Zipmex Thailand halts crypto trading citing SEC compliance

The Hashgraph Association, a non-profit organization that focuses on building an ecosystem of startups and enterprises relative to the use of the Hedera Hashgraph public ledger, has announced that it intends to explore use cases for the technology in Qatar. Hedera Hashgraph was first created in 2015 by Leemon Baird and Mance Harmon. The network is designed such that anyone can transact using it and deploy applications on it. However, governance is separated from consensus, with a group of businesses overseeing the network protocol.Photo by Hongbin on UnsplashFive key use casesIn a LinkedIn post published on September 19, the Hashgraph Association outlined that within the next 12 months, it would explore the implementation of five key use cases relative to the Hashgraph network in Qatar, collaborating with stakeholders within the Middle Eastern country in order to do so. First on its list is the tokenization of equities. During the TOKEN2049 event in Singapore earlier this week, the HBAR Foundation, another entity which supports the creation of Web3 communities on the Hedera network, launched the Hedera Asset Tokenization Studio.  According to the HBAR Foundation, the initiative “enables the seamless issuance and management of tokenized bonds and equities on the Hedera network.” The move, when considered in the context of the Hashgraph Association’s intentions relative to the pursuit of the tokenization of equities as a use case in Qatar, demonstrates that the distributed ledger technology (DLT) network’s most prominent stakeholders are homing in on this particular use case in furthering the use of the network.  Dr. Sabrina Tachdjian, the HBAR Foundation’s head of fintech and payments, stated that the  Asset Tokenization Studio will lower technical barriers to the tokenization of bonds and equities, along with the recording of their underlying data on the ledger. Sukuk tokenizationOther use cases up for exploration in Qatar are real estate tokenization and sukuk tokenization. A sukuk is an Islamic financial certificate. It’s a bond-like financial instrument which is sharia-compliant. The world’s first tokenized sukuk, linked to a sovereign instrument, was created in Malaysia in 2023.  Fusang Exchange listed the product, as a digitized version of a sukuk issued by the International Islamic Liquidity Management Corporation (IILM), represented via an ERC-20 token. Shariah-compliant finance represents a $4 trillion opportunity. Additionally, the Hashgraph Association is looking to exploit the carbon credit sector as a use case, while also looking towards the use of the Hedera Hashgraph ledger for the purpose of consumer engagement and loyalty programs. Digital assets frameworkOn September 1, the Qatar Financial Centre (QFC) announced that the Qatar Financial Centre Authority (QFCA) and the Qatar Financial Centre Regulatory Authority (QFCRA) had launched the QFC digital assets framework. The Hashgraph Association believes that the regulations strengthen its role in “fostering innovation and trust within the digital assets ecosystem, further solidifying the region’s position as a global leader in fintech.” In May, the Hashgraph Association announced at the Qatar Economic Forum a $50 million partnership with the QFC, with the goal of creating a digital assets venture studio in Qatar to support solutions built on the Hedera network.

UAE researchers introduce carbon trading platform on blockchainAmid escalating climate concerns, the Technology Innovation Institute (TII) in Abu Dhabi has unveiled a blockchain designed to monitor carbon emissions and facilitate trading.Announcement during COP28The institute’s Cryptography Research Center (CRC) recently announced the launch of its proprietary blockchain-powered carbon trading platform, showcasing the United Arab Emirates’ (UAE) commitment to spearheading global climate initiatives. TII CEO Ray Johnson stated:“We are proud to announce this digitized tracking and trading platform at COP28, representing the UAE’s drive to become a technology and innovation powerhouse and its commitment to leading the world’s climate action agenda.”The revelation coincides with the United Nations Climate Change Conference (COP 28), which runs until Dec. 12 and is taking place in Dubai. The conference involves nations making commitments to reduce emissions and transition various sectors toward sustainable energy sources.Photo by Matthias Heyde on UnsplashEnabling carbon trading internationallyThe newly introduced blockchain platform is poised to enable the international trade of carbon tokens, monitor greenhouse projects and incentivize participation in emission reduction initiatives. By leveraging the principles of carbon trading and tracking, organizations will gain valuable insights into their environmental impact. The platform’s deployment on the blockchain ensures transparency and encourages broader participation, compelling major players to fulfill their environmental promises.The lightweight blockchain has been developed with minimal environmental impact in mind, aligning with the broader goals of the government’s climate action initiatives. This blockchain network allows organizations to record their emissions openly, prompting users to generate tokens that quantify carbon removed from company operations through capture or trading.Moreover, the network incorporates auditors to ensure the entire process is secure, transparent, accurate and safe. This approach aims to provide the industry with accurate data on their activities without relying on cumbersome third-party expert monitoring.Harnessing blockchain’s transparencyThe move to utilize blockchain technology for addressing climate change aligns with the long-standing belief of the United Nations and various international organizations. Blockchain’s transparency and openness empower industries to have accurate data on their activities, eliminating the need for complex third-party monitoring that often comes at a higher cost.In response to growing criticism of the energy consumption associated with blockchain technology, certain firms have taken steps to adopt greener practices. Notably, in 2021, the Ethereum blockchain transitioned to a Proof-of-Stake model, reducing its carbon footprint by over 99% by eliminating miners and introducing validators. Ethereum also launched the Ethereum Climate Platform (ECP), attracting participation from industry giants like Microsoft.Furthermore, cryptocurrency companies have allocated funds for solar-powered digital asset projects, encouraging developers to embrace eco-friendly practices. This shift towards sustainable initiatives underscores the industry’s commitment to addressing environmental concerns.In a related development, in August, it was reported that the UAE Ministry of Climate Change and Environment (MOCCAE) had entered into a collaboration with the Industrial Innovation Group and the Venom Foundation to work towards a blockchain-based carbon credit system.The introduction of the UAE’s blockchain-powered carbon trading platform marks a significant step towards fostering global climate initiatives. The innovative technology not only enhances transparency and accountability in carbon trading but also aligns with the broader global shift towards sustainable and eco-friendly practices within the blockchain industry.

China’s Fuzhou City Offers Incentives to Entice Blockchain Start-UpsAdministrators in Fuzhou city, the capital and one of the largest cities in China’s Fujian Province, have introduced a raft of policies aimed at enticing blockchain-centric companies to establish themselves in the city.Photo by 尧智 林 on UnsplashMonetary rewardsThe measures are understood to include rent subsidies applicable to the use of commercial office space in the city, as well as the payment of cash rewards based on such start-up businesses hitting various revenue targets. The cash reward incentives are being capped at 500,000 yuan, around $71,800 US dollars, for each applicable project.The city administrators are also offering cash rewards to institutions within the city area and local blockchain firms in cases where they attain government-issued certifications. Another category through which these entities can reap more cash rewards is in providing training services centered upon blockchain technology.A blockchain firm basing itself within the city limits that is successful in attaining state certification reflecting its status as a national level laboratory specializing in blockchain technologies may be awarded as much as 1 million yuan ($144,000).Rent subsidiesThree specific industrial locations are applicable where the rent subsidy is concerned. Blockchain-based businesses wanting to avail of that incentive will have access to an annual rent subsidy of up to 600,000 yuan ($86,300) for every 1,000 square meters of commercial office space that they rent.Stepping up activityThere seems to be heightened activity related to various aspects of blockchain-related technology within China’s borders in recent months. It appears that while the country is taking the initiative with blockchain-related technology, that excludes the development of or open market use of decentralized cryptocurrencies.China has been pursuing a policy of pushing cryptocurrency beyond its borders in recent years, to include bans on cryptocurrency exchanges and crypto miners. However, over recent months, it is allowing this segment of the overall blockchain innovation to develop within the autonomous Chinese territory of Hong Kong. In fact, it’s actively encouraging it. It’s quite a savvy move by the Chinese who don’t want their citizens using decentralized cryptocurrency generally but are quite happy to still participate on a global level in that sector, by having Hong Kong make efforts to become a regional crypto hub.A second strand to its overall strategy appears to be a concerted effort to expand the user base within China of the digital yuan, its central bank digital currency (CBDC). A series of initiatives have been rolled out in an effort to bring the CBDC into active use. China remains the global leader in CBDC development, much further along in that process than its international peers.Lastly, it’s strategically pursuing the development of blockchain-related business, just as this initiative in Fuzhou indicates. The local government initiative is not an isolated one. Last Wednesday, China’s National Blockchain Technology Innovation Center was formally launched. As far back as 2019, Beijing-based smart contract platform Trias has been assisting authorities in Fuzhou in utilizing blockchain in an effort to better manage its electrical grid infrastructure.