PowerTrade partnership sees BitMEX launch options trading service

UAE Forges Partnership to Develop Blockchain-Based Carbon Credit SystemIn an endeavor to combat climate change, the UAE Ministry of Climate Change and Environment (MOCCAE) has joined forces in an initial collaboration with the Industrial Innovation Group and the Venom Foundation to pioneer a groundbreaking blockchain-based carbon credit system.Photo by Daniel Zacatenco on UnsplashThis is the latest commitment by the Middle Eastern country to combat climate change after announcing an ambitious target to slash carbon emissions by a substantial 40% before 2030, a significant escalation from its prior commitments.According to local news sources, a memorandum of understanding (MoU) outlining the partnership was signed by the three entities at MCCE offices in Dubai recently.Carbon credits on blockchainAt the heart of this innovative endeavor lies blockchain technology, heralded as a pivotal tool for both organizations and nations to meticulously trace carbon credits. By virtue of its immutability, data enshrined within the blockchain ensures ironclad security, enabling the seamless sale or exchange of credits while upholding complete transparency among stakeholders.Functioning as crucial intermediaries, government entities such as the UAE’s MOCCAE are poised to either allocate or sell dual-purpose credits to businesses. Beneficiaries can deploy the credits, authorizing the emission of a predetermined quantum of carbon within specific timeframes, or they can be lucratively traded, thereby aiding other establishments in mitigating their ecological footprint.Venom blockchainVenom blockchain is a network developed by the Abu Dhabi-based Venom Foundation. As an asynchronous blockchain, its design implements dynamic sharding with flexible nodes that adapt to traffic changes, rendering it infinitely scalable. The project has established itself within the Abu Dhabi Global Market (ADGM), an international finance center and fintech hub.Revised environmental goalsThe UAE leadership recently orchestrated a sweeping recalibration of the nation’s environmental goals and carbon offset strategies. Envisioning a sustainable horizon, their overarching aspiration revolves around achieving carbon neutrality by 2050.Mariam Al Mheiri, UAE Minister of Climate Change and Environment, articulated how these shifts have cast a positive impact on the nation’s emissions reduction roadmaps:“The UAE believes in its ability to make a difference in this field and has pledged, through the third update of its second Nationally Determined Contributions (NDCs), to reduce its emissions by 40% compared to a business-as-usual scenario, an increase of 9% over its previous pledge.”Even though the UAE ranks 31st on a global scale in terms of total carbon emissions as of 2023, there stands a more sobering reality — the nation ranked sixth worldwide in terms of per capita emissions according to 2021 data. It also emitted a staggering 21.79 tonnes of carbon per capita in the same year.Concurrently with its overarching national push towards emissions reduction, each of the UAE’s seven emirates has unveiled localized initiatives to align with the bold “net zero by 2050” target.Among these, a comprehensive program championed by Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan has recently gained approval in Abu Dhabi, emblematic of a collective commitment to fostering a sustainable future.

Korean Financial Regulator to Inspect Non-Fiat Crypto Trading PlatformThe Financial Intelligence Unit (FIU) under the Korean Financial Services Commission (FSC) plans to launch a comprehensive inspection on crypto trading platform Fobl (previously known as Foblgate) from March 11.©Pexels/김 대정Unlike other major Korean crypto exchanges, such as Upbit or Bithumb, which allow trading between fiat currencies and cryptocurrencies, Fobl only offers trading between cryptocurrencies.Inspection on non-fiat exchangesThe FIU’s inspection of Fobl is a follow-up to the regulator’s inspection of GDAC, another Korean non-fiat crypto exchange. This suggests that the FIU will focus on inspecting non-fiat exchanges in the first half of this year.Many in the cryptocurrency industry have been paying attention to the FIU’s move after its first inspection of GDAC, as it could signal the direction in which the regulator would take. Earlier this year, the FIU announced that it would conduct inspections not only on non-fiat crypto exchanges but also on wallet solutions, custodians, and staking service providers. It is known that the FIU has been reviewing anti-money laundering (AML) systems and asset management statuses of these crypto enterprises.Fobl’s possible addition of fiat tradingThe Korean crypto industry suspects Fobl might transform itself into a fiat crypto exchange, considering the FIU’s notice that it will prioritize examining non-fiat exchanges that are preparing to support fiat trading.Fobl CEO’s take on the marketPrior to this news, Fobl CEO Ahn Hyun-joon said in a recent interview with Etnews that the platform is in talks with multiple banks to acquire real-name bank accounts and is complying with all the regulations required by the authorities. During the interview, he also raised concerns about the uncertainty that faces non-fiat crypto trading platforms, pointing out that 97% of the crypto trading in Korea is being carried out in crypto exchanges that support trading of Korean won.In Korea, the financial regulator requires virtual asset service providers (VASPs) offering trading in Korean won to hold real-name registered accounts at domestic banks as a measure to prevent money laundering.

Chinese financial industry groups have warned that illegal fundraising and fraud are increasingly emerging through stablecoins, airdrops, real-world asset (RWA) tokens, and crypto mining schemes, according to a Dec. 5 notice carried by the state-run Xinhua News Agency.Photo by Othman Alghanmi on UnsplashThe joint warning was issued by seven major bodies: the National Internet Finance Association of China, the China Banking Association, the Securities Association of China, the Asset Management Association of China, the China Futures Association, the China Association for Public Companies, and the Payment & Clearing Association of China. These groups stated that such products are being used to drive speculative trading, pyramid schemes, and other illicit activities that threaten financial stability. They stressed that cryptocurrencies are not legal tender in China and do not share the legal status of fiat currency, further noting that regulators have not approved any RWA tokenization activities. Crypto and RWA offerings prohibitedConsequently, the notice bars member institutions from directly or indirectly providing services related to the issuance or trading of cryptocurrencies or RWA tokens. The associations also urged members to intensify risk warnings and investor education, while encouraging the public to report suspected violations. This industry alert follows the central bank’s recent reiteration of its concerns regarding speculative crypto activity. According to Reuters, the People’s Bank of China (PBOC) last month restated its ban on crypto-related business, citing a resurgence in speculation and compliance gaps in stablecoins that complicate risk management. The central bank plans to tighten enforcement against unlawful operations, reinforcing the blanket ban on crypto transactions and mining imposed in September 2021. Old Bitcoin loan feud resurfacesDespite this restrictive framework, disputes tied to legacy crypto dealings continue to surface. Cryptopolitan reported that a long-running controversy has re-emerged surrounding Li Feng, a co-founder of Moore Threads, a Chinese GPU designer widely viewed as a homegrown rival to Nvidia. According to Cryptopolitan, the scrutiny follows the company's Dec. 5 debut on the Shanghai Stock Exchange, where it raised 8 billion yuan ($1.1 billion). Reportedly, Li faces accusations of failing to repay 1,500 Bitcoin allegedly borrowed from OKX founder Xu Mingxing. Citing a Foresight News post referenced by analyst AB Kuai.Dong on X, the report indicates that Li and angel investor Xue Manzi launched a cryptocurrency in 2017, raising 5,000 ETH. According to the outlet, Li has been accused of failing to repay 1,500 Bitcoin that he purportedly borrowed from OKX founder Xu Mingxing. Xu is said to have raised the issue publicly and sought resolution through legal proceedings in both China and the U.S. However, the legal ambiguity surrounding cryptocurrencies at the time was viewed as a major obstacle to settlement. Li, for his part, has characterized Xu’s contribution as a failed investment. The situation took a constructive turn when Xu reposted AB Kuai.Dong’s post, saying observers should look past old disputes. Xu encouraged a focus on constructive industry growth and stated that debt matters should be left to legal channels, offering goodwill toward fellow entrepreneurs. The timing of the renewed dispute alongside recent industry warnings highlights a consistent focus on risk control and legal clarity within China’s digital asset space. Authorities continue to emphasize investor protection and formal reporting channels to curb speculation, while market participants are increasingly turning to legal avenues to resolve legacy issues. These developments point to a sector still wrestling with unresolved disputes and regulatory gaps, underscoring the need for clearer rules for both regulators and entrepreneurs.