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- š„3AC Founders Fined Again,šStablecoin Surge in Argentina,šNigeria Dominates Africa's Crypto Scene
š„3AC Founders Fined Again,šStablecoin Surge in Argentina,šNigeria Dominates Africa's Crypto Scene
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Your 5 minute emerging markets web3 weekly update
In This Issue
Asia
šøOn the run in the UAE but free, 3AC Foundersā New Project Fined Again by Dubai Crypto Regulator
šøSingaporeās Bold Move to Regulate Stablecoins for Crypto Transparency
Latin America and the Caribbean
šøStablecoin Frenzy in Argentina Amid Peso Devaluation
šøDrex Revolution: Experts Discuss Brazilās CBDC and Tokenization
Africa
šøAfrican Cryptocurrency Interest Skyrockets, Nigeria Commands 66.8% Of Continentās Interest
šøOpEd: Tokenization Is the Solution to Unlocking Ghanaās Economic Potential
Eastern Europe
šøInspired by China, Russia Eyes Fast-Track Digital Ruble Development
šøDigital Ruble Trials Begin: VTB and Promsvyazbank Report Success
Season two is a WRAP! Catch up on the latest episodes and clips from the second season of the EmergingVoices Podcast on YouTube!
Asia
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Image Credit: David McBee via Pexels
For the second time Dubai's Virtual Assets Regulatory Authority (VARA) has fined the co-founders of the failed crypto hedge fund Three Arrows Capital for violations related to their new digital-asset exchange OPNX. VARA said penalties of 200,000 dirhams ($54,451) for Su Zhu and Kyle Davies along with OPNX co-founder Mark Lamb and Chief Executive Officer Leslie Lamb for marketing, advertising, and promotional rule violations have been paid. In May VARA fined OPNX 10 million dirhams ($2.7 million), which remains unpaid, for soliciting customers for its platform and collecting personal data without a license.
Singapore is preparing to implement rules that define criteria for stablecoins, enhancing transparency and stability in the cryptocurrency sector. The framework will apply to nonbank issuers of single-currency stablecoins pegged to major G10 currencies, where circulation exceeds SGD 5 million ($3.68 million). Reflecting Singapore's bid to both regulate the crypto industry and encourage innovation, the framework highlights the requirement for stablecoins to hold reserves equivalent to at least 100% of their circulating value, ensuring customers can redeem stablecoins at par within five business days, and maintaining a minimum base capital of SGD 1 million.
Want more Asia news?
ā¢Hong Kongās crypto stance: Execs weigh in on Web3 in the region
ā¢Polygon Labs partners with South Korean SK Telecom (Russian)
ā¢From the U.S. to Japan, regulators are beginning to embrace crypto
ā¢The National Bank of Kazakhstan held a presentation of the digital tenge project (Russian)
ā¢Uzbekistan permits two banks to issue crypto cards
Latin America and the Caribbean
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Image Credit: Tumisu via Pixabay
Amidst significant devaluation of the Argentine peso, citizens are turning to stablecoins as a way to safeguard their savings, with crypto trade volumes surging up to 500%. The popularity of dollar-pegged stablecoins like USDT has risen, providing a secure haven against the peso's decline, particularly following libertarian candidate Javier Milei's primary election victory. Stablecoins offer more accessible options than physical dollars, with USDT emerging as a widely used and versatile choice, even serving as a settlement currency due to challenges faced by Argentine importers in accessing foreign currencies for trade.
Industry experts discussed the potential of Drex, Brazilās CBDC, and tokenization in a recent webinar titled "Cryptocurrencies Reach Financial Services." Sergio Yamani, the director of innovation and financial services at 7COMm, explained that Drex could enable banks to attract institutional investors in the digital assets segment, leading to enhanced transaction security and various solutions for crypto asset custody. The experts also discussed the convergence of the financial sector and the crypto universe, noting the revolutionary potential of Drex and digital asset tokenization in reshaping financial services, while also considering challenges like regulatory development and the appropriate extent of tokenization.
Want more Latin America and Caribbean news?
ā¢Brazilian Zaros Labs raises BRL 2.75 million in investments from Balancer and Illuvium executives (Portuguese)
ā¢Regional Electoral Court of AmapĆ” starts using blockchain solution for digital government (Portuguese)
ā¢B4: Brazil wins āstockā of carbon credit tokens that foresees R$ 12 billion in negotiations in one year (Portuguese)
ā¢Brazil's Congress proposes the collection of more taxes for investing in cryptocurrencies (Spanish)
ā¢Developers from El Salvador will launch a new Bitcoin Lightning payment gateway (Spanish)
Africa
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Image Credit: Choong Deng Xiang via Unsplash
Nigeria emerges as the leading African country in cryptocurrency interest, accounting for around 66.8% of the continent's total crypto interest this year, nearly eight times higher than the next most interested nation, South Africa, according to a report by CoinGecko. The breakdown by region shows West Africa leading with about 74.7% of the continent's crypto interest, while Northern, Southern, East, and Central Africa follow with 10.0%, 9.6%, 3.8%, and 1.9% respectively. Meme coins, DeFi tokens, and blockchain networks have gained significant popularity and have captured the attention of African investors in 2023.
In an OpEd by Emmanuel Asamoah, head of business development and partnerships in Africa for Bybit, he speaks about Ghana's untapped potential in crypto tokenization offers a solution to its economic challenges. Emmanuel emphasizes the possibilities of tokenizing commodities like gold, cocoa, and oil on the blockchain to create economic opportunities, enhance transparency, and counteract neocolonial influences. Tokenization could drive revenue diversification, digital adoption, and self-sustainability while addressing issues of corruption and middlemen, potentially sparking an economic revolution in the country and across the continent; however, Emmanuel concludes that challenges need to be overcome first including logistics, tax policy, trust, security, and audits in order for these benefits to be realized.
Want more Africa news?
ā¢REGULATION | WorldCoin Reportedly Ignored an Order to Stop Collecting Biometric Data in Kenya
ā¢Momint allows South Africans to spend crypto in over 10000 stores
ā¢DeFi | Tugende Kenya Defaults on $5 Million (~4% of TVL) Loan from GoldFinch DeFi Protocol
ā¢WATCH | I think Satoshi was Zimbabwean ā A Chat with CEO, FlexID, a Self-Sovereign Identity Blockchain Platform
ā¢CEO of South Africaās Bitcoin Ponzi Scheme, Mirror Trading International (MTI), Arrested for ID Forgery in Brazil
Eastern Europe
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Image Credit: PYMNTS.com
Russia can potentially expedite the introduction of its digital ruble CBDC with insights drawn from China's experience with the digital yuan, according to Anatoly Aksakov, the head of the State Duma Committee on the financial market. Aksakov highlighted China's cautious approach to the digital yuan's rollout, expressing optimism that Russia can move faster due to the proximity of their digital currency initiatives. He emphasized the potential for cooperation between Russia and China to harmonize their digital national currencies for enhancing trade turnover and cross-border financial systems, with testing of the digital ruble beginning this week.
Digital Ruble Trials Begin: VTB (tap here) and Promsvyazbank (tap here) Report Success (3 minute read, Russian)
Russian banks began testing the digital ruble this week with VTB and Promsvyazbank, two of the 13 banks involved during the pilot phase, reported to have successfully conducted transactions with the digital ruble. This marks the first stage of testing real operations with the digital ruble, with mass introduction anticipated to begin in 2025. Both banks conducted internal experiments with the CBDC, involving their employees in testing account openings, transfers, QR code payments for goods and services using digital rubles in their applications, and with future plans to integrate smart contracts.
Want more Eastern Europe news?
ā¢VTB, QIWI Bank and Alfa-Bank tested the digital ruble (Russian)
ā¢Rostelecom issued CFA for ā½4.6 million (Russian)
ā¢Russia Regions Say CBDC Will Help Fight Corruption
ā¢Tsifra Broker will open a cryptocurrency platform in Belarus (Russian)
ā¢18 "cryptocompanies" from Ukraine were included in the list of dubious projects (Russian)
Thanks for reading and have a great week ahead!
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