recently. In a tweet thread published last month, the firm acknowledged the $38 billion gaming fund launched by the Saudi royal family.That initiative involves a Gaming Hub, the first incubator for esports in the world. The objective of the hub is to empower early-stage studios and provide an accelerator program for their growth, with direct investment going to top ten studios.Cryptocurrency uncertaintyDespite its understanding of the high-level concept of Web3, Saudi Arabia faces uncertainties regarding the integration of cryptocurrencies and virtual assets into gaming due to the absence of clear regulations. Siu explained that while Saudi Arabia is proactive in investigating cryptocurrencies, other regions like Hong Kong, Japan, and the United Arab Emirates (UAE) offer more clarity on what can be done with crypto and Web3.Siu noted that Saudi Arabia is actively seeking information on best practices and strategies from experts like Animoca. To encourage Web3 adoption, financial literacy is key, according to Siu.He emphasized that users must have a certain level of financial literacy to fully embrace Web3, as it goes beyond traditional banking. Understanding the potential value of digital assets and their network effects is crucial for Web3 users.Saudi Arabia is not the only Gulf nation to pivot to Web3. Oman is looking to do likewise based on similar rationale — to diversify away from an oil-based economy. The UAE is also actively working towards creating the right conditions to nurture Web3 startup businesses.

Upbit Operator Doubles Down on ESG ManagementDunamu, the operator of the popular Korean crypto exchange Upbit, issued a press release on Friday stating it will donate 500 million KRW (~$385,000) to the Korean Red Cross in support of recovery efforts for the recent wildfire damage in Gangneung, a city located east of Seoul.©Pexels/Matthias ZomerESG managementThis is part of its efforts to double down on its environmental, social, and governance (ESG) management, according to Korean economic media Biz World.Wildfire recovery effortsLast year, Dunamu also donated 3 billion KRW (~$2.3 million) to Hope Bridge, a disaster relief association in Korea, to support the swift recovery from wildfires that ravaged areas near the cities of Uljin and Samcheok.Metaverse and NFTs for plant conservationUnder the slogan “climate change action,” Dunamu is engaging in various projects. Last month, the exchange operator launched the 2nd foRest campaign in collaboration with the Korea Forest Service and the Korea Forest Welfare Institute.The purpose of this campaign was to encourage citizens to participate in recovering wildfire-affected areas. Every tree planted in Dunamu’s metaverse platform 2nd Block led to the actual planting of two trees in the ravaged areas. More than 30,000 trees were planted through the project, and moreover, 10,000 of the participants were rewarded with coupons that can be exchanged for saplings.Dunamu has also made endangered plant conservation efforts with the Korea Arboreta and Gardens Institute. Upbit NFT Marketplace showcased ten endangered plants in NFT editions.Veronica Star Light, one of the editions revealed during the first airdrop, sold out within a day, reflecting its popularity. Dunamu will use the fees collected from these transactions to establish a fund for endangered plant conservation.Protecting plant diversityDunamu Chairman Song Chi-hyung said the company has been studying various means to utilize its technology and resources to contribute to society, and that it will continue to make multifaceted efforts to protect plant diversity.

Matrixport Bullish Despite Bitcoin’s Price StandoffThe crypto market, with a total capitalization of around $1.08 trillion, finds itself in a tense state of anticipation towards October, which has been historically the most robust month for Bitcoin with average returns of over 20%, according to Singapore-based digital assets ecosystem firm Matrixport.Photo by Dmytro Demidko on UnsplashTechnical strugglesMeanwhile, Bitcoin (BTC) has been unable to breach the $27,400 mark, facing formidable resistance and failing to surpass its 50-day moving average. From a purely technical standpoint, the situation for Bitcoin appears bearish. The corrective rebound in BTC has concluded, with prices falling below key moving averages and short-term oversold conditions correcting themselves.This technical analysis reflects the cautious stance adopted by financial markets globally ahead of pivotal monetary policy decisions in countries like the US, Switzerland, the UK, and Japan.Mining difficulty increaseAnother notable development in the world of Bitcoin is the recent 5.48% increase in mining difficulty, bringing it to 57.12 T. This surge in mining difficulty is indicative of the ongoing robustness of the Bitcoin network, with the 7-day moving average reaching a substantial 423.4 EH/s, as reported by Glassnode.The leading cryptocurrency has a number of challenges and regulatory uncertainties that it must wrestle with currently.The regulatory issues at leading global crypto exchange Binance represent one of those challenges. Trading volumes on the Binance exchange have plummeted by 57% over the past week, driven by users seeking refuge on platforms yet to be subjected to regulatory crackdowns. Meanwhile, a court decision opted against ordering Binance’s US unit to provide the Securities and Exchange Commission (SEC) in the United States with further customer fund information, encouraging collaboration between the parties.Spot Bitcoin exchange-traded funds (ETFs) are another area where the market anticipates a resurgence in the cryptocurrency space, driven by a wave of applications to launch spot Bitcoin ETFs. This development, according to Matrixport, has the potential to be a catalyst for Bitcoin’s growth should a spot BTC ETF be approved. The leading digital currency’s market dominance is currently approaching 50%.Meanwhile, the announcement of a new Bitcoin fund by Laser Digital Asset Management, a subsidiary of Japan’s largest investment bank and brokerage group, Nomura, has been interpreted as bullish news. Laser Digital has introduced a Bitcoin fund targeting long-term institutional investments, further demonstrating the growing institutional interest in cryptocurrencies.Further good news has emerged via Citigroup in the United States, which has launched Citi Token. The offering leverages blockchain technology and smart contracts for business-to-business payments and trade finance, reinforcing the adoption of blockchain within the financial industry.Divergent PredictionsAlthough Matrixport’s outlook is bullish, it comes amidst a backdrop of regulatory developments and technical challenges, with analysts offering contrasting outlooks for Bitcoin’s future. Matrixport projects a bullish fourth quarter for Bitcoin, citing historical trends of strong performance during this period. It anticipates potential gains of up to $37,000 by year-end.Mike Novogratz, the Founder of crypto-focused financial services firm Galaxy Digital, envisions Bitcoin reaching $500,000 by 2024, fueled by increased adoption and maturation of the crypto market.