Bitget invests in Morph layer 2 network

Malaysian Prime Minister Datuk Seri Anwar Ibrahim has said that Malaysian government agencies and the country’s central bank need to study blockchain and cryptocurrency from a policy perspective so as not to get left behind.Photo by Esmonde Yong on UnsplashConsidering major changesHis comments emerged alongside the news that Anwar had discussed digital finance policy matters with Abu Dhabi government officials and with Changpeng Zhao (CZ), the founder and former CEO of Binance. According to the New Straits Times, an English-language newspaper published in Malaysia, the Malaysian government is homing in on the establishment and adoption of a formal policy relative to digital assets and blockchain.  Anwar confirmed that discussions also related to “digital transformation, data centers and artificial intelligence (AI),” and that the demands that Malaysia now faces require the government to consider major changes. In discussion with local media, Anwar stated: "I proposed several months ago how our agencies, including security, treasury and Bank Negara study how Malaysia can explore this so we aren't left behind. Ensuring that is regulated could safeguard the people's interests and prevent leakages.” Crypto-friendly regulationsAnwar added that a “radical departure from the old ways” would be needed for Malaysia to remain competitive, emphasizing the need for the Southeast Asian country to keep up to speed through the application of crypto-friendly regulations. Addressing the pace of technological change, he stated: “This is an evolution which happens quickly and requires us to be equally fast. We feel that Malaysia should not be left behind while mired in an old financial system.” In moving towards setting out a clear policy relative to digital assets, the Malaysian prime minister is encouraged by his recent dialogue with United Arab Emirates (UAE) government officials. He said that they confirmed that they feel they can forge close cooperation with Malaysia on the matter. Anwar added:“We need to discuss this in detail, leave behind the old business model and give meaning to this digital finance policy.” Taking to the X social media platform, Binance’s CZ described the nature of his discussion with the Malaysian prime minister, stating: “The discussions were not about Binance but about the crypto industry and Malaysia, including regulations, policies, risks, and collaborations between industries and across national borders. Forward!” A pseudonymous crypto investor and programmer, @darren_com_my, responded to CZ’s tweet to explain that the Malaysian government provides support to the digital assets industry via government agencies, but that, on the other hand, it has blacklisted a number of exchanges such as HTX (formerly Huobi) and Binance.  The local regulator has issued licenses to six virtual asset service providers. In recent weeks, Malaysia’s Securities Commission has taken action against global exchange Bybit and crypto app Atomic Wallet, prohibiting them from trading within the jurisdiction due to both companies not having obtained the required licensing.

G20 Nations Believed to Have Agreed Upon Global Crypto FrameworkUnder India’s current leadership of the G20, reports are emerging that participating nations have reached a unanimous consensus on establishing a common framework for cryptocurrency regulation.According to local news sources, this monumental decision has been reached, and it’s expected to take center stage during the 18th G20 Heads of State and Government Summit scheduled for September 9–10 in New Delhi.Photo by Rachit Chaudhary on UnsplashIMF/FSB synthesis paperThe reports published on Wednesday cite information from official sources that the International Monetary Fund (IMF) and the Financial Stability Board (FSB) have collaboratively released a synthesis paper laying the groundwork for this comprehensive regulatory framework. Consequently, discussions around this initiative will likely feature prominently on the agenda during the upcoming leaders’ summit.The unity achieved by G20 nations in forging this global cryptocurrency regulation framework marks a significant milestone in the ever-evolving area of digital assets. The framework’s primary goal is to provide a structured approach to oversee cryptocurrencies, potentially mitigating risks associated with their use, all while fostering innovation within the rapidly expanding crypto sector.Multilateral Development Banks (MDBs)Aside from this development relative to digital assets, multiple working groups have been working on recommendations related to Multilateral Development Banks (MDBs). These groups have proposed measures to confront future financing challenges, and there is growing support for establishing a $200 billion fund to meet financing needs over the next decade.Beyond financial concerns, the G20 nations, under India’s leadership, have embarked on a comprehensive evaluation of the high volatility in food and energy security. Stressing the vital importance of stability in these sectors for sustainable global growth, these issues will take the spotlight during the leaders’ summit later this week.TaxationAnother area where India has made significant strides is international taxation. During India’s G20 Presidency, a pillar taxation system for international taxation has been recommended. The efforts in this domain have been described as making “significant progress” so far, underscoring the commitment of G20 nations to address global taxation challenges.It’s interesting to note that on the home front, India has been far less progressive when it comes to crypto-related taxation. The country has imposed a 30% tax on cryptocurrency transactions. Local crypto exchanges have also pointed to a 1% Tax Deducted at Source (TDS) which is being applied to exchanges as a major challenge that is having an impact on their operations.A threat and an opportunityLate last month, Indian Prime Minister Narendra Modi urged his G20 counterparts to work towards global collaboration in respect of formulating global crypto regulations. On Wednesday India’s Finance Minister, Nirmala Sitharaman, confirmed that active discussions were underway as part of India’s G20 presidency. At an event in India’s financial capital of Mumbai, Sitharaman stated:”India’s [G20] presidency has put on the table key issues related to regulating or understanding that there should be a framework for handling issues related to crypto assets.” While confirming that G20 members were working toward establishing a global crypto framework, Sitharaman also remarked that crypto was a “threat as well as an opportunity.”

Oobit, the mobile crypto payment app based in Singapore, has raised $25 million in a series A funding round with the assistance of leading stablecoin issuer Tether. Funding global expansionThe company aims to broaden its reach across Asia, the Middle East and Latin America, with a strategic focus on bringing its platform to more mainstream users. While the company’s primary markets currently lie within the European Union and the UK, Oobit will be targeting the Asia Pacific (APAC) region and specific jurisdictions such as the United Arab Emirates (UAE), Canada and Australia. This expansion aligns with the company's goal of accelerating the development of a Web3 gateway. The funding round was led by Tether alongside Anatoly Yakovenko, co-founder of Solana Labs. Additionally, Germany’s 468 Capital, a technology investment firm, and Hong Kong-headquartered CMCC Global joined as contributors. CMCC invested through its $100 million Titan Fund, which it established last year to support blockchain startups in the Asian region.Photo by micheile henderson on UnsplashEnabling users to spend cryptoOobit's mobile payment app allows consumers to make purchases using cryptocurrencies, while merchants receive payments in fiat currency. The tap-and-pay feature enhances accessibility, enabling users to pay at any point of sale accepting Visa or MasterCard funds from their Oobit wallet. Furthermore, Oobit facilitates the direct purchase of bitcoin, ether and more than 35 other popular cryptocurrencies within its app. Tether CEO Paolo Ardoino expressed support for Oobit's development, emphasizing a shared vision for driving widespread cryptocurrency adoption globally. Oobit's co-founder and CEO, Amram Adar, highlighted the funding round as a pivotal moment, propelling the company forward in its mission to offer a straightforward way to pay with digital assets worldwide. Introducing non-custodial paymentsThe company plans to extend its capabilities to third-party wallets, transitioning into a non-custodial crypto payments app. This move will allow payments to and from external e-wallets, bridging the gap between Web3 and real-world spending. A company spokeswoman stated via email:"We have several partnerships in the pipeline that will be announced in the coming months," hinting at Oobit's commitment to ongoing collaboration and expansion. Oobit's vision is to empower crypto holders to Tap & Pay at over 100 million retailers globally, accepting Visa and MasterCard. Merchants can seamlessly embrace digital assets as a form of payment, and customers can conveniently use their digital assets for transactions. Future updates to Oobit will enable customers to make crypto payments, ensuring merchants receive fiat currency in return, mirroring the simplicity of credit card transactions. The native cryptocurrency of Oobit is the OBT token through which the platform rewards its growing community and ecosystem. The token is used for transaction fees and payments. The OBT token is currently trading at $0.0992, according to CoinMarketCap data. With the backing of industry leaders and a user-centric focus, Oobit is attempting to position itself to make significant strides in its mission to facilitate frictionless transactions and promote the adoption of cryptocurrencies on a global scale.