Japan’s GMO Coin Announces Special SGB Airdrop for XRP Holders

Abu Dhabi Global Market (ADGM), an international finance center and free zone, and Solana Foundation have forged a collaboration aimed at advancing the development of blockchain ecosystems. Nurturing DLT innovationThe primary objective of this partnership, which was announced earlier this week, is to enhance Distributed Ledger Technology (DLT) solutions and propel innovation within the blockchain sphere. Hamad Al Mazrouei, CEO of ADGM Registration Authority, expressed enthusiasm about the collaboration, stating:"We are excited to partner with Solana to pioneer the future of technology, and further enhance the level of knowledge in the space of blockchain by emphasizing the value of regulation and compliance in ensuring robust and sustainable development." Lily Liu, president of the Solana Foundation, shared her optimism about the partnership on the X social media platform, stating:“I spent the day with the @ADGlobalMarket leadership, and have come away with great optimism about their progressive, consultative approach to regulation.”Photo by Shubham's Web3 on UnsplashEmerging crypto hubAbu Dhabi is swiftly emerging as a prominent hub for crypto and blockchain ventures, attracting top firms globally due to its strategic location and supportive government policies. The ADGM has approved a raft of licenses for leading digital asset sector firms. New York-headquartered blockchain and tokenization infrastructure platform Paxos secured an in-principle license back in November. That same month, retail and social trading platform eToro and virtual asset firm M2 both secured trading licenses from ADGM. In September, Standard Chartered-backed digital asset marketplace Zodia Markets secured in-principle approval.Framework for DAOs and foundationsAbu Dhabi Global Market has created an enabling environment for such partnerships to flourish. The emirate has recently launched a $2 billion initiative dedicated to fostering startups in the Web3 and blockchain technology sectors, underscoring its commitment to nurturing the growth of the crypto and blockchain industry. Last year, ADGM introduced regulations to streamline the establishment of blockchain startups in its international free trade zone, aiming to attract investments and enhance market competitiveness and efficiency. In particular, it rolled out a framework for the establishment of decentralized autonomous organizations (DAOs) and blockchain foundations. To establish a distributed ledger technology (DLT) foundation, founders are required to submit a signed Charter to the Registrar, affirming compliance with all relevant laws and financial obligations. Notably, ADGM's regulatory framework for DLT foundations has already yielded significant results, with the recent announcement of the Berlin-based IOTA Foundation unveiling a $100 million foundation in Abu Dhabi. This latest Solana Foundation collaboration is further evidence of the fruits of that framework. In addition to regulatory advancements, Abu Dhabi Global Market introduced a virtual platform in 2022 to connect individuals with virtual asset firms, consolidating its status as a crypto hub. This initiative has attracted several crypto firms to the UAE, drawn by the region's plans to establish itself as a leading crypto hub. Dubai, Abu Dhabi's neighboring emirate, has also witnessed a surge in crypto firms, buoyed by the proactive approach of Dubai’s Virtual Asset Regulatory Authority, which serves as a global model for regulator-industry collaboration.   

Kazakhstan’s central bank has begun testing a stablecoin tied to the national currency, advancing a broader plan to modernize the country’s financial infrastructure. According to Cointelegraph, the pilot, run inside the National Bank of Kazakhstan’s Digital Assets Regulatory Sandbox, introduces Evo, a token with the ticker KZTE that is built on Solana and backed by the tenge. Intebix, a local crypto exchange, and Eurasian Bank are issuing KZTE. Mastercard is preparing connections that would link the token with major stablecoin issuers worldwide. The central bank is not minting the asset, but it is providing the regulatory framework that allows the token to be created and tested. Intebix founder Talgat Dossanov said the initiative is the first instance of the monetary authority directly engaging in the process of stablecoin issuance.Photo by GuerrillaBuzz on UnsplashBuilding a national crypto ecosystemEarly use cases focus on practical payments and on-ramps. The token is designed to widen the bridge between crypto and fiat, support conversions on exchanges, and enable spending through crypto cards. Officials described the pilot as a building block in a national digital asset ecosystem that aims to nurture new financial tools and deepen the local market. The program aligns with guidance from President Kassym Jomart Tokayev, who in a Sept.  8 address urged faster development of a comprehensive digital asset environment. He called for a new banking law to boost competition, attract new players, strengthen fintech, and ease the circulation of digital assets. Tokayev also cited progress with the digital tenge, already in use to finance projects through the sovereign wealth fund, and proposed creating a state crypto fund under the central bank’s investment arm to launch a strategic reserve of promising tokens. USD stablecoin accepted as regulatory feesRegulatory efforts extend beyond the sandbox. On Sept. 4, the Astana Financial Services Authority (AFSA), the independent regulator of the Astana International Financial Centre (AIFC), launched a pilot that lets companies based at the center pay regulatory fees using stablecoins backed by the U.S. dollar. More than 4,000 firms from over 80 countries are registered at the AIFC, and Bybit was the first to sign a multilateral memorandum of understanding with the regulator. Under the fee pilot, licensed Digital Asset Service Providers may join as Providers and act as agents for payers who choose to settle obligations to the regulator with stablecoins. AFSA chief executive Evgeniya Bogdanova said the initiative is meant to position the financial center as a hub for digital finance and to keep pace with global trends in stablecoin adoption. Together, the sandbox stablecoin, the digital tenge rollout, and the AIFC payments pilot signal a coordinated push to make digital assets a larger part of Kazakhstan’s financial system. Authorities are testing how these tools can operate within clear rules, with an eye to drawing investment and keeping the country connected to fast-moving changes in global finance. 

Bybit Powers Trading Tools via ChatGPT IntegrationDubai-headquartered crypto spot and derivatives trading platform Bybit is set to revolutionize the trading experience for its users with the integration of artificial intelligence (AI) through ChatGPT. By leveraging OpenAI’s renowned chatbot, Bybit aims to provide innovative trading tools and metrics to cryptocurrency traders.Photo by Markus Spiske on UnsplashToolsGPTThe newly introduced ToolsGPT by Bybit combines the machine learning capabilities of ChatGPT with the exchange’s market data, offering users a comprehensive set of features. Traders will now have access to technical analysis, price data, and metrics, all generated through AI technology. ToolsGPT will also provide personalized responses to individual inquiries, catering to the unique needs of each trader.Bybit’s AI-powered offering is designed to provide insights and predictions for various cryptocurrency trading scenarios. By analyzing market data for multiple cryptocurrencies, ToolsGPT can identify price trends and utilize technical indicators to forecast future market movements. This service is accessible to traders of all experience levels, allowing them to make more informed decisions based on historical and real-time market data.Bybit announced the availability of the AI-powered trading tools via a blog post published to its website on Thursday and via Twitter. Ben Zhou, CEO of Bybit, emphasized the innovative integration of ChatGPT and its role in empowering traders with advanced tools and insights. By leveraging historical and real-time market data, as well as AI-generated advice, traders can gain a comprehensive understanding of market dynamics to make better-informed decisions.Exchange AI integrationsBybit joins other cryptocurrency exchanges in exploring the potential of ChatGPT. Crypto.com introduced its own user assistant powered by ChatGPT, named Amy, in May. Binance also integrated OpenAI’s chatbot into its Binance Academy platform, providing users with responses sourced from a database of articles and information on the broader Web3 ecosystem.Additionally, OKX has integrated EndoTech’s AI tools to analyze market volatility and identify trading opportunities. This move reflects the growing recognition within the cryptocurrency industry of AI’s potential to enhance trading strategies and improve overall user experiences.Solana Labs also joined the AI revolution by launching a ChatGPT-powered plugin. This plugin enables users to check wallet balances, conduct transfers of Solana-native tokens, and trade non-fungible tokens (NFTs) seamlessly.It’s been a busy couple of months for the company. Last month, Bybit announced the extension of its service offering to include crypto lending. Also in May, it achieved “in principle” approval from the Astana Financial Services Authority (AFSA) in Kazakhstan to trade in the country. In April, it publicized that it had chosen Dubai as the company’s global headquarters. In an effort to further establish roots in the United Arab Emirates (UAE), earlier this month it founded a blockchain scholarship program in conjunction with the American University of Sharjah (AUS).As the cryptocurrency industry continues to evolve, the integration of AI technology holds great promise for enabling more effective and informed trading strategies. That’s something that Bybit Advisor Anndy Lian underscored at the Brand Launchpad Event held in Vietnam last month. With Bybit’s integration of ChatGPT, traders can expect an enhanced trading experience through the use of AI-powered tools and insights.