Thailand’s SEC working towards updating ICO portal regulations

Galaxia Metaverse Joins Hands with MVL Foundation to Expand Blockchain EcosystemsSouth Korean blockchain company Galaxia Metaverse said Wednesday it will collaborate with MVL Foundation, a blockchain-based mobility enterprise in Singapore, to advance their respective blockchain ecosystems by enabling the use of their tokens, Galaxia (GXA) and MVL, within them.Photo by Shubham Dhage on UnsplashPromoting token utilizationAs of now, MVL tokens can be used for purchasing discount coupons for TADA, MVL Foundation’s ride-hailing service. Through the partnership, GXA tokens will also be able to purchase TADA discount coupons through MVL’s cryptocurrency wallet, Clutch Wallet. Discussions are currently underway regarding more joint ventures, such as integrating the MVL token with staking products offered by Galaxia’s own digital wallet.“The MVL token is already being used by millions of mobility service users with Southeast Asia as its base. Through this partnership, we expect that our global expansion will be accelerated as we bring more users to our ecosystem,” Galaxia emphasized.Expanding the Southeast Asian user baseMVL Foundation operates its mobility services mainly in Southeast Asian countries including Singapore, Cambodia, and Vietnam. Its ride-hailing service TADA is the second-largest of its kind in Singapore. This ecosystem is connected via blockchain, enabling participants to receive rewards in accordance with their activities and ultimately forging a Web3 mobility system.Subsequently, Galaxia intends to take advantage of MVL’s solid footing in Singapore to push joint localized marketing within the country.“We are planning to develop various solutions, rewards, and service integrations with MVL by leveraging our strengths, expertise, and networks,” Galaxia said.Meanwhile, throughout this year, Galaxia has been expanding its blockchain ecosystem in other ways. Notably, it has collaborated with industry leaders such as Korean NFT exchange Pala and karaoke app Somesing.

Major investment entities linked to the Abu Dhabi government increased their exposure to Bitcoin in the third quarter, according to newly released data. These moves came ahead of a broader decline in the digital asset market amid shifting macroeconomic conditions in the U.S.Photo by Kanchanara on UnsplashInstitutional accumulationThe Abu Dhabi Investment Council (ADIC), a subsidiary of Mubadala Investment Company, more than tripled its holdings in BlackRock’s iShares Bitcoin Trust ETF (IBIT) during the third quarter, increasing its position from 2.4 million to nearly 8 million shares, Bloomberg reported. An ADIC spokesperson told Bloomberg that the organization views Bitcoin as “a store of value similar to gold,” and described the allocation as “part of a long-term diversification strategy.” Other UAE-based conglomerates are also maintaining sizable Bitcoin positions. The Royal Group, which is linked to the Abu Dhabi royal family, holds around 6,450 BTC, according to a Crypto Briefing report citing Arkham data. The assets were accumulated through the group’s majority-owned subsidiary, Citadel Mining. Regulatory and infrastructure developmentsThe UAE’s efforts to position digital assets as a driver of economic growth are also reflected in its regulatory framework. A recent Global Digital Assets Report by the Global Finance & Technology Network (GFTN) identified the UAE as one of seven jurisdictions worldwide whose crypto-exchange rules meet all three key standards for AML/CFT compliance: know-your-customer (KYC) and ID verification, suspicious transaction reporting, and implementation of the Financial Action Task Force (FATF) Travel Rule. The report characterized the UAE’s approach as “federated oversight with zone-specific AML regimes.” Responsibilities are divided among the Securities and Commodities Authority (SCA) at the federal level, the Virtual Assets Regulatory Authority (VARA) in Dubai, and the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM). In decentralized finance (DeFi), VARA has issued specific rulebooks covering activities such as lending and borrowing. ADGM has introduced DLT Foundations Regulations to provide legal structures for decentralized autonomous organizations (DAOs), while DeFi operations within the jurisdiction still require authorization from the FSRA. In addition to regulatory developments, the UAE is also advancing the practical deployment of digital asset technologies. In the payments sector, Abu Dhabi Airport has signed a memorandum of understanding (MOU) with Al Hail Holding to pilot stablecoin payment options and digital wallets for travelers, according to Cryptopolitan. Bitcoin declining below $87KThe buildup in institutional exposure has occurred against a backdrop of declining market prices. Bitcoin (BTC) reached a peak of $126,080.00 on Oct. 6 before dropping to roughly $87,000 as of Nov. 21, its lowest level since April 21. Technical indicators show that Bitcoin has fallen below both its 50-day and 200-day moving averages. IBIT has followed a similar trajectory. After closing the third quarter at $65 per share, the ETF rose to $71 on Oct. 6 before falling to $48.96 by Nov. 20. Two days before that, the fund recorded a net outflow of $513.47 million, the largest in its history, according to data from Trader T. Reuters reported that the recent weakness in Bitcoin and other risk assets is tied to the U.S. Federal Reserve’s cautious stance on rate cuts amid persistent inflation pressures. That concern was reinforced on Nov. 20 when the U.S. Bureau of Labor Statistics released September nonfarm payrolls data that had been delayed by the federal government shutdown, showing a figure of 119,000 against the market forecast of 53,000. The stronger-than-expected labor reading has reduced expectations for a rate cut next month, adding pressure to both equities and Bitcoin. 

Report Cites Escalating Crypto Use by Pro-ISIS GroupsA recently published report suggests that pro-ISIS terrorist groups in central and southeast Asia and the Middle East are increasing their use of cryptocurrency.According to the report which was published on Friday by blockchain analytics firm TRM Labs, cryptocurrency has become a favored tool for terrorist organizations, with ISIS affiliates showing an increasing preference for the Tron network’s USDT stablecoin. The report highlights that terrorist groups worldwide, including those linked to ISIS, are actively utilizing cryptocurrencies for fundraising purposes, allowing them to attract supporters and bolster their operations.Photo by David McBee on PexelsOn-chain evidenceTRM Labs has been closely monitoring these activities over the past year and has uncovered a growing amount of on-chain evidence. Pro-ISIS networks in countries such as Tajikistan, Indonesia, Pakistan, and Afghanistan have been observed using crypto assets to facilitate their illicit activities, with Tether (USDT) stablecoin on the Tron network (TRX) being their preferred choice for transactions.The disturbing revelations show how recruited fighters were enticed to join ISIS’ Afghanistan affiliate (ISKP) through the use of cryptocurrency fundraising campaigns. One such campaign operated for over a year and managed an address that received approximately $2 million in USDT on Tron in 2022. TRM Labs played a role in getting the operation dismantled, leading to the arrest of Shamil Hukumatov, a senior ISIS fundraiser allegedly responsible for the scheme.Indonesia & PakistanIn Indonesia, individuals used a crypto platform to transfer over $517,000 in 2022 to addresses linked to pro-ISIS fundraising campaigns in Syria, all using USDT on Tron. This connection demonstrates the global reach and sophistication of the terrorist groups’ crypto operations.Additionally, a media unit associated with ISPP, the Pakistan affiliate of ISIS, ramped up its fundraising efforts in the latter half of 2022. The entity sought to capitalize on natural disasters, such as earthquakes in Turkey and Syria, to raise funds by publicizing various cryptocurrency addresses flagged by TRM Labs as associated with the terrorist organization.SyriaTRM Labs’ investigation ultimately points to pro-ISIS fundraising campaigns in Syria as a central hub for cryptocurrency usage by the terrorist group and its supporters. A significant portion of the donations ends up supporting ISIS families in camps like al-Hol and Roj, as well as funding local cryptocurrency exchanges that facilitate the group’s activities.For TRM Labs, the identification and tracking of these campaigns and their donors are crucial steps in mapping out and potentially disrupting pro-ISIS networks worldwide. Their efforts aim to mitigate the risks posed by the misuse of cryptocurrencies in financing terrorism and illegal activities.The rising adoption of cryptocurrencies by terrorist organizations poses significant challenges to law enforcement agencies and regulatory authorities worldwide. It’s a worrying development for legitimate users of digital assets as it may result in far more heavy-handed regulation as a direct consequence.Under these circumstances, it is crucial for the crypto community, governments, and regulatory bodies to collaborate in implementing effective safeguards against the abuse of digital currencies for nefarious purposes. Only through collective action can this threat be neutralized.