XRP primed for institutional adoption in Asia via tracker fund launch

Bitay Ventures into Expanding UAE Crypto MarketTurkey’s Bitay, a cryptocurrency exchange headquartered in Istanbul, has taken the decision to enter the United Arab Emirates (UAE) market.The company announced the development via a press release published on Thursday.Bitay General Manager Niyazi Yilmaz expressed his satisfaction in having made the move, stating: “The UAE provides a stable regulatory environment for crypto exchanges. It will serve as more than just a market for Bitay, it will be our technology base, central to our global blockchain strategy.”Photo by Aldo Loya on UnsplashGovernment-aided kickstartBitay sprang to life in 2018 following the award of a research grant by the Turkish government. The business has been operational in Turkey over the course of the past five years, but took the decision to expand on a global basis in 2021. The upshot of that decision saw the company obtain a Money Services Business (MSB) license in 16 states in the United States. Beyond that, the firm has made efforts to extend its services to customers across Europe, Asia, Africa, and the Americas.Last year, Bitay entered the Indian market, and as part of that process, it established an office in Gurgaon. At that time, the company claimed that India, the Turkic countries, Eastern Europe, the Balkans, and selected countries in the Middle East and North Africa (MENA) were its priority markets.Stablecoin USPThe company feels that it has something additional to offer the UAE market by comparison with other platforms that will provide it with a unique selling proposition (USP). It will also offer AEDD, a stablecoin that is pegged to the UAE's local currency, the United Arab Emirates Dirham (AED). Yilmaz explained: “AEDD is not just a stable coin, but a testament to the investment and trust we place in the UAE’s digital future.”To further bootstrap the launch of the platform within the UAE, Bitay is offering some preliminary incentives to encourage UAE residents to use the service. To that end, it’s launching an “Advantageous 2nd Sales Period” campaign. The offering will incorporate 25% discounts on its native exchange token, accompanied by a yield bonus of up to 30% on USDT-based investments.Native token offeringThe company claims that its native token achieved a 330% surge in value within its first year. That said, exchange tokens have been the subject of controversy more recently. The reliance of failed cryptocurrency exchange FTX on its native FTT token was a key factor in the downfall of the platform in 2022. Similar concerns have been raised with regard to global crypto exchange Binance relative to its native BNB token, albeit that any such assertions remain a matter of speculation.A progressive regulatory approach to virtual assets over the course of the past 12 months in the UAE has seen proponents of digital currency heap praise on the country. It has also led to a number of sizable crypto platforms attaining licensing in Dubai and Abu Dhabi, while others have established offices or headquarters within the UAE.

Hong Kong Embraces Web3 Development with Dedicated Task ForceHong Kong has taken another step towards embracing the potential growth of the crypto industry by creating a dedicated task force for Web3 development.Led by Financial Secretary Paul Chan, the task force, which was announced on Friday, consists of 15 non-official members, including university professors and entrepreneurs. As official members, government officials and financial regulators are involved.Financial Secretary Chan expressed his optimism about blockchain technology, the foundation of Web3, highlighting its potential for innovation through features such as disintermediation, security, transparency, and cost-efficiency. The task force envisions Web3 as a solution to challenges faced in sectors like finance, trade, business operations, and everyday life.Photo by Shubham Dhage on UnsplashMulti-agency participationNotable members of the task force include the CEOs of the Hong Kong Monetary Authority (HKMA), Securities and Futures Commission (SFC), and Hong Kong Exchanges and Clearing. Their presence demonstrates the commitment of top finance regulators in Hong Kong to the Web3 initiative. Additionally, Yat Siu, chairman of metaverse firm Animoca Brands, joins as a non-official member, bringing diverse perspectives to the table.Financial Secretary Chan emphasized Hong Kong’s ambition to become a significant player in the Web3 space. The city-state aims to support companies and nurture local talent within the ecosystem. This initiative aligns with Hong Kong’s long-term vision for crypto development, as set out in a policy document released last October. It’s the latest in a whole series of measures officials have taken since then to further that crypto ambition.Strategic positioningBy establishing the Web3 task force, Hong Kong seeks to position itself as a prominent hub for crypto activities. The city-state recognizes the potential economic benefits and job opportunities associated with the crypto industry. The task force’s diverse composition reflects the government’s intention to collaborate with stakeholders from various sectors and gather insights from academia, government bodies, and industry experts.Furthermore, the task force aims to create a supportive environment for digital asset development. Hong Kong’s financial regulators have been actively working on regulatory frameworks to ensure investor protection and promote market integrity.While it is still in the early stages, global crypto exchanges like Huobi, OKX, and BitMEX have recently expressed their intentions to establish a presence in Hong Kong. This indicates growing interest in the city-state’s crypto potential and validates the government’s efforts to position Hong Kong as a welcoming and conducive environment for crypto-related businesses.With its commitment to fostering digital asset development, Hong Kong demonstrates a forward-thinking approach to leverage the benefits of blockchain technology and position itself as a thriving ecosystem for Web3 innovation.The collaboration between academic, governmental, and regulatory stakeholders sets the stage for the Chinese autonomous territory to capitalize on the opportunities presented by the evolving crypto space. Hong Kong’s proactive stance and the establishment of the Web3 task force reinforce its position as a global financial hub and a front-runner in embracing emerging technologies for future economic growth.

CarrieVerse token CVTX listed on BitgetWeb3 metaverse and NFT platform CarrieVerse’s governance token CVTX will be listed on global cryptocurrency exchange Bitget on Dec. 13, according to an article published by South Korean news outlet Money Today. This is the eighth exchange listing for the altcoin, following Gate.io, GOPAX, BingX and more. This comes as part of the platform’s efforts to expand its Web3 ecosystem.Photo by Maxim Hopman on UnsplashCVTX’s versatilityBuilt on Polygon, CVTX is integrated into the tokenomics ecosystem of CarrieVerse and its card strategy role-playing game (RPG) SuperKola Tactics. It is also the governance token for the CarrieVerse blockchain gaming platform Cling. CVTX can be traded for USDT on all of the exchanges it is listed on except for GOPAX, which offers a CVTX/KRW pair. KRW stands for Korean won.Global expansionLast month, CarrieVerse also joined the Dubai Multi Commodities Centre (DMCC), the UAE’s largest free-trade zone for blockchain and crypto companies, as a metaverse service provider. The platform has received approval to set up a local subsidiary there, which will serve as a base to expand its ecosystem, particularly in the Middle East and North Africa (MENA) region.“The market value of CarrieVerse and CVTX is expected to significantly increase once the platform is released in target regions. This will serve as a foundation for more listings on major domestic and international exchanges,” the company said, adding that its number of daily active users has exceeded 5,000.Bitget’s substantial presenceBitget is a cryptocurrency derivatives exchange registered in Seychelles, with global offices in Japan, South Korea, Canada and more. As one of the top ten derivatives exchanges in the world according to CoinMarketCap, Bitget handles over five million users and more than 500 cryptocurrencies. It is also registered on South Korea’s two largest exchanges, Upbit and Bithumb, as a market that facilitates deposits and withdrawals after the implementation of the crypto Travel Rule. The Travel Rule, enforced by the intergovernmental Financial Action Task Force, states that VASPs must share personal information about customers when facilitating crypto transactions that exceed a certain amount as a means of preventing related crimes.