Wemade Partners with Katnappe to Bring Arcade Game to Blockchain Platform

UAE Issues New Guidance on Crypto AML MeasuresUnder new guidance issued by the Central Bank of the United Arab Emirates (UAE), crypto businesses will be subject to strengthened anti-money laundering (AML) and countering the financing of terrorism (CFT) measures.Photo by Joshua Miranda on PexelsTightening AML regulationThe guidance, first compiled in February but released on Wednesday, which takes into account the recommendations of the Financial Action Task Force (FATF), has been introduced to enhance the supervisory and regulatory frameworks and combat financial crimes. The rules are set to come into effect within a month.The Central Bank’s guidance specifically targets Licensed Financial Institutions (LFIs) in the UAE, encompassing banks, finance companies, exchange houses, payment service providers, registered hawala providers, insurance companies, agents, and brokers. These entities will now be required to comply with the new regulations to prevent money laundering and terrorism financing activities.Firm foundationsIn a written statement, His Excellency Khaled Mohamed Balama, Governor of the UAEs Central Bank, expressed the importance of the new guidance in strengthening efforts to combat financial crimes. He emphasized the commitment to protecting the financial and monetary system’s soundness and stability, aligning with the FATF standards.The issuance of the guidance comes as the UAE aims to attract crypto businesses to the region by offering a welcoming but effective regulatory framework. In March, Dubai unveiled a dedicated agency responsible for virtual asset regulation, signaling its commitment to fostering a favorable environment for crypto-related activities. Its Virtual Assets Regulatory Authority (VARA) has also taken action against what it deems to be unregulated activity in the crypto space recently.That action together with the approaches taken by Abu Dhabi and at a national level the UAE itself with respect to digital asset licensing is indicative of a territory that is setting out the right foundation upon which to develop the innovative sector. The approach taken by regulators in the UAE has garnered praise from major crypto firms, including Coinbase, who have applauded the region’s proactive stance on regulation.The strengthened regulatory framework is expected to contribute significantly to the UAE’s ongoing efforts to prevent money laundering and the financing of terrorism. By implementing these measures, the UAE aims to safeguard the integrity and stability of its financial and monetary systems while fostering a secure environment for crypto businesses to thrive.Global regulatory effortsThe UAE’s AML guidance comes amid ongoing efforts globally to come to terms with virtual assets. Tomorrow Japan will implement its adherence to the FATF travel rule regulation relative to digital assets. Crypto businesses like bitFlyer are already adjusting to that eventuality, while also implementing a similar standard in international markets.As the UAE continues to position itself as a leading hub for the crypto industry, the introduction of these new AML rules demonstrates its proactive approach to regulation. The collaboration between the Central Bank and other global regulatory bodies, such as the FATF, showcases the UAE’s commitment to international cooperation and the sharing of knowledge and best practices in the ever-evolving crypto landscape.

Regional Chinese City Enables e-CNY Bus Fare PaymentsIt appears with every passing week, there’s a new initiative in China to bring about greater everyday use of the digital yuan. Recent days have not disappointed with the news that Jinan, the capital of China’s Shandong Province, is introducing digital yuan payments throughout its entire bus network.The city initially conducted a pilot phase by testing central bank digital currency (CBDC) payments on two bus lines. After a successful trial period, Jinan has now implemented the new payment method across all its bus routes. According to a recent report by local media outlet Shunwang-Jinan Daily, the city has updated its card readers and bus route software to facilitate digital yuan transactions for passengers.Photo by CHUTTERSNAP on UnsplashDiscounted faresTo encourage the use of the digital yuan, Jinan is offering fare discounts to passengers who opt for CBDC payments. The announcement stated that individuals could enjoy up to two discounted rides per day and a maximum of six discounted rides per month if they choose to pay with the digital yuan.The fare discounts offered for digital yuan payments serve as an incentive for passengers to adopt the new payment method. By enjoying discounted rides, individuals are encouraged to explore the benefits and convenience of using the digital yuan, further driving its adoption in everyday transactions.The acceptance of CBDC payments for bus rides in Jinan represents a significant step towards the integration of digital currencies into everyday transactions. As China continues to expand the use cases for the digital yuan, it is likely to pave the way for further adoption and exploration of CBDCs globally.Broader adoption strategyThis move aligns with the broader initiative in China to promote the adoption of the digital yuan. In April, the city of Changshu announced that it would begin paying civil servant salaries with the CBDC, including personnel at all levels of public service, public institutions, and state-owned units, starting from May.Furthermore, China has implemented its CBDC for various purposes, such as the Belt and Road initiative and cross-border trades. In Xuzhou, a city serving as a departure point for trains transporting goods to Europe, a plan was issued in April to promote the use of the CBDC in cross-border trade.Last month, e-CNY ATMs were introduced in the resort city of Sanya to enable foreign visitors to purchase the CBDC. In May, regional authorities in Jiangsu Province set about establishing use of the digital yuan within the region’s education system.On an international level, French bank BNP Paribas has partnered with the Bank of China (BOC) to facilitate the adoption of the digital yuan. This collaboration enables BNP Paribas’ corporate clients to connect with BOC’s system, allowing for real-time transactions using the digital yuan. The partnership advances China’s desire to bring the cross-border trade capabilities of the e-CNY into play on an international basis.As China continues to lead the way in CBDC implementation and explores new use cases, the digital yuan’s influence is expected to extend globally, transforming how we transact and interact with currencies in the digital age.

Korean Survey: High Hopes for New Tech, Less for Blockchain and MetaverseA survey report on the perceptions and acceptance of evolving technology among the South Korean public was released yesterday by the Korea Communications Commission (KCC) in collaboration with the Korea Information Society Development Institute (KISDI). The survey, conducted from October 5, 2022, to January 13, 2023, involved 5,378 smartphone users who accessed the Internet at least once a day.Photo by Алекс Арцибашев on UnsplashTech toolsThe report titled “The 2022 User Panel Survey on Intelligent Information Society” revealed that Korean individuals generally hold high expectations for technological tools. Among the respondents, 89.3% expressed their belief that robots would enhance our lives, making it the most anticipated technology. This was closely followed by autonomous driving (87.8%) and kiosks (87.6%). On the other hand, blockchain and AR/VR were slightly less popular, with 73.4% and 72.4% of respondents showing interest, respectively. AR/VR stands for augmented reality and virtual reality.Information servicesThere was also significant anticipation for advanced information services among the respondents. Algorithm-based content recommendations garnered approval from 86.9% of participants, while artificial intelligence-based healthcare received support from 86.5%. However, metaverse-related services received a more moderate level of enthusiasm, with approximately 66% of respondents expressing interest.Metaverse usageThe survey also delved into the usage of metaverse platforms among respondents, revealing that only 12.7% had prior experience with such platforms. This finding suggests that the level of metaverse usage remains relatively low. Among the metaverse-experienced respondents, the most popular platform was ZEPETO, which accounted for 39.4% of usage. On average, users spent 1 hour and 4 minutes on the platform daily. ZEPETO is a Korean communication service that allows users to create and interact as 3D avatars in a virtual world. The cyberspace platform is operated by NAVER Z, an affiliate of the nation’s search engine giant NAVER Corp.Regarding the activities conducted on metaverse platforms, 77.9% of users stated that they primarily utilized them for gaming purposes. This was followed by “communicating with friends” (67.8%) and “communicating with strangers” (66.6%).When discussing the advantages of the metaverse, respondents highlighted its ability to transcend physical and temporal limitations, with 65.7% and 62.6% mentioning “less constraint by time” and “less constraint by space,” respectively. Additionally, 60.1% of respondents mentioned the metaverse’s capacity for self-expression as a benefit. However, respondents also expressed concerns about the metaverse, including risks such as sex offenses (65.7%), personal data infringement (62.6%), hacking (60.1%), and addiction (57.8%).