Coinbase registers with FIU in India amid market comeback efforts

Dunamu reports Q3 slump amid interest rate hikes and economic slowdownDunamu, the operator of South Korea’s largest cryptocurrency exchange Upbit, posted a lackluster performance in this year’s Q3 due to a decrease in trading volume caused by ongoing interest rate hikes and an economic downturn.Photo by Алекс Арцибашев on UnsplashLagging performanceAccording to the Financial Supervisory Service (FSS), Dunamu’s consolidated operating revenue in Q3 was KRW 193 billion (approximately $150 million), marking a 29% decrease from the same period a year earlier (KRW 271.9 billion). Operating income came in at KRW 101.8 billion, and net profit was KRW 29.5 billion, down 39.6% and 81.6% from the same period last year, respectively.This underwhelming financial performance reflects the sluggish crypto market amid the nation’s economic downturn and the U.S. Federal Reserve’s interest rate hikes. The decrease in the exchange’s net profit in particular can be attributed to a loss in the valuation of crypto assets due to crypto price declines compared to the previous quarter.Positive outlookHowever, with the expected approval of the spot bitcoin exchange-traded fund (ETF) next year and the next Bitcoin halving, the market outlook is expected to improve gradually. Despite the current market conditions, Dunamu plans to continuously promote the mainstream adoption of blockchain services and explore new business ventures.“We will make efforts to revitalize the blockchain ecosystem and create an advanced investment environment,” Dunamu said. “We will strive to offer innovative services building on our unique technological capabilities.”

Cronos Labs $100 Million Accelerator Program Enters Hiring PhaseCronos Labs, a Web3 startup accelerator, is embarking on the hiring phase of its accelerator program with the objective of nurturing early-stage projects through financial support and mentorship. The endeavor has been bolstered by a substantial $100 million investment commitment aimed at fostering the growth of crypto startups.In an official announcement published to its website on Tuesday, Cronos Labs underscored the accelerator’s primary mission: to cultivate startups poised to “shape the future of Web3.” Moreover, the program seeks projects with a pragmatic focus on creating use cases that can drive the adoption of decentralized applications (DApps) genuinely, with a preference for authentic user engagement over bot-driven interactions.Photo by Shubham Dhage on UnsplashStartup selectionThe recruitment phase for the program officially kicked off on Monday, coinciding with the commencement of Korea Blockchain Week, scheduled to run until September 10. Cronos Labs will select eight startups to partake in a 12-week remote program laden with mentorship, master classes, marketing and financial support, and introductions to strategic partners. This rigorous journey culminates in a demo day designed to initiate discussions around fundraising opportunities.Charlotte Kapoor, the Head of Innovation Programs at Cronos, remarked on the immense interest previous accelerator iterations garnered, describing the number and quality of applicants as “overwhelming.” Kapoor emphasized the hunt for groundbreaking proposals capable of tackling real-world challenges while showcasing innovative applications of AI, blockchain, and decentralized technologies.Kapoor stated: “The number and quality of applicants to our previous accelerator program was overwhelming, and it’s going to be tough whittling the entrants for cohort three down to a final shortlist. With the Cronos Accelerator Program poised to open to applicants, we extend an open invitation to builders with original concepts and the willingness to turn them into a working product. We’re looking for novel proposals that solve real problems while demonstrating ingenious uses for AI, blockchain, and decentralized technology.”Heavyweight mentorsCronos has enlisted the expertise of a diverse array of industry leaders to serve as mentors and partners within the program. Among the notable contributors are technology titans like Google Cloud and Amazon Web Services (AWS), as well as blockchain security experts CertiK and PeckShield. Additionally, companies such as Protocol Labs, Hacken, and Covalent have also thrown their weight behind the accelerator program.Cronos, which was originally established by Singaporean crypto platform Crypto.com, recently received a further boost when world-renowned video game publisher Ubisoft became a Cronos network validator. Ubisoft has also been involved with the Cronos Accelerator project as a venture mentor.State funding for Web3In parallel, funding support for Web3 technology has been gaining steady momentum. Just last month the Monetary Authority of Singapore (MAS), the city-state’s central bank and financial regulator, committed a significant $150 million Singapore dollars ($112 million) to support various financial technology solutions, including Web3. This initiative aims to nurture innovation by providing backing to projects harnessing cutting-edge technology.The development of the crypto and blockchain ecosystem has been non-linear and imperfect, but accelerator programs like this one are likely to result in the emergence of pioneering startups that will shape the future of Web3 while fostering genuine adoption and practical use cases.

Rather than restrict or ban crypto, the Iranian government appears to have taken on a more positive approach, moving towards embracing the new asset class and regulating it.Photo by Lara Jameson on PexelsRegulatory frameworkOn Dec. 7, Iran’s Nour News Agency reported Minister of Economic Affairs and Finance Abdolnaser Hemmati as saying that Iran is moving towards managing and eliminating the adverse effects of digital currency on the economy and instead harnessing its positive effects, with a regulatory framework being brought in to ensure that positive outcome. Hemmati went on to confirm that digital money falls under the oversight of Iran’s central bank. The minister stated that he hopes that cryptocurrencies would be developed with the objective of boosting youth employment levels and boosting economic assets held within the Islamic Republic of Iran, while helping to nullify sanctions and aligning Iran’s activities in this respect with the global economy. Circumventing sanctionsThe United States first imposed sanctions against Iran in 1979. The Islamic Republic had been the most sanctioned country in the world up until February 2022 when Russia surpassed Iran due to Western opposition to Russia’s special military operation in Ukraine. Sanctions were lifted in 2016 as part of a deal on the limiting of Iran’s nuclear program. That deal was scrapped during U.S. President-elect Donald Trump’s first term in office, with the latest sanctions imposed on entities involved in the transportation of Iranian oil last week. At a BRICS summit held in Kazan, Russia in October, Russia added cryptocurrency to the agenda with a view towards discussing with Iranian and other BRICS country representatives its potential use to bypass sanctions. In July the Bank of Russia set out a recommendation to Russian businesses to use crypto in order to reduce the impact of Western sanctions. Up to $50B in crypto held by IraniansA subsequent report from Nour News Agency on Dec. 8 had good news for Hemmati relative to his aspiration to boost economic assets held within Iran. The report cited Iranian economist Sadegh Alhosseini, who claims that crypto assets to the value of between $30 billion to $50 billion are controlled by Iranians.  The economist provided the estimate after Iranian finance ministry and Central Bank of Iran (CBI) officials outlined that they are looking to make the crypto market in Iran more transparent. If Alhosseini’s estimate is accurate, it would mean that Iranians hold crypto assets to the equivalent value of one-third of the entire gold market in Iran. Alhosseini outlined these findings within a report published by the CBI which provided a summary of proposed upcoming policies relative to cryptocurrencies. The main objective of these proposed policies is to aid crypto traders to remain compliant with anti-money laundering (AML) regulations and local taxation requirements. The CBI has also been working towards launching the digital rial, a central bank digital currency (CBDC). The CBDC project has been running since 2018 and relies upon Hyperledger Fabric, an enterprise blockchain framework that was originally developed by the Linux Foundation. Having been locked out of the SWIFT financial messaging network, Iran has launched ACUMER as an alternative which it hopes to use for trade purposes with Asian partners. Direct payments between Russian and Iranian banking systems have also been enabled.