Blockchain Meat Marketplace MOOxMOO Achieves $30m in Distribution Volume

Abu Dhabi Approves M2 for Crypto ServicesM2, a virtual asset firm based within Abu Dhabi Global Market (ADGM) in Abu Dhabi, has received authorization from the Financial Services Regulatory Authority (FSRA) to establish a multilateral crypto trading facility in the United Arab Emirates (UAE) capital.This pivotal development, announced on Wednesday, allows M2 to provide both retail and institutional clients in the region with the capability to engage in activities such as purchasing, selling, and safeguarding digital assets, including Bitcoin.Photo by Jametlene Reskp on Unsplash2023 platform launchScheduled for a launch later in 2023, the M2 platform’s creation has been a year-long process, designed to cultivate trust, security, and integrity within the burgeoning virtual asset landscape. The company’s mission is to empower users with access to the highest level of services, including the ability to transact with cryptocurrencies using fiat currency and tap into derivative and yield offerings.Stefan Kimmil, the CEO of M2, acknowledged the significance of this regulatory milestone:“The process of obtaining the license is the first step on our journey, and we will remain in close dialogue with ADGM to ensure transparency around the custody of client assets.”Kimmil also expressed M2’s commitment to maintaining the high industry standards, as the UAE solidifies its position as a global front-runner in the virtual asset realm.Founded earlier this year, M2 claims to have a depth of credible expertise driving it, with executives having joined the firm from traditional finance giants such as Deutsche Bank, JP Morgan, and Goldman Sachs.Progressive regulationThe FSRA has taken a forward-thinking approach to digital asset regulation, having introduced a comprehensive framework for virtual assets in 2018. This framework has not only attracted numerous major cryptocurrency-focused companies to establish operations within its regulated financial and economic zone but has also fostered the region’s digital asset landscape.ADGM CEO Salem Al Darei underscored the organization’s mission of driving growth and investment opportunities in the virtual asset sector: “We remain committed to enhancing Abu Dhabi’s digital asset landscape and actively supporting the diversification of our thriving economy.”This sentiment is well-aligned with the broader vision of expanding the digital horizons of the UAE. The approval granted to M2 follows in the footsteps of significant advancements in the UAE’s cryptocurrency landscape. In November 2022, cryptocurrency exchange giant Binance secured financial services permission, bolstering its presence in the region.Furthermore, Rain, a prominent cryptocurrency exchange that serves the Middle East and North Africa (MENA), Turkey, and Pakistan, obtained regulatory approval last month to extend virtual asset brokerage and custody services to UAE residents.The emergence of M2’s platform points to the ongoing fostering of a dynamic virtual asset ecosystem that is currently ongoing in Abu Dhabi and the UAE at a national level. As the platform prepares for its forthcoming launch, it’s seeking to usher in a new era of accessibility, sophistication, and opportunity for the growing community of retail and institutional clients seeking to engage with cryptocurrencies in the UAE.

Hata Digital Sdn Bhd, the fifth licensed crypto exchange in Malaysia, has raised $4.2 million in a seed financing round. That’s according to a press release published by Cointelegraph on Oct. 22 on behalf of the company. The round was led by two blockchain and crypto-centric U.S.-based venture capital firms, Castle Island Ventures and Cadenza Ventures. Commenting on the development, Castle Island’s Nic Carter took to X, stating:”Excited to be coleading the seed for @hataglobal and joining the board. SE Asia is the #1 most active region for crypto adoption and we are pumped to see Hata build for the Malaysian market and beyond.” In further comments included within the press release, Carter complemented Malaysia and the overarching Southeast Asian region as being at the heart of blockchain adoption:“Malaysia and the broader SE Asia region is the global epicenter of blockchain adoption and we are excited to support the talented team at Hata in their support of this market. We believe Hata is well-positioned to win due to their differentiated product focus and regulatory approach.”  Photo by Vlad Shapochnikov on UnsplashAsian expansionThe company has said that it will use the funds in its efforts to expand its product offering and expand within the Asian region through the acquisition of more users. Reflecting upon the investment, Hata CEO David Low said that the company is “committed to creating a robust platform that empowers users in Malaysia and in the Asia region to navigate the digital asset market with confidence.” Other participating investors included Silicon Valley’s Plug and Play Tech Center, Singapore’s AP Capital, crypto accelerator Alliance.xyz and global crypto exchange Bybit. Bybit’s investment into Hata is not its first touch point with Malaysia as earlier this year the exchange business relocated some of its Chinese employees to the Southeast Asian nation.The other lead investor, Cadenza, is headed up by Max Shapiro alongside Kumar Dandapani. Shapiro gave his own take on Hata, stating:“We believe that Hata’s innovative approach and commitment to user engagement will drive the next wave of growth in Malaysia’s digital asset market. We are looking forward to working closely with the team as they navigate this evolving landscape.”  U.S. dollar trading pairsIn 2023 Hata received in-principle approval from the Securities Commission Malaysia (SCM), a local regulator. Earlier this year, it went one further and secured full approval from the regulator. The exchange relies upon offering trading pairs between crypto assets and the U.S. dollar. The platform currently supports in excess of 40 trading pairs.  In addition to the trading license it has acquired from SCM, Hata has also been licensed by the Labuan Financial Services Authority, the statutory body responsible for the development and administration of the Labuan International Business and Financial Centre. The Malaysian startup was established by three co-founders, one of them being a former executive at Luno, the crypto investment platform that operates across Africa, Southeast Asia and Europe. The exchange operates an affiliate program that enables platform users to participate in revenue sharing.

Blockchain Council Exec: Philippines Poised for Crypto AdoptionDonald Lim, the Founder of the Blockchain Council of the Philippines (BCP), believes that the country has all the necessary elements for mainstream crypto and blockchain adoption.In a recent interview with Cointelegraph, Lim discussed the potential for crypto adoption in the Philippines and explained why he is optimistic about the success of blockchain projects in the country.Photo by Krisia on PexelsFinding its place in blockchainAccording to Lim, the BCP recognized the global shift towards Web3 and organized the Philippine Blockchain Week to explore the ecosystem’s potential. That activity revealed to the organizers that the country has a vibrant community eager to find its place in the world of blockchain. Lim expressed confidence in the Philippines becoming the blockchain capital of Asia, citing the country’s technical expertise, young population with a median age of 25, and its ability to adapt quickly, as demonstrated by the popularity of the play-to-earn game Axie Infinity.Crypto interestAxie Infinity, a play-to-earn blockchain game, gained significant traction in the Philippines in 2021, with 40% of its player base coming from the country. This increased awareness of Web3 concepts and the creation of crypto wallets. Additionally, research carried out recently suggests the Filipinos are among the most interested in crypto in the region.Lim noted that international organizations have been eager to enter the Philippine market due to favorable demographics and the government’s open stance on crypto and blockchain. The executive emphasized that the government is not seeking to stifle innovation in the sector. On the contrary, it welcomes blockchain and Web3 projects, creating an environment conducive to their growth.Ethan Rose, founder of Pouch, a wallet service supporting the Bitcoin Lightning Network in the Philippines, corroborated this sentiment. Pouch has successfully onboarded over 400 businesses in the country to accept Bitcoin payments. While the onboarding of Filipino merchants into the crypto space is a positive step, Lim believes that it will take time before living solely on Bitcoin or crypto becomes a reality.Adoption inevitableHowever, he remains optimistic about the future, stating that it is only a matter of time before crypto adoption snowballs into something more significant.Lim highlighted the need for infrastructure development, expecting it to mature within the next four to five years. As the infrastructure improves, crypto will not only be used for payments but also for activities such as purchasing non-fungible tokens (NFTs) and participating in the metaverse. This comprehensive adoption will pave the way for a crypto-powered future in the Philippines.Philippine regulator, the Securities and Exchange Commission (SEC), recently delayed publication of its crypto regulatory framework. However, it appears that the move stems from an abundance of caution in getting the regulation right. Earlier this year, Robert De Guzman, Head of Legal Compliance at Philippines-based cryptocurrency exchange, Coins.ph, expressed his optimism that the authorities are developing a progressive regulatory framework for crypto in the Southeast Asian country.The Philippines shows promising potential for crypto and blockchain adoption, fueled by its young population, technical expertise, and supportive government. As the infrastructure continues to evolve, crypto adoption is expected to expand beyond payments, encompassing various aspects of the digital economy.