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UAE Issues New Guidance on Crypto AML MeasuresUnder new guidance issued by the Central Bank of the United Arab Emirates (UAE), crypto businesses will be subject to strengthened anti-money laundering (AML) and countering the financing of terrorism (CFT) measures.Photo by Joshua Miranda on PexelsTightening AML regulationThe guidance, first compiled in February but released on Wednesday, which takes into account the recommendations of the Financial Action Task Force (FATF), has been introduced to enhance the supervisory and regulatory frameworks and combat financial crimes. The rules are set to come into effect within a month.The Central Bank’s guidance specifically targets Licensed Financial Institutions (LFIs) in the UAE, encompassing banks, finance companies, exchange houses, payment service providers, registered hawala providers, insurance companies, agents, and brokers. These entities will now be required to comply with the new regulations to prevent money laundering and terrorism financing activities.Firm foundationsIn a written statement, His Excellency Khaled Mohamed Balama, Governor of the UAEs Central Bank, expressed the importance of the new guidance in strengthening efforts to combat financial crimes. He emphasized the commitment to protecting the financial and monetary system’s soundness and stability, aligning with the FATF standards.The issuance of the guidance comes as the UAE aims to attract crypto businesses to the region by offering a welcoming but effective regulatory framework. In March, Dubai unveiled a dedicated agency responsible for virtual asset regulation, signaling its commitment to fostering a favorable environment for crypto-related activities. Its Virtual Assets Regulatory Authority (VARA) has also taken action against what it deems to be unregulated activity in the crypto space recently.That action together with the approaches taken by Abu Dhabi and at a national level the UAE itself with respect to digital asset licensing is indicative of a territory that is setting out the right foundation upon which to develop the innovative sector. The approach taken by regulators in the UAE has garnered praise from major crypto firms, including Coinbase, who have applauded the region’s proactive stance on regulation.The strengthened regulatory framework is expected to contribute significantly to the UAE’s ongoing efforts to prevent money laundering and the financing of terrorism. By implementing these measures, the UAE aims to safeguard the integrity and stability of its financial and monetary systems while fostering a secure environment for crypto businesses to thrive.Global regulatory effortsThe UAE’s AML guidance comes amid ongoing efforts globally to come to terms with virtual assets. Tomorrow Japan will implement its adherence to the FATF travel rule regulation relative to digital assets. Crypto businesses like bitFlyer are already adjusting to that eventuality, while also implementing a similar standard in international markets.As the UAE continues to position itself as a leading hub for the crypto industry, the introduction of these new AML rules demonstrates its proactive approach to regulation. The collaboration between the Central Bank and other global regulatory bodies, such as the FATF, showcases the UAE’s commitment to international cooperation and the sharing of knowledge and best practices in the ever-evolving crypto landscape.

India tightens control with 3,000 police officials trained in crypto investigationsAs the crypto sector continues to develop, authorities continue to get to grips with the new crypto innovation, with India’s law enforcement being the latest entity to look to clamp down.Photo by Naveed Ahmed on UnsplashCrypto forensics and investigation trainingAccording to the Ministry of Home Affairs (MHA) annual report, a comprehensive training initiative was undertaken during the financial year 2022–2023. The initiative, spearheaded by the Narcotics Control Bureau and the Indian Cyber Crime Coordination Centre (I4C), equipped over 2,900 officials with essential skills in cryptocurrency forensics and investigation.Under the aegis of the Narcotics Control Bureau, India’s central law enforcement and intelligence agency, 141 officers underwent specialized training in the investigation of darknet activities, cryptocurrencies and other pertinent areas such as digital footprints.The report stated that workshops were set up that covered techniques for gathering intelligence and evidence from open sources and social media platforms, reflecting a commitment to staying ahead in the ever-evolving landscape of cybercrime.There’s clearly a need for this level of expertise, given an uptick in crypto-related scams in India and the broader Asia region as a whole in recent times. Earlier this week, it emerged that the Indian authorities had arrested eight individuals in relation to a $300 million cryptocurrency scam.Raj Kapoor, the founder of the India Blockchain Alliance (IBA), recently called for greater control when it comes to crypto-related illicit financing. Kapoor stated:”It is a kick on the backside for most governments. All regulatory bodies will take a closer look at crypto regulation. Governments will need to start implementing new rules and regulations.”I4C played a pivotal role in training over 2,800 cyber police officials. The training encompassed crypto forensics, investigations and emerging technologies like anonymization networks. The focus extended to addressing the misuse of mobile applications in the cyberspace realm.Ongoing blockchain tech adoptionAs India proactively prepares to combat potential crypto-related crimes amidst increased adoption, the nation is also delving into mainstream blockchain applications. In a recent stride towards digital transformation, Hindustan Petroleum (HPCL), the state-run oil and gas company, partnered with blockchain software firm Zupple Labs. Together, they launched a blockchain system designed to automate the verification of purchase orders (POs).HPCL’s spokesperson outlined the significance of this implementation to Cointelegraph, stating that the integration helps automate the verification of HPCL POs to external parties, utilizing the blockchain system alongside HPCL’s internal e-PO. This generates tamper-evident, verifiable POs, enhancing efficiency and transparency within industry processes.In a separate development, it emerged on Thursday that India’s Central Bureau of Investigation has appointed Singapore-headquartered digital asset market intelligence outfit Liminal to manage seized digital assets.This holistic approach, combining advancements in law enforcement training and embracing blockchain applications, underscores India’s commitment to navigating the evolving landscape of digital technologies while looking to ensure a secure and transparent future.

Param Labs, a modular gaming ecosystem, has announced the successful completion of a $7 million investment round, with Animoca Brands, a prominent crypto venture capital firm, leading the charge.Photo by Precondo CA on UnsplashOversubscribed funding roundJoining Hong Kong-headquartered Animoca Brands in this oversubscribed round were Delphi Ventures, Cypher Capital, P2 Ventures (formerly Polygon Ventures), Mechanism Capital, Merit Circle, TRGC Capital, Double Peak Group and MH Ventures. Anthony Anderson, CEO of Param Labs and Kiraverse, highlighted the significance of modular gaming ecosystems like Param in laying the groundwork for the next era of Web3 games. In an exchange with Cointelegraph, Anderson stated: “Unlike most Web3 studios that focus on developing single game titles, modular ecosystems offer a variety of products and components. This allows developers to build their own games from these modules and provides essential tools for other developers to utilize and integrate into their projects.” The timing of this funding round coincides with significant growth milestones for the Param Gaming Platform, which recently surpassed 300,000 daily active users. Additionally, the platform's X page boasts over 2.5 million followers, underscoring its growing popularity. Strategic investments from luminaries such as Yat Siu, co-founder of Animoca Labs, and Banks, founder of Face Clan, further underscore the potential of Param Labs, which is based in the United Arab Emirates (UAE), in realizing the vision of an open metaverse. In a statement published to the Animoca Brands website, Yat Siu expressed enthusiasm about the collaboration, stating: "This collaboration aligns with our shared vision to redefine the gaming landscape, ensuring that gamers are the true owners of their digital assets." Focusing on infrastructureThis injection of capital is poised to address a critical deficiency in the realm of Web3 gaming: the lack of foundational infrastructure. Addressing precisely that challenge which is hindering mainstream adoption, Anderson emphasized the pivotal role of infrastructure: “Focusing on infrastructure is crucial, as it not only addresses the challenges in the games we’re developing but also has the potential to be applied to hundreds, if not thousands, of other experiences. This will significantly contribute to the adoption of blockchain gaming.” The UAE-based company is currently working on producing a number of products. These include its Game Launcher and Pixel to Poly, an offering that converts 2D images into 3D assets within games. While those are in the product pipeline, it has already launched Kiraverse, an online multiplayer game where the gameplay incorporates players competing to earn digital assets.  Param Labs has also sought to broaden the technical expertise available to it, with the hiring of Steve Young, a former head of consumer products at renowned American video gaming firm Activision Blizzard. Young has come in as a strategic advisor at Param. The company plans to launch its native token, PARAM, shortly to enable governance of the ecosystem that it is putting together.