Apple India blocks eight exchanges subject to FIU notice

Korea’s Changwon City Boosts Local Art Scene with NFTsOn Monday, South Korea’s Changwon City announced its plan to support local artists by promoting their work through non-fungible tokens (NFTs). This initiative aims to help artists adapt to the rapidly changing fine art industry, driven by state-of-the-art technology, and stay current with the latest trends.NFT ART in ChangwonThis project “NFT ART in Changwon” came to life after the city partnered with MetaGalaxia, a Korean NFT marketplace, earlier this year.Jung Hyun-sub, head of the city’s culture, tourism, and sports division, has encouraged local citizens to participate in the project and emphasized the city’s commitment to fostering the NFT industry, starting with a focus on local artworks.15 artistsThe application process for the project will run from May 1 to May 30, and 15 artists will be selected. Eligible applicants must be Changwon residents who have either majored or are currently majoring in fine arts or have publicly exhibited their artwork.Artists can submit various forms of artwork that can be turned into NFTs, including paintings, photographs, and videos. Those selected will benefit from registration as NFT artists on MetaGalaxia, digitization of their original artworks into NFTs, and promotion of their artworks and profiles across various social media platforms.© Pexels/Dom J

Early on Thursday bitcoin surged to a record high in terms of its valuation in Japanese yen, outpacing its valuations in other leading fiat currencies such as U.S. dollars, euros, British pounds and Australian dollars. Currency devaluationThis increase in yen valuation can be attributed to the recent depreciation of the Japanese currency against the backdrop of continued money printing by the Bank of Japan (BoJ) and resurging inflation, which have collectively weakened sentiment surrounding the yen. Fiat currencies, including the Japanese yen, lack backing by hard assets and derive their value solely from market perceptions. The current rally of bitcoin is indicative of the prevailing market sentiments, with the yen exhibiting particular vulnerability among major fiat currencies. For instance, early market activity on Thursday witnessed bitcoin, often hailed by proponents as digital gold, hitting a fresh all-time high of 7.9 million yen on Tokyo-based cryptocurrency exchange bitFLYER. In contrast, the cryptocurrency's dollar-denominated price hovered above $52,000, still 32% below its peak of $69,000 in November 2021. This price disparity underscores the strain on the Japanese yen, fueled by the Bank of Japan's persistent liquidity easing measures, rising inflationary pressures and indications of economic fragility.Photo by jun rong loo on UnsplashEntering recessionThis recent surge coincides with reports confirming Japan's descent into an economic recession by the end of the previous year, slipping to fourth place behind Germany in terms of the world’s largest economies. While central banks worldwide, including the Federal Reserve, aggressively raised interest rates in attempts to curb inflation, the Bank of Japan maintained near-zero interest rates and continued printing fiat currency. A recession characterized by inflation without corresponding growth prompts investors to seek refuge in safer havens like gold and digital gold. With that, there could be further opportunities for bitcoin to make further in-roads in Japan. In 2023, Japan's core inflation, excluding volatile food and energy components from the consumer price index (CPI), rose by 3.1%, marking its most significant increase since 1982. Consequently, the yen depreciated to a 33-year low against the dollar, declining by 13% and 7.5% against the dollar previously, with an additional 6.4% decrease this year. Bitcoin's persistent premium in Japanese yen terms suggests that it may continue to maintain higher valuations unless the Bank of Japan accelerates its exit from the ultra-loose monetary policy it has been pursuing. That would make yen holdings relatively more attractive compared to other assets. Although a complete regulatory framework for digital assets in Japan is still lacking, the country has recently moved to make tax rules more crypto-friendly. Bitcoin's elevated valuation against the Japanese yen underscores the challenges facing Japan's fiat currency, driven by monetary policy decisions and economic uncertainties.

Emerging as one of the world’s major crypto hubs, the United Arab Emirates (UAE) is set to host Abu Dhabi Finance Week, described as the region’s largest financial and investment event, in the capital next month. Scheduled to take place from Dec. 8 to 11, the conference will feature leading figures from both traditional finance and the crypto industry. Notable speakers from traditional finance include Bridgewater founder Ray Dalio, Morgan Stanley International CEO Clare Woodman, and Franklin Templeton CEO Jennifer Johnson. Representing the crypto sector will be Binance CEO Richard Teng, Solana Labs CEO Anatoly Yakovenko, Circle CEO Jeremy Allaire, among others.Photo by Saj Shafique on UnsplashHashed, ADGM host Web3 policy talksAmong the partners for the four-day event is Seoul-based venture capital firm Hashed, which opened its Abu Dhabi office last year. The expansion followed its partnership with Hub71, the city’s global tech ecosystem, which aims to help more Korean startups expand into the Emirates. According to South Korean news outlet News1, Hashed, jointly with Abu Dhabi Global Market (ADGM) Emerging Tech, will host the Web3 Leaders Roundtable. The event will feature two sessions: one exploring next-generation digital infrastructure, where artificial intelligence and blockchain converge with the real economy, and another focusing on digital asset regulations, particularly how policies can be designed to balance innovation with oversight. Bybit courts UAE talentAbu Dhabi’s growing appeal as a hub for digital asset businesses is also underscored by crypto exchange Bybit’s recent participation in the annual NYU Abu Dhabi Career Fair. Concluding on Oct. 30, the event marked the trading platform’s first talent outreach initiative in the UAE. The participation comes after Bybit obtained a full virtual asset platform operator license from the Securities and Commodities Authority (SCA) last month. The occasion gave Bybit an opportunity to engage with students and recent graduates. The growing adoption of cryptocurrency in the country is reflected in Du’s launch of a crypto mining service aimed at individual users. As one of the UAE’s two major telecom operators, Du is leveraging its nationwide data centers to allow residents to rent the necessary computing power on a subscription basis to mine digital assets, according to a report by the Emirates-based newspaper The National. Du’s cloud platform powers user miningJasim Al Awadi, Du’s chief information and communications technology officer, said the new service is powered by Cloud Miner, a platform introduced last year under the company’s sub-brand Du Tech. He explained that as the service evolves, users will gain access to a calculator that estimates their potential monthly Bitcoin earnings. Du also intends to continue enhancing and expanding its mining-as-a-service offering. The launch coincides with a period of volatility in the crypto market. On Nov. 5, Bitcoin fell below the $100,000 mark for the first time since June 23, dropping to $99,992.01 against USDT on Binance before recovering to above $103,000.