Dunamu reports Q3 slump amid interest rate hikes and economic slowdown

Korean health management app leverages blockchain for iris-based solutionsIRIS, a blockchain foundation focused on healthcare, announced on Wednesday (local time) the launch of a health management app developed in collaboration with Hongbog, a South Korean provider of iris-based biometric systems. This app offers services customized to each user’s health status and lifestyle.Photo by Kalea Jerielle on UnsplashIridology-based health analysisUnlike other healthcare platforms that primarily focus on exercises, IRIS’ app offers long-term and periodic health trend analysis reports through iris photography. This approach is based on “iridology,” a concept used in traditional Korean medicine, and the app also recommends visits to specialized healthcare providers based on its findings.The app instantly analyzes a user’s biometric information through artificial intelligence once a picture of their eyes is captured with a smartphone camera. Within 15 seconds, users can view their results, based on which the app recommends personalized exercises and nutrients.This platform serves both personal disease management and prevention, and can also be utilized by public health centers for monitoring the health of local residents. Presently, it provides five health ratings for cholesterol, stress levels, and four specific organs: the brain, lungs, liver and kidneys. Future updates will optionally include information on an additional 15 organs, such as the heart, bronchi, pancreas and stomach.Blockchain-powered privacy protectionA representative from IRIS conveyed that their goal in an aging society is to assist customers in preventing serious illnesses and promoting longer, healthier lives. They emphasized that the app enables regular measurement of health indicators, aiding in disease prevention and management. The representative also mentioned that by storing sensitive healthcare information on the blockchain, the service eliminates the risk of personal data leaks.

Bullish Market Analysis Finding as Asia Doubles Crypto UsersComing off the back of the last bull run, the crypto sector has been challenged with cooling price levels also affected by global macroeconomic headwinds. Despite that, a recent crypto market study by financial news platform Finbold has found encouragement with a significant increase in crypto users, most notably in Asia.Photo by Jéan Béller on Unsplash37% increase in global usersAccording to the market data presented by Finbold on Thursday, the number of global crypto users has reached 417.5 million as of 2023, representing a year-over-year growth of 36.88%. This translates to an increase of 112.5 million users compared to the 2022 count of 305 million.Several factors contribute to the growth in crypto user numbers. The fear of missing out (FOMO) phenomenon plays a significant role, as individuals see market downturns as an opportunity to enter the market and potentially benefit from their investments.Mainstream adoption and awareness of cryptocurrencies have also attracted new users, aided by the accessibility and convenience of crypto platforms and exchanges. Additionally, the acceptance of cryptocurrencies as a form of payment by businesses has further fueled user growth.In emerging markets with unstable economies and limited access to traditional banking services, cryptocurrencies have been embraced as an alternative and inclusive financial solution, driving adoption in those regions.Standout growth in AsiaAsia leads the way with 260 million users as of May 2023, marking an astonishing 100% growth from the previous year’s figure of 130 million. North America follows with 54 million users, witnessing an addition of 3 million compared to the 2022 count of 51 million.When examining crypto ownership in relation to the population of each country, Thailand claims the top spot in 2023 with a share of 9.32%. India comes in second with 7.23%, followed by Brazil at 6.98%. Pakistan ranks fourth with 6.4%, while France rounds out the top five with 5.9%.Observers believe that regional crypto user trends will be influenced by regulations. Asia dominates the market, driven by the increasing adoption of blockchain-based payment solutions in countries like India, China, Singapore, South Korea, and Japan, particularly within the banking, financial services, and insurance sectors.African & European user declineAfrica experienced a decline of 28%, going from 53 million to 38 million users. Similarly, European users dropped from 43 million to 31 million. Notably, Europe has witnessed a drop in usage, coinciding with the enactment of the Markets in Crypto Assets (MiCA) law, which aims to create a legal framework for the crypto asset market.The growth in global user numbers is remarkable, considering the challenging phase the crypto sector has been going through. High-profile incidents, including the FTX crypto exchange collapse and the Terra (LUNA) ecosystem crash, have eroded trust within the sector. Moreover, the crypto market has had to navigate an uncertain regulatory landscape, with jurisdictions like the United States cracking down on the sector.Lawsuits filed by the US Securities and Exchange Commission (SEC) against Ripple, Binance, and Coinbase for alleged securities laws violations are likely to discourage investor involvement. Regions with stricter regulations, such as North America and Europe, are expected to lose crypto business to the Asia-Pacific region.

Dubai Increases Monitoring of Crypto License HoldersDubai is scrutinizing crypto license holders and license seekers more closely as a direct consequence of the collapse of Bahamas-based cryptocurrency exchange FTX, last year.On Wednesday Bloomberg cited people familiar with the matter who told it that Dubai’s Virtual Assets Regulatory Authority (VARA) has recently requested more information on the ownership structure, governance, and auditing procedures of applicants like global crypto exchange, Binance.©Pexels/Aleksandar PasaricCloser scrutinyAll international companies seeking permits are being asked for similar information. This stricter approach is a potential problem for Binance CEO Changpeng Zhao (CZ), who lives in Dubai and has made it a central point of expansion in the Middle East. The Emirate is attempting to balance fostering innovation with proper oversight of an industry that has been the subject of high-profile scandals in the past year.According to Sam Blatteis, CEO of The MENA Catalysts, which provides government-relations advice to fintech multinationals expanding in the Persian Gulf, “VARA wants to turn Dubai into a capital for the digital-assets economy while safeguarding its business ties with Western jurisdictions like Europe that are adopting more muscular crypto regulations.”CFTC lawsuitIn March, the US Commodity Futures Trading Commission sued Binance and CZ for allegedly violating derivatives regulations, claiming the firm had inadequate compliance procedures. Binance expressed disappointment with the lawsuit.The company claimed at the time that it had provided all necessary information to VARA regarding its ownership structure and external auditor, as well as answering any other queries on a proactive basis. VARA officials are also seeking information on the ownership, auditing, and board procedures at the global group level of Binance.Steering clear of FATFDue to its size and complexity, addressing these queries is taking longer. Binance’s complicated corporate structure includes several holding companies, three of which are named in the CFTC lawsuit, and multiple local entities. In February, a senior executive said Binance was attempting to hire an auditor for its entire balance sheet.Dubai is trying to get off the “gray list” of global money laundering and terrorist financing watchdog the Financial Action Task Force (FATF). To that end, it has cracked down on unlicensed over-the-counter (OTC) crypto exchanges, according to anonymous sources. Dubai belongs within the United Arab Emirates (UAE), with the foreign ministry of the UAE declining to provide any comment on the matter to Bloomberg. Komainu, Hex Trust, GC Exchange and Crypto.com are the four companies, in addition to Binance, that are licensed in the UAE, with the former three having only Preparatory Minimum Viable Product (PMVP) permits.Hex Trust said that providing additional information on ownership, auditing and board procedures didn’t prolong the application process for its Operational MVP license. Laurent Girouille, the head of Komainu’s regional office in Dubai, said the regulatory requirements were stringent. Meanwhile, Binance is awaiting the launch of Binance FZE, which is audited by Mazars and has a board of directors, while it upgrades to an Operational MVP license before applying for a Full Market Product permit.