Dunamu’s Luxury Watch Trading Platform Thrives with Blockchain Edge

Several leading Chinese technology firms have reportedly shelved their plans to launch stablecoins in Hong Kong, following regulatory pushback from the People’s Bank of China (PBOC) and the Cyberspace Administration of China (CAC). According to the Financial Times, the authorities have expressed growing concerns over the risks posed by privately issued digital currencies, prompting companies to delay their initiatives.Photo by Jacky Yu on UnsplashBeijing’s focus on control and digital yuanThe companies’ hesitation underscores Beijing’s broader push to preserve control over its monetary system while advancing the rollout of its central bank digital currency (CBDC), the e-CNY. Earlier this month, the PBOC unveiled a new Shanghai-based center to oversee the e-CNY’s international operations, signaling China’s ambition to extend the digital yuan’s reach beyond its domestic market. Over the summer, companies including Ant Group, backed by Alibaba, and e-commerce platform JD.com signaled interest in Hong Kong’s pilot stablecoin initiative or in issuing crypto products such as tokenized deposits. Those plans are now on hold as firms assess policy signals from Beijing and weigh the implications for their businesses. Research efforts reflect China’s cautious approachChina’s cautious stance is also reflected in its research priorities. The National Natural Science Foundation of China (NSFC), a vice-ministerial body under the Ministry of Science and Technology, has begun inviting grant applications for projects focused on stablecoins and cross-border regulatory frameworks. In announcing the initiative, the NSFC cautioned that the unchecked circulation of privately issued stablecoins could erode the effectiveness of the country’s capital controls. Globally, approaches to fiat-pegged digital assets diverge. In the United States, President Donald Trump in July signed the GENIUS Act, the country’s first stablecoin legislation, into law. A White House fact sheet argued that stablecoins could strengthen demand for U.S. Treasuries and reinforce the dollar’s standing as the world’s dominant reserve currency. In Europe, however, regulators remain wary. In a blog post that same month, European Central Bank (ECB) adviser Jürgen Schaaf warned that the widespread use of U.S. dollar-denominated stablecoins in the euro area could pose financial risks, noting that dollar-based tokens already account for the vast majority of global stablecoin market capitalization. Geopolitics adds to market volatilityThe recalibration by Chinese firms comes against a turbulent geopolitical backdrop. Cointelegraph, citing President Donald Trump’s interview with Fox News, reported that Trump is expected to meet Chinese President Xi Jinping in South Korea during the Asia-Pacific Economic Cooperation (APEC) summit, scheduled for Oct. 31 to Nov. 1. The anticipated meeting follows a string of shifting statements from Trump throughout October—ranging from skepticism about meeting Xi, to announcing new 100% tariffs on Chinese imports, and later adopting a more conciliatory tone. The back-and-forth has coincided with heightened volatility across crypto markets. Market turbulence deepened as a wave of liquidations swept through crypto derivatives, erasing nearly $20 billion in positions on Oct. 10, the largest such event on record. Bitcoin plunged to as low as $104,749 on Oct. 17 and has since rebounded to around $114,000 as of Oct. 28. The pullback by Chinese tech groups underscores the fine line regulators and firms must navigate: advancing digital finance innovation while safeguarding monetary stability and control. How that balance is managed across China, the U.S., and Europe will shape the future of stablecoins and define their place in the evolving global financial order. 

Crypto exchange platform Crypto.com and Triple-A, a company that enables businesses to pay and get paid in digital currencies, both Singapore-headquartered entities, have entered into a partnership to enable direct crypto payments. Simplifying crypto paymentsCrypto.com set out details of the partnership in a press release published to its website on Nov. 21. The firm stated that its partnership with Triple-A will give its global customer base “access to a diverse range of new global merchants.” The duo have set out to simplify crypto payments for both merchants and users alike. Crypto.com users will shortly be enabled in making purchases from a range of e-commerce brands directly, using crypto held in their Crypto.com wallets. Through Triple-A’s input, Crypto.com users will be spared the need to manually convert digital assets to fiat currency before making purchases. Furthermore, users won’t incur a fee for any conversion that takes place behind the scenes.Photo by David McBee on PexelsCashback rewardsOnce launched, with the service initially planned to launch in Singapore before further rollout elsewhere, Crypto.com users will also be in a position to benefit from rewards. Eric Anziani, the company’s president and chief operating officer (COO), spoke to this element of the offering, stating: “Partnering with Triple-A enables us to do this by expanding crypto payments to a range of popular brands, creating a seamless shopping experience and providing an opportunity to earn cashback rewards to make spending crypto even more rewarding.” Volatility protectionAs part of the solution that has been put in place, Triple-A will ensure that merchants aren’t exposed to cryptocurrency volatility in accepting crypto as a payment method. The payments they receive from customers are instantly converted to their local fiat currency, with settlement occurring one day following the transaction. This approach also means that merchants don’t have added difficulties in terms of the tax treatment of cryptocurrencies, their management or related reporting requirements. With that in mind, Eric Barbier, CEO at Triple-A, said that the approach “allows merchants to provide Crypto.com users with an optimized digital currency payment user journey.” Anziani said that Crypto.com is trying to “push boundaries when it comes to integrating crypto payments into real-world scenarios and enhance shopping experiences for [its] users.”  In recent weeks, Crypto.com has been active in pursuing a number of initiatives in order to expand its reach. Earlier this week, the company launched a visa card in Latin America, enabling users within the region to earn rewards on purchases made via the card. On Nov. 14, it emerged that the company had acquired Australia-regulated brokerage firm Fintek Securities. It’s understood the acquisition was made in order to expand the range of financial products that Crypto.com can offer to its customer base. At the end of October, Watchdog Capital, a U.S. Securities and Exchange Commission (SEC)-registered broker-dealer, was acquired by the company.  Like many high profile crypto firms, Crypto.com has had its difficulties with regulators. Following the receipt of a Wells notice from the SEC earlier this year, the company responded by filing a lawsuit against the commission, alleging that the SEC had engaged in regulatory overreach in classifying crypto assets as securities. 

UAE researchers introduce carbon trading platform on blockchainAmid escalating climate concerns, the Technology Innovation Institute (TII) in Abu Dhabi has unveiled a blockchain designed to monitor carbon emissions and facilitate trading.Announcement during COP28The institute’s Cryptography Research Center (CRC) recently announced the launch of its proprietary blockchain-powered carbon trading platform, showcasing the United Arab Emirates’ (UAE) commitment to spearheading global climate initiatives. TII CEO Ray Johnson stated:“We are proud to announce this digitized tracking and trading platform at COP28, representing the UAE’s drive to become a technology and innovation powerhouse and its commitment to leading the world’s climate action agenda.”The revelation coincides with the United Nations Climate Change Conference (COP 28), which runs until Dec. 12 and is taking place in Dubai. The conference involves nations making commitments to reduce emissions and transition various sectors toward sustainable energy sources.Photo by Matthias Heyde on UnsplashEnabling carbon trading internationallyThe newly introduced blockchain platform is poised to enable the international trade of carbon tokens, monitor greenhouse projects and incentivize participation in emission reduction initiatives. By leveraging the principles of carbon trading and tracking, organizations will gain valuable insights into their environmental impact. The platform’s deployment on the blockchain ensures transparency and encourages broader participation, compelling major players to fulfill their environmental promises.The lightweight blockchain has been developed with minimal environmental impact in mind, aligning with the broader goals of the government’s climate action initiatives. This blockchain network allows organizations to record their emissions openly, prompting users to generate tokens that quantify carbon removed from company operations through capture or trading.Moreover, the network incorporates auditors to ensure the entire process is secure, transparent, accurate and safe. This approach aims to provide the industry with accurate data on their activities without relying on cumbersome third-party expert monitoring.Harnessing blockchain’s transparencyThe move to utilize blockchain technology for addressing climate change aligns with the long-standing belief of the United Nations and various international organizations. Blockchain’s transparency and openness empower industries to have accurate data on their activities, eliminating the need for complex third-party monitoring that often comes at a higher cost.In response to growing criticism of the energy consumption associated with blockchain technology, certain firms have taken steps to adopt greener practices. Notably, in 2021, the Ethereum blockchain transitioned to a Proof-of-Stake model, reducing its carbon footprint by over 99% by eliminating miners and introducing validators. Ethereum also launched the Ethereum Climate Platform (ECP), attracting participation from industry giants like Microsoft.Furthermore, cryptocurrency companies have allocated funds for solar-powered digital asset projects, encouraging developers to embrace eco-friendly practices. This shift towards sustainable initiatives underscores the industry’s commitment to addressing environmental concerns.In a related development, in August, it was reported that the UAE Ministry of Climate Change and Environment (MOCCAE) had entered into a collaboration with the Industrial Innovation Group and the Venom Foundation to work towards a blockchain-based carbon credit system.The introduction of the UAE’s blockchain-powered carbon trading platform marks a significant step towards fostering global climate initiatives. The innovative technology not only enhances transparency and accountability in carbon trading but also aligns with the broader global shift towards sustainable and eco-friendly practices within the blockchain industry.