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- [Re-sent] March 4, 2023
[Re-sent] March 4, 2023
🚑Can crypto save capitalism? Animoca's Chairman thinks so
March 4, 2023 I View in your browser I Sign up here
Your 5 minute emerging market web3 weekly update
In This Issue
Asia🔸Can Crypto Save Capitalism? Animoca Brands Chairman Yat Siu Weighs In🔸India Positions Itself as the Voice for the Global South on Crypto Rules
Africa🔸From Naira to Crypto: Nigerians Turn to Bitcoin Amidst Currency Chaos🔸Blockchain Meets WhatsApp: Zimbabwean Immigrants in South Africa Get a New Payment Platform
Eastern Europe🔸Report Accuses Binance, Huobi, and KuCoin of Facilitating Russian Sanctions Evasion🔸Ukraine Pushes Forward with Crypto Legislation Despite War with Russia
Latin America and the Caribbean🔸Polygon Expands Reach in Latin America With Ripio Integration🔸Puerto Rico Welcomes Blockchain Companies With Tax Incentives
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Asia
Image Credit: Fikry Anshor via Unsplash
According to Animoca Brands Chairman, Yat Siu, crypto's negative perception in the West is due to anti-capitalist rhetoric, especially among younger generations who have seen capitalism fail them. Siu argues that Asia has a more positive attitude towards capitalism, leading to a more accepting view of crypto. He believes that crypto and Web3 can save the capitalist narrative by reintroducing democracy and profit-sharing. However, American lawmakers and regulators have turned up the heat on crypto, and views on the industry are becoming increasingly partisan.
The G-20 finance and central bank chiefs discussed cryptocurrency regulation but did not support an outright ban, as India had considered. The ministers called for a "coordinated and comprehensive policy approach to crypto assets" that considers the full range of risks. The International Monetary Fund and Financial Stability Board are working on developing an international framework for crypto regulation, while India may be positioning itself as a voice for the Global South on the issue.
Want more Asia news?•Hong Kong courts crypto industry as other governments crack down•Three Japanese Banks Start Stablecoin Experiment•Hong Kong citizens not interested in digital yuan: Reports•Dubai’s Crypto Industry Welcomes New Licensing Regime Amid Global Regulatory Uncertainty•Avanza Group to Develop Pakistan’s First Blockchain-Based National eKYC Banking Platform
Africa
Image Credit: Oyemike Princewill via Unsplash
Bitcoin has become a more attractive option for Nigerians seeking a safe haven for their finances. Nigeria is currently facing a cash crisis caused by the redesign of the naira notes, political instability, and economic conditions, resulting in high inflation and a cash shortage. The redesign of the naira notes has caused logistical issues, with shortages and long lines at ATMs, and the deadline for the old notes to remain legal tender has been extended. Nigeria now has three separate nairas in circulation, including the digital naira, and the eNaira, the country's CBDC which has seen dismal adoption rates.
Zimbabwean blockchain startup, Flex ID, and South African WhatsApp-based remittance platform, Uhuru Wallet, have announced a collaboration to launch an integrated digital identity and remittance platform targeting Zimbabwean immigrants residing in South Africa. The platform will address issues such as high sending fees, limited access to formal financial services, and identity verification problems. The integrated platform is expected to provide a seamless and secure remittance experience for Zimbabwean immigrants, and the collaboration is the first cross-chain collaboration, with Flex ID working on the Algorand blockchain and Uhuru Wallet built on the Stellar blockchain.
Want more Africa news?•USDT is Extremely Popular in Emerging Markets like Africa – A Chat with Chief Technology Officer, Tether•Chipper Cash Lays Off a Further 100 Employees (1/3 of Workforce) – Claims Crypto Department Still Operational•Cardano’s Founding Entity, Emurgo, Signs an MoU with Nigeria’s Pan-Atlantic University to Co-Develop and Build Web3 Training Programs for Students•The state of Cryptocurrency Adoption in Tunisia•Zambia test cryptocurrency regulation using blockchain technology
Eastern Europe
Image Credit: Fly:D via Unsplash
Crypto intelligence firm Inca Digital has published a report alleging that the Tether stablecoin and other cryptocurrencies have been used to violate Russian sanctions via cryptocurrency exchanges. The report alleges that Russian citizens can easily convert their local currency into crypto on these exchanges without KYC (know your customer) for up to the equivalent of $10,000, and that transactions can be disguised by displaying payments to non-Russian utility companies. Huobi, KuCoin, and Binance are named in the report, which states that they allow transactions for their P2P platforms that use sanctioned Russian banks for deposits.Ukraine Pushes Forward with Crypto Legislation Despite War with Russia (2 minute read)
Ukraine has been working on developing cryptocurrency legislation to integrate better EU norms and rules into its markets. Despite the war with Russia, the country's regulatory stance remains unchanged, and the National Commission on Securities and Stock Market has been actively cooperating with international colleagues to implement regulations like Markets in Crypto Assets (MiCA). Amendments to the draft law "On Virtual Assets" are being finalized to adapt it to MiCA, and Ukraine plans to officially launch its virtual assets market by the end of 2023.
Want more Eastern Europe news?•Ukraine netted $70M in crypto donations since start of Russia conflict•MKB issued Russia's first digital bank guarantee in yuan (Russian)•The creation of the first closed-end investment fund for mining began in Russia (Russian)•Real transactions with the digital ruble will be tested by 13 Russian banks (Russian)•The Bank of Russia intends to introduce limits on digital wallet balances (Russian)
Latin America and The Caribbean
Image Credit: GuerrillaBuzz via Unsplash
Argentinian exchange Ripio has integrated with Polygon's proof-of-stake protocol, enabling users in Latin America to use Ripio's products on the Polygon ecosystem. The integration will offer cheaper transaction rates than Ethereum and allow access to decentralized finance protocols, NFT marketplaces, and gaming networks. Ripio is also developing a B2B blockchain with support from Polygon Labs, expanding the protocol's network in Latin America.Puerto Rico Welcomes Blockchain Companies with Tax Incentives (2 minute read, Spanish)
The Department of Economic Development and Commerce of Puerto Rico has approved a regulation that aims to attract blockchain companies and digital assets to the island by offering tax exemptions based on Law 60 of Puerto Rico. The legislation, which dates back to 2019, provides a group of tax exemptions to attract investors from the Bitcoin and blockchain industries. Puerto Rico has become an attractive location for those in the Bitcoin ecosystem due to its low taxes, and at least 1,200 investor applications were registered on the island at the beginning of 2022.
Want more Latin America and Caribbean news?•Digital real pilot starts next month and BC told the US that custody of cryptos by banks would avoid FTX case (Portuguese)•Swapix will have Pix Withdrawal function for converting tether to reais (Portuguese)•Mercado Bitcoin announces tokenization in projects aimed at recycling electronic waste and direct sales (Portuguese)•Nubank launches Nucoin, crypto for rewards and customer engagement (Portuguese)•Bitcoin reaches areas of El Salvador that were controlled by gangs (Spanish)