Taiwan not rushing into CBDC issuance following prototype build

Leading global crypto exchange platform OKX has officially launched OKX TR, a specialized crypto exchange tailored to meet the needs of users in Turkey. This unveiling, announced on Feb. 27, marks a significant stride in the company’s efforts to offer Turkish users greater access to cryptocurrency trading and decentralized finance (DeFi).Photo by Engin Yapici on UnsplashOKX Wallet integrationOKX TR has integrated OKX's Web3 wallet, providing Turkish users with access to a wide array of features. The wallet offers a user-friendly portal for trading non-fungible tokens (NFTs), utilizing decentralized applications (dApps). Noteworthy features of the OKX Wallet include multi-party computation (MPC) technology and account abstraction (AA), enhancing accessibility for users with varying levels of technical expertise.OKX TR introduces localized features designed to cater specifically to Turkish users, including direct deposits and withdrawals in Turkish Lira, facilitated through strategic partnerships with banking institutions such as Fibabanka, VakıfBank, Ziraat Bankası, İş Bankası, Şekerbank and Türkiye Finans. The platform offers a range of major cryptocurrency pairs for trading, including USDT/TRY, BTC/TRY and ETH/TRY.  Moreover, OKX TR prioritizes user experience by providing round-the-clock customer support in both Turkish and English, attempting to provide prompt assistance and comprehensive guidance whenever needed. Crypto adoption backdropThe platform’s arrival should contribute further towards the burgeoning crypto ecosystem in Turkey, a market boasting a close to 50% adoption rate for cryptocurrencies. A report by OKX rival platform KuCoin back in August of last year found that there had been a significant increase in crypto users in Turkey over the course of the previous 18 months.  It’s believed that crypto adoption in Turkey is being driven partly by its role as a financial lifeline amid economic challenges. The country’s sovereign currency, the lira, has suffered from runaway inflation in recent years. On social media OKX Chief Marketing Officer (CMO) Haider Rafique wrote that the new service offers “lightning fast signup and funding,” alongside the “lowest fees in the market.” Mehmet Çamır, Chairman of OKX TR, outlined that the company had first announced expansion into Turkey in May 2023. Çamır set out the company’s intentions within the Turkish market, stating:"The launch of OKX TR represents more than just an expansion; it signifies our pledge to equip users with a transparent, compliant and user-friendly gateway to the world of blockchain. . . . We can unlock the vast potential of the Turkish crypto community and pave the way towards a future where finance is more inclusive and transparent.” Turkey is in the process of introducing a raft of crypto regulations, primarily with the intention of enabling it to be removed from the Financial Action Task Force’s (FATF) “grey list.” In December, Turkish President Recep Tayyip Erdogan appointed blockchain and cryptocurrency expert Fatma Ozkul to the Turkish central bank’s rate-setting committee.Those moves demonstrate some positive progress from the point of Erdogan’s statement in 2021 when he declared “a war on crypto.” 

RAK Properties has signed a strategic agreement with Hubpay that will allow international buyers to pay for homes in the United Arab Emirates (UAE) using digital assets, the real estate developer said in a Sept. 1 statement on its website. Under the arrangement, customers can settle property purchases with major cryptocurrencies, including USDT, Bitcoin (BTC), and Ethereum (ETH). Payments will be processed on Hubpay’s regulated platform, converted into UAE dirhams, and transferred directly to RAK Properties’ account. The company said it will not handle digital assets directly. Instead, all transactions will be processed by Hubpay and its partners, who are licensed by Dubai’s Virtual Assets Regulatory Authority (VARA), to ensure compliance and transparency. The initiative is aimed at drawing new categories of overseas investors to Ras Al Khaimah, the UAE’s sixth-most populous city, including the developer’s Mina waterfront community.Photo by Precondo CA on UnsplashUAE’s crypto market expands amid rising risksThe move comes amid growing crypto activity in the UAE. A Chainalysis report last year ranked the Middle East & North Africa as the seventh-largest crypto market and noted that the UAE’s decentralized finance adoption was above the global average, citing regulatory clarity. From July 2023 to June 2024, crypto inflows to the UAE leaned heavily toward stablecoins, which represented 51.3% of value received, compared with 44.7% worldwide. Bitcoin’s share was smaller than the global average at 16.5% versus 22.3%, while altcoins and Ethereum showed little difference at 24.4% and 7.8%, respectively. At the state level, the UAE itself has emerged as a significant player. Based on Arkham’s tracking, it is the world’s fourth-largest government Bitcoin holder, with about 6,352 BTC ($703 million). In contrast to the U.S. and U.K., whose holdings largely stem from law enforcement seizures, the UAE’s reserves come from mining through Citadel Mining. The firm is majority-owned by 2PointZero under the International Holding Company (IHC), which is chaired by Sheikh Tahnoun bin Zayed al-Nahyan, the UAE’s national security adviser and a prominent member of the ruling family in Abu Dhabi. As crypto use has grown, so too have the risks. In the first half of this year, the UAE recorded the world’s largest average per-victim losses from crypto crime, with nearly $80,000 stolen per individual, according to Chainalysis. Only the U.S. came close to that figure, while Chile, India, Lithuania, Japan, Iran, Israel, Norway, and Germany rounded out the global top ten. Harmonizing crypto rulesAmid a shifting crypto landscape, regulatory structures in the UAE are continuing to evolve. At the federal level, the Securities and Commodities Authority (SCA) supervises virtual asset services, while the Central Bank of the UAE (CBUAE) oversees payment tokens. The Dubai International Financial Centre and the Abu Dhabi Global Market operate their own frameworks. Last month, the SCA and VARA introduced a cooperation framework to harmonize oversight and allow mutual recognition of licenses, though the system stops short of automatic passporting in order to preserve national security controls. In related developments, the National Bank of Ras Al Khaimah (RAKBANK) became the first bank in the UAE to partner with Bitpanda Technology Solutions, a Vienna-based crypto exchange and digital assets infrastructure provider. The partnership, which builds on earlier work exploring the issuance of digital payment tokens, is expected to give RAKBANK customers access to a variety of crypto use cases. 

Four Pillars for Success in Korean Security Token MarketOn Wednesday, blockchain experts in various fields gathered at the 2023 Blockchain Meetup Conference held in Seoul to discuss issues with security tokens and their outlook.©Pexels/Alesia KozikWhat attracted security token businesses’ attention at the meeting was a presentation by Jung Eui-heon from Lambda256, a subsidiary of Korean crypto exchange Upbit’s operator Dunamu. He shared four pillars for success in the Korean security token market.Security tokens gaining traction in KoreaSecurity tokens have been a trending topic in the Korean blockchain industry since the Korean Financial Services Commission (FSC) allowed the issuance and trading of security tokens last February. Furthermore, a 2022 report jointly published by Boston Consulting Group and Singaporean investment platform ADDX predicted that the total size of illiquid tokenized assets worldwide would reach $16 trillion by 2030.Against this backdrop, here are the four keys to successful security token projects that Jung outlined.Technology adaptationFirst, he emphasized the importance of adopting rapidly changing technology. To tackle the issue, he suggested teaming up with advanced tech companies for long-term collaboration. When choosing tech partners, companies should ensure they are sustainable, possess technological prowess, hold credibility on high volume transactions, and maintain the security level of financial institutions, Jung advised.Forging partnershipsThe second point he mentioned was the need to forge partnerships. The FSC’s February guideline requires the issuance and distribution of security tokens to be managed separately. This means that security token projects require collaboration between issuers, distributors, account managers, asset holders, and tech companies.New securities productsJung also noted that discovering new securities products is crucial. Partnering with existing fractional investing companies may help accelerate the security token project initially, but in the long run, enterprises will eventually have to create products in various fields such as gaming, movies, and entertainment.Token liquidityLastly, Jung underlined the token liquidity, which plays a crucial role in determining its prices. Issuers will need to find various distributors and vice versa. Securing liquidity requires the establishment of a technical standard that improves interoperability and compatibility, he highlighted.