OKX Entering Indian Market With a Focus on Web3

UAE Issues New Guidance on Crypto AML MeasuresUnder new guidance issued by the Central Bank of the United Arab Emirates (UAE), crypto businesses will be subject to strengthened anti-money laundering (AML) and countering the financing of terrorism (CFT) measures.Photo by Joshua Miranda on PexelsTightening AML regulationThe guidance, first compiled in February but released on Wednesday, which takes into account the recommendations of the Financial Action Task Force (FATF), has been introduced to enhance the supervisory and regulatory frameworks and combat financial crimes. The rules are set to come into effect within a month.The Central Bank’s guidance specifically targets Licensed Financial Institutions (LFIs) in the UAE, encompassing banks, finance companies, exchange houses, payment service providers, registered hawala providers, insurance companies, agents, and brokers. These entities will now be required to comply with the new regulations to prevent money laundering and terrorism financing activities.Firm foundationsIn a written statement, His Excellency Khaled Mohamed Balama, Governor of the UAEs Central Bank, expressed the importance of the new guidance in strengthening efforts to combat financial crimes. He emphasized the commitment to protecting the financial and monetary system’s soundness and stability, aligning with the FATF standards.The issuance of the guidance comes as the UAE aims to attract crypto businesses to the region by offering a welcoming but effective regulatory framework. In March, Dubai unveiled a dedicated agency responsible for virtual asset regulation, signaling its commitment to fostering a favorable environment for crypto-related activities. Its Virtual Assets Regulatory Authority (VARA) has also taken action against what it deems to be unregulated activity in the crypto space recently.That action together with the approaches taken by Abu Dhabi and at a national level the UAE itself with respect to digital asset licensing is indicative of a territory that is setting out the right foundation upon which to develop the innovative sector. The approach taken by regulators in the UAE has garnered praise from major crypto firms, including Coinbase, who have applauded the region’s proactive stance on regulation.The strengthened regulatory framework is expected to contribute significantly to the UAE’s ongoing efforts to prevent money laundering and the financing of terrorism. By implementing these measures, the UAE aims to safeguard the integrity and stability of its financial and monetary systems while fostering a secure environment for crypto businesses to thrive.Global regulatory effortsThe UAE’s AML guidance comes amid ongoing efforts globally to come to terms with virtual assets. Tomorrow Japan will implement its adherence to the FATF travel rule regulation relative to digital assets. Crypto businesses like bitFlyer are already adjusting to that eventuality, while also implementing a similar standard in international markets.As the UAE continues to position itself as a leading hub for the crypto industry, the introduction of these new AML rules demonstrates its proactive approach to regulation. The collaboration between the Central Bank and other global regulatory bodies, such as the FATF, showcases the UAE’s commitment to international cooperation and the sharing of knowledge and best practices in the ever-evolving crypto landscape.

Coinone, one of the five fiat-to-crypto trading platforms in South Korea, unveiled an upgraded version of its mobile app charts for a better user experience. According to local news source Bizwatch, the update introduces an array of indicators at the bottom of the charts to facilitate more comprehensive analysis. Additionally, the app now includes three new chart features: a display of best orders, the capability to see price alert lines and access to a 90-day transaction history. Since last year, Coinone has rolled out 20 updates aimed at enhancing the trading experience and bolstering security for its users. This year also saw several new features. Among these are the integration of TradingView charts and the addition of share buttons for announcements. Additionally, Coinone recently started providing the functionality to print statements for crypto accounts.Photo by Kanchanara on UnsplashHiring more developersThese enhancements are part of Coinone's continuous efforts to elevate customer satisfaction and refine its services. Despite the downturn that the cryptocurrency industry faced last year, Coinone took a noteworthy step by bringing on board 20 new developers this year. This move underscores Coinone's proactive stance in improving its platform and offerings amidst challenging market conditions. Coinone's focus on meeting customer demands has led to a notable reduction in inquiries. Last year, the exchange reported that its efforts to enhance customer service resulted in a decrease of more than 45% in the number of customer inquiries. Compliance amid changing regulatory environmentMarking its 10th anniversary last month, Coinone has set its sights on emphasizing investor protection and regulatory compliance in anticipation of the upcoming implementation of the Virtual Asset User Protection Act, which is slated to take effect in July.  Cha Myung-hun, the CEO of Coinone, commented on the recent updates, noting that the surge in public interest towards virtual asset investment has prompted the decade-old exchange to enhance its chart functionalities, specifically catering to novice investors. 

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.