eToro, M2 secure licenses bolstering UAE crypto development

The Central Asian republic of Kazakhstan is planning to establish a pilot project that will enable the use of crypto as a means of exchange for goods and services within a specific zone. That’s according to a statement published on Akorda.kz, the official website of the President of Kazakhstan. The statement incorporates the text of a keynote speech delivered by President Kassym-Jomart Tokayev at the Astana International Forum. Tokayev stated: “We are planning to create a pioneering pilot zone called CryptoCity where cryptocurrencies might be used for purchasing goods, services, and even beyond.”Photo by Engin Akyurt on PexelsWorking towards digital transformationThe initiative forms part of Kazakhstan’s efforts to make progress in terms of digital transformation, as well as an aspiration to become an IT hub within the Eurasia region.  For the purposes of the pilot program, the use of cryptocurrencies for the payment of goods and services has been authorized by the government within a pre-defined sandbox environment. Alatau City, an urban development located north of the Kazakhstani city of Almaty, has been chosen for the pilot scheme. Alatau has been established as a special economic zone and planned to become a hub for new technology and knowledge, alongside global tourism. It hosts the Innovation Technology Park together with the Kazakhstan National Nuclear Center, Institute of Nuclear Physics and the Physics & Technology Institute.It’s envisaged that the existing technology and knowledge base within Alatau will support its expansion into the area of crypto payments and blockchain development. In addition to crypto payments, other blockchain-based technologies related to taxation systems, investment and decentralized identity systems will be nurtured and encouraged within the Alatau special economic zone. Potential Eurasian crypto hubIn a recent opinion piece published by the Russian-language government-backed newspaper Kazakhstanskaya Pravda, Kanysh Tuleushin, Kazakhstan’s vice minister of digital development, suggested that the Central Asian republic has the potential to position itself as the region’s leading crypto hub.  Tuleushin also suggested that crypto mining operators could help to modernize the country’s energy sector, playing a role in stabilizing the country’s power grid, while making use of surplus electricity. Kazakhstan had proven to be a popular destination for Bitcoin miners in the past. However, the sudden influx of miners following a ban on the activity in China in 2021 was unplanned for.  The surge in electricity demand put the country’s electricity grid under pressure, leading to blackouts in some cases. In 2023 President Tokayev signed legislation into law that limited the energy use of domestic crypto miners. Despite that negative experience, it appears that Tuleushin has seen the benefits that the activity can bring when regulated and planned for. Back in March, it emerged that lawmakers in Kazakhstan had proposed the creation of a crypto bank. One obstacle to the creation of the bank is a lack of a crypto regulatory framework. According to a report published earlier this month, the National Bank of Kazakhstan is now in the process of preparing a regulatory framework for digital assets.

Rotonda, a subsidiary of crypto exchange Bithumb that operates Burrito Wallet, announced yesterday that it held “Partners Day 2024.” According to a report by local news outlet Etoday, the event was prepared to share the company’s business plan for this year and its partnership strategies and was attended by 50 stakeholders from 30 companies partnering with Burrito Wallet. The soon-to-be-released service, “Burrito Partners,” was also introduced in the venue.  Following the official launch in February last year, Bithumb’s Burrito Wallet has been collaborating with Web2 and Web3 firms in blockchain service development and co-marketing. Burrito Wallet is dedicated to contributing to bridging Web2 and Web3 ecosystems through forging partnerships.Photo by Christina @ wocintechchat.com on UnsplashSoon-to-be-launched service, Burrito Partners Burrito Partners is Rotonda’s new service to help its partners with marketing efforts. It has been designed to enhance the workflow and boost the quantitative growth of its partners that struggle with a lack of workforce.  Burrito Wallet will leverage Burrito Partners to provide services that can monitor user events, manage follower and marketing indexes, strengthen user community, provide airdrop solutions and secure transaction data, all of which are expected to maximize marketing performance. “By making partnerships with various companies that share the same values with Bithumb’s Burrito Wallet, we have been able to actively expand the blockchain ecosystem,” said Shin Min-chul, CEO of Burrito Wallet. “We are also planning to roll out a rewarding service for users sometime during next month. Burrito Wallet is dedicated to developing a system where all partners can thrive,” he added. 

Wemade has agreed to onboard Ritmi – a blockchain-based, Free-to-Play dance and rhythm mobile game built by UAE-based game developer Ritmi Games – onto its blockchain gaming platform WEMIX PLAY, according to an official Medium announcement on Friday (KST). It will be the first game of its kind in the WEMIX ecosystem.Photo by Kelli McClintock on UnsplashRhythmic funIn Ritmi, players can earn points by following the motions displayed on the screen in time with the music playing in the background. The game offers engaging and entertaining content like customizable avatars, personal music collections and dance battles. “We are pleased to partner with Wemade as pioneers in the gaming industry. We believe that together Wemade and Ritmi can sound harmonious in the gaming market,” said Ritmi Games CEO Kate Koroleva. Wemade’s global expansionThis rides on the coattails of Wemade’s recent efforts to expand its presence in the UAE. Last month, it became the first South Korean gaming company to form a partnership with the Dubai International Financial Centre’s (DIFC) Innovation Hub, where it plans to establish a WEMIX Play Center. It also partnered with the Dubai Chambers to contribute to advancements in the global Web3 and gaming industry.  On a broader scale, Wemade has been consistently securing partnerships with various developers in other regions as well, including North America, Europe and Asia.