SC Ventures and Deutsche Bank Execute Stablecoin Payments via UDPN

The Qatar Financial Centre (QFC), a business and financial center located in the Qatari capital, Doha, has announced that the Qatar Financial Centre Authority (QFCA) and the Qatar Financial Centre Regulatory Authority (QFCRA) have launched the QFC digital assets framework. In a press release published to the QFC website on Sept. 1, the project set out details of its QFC Digital Assets Framework 2024.Photo by 拜耳 闫 on UnsplashIndependent economic zoneThe QFCA and the QFCRA both act in a regulatory capacity relative to the financial center. The QFC is an economic zone, which operates independently from the rest of the country. With that, it has its own legal, tax, regulatory and business framework. The initiative is similar in this respect to projects located within its Middle Eastern neighbors, the United Arab Emirates (UAE), such as RAK DAO in Ras al Khaimah and Abu Dhabi’s international financial center, the Abu Dhabi Global Market (ADGM). The QFC incentivizes international startups to base themselves within the economic zone by allowing full foreign ownership and 100% repatriation of any profits made by the established entity, with a low rate of 10% taxation applied to those profits. In its press release, the QFC claimed that the framework establishes the legal and regulatory foundation for digital assets, including the process of tokenization, legal recognition of property rights in tokens and their underlying assets, custody arrangements, transfer and exchange.  Providing for a transparent ecosystemAdditionally, the framework provides for the legal recognition of smart contracts. The QFC claims that the framework will ensure a “secure and transparent digital asset ecosystem,” in accordance with international standards and best practices.  The financial center established its Digital Assets Lab in October 2023. Since then, it has welcomed in more than 20 startups, with those entities at various stages in terms of developing, testing and commercializing their products and services. The project outlined that the digital assets framework was developed simultaneously, alongside the operation of the QFC Digital Assets Lab, with industry engagement and collaboration arising as a consequence, having played a role in the framework’s development. His Excellency, Sheikh Bandar bin Mohammed bin Saoud Al Thani, the Qatari Central Bank governor, commented on the development, stating: “Launching the 2024 Digital Assets Regulations marks a significant milestone in our journey towards realising the Third Financial Sector Strategy.” The central bank governor added that the project was aligned with Qatar’s endeavor to achieve specific digital transformation goals. Sovereign wealth fund rumorsRumors had emerged in December 2023 that Qatar’s sovereign wealth fund was driving a Bitcoin price surge. While those rumors weren’t substantiated subsequently, this latest development has once again led to some market commentators considering the prospect of one of the world’s largest sovereign wealth funds investing in Bitcoin. Pseudonymous crypto influencer “MartyParty,” who has over 110,000 followers on X, commented on the development, adding that “[The Qatar Investment Authority (QIA) has] been very interested in #Bitcoin and other digital assets and are huge investors in technology.” Back in 2021, QIA CEO Mansoor Bin Ebrahim Al Mahmoud stated at the Qatar Economic Forum that crypto needed to mature before the $500 billion wealth fund would establish a view about investing in the space.

As is the case in the rest of the world, South Korea is also experiencing a bullish cryptocurrency market these days. However, local blockchain companies that started their business between 2017 and 2018 – those considered the first-generation blockchain firms – are trying to distance themselves from the label “blockchain,” removing words such as “block,” “chain” or “coin” from their names to rebrand themselves.  This is largely due to local regulations that stifle blockchain businesses and widespread negative perspectives towards the crypto industry among the public, the local media outlet News1 reported. Photo by Robert Stump on UnsplashMediBloc rebrands itself to WeavrCare: The two-track strategy Among the first-generation blockchain firms that changed its name is MediBloc. Founded in April 2017 as a blockchain-based digital health company, MediBloc rebranded its Korean branch last month to WeavrCare, combining the words "weave" and "care" to highlight its commitment to connecting patients and hospitals onchain.  WeavrCare offers a blockchain healthcare data platform named Panacea, where patients can directly manage their own medical data. It also provides a blockchain-based medical data and insurance claim platform Medipass. MediBloc's native token MED is currently listed on prominent local crypto exchanges such as Upbit and Bithumb.  The company is known to have well weathered the crypto winter between 2022 and 2023 by pitching a cloud electronic medical record (EMR) solution, Dr. Palette, which enables medical staff to easily check medical charts and manage patients' data.  Following its rebranding, WeavrCare has demonstrated its intention to pursue a two-track strategy, with the company’s Gibraltar branch focusing on blockchain business under the original corporate name MediBloc. In contrast, WeavrCare in Korea will focus on expanding new businesses including Dr. Palette.  Meanwhile, WeavrCare has reportedly embarked on investor relations (IR) activities to secure a Series B investment.  Chain Partners rebrands itself to AI3: Merging Web3 with AIChain Partners, a blockchain firm focused on crypto exchanges and the over-the-counter (OTC) markets, has also recently rebranded itself to AI3, a new name that the company expects will illustrate its aim of focusing more on AI businesses. The name reflects the company's dedication to exploring both Web3 and generative AI technology.  Following its rebranding, AI3 has embarked on developing an AI service equipped with a prompt response system. AI3 had already launched a personal AI assistant dubbed Wrks last year, which aims to improve workflows. A company official said AI3 is currently preparing for IR to qualify for a Series A investment.  CPLABS and Parameta: Earlier pioneers of blockchain Meanwhile, other blockchain firms that launched their businesses earlier than the above two companies have already completed their rebranding last year. CoinPlug changed its name to CPLABS, and Iconloop to Parameta.  

Zhong An Bank (ZA Bank), Hong Kong’s largest digital bank, has announced that it is now offering crypto trading services to its 800,000 retail customers. The bank set out details of its latest offering in a press release published to its website on Nov. 25. With that, ZA Bank claims to be the first Asian bank to offer crypto trading services to retail customers. Singapore’s DBS Bank was the first conventional bank in Asia to offer crypto services, although in that case, its offering was confined to institutional and accredited investors. It has yet to launch crypto trading for its retail customers.Photo by Traxer on UnsplashHashKey Exchange partnership While DBS built its own crypto exchange platform, in this instance, ZA Bank has decided to partner with local regulated crypto platform, HashKey Exchange. To begin with, the bank will offer Bitcoin and Ethereum in HKD and USD trading pairs. To promote the service, users are being offered commission-free trading during the first three months. A minimum investment level of HKD 600 ($70) has been set. Essentially, ZA Bank customers can access this trading feature through the ZA Bank banking app. Commenting on the partnership, HashKey Exchange CEO Livio Weng stated:”Our collaboration goes beyond technical synergies; it also reflects our shared commitment to upholding the highest regulatory standards. Looking ahead, HashKey Exchange will continue to work closely with ZA Bank to drive the development of the Web3 ecosystem, while delivering more diversified financial services to our users. Together, we aim to usher in a new era of wealth management.” HashKey Exchange is one of three virtual asset exchanges in the Chinese autonomous territory that have been fully regulated and licensed. Facilitating retail demand The bank cited a recent Hong Kong Association of Banks survey, which suggested that 70% of respondents believe that banks offering virtual asset trading services would mean greater convenience for people in accessing cryptocurrencies. Consequently, it would lead to further adoption of cryptocurrencies and it’s on this basis that ZA Bank has launched this latest service, catering to an emerging demand from its customers. Speaking to that, ZA Bank's Alternate Chief Executive Calvin Ng stated:“The rise of cryptocurrency presents investors with more diverse asset allocation opportunities.” On X, Neo blockchain co-founder Da Hongfei described the development as “noteworthy.” In particular, he highlighted the fact that ZA Bank supports account openings not just for Hong Kong residents but also mainland China residents living in Hong Kong. Notwithstanding that, crypto services still remain out of bounds for mainland China residents.  Hongfei also pointed out that the offering doesn’t allow the customer to transfer crypto purchased via the app off the platform. It is strictly limited to trading of crypto between digital assets and fiat currency. This offering by ZA Bank has been in the works for quite a while, with the bank having indicated that an app-based crypto retail offering was in development last December.  In September the bank received approval from the China Securities Regulatory Commission to add digital asset transactions to its Type 1 license. The bank is owned by ZA Global, an affiliate company of Chinese insurance company Zhong An.