Standard Chartered joins with local partners in Hong Kong to launch stablecoin

UAE Emirate Launches Digital Asset Oasis Free ZoneRas Al Khaimah (RAK), one of the seven Emirates of the United Arab Emirates (UAE), has launched the RAK Digital Assets Oasis (RAK DAO), a free zone tailored exclusively for digital and virtual asset enterprises.Photo by Mostafa Ashraf Mostafa on UnsplashFrom conception to launchThe Emirate has been working on the RAK DAO project for some time, having enacted a law to establish the free zone in March of this year. In July it emerged that RAK Digital Assets Oasis had partnered with the HBAR Foundation, the project team behind the Hedera public ledger, with HBAR extending funding and resources to fuel the growth of free zone members.Having put in the hard yards to establish the free zone, RAK DAO, under the patronage of RAK Emirate ruler His Highness Sheikh Saud Bin Saqr Al Qasimi, had its launch event on Thursday. The event included a range of industry speakers including Ledger Chairman and CEO Pascal Gauthier, Animoca Brands Co-Founder and Executive Chairman Yat Siu, DFINITY Founder Dominic Williams, and TON Foundation President Steve Yun, among others.During the event, DAO creation and governance platform DeXe DAO Studio announced its partnership with RAK DAO.With an eye towards keeping the RAK Emirate ahead of the technological curve, RAK DAO aims for the digital assets oasis to become the world’s first free zone dedicated solely to digital and virtual asset companies. While RAK DAO is initially expected to focus on non-financial activities, it holds the potential to introduce financial activities at a later stage.Nurturing Web3 innovationThe mandate of RAK DAO is to provide robust support to companies engaged in cutting-edge technologies. This includes but is not limited to ventures in the metaverse, blockchain, utility tokens, virtual asset wallets, non-fungible tokens (NFTs), decentralized autonomous organizations (DAOs), decentralized applications (DApps), and various other Web3-related businesses.Entrepreneurs who establish their presence within the confines of this free zone will be granted the privilege of retaining 100% ownership of their enterprises. Moreover, they will benefit from innovative tax schemes and a regulatory framework that is tailored to the unique demands of the digital asset industry.Progressive approach to Web3The UAE, as a nation, has actively pursued and courted crypto and blockchain firms by cultivating a progressive regulatory environment. Dubai led the charge by introducing a virtual assets law and establishing the Virtual Asset Regulatory Authority.RAK is not the first Emirate to establish a free zone that caters to crypto and Web3 business within the UAE. The Emirate of Abu Dhabi has established the Abu Dhabi Global Market (ADGM) while the Dubai International Financial Centre (DIFC) established its own financial regulator in Dubai, paving the way for attractive free zones for digital asset businesses. The Dubai Virtual Assets Regulatory Authority (VARA) even took its commitment a step further by inaugurating its headquarters in The Sandbox in May 2022.Dubai has issued operational licenses to several crypto firms, including prominent names like Binance, Crypto.com, and Nomura’s Laser Digital and digital asset custodian Komainu. These licenses have further solidified the UAE’s position as a preferred destination for crypto, blockchain, and Web3 enterprises.

NiceHash targets Asian market through EasyMining platform launchNiceHash, a Slovenian bitcoin mining and hashpower marketplace, has launched its crypto mining platform in Asia, known as EasyMining.Cloud-based crypto miningEstablished in 2014 by two Slovenian university students, NiceHash stands as the largest cloud-based crypto-mining hashpower marketplace globally. Boasting over 250,000 daily active miners and a user base spanning 190 countries, the platform serves as a link between hashing power suppliers and consumers, operating within the framework of the sharing economy.NiceHash published a press release from Singapore on Tuesday to announce the Asian product launch. The company has already established collaborations in the region, with Singaporean mining equipment designer iPollo appearing as a featured partner on the firm’s website.Photo by Traxer on UnsplashProduct offeringAt the core of NiceHash’s offerings is the facilitation of crypto trading and global hashpower. It claims to provide an innovative and seamless connection between miners and hashpower providers. Whether it’s mining with CPU, GPU or ASIC equipment, platform users can engage in the process to earn cryptocurrencies or sell surplus computing power, presenting an opportunity for profit without the need for an extensive data center.NiceHash employs various security measures to ensure the validity and safety of transactions. These include SSL encryption, 2-factor authentication and email notifications, enhancing the security of accounts and payments. The cost of NiceHash mining is set at 0.001 BTC, offering a range of 34 mining algorithms and supporting various coins to cater to the interests of a broad user base.The firm offers a QuickMiner service, an automatic mining program that simplifies the mining process for subscribers. Through the use of this application, miners and hashpower renters can kick-start their operations immediately.Miners and providers have the ability to trade hashpower on the platform, with dynamic pricing adjusting every 10 seconds based on cryptocurrency values, hashpower availability and miner demand.For hashpower sellers, NiceHash offers the Profitability Calculator, a tool that enables users to calculate daily mining earnings by inputting their mining rig specifications and power costs. The platform supports CPU, GPU and ASIC mining, allowing miners to focus on the most profitable algorithm and token pairings.EasyMining, the latest addition to NiceHash’s repertoire and the product it is now offering in the Asian region, represents a significant step forward for the firm in simplifying cryptocurrency mining. The company claims that users can select their preferred cryptocurrency, letting the platform handle the mining process securely and effortlessly.Changing market conditionsCrypto platforms have had to be agile in 2023, as the underlying environment for crypto-centric offerings has been subject to rapid change in many jurisdictions. While NiceHash is making a concerted effort to etch out a market share within the Asian market through this product launch, it’s also had to withdraw its services from another market in recent months.On Sept. 27, the company informed its customers that it was withdrawing from the UK market. In a letter to users, it stated:”Due to the recent regulation changes in the United Kingdom we are no longer able to provide services to those residing in the United Kingdom.” . . . “We are working hard to be able to resume our services to UK residents as soon as possible.”The company withdrew all services from the UK market, including the exchange, mining, hashpower marketplace and wallets.

Korean Lawmakers Complete First Rough Draft of Virtual Asset User Protection BillKorean lawmakers have completed the first rough draft of the virtual asset user protection bill at a National Policy Committee meeting held later last month.©Pexels/Matthias ZomerAgreeing on term usage ‘virtual assets’So far, 18 bills have been proposed to regulate cryptocurrencies, and the lawmakers and the Financial Services Commission (FSC) agreed to use the term “virtual assets” to encompass similar terms such as digital assets and crypto assets.Phased enactment of billsThe bills are likely to be reviewed under the title “Virtual Asset User Protection Act.” The bipartisan group agreed to enact the bills in phases, introducing the user protection bill in the first phase and the virtual asset listing and issuance bill in the second phase.Meanwhile, there were mixed opinions on the content of the bills. In particular, there was debate over whether the bills should stipulate that the central bank digital currency (CBDC) is excluded from virtual assets, and whether the bills should include a standard for determining if a virtual asset is a security.Debate over stipulating CBDC’s statusThe stipulation of excluding CBDC from virtual assets was the most divisive topic since it would lead to defining the conditions for other assets such as non-fungible tokens. Moreover, the Act on Reporting and Using Specified Financial Transaction Information, which currently regulates virtual asset service providers (VASPs), does not contain any stipulation on CBDC. Some raised concerns that such discrepancies could later cause confusion. In the end, assembly members decided to discuss the matter again in April after consulting with the Bank of Korea and the Ministry of Government Legislation.Criteria for classifying virtual assets as securitiesRegarding whether to include criteria for classifying virtual assets as securities, the lawmakers and financial regulators took different sides.Lee Yong-woo, a member of the Democratic Party of Korea, underlined that a clear statement of the relationship between the issuer and the recipient of virtual assets in a whitepaper can determine their security status. He added that such provisions should be included in the bills.Park Min-woo, an FSC official, on the other hand, commented on a cautious note that in case virtual assets fall under the category of securities, they may not be applicable to the virtual asset act. He explained that VASPs might deal with both securities and virtual assets, and in such cases, there could be a misunderstanding that VASPs are not subject to the virtual asset act simply because they trade securities.