Historic ruling sees Dubai court validate crypto as salary payment

B2Prime Group, a leading liquidity provider, has achieved a significant milestone by securing "Initial Approval" from the Dubai Virtual Assets Regulatory Authority (VARA) for its B2B Prime Digital MENA division. This development marks an important step for the company in its pursuit of a comprehensive Virtual Asset Service Provider (VASP) license. B2Prime is a Cyprus-based financial institution registered and supervised by CySEC, operating under the umbrella of broker technology provider B2Broker, with Artur Azizov and Evgenia Mikulyak as the founders.Photo by Roman Logov on UnsplashPre-operating conditionsThe initial approval granted by VARA covers licenses for "Virtual Asset Exchange Services," "Virtual Asset Broker Dealer Services" and "Virtual Asset Transfer and Settlement Services." The path to complete licensing involves B2Prime Digital MENA fulfilling pre-operating conditions and obtaining operational approval before providing its services in Dubai. Expressing gratitude, B2Prime's founders acknowledged the rigorous regulatory framework set by VARA, emphasizing the company's commitment to leading in the evolving virtual asset landscape. Arthur Azizov, Co-Founder of B2B Prime Digital MENA, expressed confidence in the company's ecosystem, ensuring a safe and efficient gateway to virtual assets for users. Adriana Paredes Herrera, CEO of B2B Prime Digital MENA, celebrated the eagerly awaited Initial Approval for all three licenses, particularly the Transfer and Settlement License, inspiring the team to channel their best efforts towards securing the Virtual Asset Service Provider license. Licensed in Cyprus and MauritiusThe company aims to offer a robust, efficient and secure gateway to virtual assets, ensuring a transparent and compliant environment for its clients. In 2021, the firm acquired licensing in Cyprus for activities related to forex and contracts for differences (CFDs). Outside of Europe, the company extends its services internationally through B2Prime Mauritius. Established in March 2022, VARA serves as the regulatory body for virtual assets in Dubai, with a mission to safeguard investors and establish international standards for the industry, fostering a secure and transparent environment for virtual asset transactions. B2Broker, B2Prime’s parent company based in Moscow, boasts 11 offices across Europe, Asia and the Middle East. Holding seven licenses, including FCA and AEMI, the firm serves clients in over 50 countries. It provides forex liquidity distribution and various services to the forex, crypto and securities sectors. The group has built a portfolio of global financial services clients, expanding corporate representation and exposure worldwide. Last year, B2Broker reduced the margin requirements for the institutional and retail broker clients on ten of its crypto CFDs. Multi-asset liquidity providers like B2Prime/B2Broker play an important role in the market. Both centralized and decentralized crypto exchanges utilize these services to enhance liquidity pools and enable efficient trade execution. Through their services, order execution is completed with the minimum amount of slippage. B2Broker has been offering crypto-related services since 2017, offering over 100 crypto CFDs. The company has also developed B2BinPay, an all-in-one crypto payment platform that enables businesses to send, receive and convert cryptocurrency. Another revenue stream for the business is provided through B2Trader, a matching engine for crypto exchanges.

Amber Group Targets Trust in Web3 Via Thoughtworks PartnershipSingapore-based Amber Group, a leading digital asset service provider in crypto-related infrastructure, products and trading, has announced a partnership with global technology consultancy Thoughtworks.© Pexels/Palu MalerbaAI-led product offeringThe strategic partnership has been formed between the two entities in an effort to develop innovative security solutions that can enhance transparency and trust in Web3. It’s envisaged that in meeting this objective, product development will rely heavily on artificial intelligence-based technology.In a press release on Wednesday, Amber Group’s Head of Web3 Security, Dr. Chiachih Wu, said that the partnership allows the firm to provide its clients with “even more comprehensive and cutting-edge security solutions, such as automated software testing and AI-powered vulnerability detection.”Leveraging software design and security expertiseSong Zhang, Global Service Lines Lead at Thoughtworks believes that in order to advance the development of a next-gen internet, Web3 has to use “sophisticated engineering practices and scientific methods to address crucial issues caused by decentralization.” Zhang cites issues such as compliance, privacy and security. He believes that through the collaboration both firms can contribute to leverage their respective software design and security expertise, and in that way, tackle these challenges.“By using new technology and tools, we aim to create applications and new standards that promote the construction of a healthy, transparent, open, inclusive and responsible Web3 ecosystem,” he stated.Strategic realignmentThis is not the first strategic departure Amber Group has taken recently. Earlier this month the Singapore-based firm was said to be mulling over the sale of its Japanese crypto lending subsidiary. It’s understood that the proposed move would help the company to streamline its operations and focus on its core markets.Launched in 2018 as a joint venture with Japanese financial services conglomerate SBI Group, the Amber Japan crypto lending business had failed to gain traction in a difficult Japanese market.The firm acts as a liquidity provider, miner and validator on over 70 digital asset exchanges, applications and networks. Earlier this year it took the decision to cut headcount, in the process reducing staffing at its Hong Kong office by 40. Last December the firm shuttered WhaleFin, its crypto exchange business.The collapse of crypto exchange FTX in November 2022 had a knock-on effect on some of the firm’s products and customers. 10% of its trading capital was held with FTX when the exchange collapsed. Additionally, a number of the firm’s products would have experienced significant drawdowns without the company taking action. In response, Amber raised $300 million in a Series C funding round to overcome that challenge.Those events are likely to have been key in terms of the company subsequently taking a strategic approach of focusing on core business operations and partnerships like this one that it has just announced with Thoughtworks. Undeterred by the challenges, the company still focuses on becoming a category leader in the industry.

Mocaverse, a membership-based NFT collection initiative enabled by Hong Kong’s Animoca Brands, revealed on Friday the establishment of strategic alliances with prominent Web3 wallets OKX Wallet, Crypto.com DeFi Wallet and Halo Wallet. In a separate announcement, it also revealed a similar partnership with crypto exchange platform KuCoin. Extending Moca IDs to OKX, Crypto.com and Halo usersIn a statement released by Animoca Brands, it was highlighted that through the deployment of its recently introduced decentralized identity (DID) Moca ID, Mocaverse is set to catalyze user expansion by integrating with the aforementioned leading self-custodial wallets. The statement clarified that Moca ID will act as the conduit for users to seamlessly navigate various Web3 cultural experiences, spanning PointFi, GameFi and SocialFi, thereby simplifying the onboarding process into the Mocaverse ecosystem. The collaboration will mean that users of OKX Wallet, Crypto.com DeFi Wallet and Halo Wallet will soon have the opportunity to claim their unique Moca IDs within the app, thereby gaining entry into the Mocaverse ecosystem and unlocking access to a myriad of rewarding cultural and entertainment experiences.Photo by Shubham's Web3 on UnsplashRealm Points incentiveHolders of Moca ID stand to accrue Realm Points through active participation and engagement within partner ecosystems and experiences, with the ability to redeem these points for exclusive real-life benefits and rewards provided by Mocaverse and Animoca Brands. Commenting on the development, Kenneth Shek, project lead at Mocaverse, stated:“This partnership encompasses the values and mission we set out when we envisioned Moca ID, which is to make interoperability a new standard to onboard new users and redefine the Web3 network effect through the Mocaverse Partner Network.”Mocaverse seeks to unify Animoca's portfolio projects, subsidiaries, joint ventures and partners through a distinctive NFT collection. With 8,888 Mocas as NFT profile pictures (PFPs), Mocaverse serves as a membership pass for Animoca Brands team members, investors, partners and select token holders, aspiring to foster community cohesion and collaboration within the Web3 sphere. Jason Lau, chief innovation officer of OKX, expressed enthusiasm for the collaboration, noting OKX Wallet's role as a premier gateway to explore the burgeoning realm of Web3 gaming, culture and entertainment experiences. Likewise, Eric Anziani, president and chief operating officer of Crypto.com, underscored the commitment of Crypto.com DeFi Wallet to democratizing access to the realms of DeFi and Web3 for all users, stating the partnership with Mocaverse would extend these experiences to a broader audience. Additional announcementIn a separate announcement, Mocaverse unveiled a similar partnership with cryptocurrency exchange KuCoin alongside Halo Wallet. The initiative endeavors to address the challenge of accessing benefits across distinct Web3 sub-ecosystems by establishing cross-platform identity links, ultimately enhancing the user experience and fostering greater collaboration and integration across partner offerings.Halo Wallet CEO Jeff Hou shared his thoughts on the collaboration, stating:“The partnership among Halo, KuCoin, and Mocaverse is more than just a fusion of services; it represents a strategic alliance to create a cohesive digital asset environment for our users. The initiation of this exceptional cross-platform alliance is a move that promises to bring together the best of what each party has to offer.”