UAE Starts to Accept Crypto License Applications

The Label Foundation is working with global electronics conglomerate LG Electronics to rollout its Web3 music streaming service, Tracks, on LG Smart TVs, according to an article by Bitcoinist on Monday (KST). The platform’s TV app will be available for free on the latest LG Smart TV models that support webOS22 and 23.Photo by Blaz Photo on UnsplashReinvented music streamingTracks is a music streaming service that allows users to enjoy free high-quality music and artistic visuals through their TVs. The platform leverages Web3 technology to offer a variety of rewards based on the amount of time spent listening. In particular, the Label Foundation aims to make Tracks easily accessible to Web2 users around the world to serve as a bridge between Web2 and Web3. “With the upcoming launch, numerous TV owners will be able to enjoy music for free, which resonates deeply with Label’s ethos, championing universal music accessibility without financial boundaries. We are happy that our collaboration with LG Electronics made this a reality,” Label Foundation said. Rapid riseSince its launch in July, Tracks has gained substantial popularity among younger generations, with its mobile app amassing over 150,000 users worldwide and more than 10,000 daily active users. The Label Foundation attributes this success in user acquisition to its user-centered approach, as opposed to the content provider-centered approach of traditional music streaming services.  As part of its monetization efforts, Tracks will also integrate a free advertising supported streaming television (FAST) service in the near future, which will allow users to access content like television programming and films without subscription fees.

Ripple Pursues International Growth Via Dubai ExpansionThe Dubai Fintech Summit was held in the Venice of the Gulf earlier this week, bringing with it an announcement from Ripple outlining its plans to expand in the Middle Eastern location.Photo by Christoph Schulz on UnsplashResponding to the regulatory environmentRipple CEO Brad Garlinghouse was a keynote speaker at the Summit on Monday, and he took that opportunity to outline the company’s plans within the region. Immediately following his speech, Garlinghouse took to social media to confirm those plans. He tweeted out:“As I just shared on stage at #DubaiFintechSummit, @Ripple is expanding in Dubai. With 20% of our customers based in MENA and clear regulatory regimes being developed, it’s no surprise that Dubai is emerging as a key global financial hub for crypto innovation to thrive.”It’s no coincidence that at the very same event, Coinbase CEO Brian Armstrong was present alongside the company’s executive team. Armstrong also spoke at the event and the outcome of that involvement saw Coinbase too, signaling that it sees potential in setting up a regional base in the United Arab Emirates (UAE).In Coinbase’s case, it’s understood that it is considering the Emirate of Abu Dhabi as opposed to Dubai. Nonetheless, the rationale for pursuing such a move by both leading digital assets companies is the same. Both have been outspoken about the issues they have with the regulatory situation as it exists in the United States right now, relative to digital assets.Office presenceAs an initial step in that Middle East expansion, Ripple is opening an office in Dubai. The office will be located within the Dubai International Financial Centre (DFIC). In what appears like an effort to underscore the company’s official arrival in the United Arab Emirates, Ripple is holding its seventh annual customer conference in the country’s capital later this year.This week, Garlinghouse confirmed that the company’s prolonged legal battle with the Securities and Exchange Commission (SEC) in the United States is projected to cost the company a whopping $200 million. The Biden administration is using all the major financial agencies in the US to clamp down on the sector. It’s little wonder, therefore, that companies like Ripple and Coinbase are seeking refuge overseas.That regulatory and administrative landscape in the United States relative to crypto stands in total contrast to the experience of Navin Gupta, Ripple’s Managing Director of South Asia & MENA in respect of the UAE. In an interview with CoinDesk TV Gupta said that the “UAE as a market is very attractive to us, the Middle East as a market is doing very well.”Gupta drew on his experience in working in Silicon Valley previously and recalling how back then it had three ingredients that made it function that he believes is now the case for the UAE: talent, venture capital investment and a workable regulatory approach.

Japan Progresses With Web3 White Paper ReleaseJapan has released a white paper on Web3, with the aim of promoting the growth of the crypto industry in the country. The white paper, titled “Web3 for All: The Future of the Digital Economy in Japan”, outlines a number of proposals to make the regulatory environment for crypto more friendly and conducive to growth.©Pexels/DSDDeveloping a roadmapThe Japanese government has been looking at ways to foster innovation in the crypto industry, which has been gaining traction in recent years. With the release of the Web3 white paper, the government is hoping to provide a roadmap for the development of the industry in the country.One of the key proposals in the white paper is the establishment of a regulatory sandbox for crypto startups. The sandbox would provide a safe space for companies to experiment with new ideas and technologies, without the risk of falling foul of regulations. This would help to encourage innovation and entrepreneurship in the industry, and could lead to the creation of new products and services.Another proposal in the white paper is the introduction of a digital asset exchange license. This would allow companies to operate crypto exchanges in Japan, provided they meet certain regulatory requirements. This would help to create a more stable and reliable marketplace for cryptocurrencies in the country, and could attract more investors to the industry.Blockchain R&D hubThe white paper also proposes the establishment of a blockchain research and development hub. This would bring together academics, researchers, and industry experts to collaborate on the development of new blockchain technologies. The hub would help to promote innovation and knowledge sharing, and could lead to breakthroughs in the field.In addition to these proposals, the white paper also calls for the creation of a new government agency to oversee the development of the crypto industry in Japan. The agency would be responsible for implementing and enforcing regulations, as well as providing guidance and support to companies in the industry.The release of the Web3 white paper has been welcomed by the crypto industry in Japan. Many industry insiders see it as a positive step towards creating a more supportive environment for innovation and growth. Some have also praised the government for taking a proactive approach to the development of the industry, and for recognizing its potential to drive economic growth in the country.White paper concernsHowever, there are also some concerns about the proposals outlined in the white paper. Some worry that the regulatory sandbox may not provide enough protection for consumers, and that it could lead to the proliferation of untested and potentially risky products and services. Others have raised concerns about the potential for government interference in the industry, and the impact this could have on innovation and entrepreneurship.Despite these concerns, it is clear that the release of the Web3 white paper marks a significant milestone in the development of the crypto industry in Japan. With its proposals for a regulatory sandbox, digital asset exchange license, blockchain research and development hub, and new government agency, the white paper provides a roadmap for the growth of the industry in the country. It remains to be seen how these proposals will be received and implemented, but they are certainly a step in the right direction for the future of the crypto industry in Japan.