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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.

The Japanese Financial Services Agency (FSA), a government body that oversees banking, securities and the digital assets market in Japan, is gearing up to approve the country’s first stablecoin pegged to the yen. Local media platform Nikkei reported on Aug. 18 that it is anticipated that the FSA will approve the issuance of the JPYC stablecoin in the coming months.Photo by Dayo Adepoju on UnsplashEfficient payment infrastructureJPYC, Inc. was founded by Noritaka Okabe in 2019, establishing the JPYC yen-pegged stablecoin in 2021. Okabe believes that the company can better enable innovation in Japan through a more efficient payment infrastructure that JPYC claims to provide via its stablecoin. Prior to launching the stablecoin, JPYC had entered into proof-of-concept and regulatory discussions with the FSA. The JPYC stablecoin has almost complete market dominance within its domestic market, with stablecoins to the value of 30 billion yen ($202.7 million) having been issued. In 2022, JPYC registered with the FSA as a third-party prepaid payment instrument service provider. It’s understood that the company will seek registration once again within the month, this time as a money transfer business. Japan’s Payment Services Act recognizes the issuance of stablecoins by banks, trust companies and money transfer businesses. JPYC backs its stablecoin with liquid assets such as Japanese government bonds and bank deposits. Growing stablecoin importanceOn a global basis, the leaders in terms of stablecoin market capitalization are Circle (USDC) and Tether (USDT), both U.S. dollar-pegged stablecoins. The U.S. recently enacted its GENIUS Act stablecoin legislation with many politicians and market commentators taking the view that USD-pegged stablecoins will promote ongoing use of the U.S. dollar internationally.U.S. Treasury Secretary Scott Bessent took to X on Aug. 18 on that topic, stating:”Stablecoins will expand dollar access for billions across the globe and lead to a surge in demand for U.S. Treasuries, which back stablecoins.”Foreign governments are starting to see the significance of supporting stablecoins pegged to their country’s sovereign currency. The ongoing development of U.S. dollar-pegged stablecoins has not escaped the attention of Chinese officials. In July, government officials in Shanghai held a meeting to explore policy strategies for stablecoins. The same month, Darryl Chan, Deputy Chief Executive of the Hong Kong Monetary Authority (HKMA), said the authority was likely to issue its first stablecoin license in early 2026. His comments preceded the rollout of Hong Kong’s stablecoin regulatory framework on Aug. 1. Last week, JPYC’s Okabe said that JPYC would soon start "buying up Japanese government bonds.” He added, “The interest rates on government bonds in countries where stablecoin issuance does not grow will likely continue to rise. It’s no exaggeration to say that the interest rates on Japanese government bonds rest on JPYC’s shoulders.” Okabe is also going out of his way to draw a clear distinction between his company’s stablecoin and cryptocurrency. On X, he stated that “JPYC is an electronic payment method, not a cryptocurrency.” He went on to assert that given that the JPYC stablecoin is a currency-denominated asset whose value is linked to fiat currency, it incorporates the best qualities of both digital cash and deposits.

Hata Digital Sdn Bhd, the fifth licensed crypto exchange in Malaysia, has raised $4.2 million in a seed financing round. That’s according to a press release published by Cointelegraph on Oct. 22 on behalf of the company. The round was led by two blockchain and crypto-centric U.S.-based venture capital firms, Castle Island Ventures and Cadenza Ventures. Commenting on the development, Castle Island’s Nic Carter took to X, stating:”Excited to be coleading the seed for @hataglobal and joining the board. SE Asia is the #1 most active region for crypto adoption and we are pumped to see Hata build for the Malaysian market and beyond.” In further comments included within the press release, Carter complemented Malaysia and the overarching Southeast Asian region as being at the heart of blockchain adoption:“Malaysia and the broader SE Asia region is the global epicenter of blockchain adoption and we are excited to support the talented team at Hata in their support of this market. We believe Hata is well-positioned to win due to their differentiated product focus and regulatory approach.”  Photo by Vlad Shapochnikov on UnsplashAsian expansionThe company has said that it will use the funds in its efforts to expand its product offering and expand within the Asian region through the acquisition of more users. Reflecting upon the investment, Hata CEO David Low said that the company is “committed to creating a robust platform that empowers users in Malaysia and in the Asia region to navigate the digital asset market with confidence.” Other participating investors included Silicon Valley’s Plug and Play Tech Center, Singapore’s AP Capital, crypto accelerator Alliance.xyz and global crypto exchange Bybit. Bybit’s investment into Hata is not its first touch point with Malaysia as earlier this year the exchange business relocated some of its Chinese employees to the Southeast Asian nation.The other lead investor, Cadenza, is headed up by Max Shapiro alongside Kumar Dandapani. Shapiro gave his own take on Hata, stating:“We believe that Hata’s innovative approach and commitment to user engagement will drive the next wave of growth in Malaysia’s digital asset market. We are looking forward to working closely with the team as they navigate this evolving landscape.”  U.S. dollar trading pairsIn 2023 Hata received in-principle approval from the Securities Commission Malaysia (SCM), a local regulator. Earlier this year, it went one further and secured full approval from the regulator. The exchange relies upon offering trading pairs between crypto assets and the U.S. dollar. The platform currently supports in excess of 40 trading pairs.  In addition to the trading license it has acquired from SCM, Hata has also been licensed by the Labuan Financial Services Authority, the statutory body responsible for the development and administration of the Labuan International Business and Financial Centre. The Malaysian startup was established by three co-founders, one of them being a former executive at Luno, the crypto investment platform that operates across Africa, Southeast Asia and Europe. The exchange operates an affiliate program that enables platform users to participate in revenue sharing.