Coinbase, Kraken, Ripple support US PAC for a president that supports crypto and blockchain

Coinbase, Kraken, Ripple support US PAC for a president that supports crypto and blockchain

In a recent twist of events, and while the United States gears towards its presidential elections, a new political action Committee (PAC) called Fairshake and its network which includes names such as CoinBase, Kraken and Ripple, have announced that they will be reporting $78 million raised and in the bank at the end of the 2023 to support leaders who support US crypto and Blockchain innovation and responsible regulation in 2024 elections.

Fairshake is dedicated to advancing leaders who are poised to champion innovation and navigate the complexities of responsible regulation in the digital age.

It has already garnered support from Andreessen Horowitz,  Ark, Brian Armstrong, Blockchain Capital, Wences Casares, Circle, CoinBase, Ron Conway, Cumberland, Framework Ventures, Hunter Horsley, Jump Crypto, Kraken, Lightspark, Messari, Multicoin Capital, Paradigm, Potter Ventures, Ripple, Fred Wilson, Cameron Winklevoss and Tyler Winklevoss.

Interestingly Binance and other prominent players are still not on this list.

In a reccent Coinbase blog post the company noted, “The US’s current crypto regulatory standards are sub-par, ultimately driving innovation and financial freedom offshore. Given the stakes, crypto’s superpower of grassroots support will now be amplified through significant spending. Fairshake Super PAC and its affiliates representing the nation’s crypto community, have raised over $78 million – and counting – from 20 companies and leading industry voices to support bipartisan, crypto-forward candidates in 2024. That’s over $78 million to support the 52 million Americans who own digital assets and want a fair shake at the American Dream.”

Fairshake and its affiliates remain steadfast in their mission to support leaders who champion the interests of progressive innovation, including blockchain technology and the crypto industry, through independent advertising efforts.

In the  press release, Fairshake stated,”  In order for the blockchain economy to realize its full potential, a clear regulatory and legal framework for success is needed. The crypto community continues to advance initiatives to promote stability, tech innovation, and growth of the blockchain economy in the U.S., positioning it as a hub for blockchain technology development and adoption.”

Fairshake is a federal independent expenditure-only committee (super PAC) registered with the FEC and supports candidates solely through its independent activities. Protect Progress and Defend American Jobs are also federal super PACs registered with the FEC and are affiliated with Fairshake.

So could we soon be seeing a US president that will foster the crypto blockchain ecosystem in the United States?

UAE crypto custodian Changer waives fees at its launch

UAE crypto custodian Changer waives fees at its launch

On its launch day, UAE based Changer, a crypto custodian is waiving custody fees for its premium wallet clients. Changer is providing individuals globally with a reliable, convenient, and accessible wallet to safeguard and manage their digital assets.

This comes after Changer received its license from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) allowing it to safe custody provisions, technology governance, and other system controls.

Changer’s launch of custody services for the safe storage of virtual assets comes in line with an increasing demand for independent custody and fund administration of digital assets from asset managers and asset owners, as this market continues to evolve.

Changer’s premium wallet and offerings are unique to the market being the only regionally built, independent custody provider. Changer’s premium wallet brings to the market a transparent, subscription-style monthly service for users based on the assets held under custody.

As Changer ramps up its operations, it is currently waiving custody fees for early adopters, which is planned to come into effect in Q1 2024.

Cryptocurrency investors from all over the world can easily open an account via the user-friendly Changer mobile application that can be downloaded from the App Store, Google Play Store, or Huawei App Gallery, and once verified, can use it to store their digital assets.

Changer is planning to introduce additional services in early Q1 2024 which will allow its users to convert their virtual assets into fiat currencies and hold those in escrow (client-money account) arrangements with a strategic bank partner which is yet to be disclosed.

Nadeem Ladki, Senior Executive Officer of Changer, commented on the launch: “We are happy to witness the successful and global launch of Changer.ae, as the region’s first locally built, independent virtual asset custody provider catering to individuals. For widespread adoption of digital assets, users need a safe, trusted counterpart; and we are committed to investing in the infrastructure and abiding by the regulations necessary to provide that peace of mind to our global users to be a leader in this space. We are proud to launch Changer.ae in the UAE, as the Nation has a well-balanced approach to digital asset adoption and financial regulation, thus making it a great market for our premium crypto custodian service platform. The UAE is a key driver of innovation and economic growth, encouraging more investors to enter the market, accelerate growth, enable collaboration, and continue to shape the future of finance”.

UAE AML,CTF office cooperates with Kazakhstan on virtual assets

UAE AML,CTF office cooperates with Kazakhstan on virtual assets

UAE Executive Office of Anti-Money Laundering and Counter Terrorism Financing (EO AML/CTF) and the Financial Monitoring Agency of the Republic of Kazakhstan (FMA) signed a Memorandum of Understanding (MOU)  to enhance bilateral cooperation in the combatting of financial crimes with focus on virtual assets, public-private partnership (PPP), education and capacity building, and asset recovery.

Knowledge sharing will cover virtual assets, with both parties committed to improving regional and local understanding of the risks associated with ML/TF/PF related to virtual assets. It will also include public-private partnership initiatives with the counterparties agreeing to collaborate on the establishment of rules to exchange strategic and operational information between the public and private sectors to prevent and combat money laundering and terrorism financing risks.

Hamid AlZaabi, Director General of the EO AML/CTF, remarked that the signing of the MoU formalizes the commitment made by both countries to protect the integrity of the global financial system. “Effective strategic engagement and cooperation with international counterparties is essential in the fight against financial crime and is central to the UAE’s strategy. The signing of this Memorandum with the FMA in Kazakhstan is significant and comes at a time when the EO AML/CTF is working to strengthen its collaboration efforts with international partners over the long-term. We have decided to focus on four key areas to ensure that our coordination is targeted, allowing us to make a real impact in addressing the most pressing issues in AML/CFT today.”

Zhanat Elimanov, Chairman of the FMA, welcomed to MoU, and said, “This year the relationship between our countries in the AML/CFT field has reached a new level. We have managed to establish an effective exchange of strategic and operational information. This has contributed to the successful investigation of major cases on money laundering committed in our country. We are inspired by UAE’s achievements in implementing IT solutions in AML activities. With great respect, we will adopt this experience”.

Circle and UAE based Fuze to expand USDC stablecoin adoption

Circle and UAE based Fuze to expand USDC stablecoin adoption

Circle Internet Financial (Circle), a leading global digital financial technology firm, and UAE based Fuze, MENA’s pioneering digital assets infrastructure provider, to expand adoption of USDC stablecoin in MENA region, after signing MOU (Memorandum of Understanding). Circle, the issuer of the US-dollar backed stablecoin USDC, will work with Fuze to expand the adoption of USDC amongst new customers in the region, such as banks, fintechs, traditional enterprises and Web3 firms.

The scope of the agreement covers the Middle East, Africa and Turkey, paving the way for the expanded use of USDC in these regions and the piloting of new use cases relevant to these markets.

Miriam Kiwan VP, Partnerships & Business Development, MENA for Circle said, “This collaboration marks a significant milestone in our efforts to enhance financial inclusion and drive the adoption of full-reserve payment stablecoins across MENA. By joining forces with Fuze, we aim to expand the accessibility and usage of USDC, while fostering closer integration between regional and global finance. We look forward to a successful partnership that propels financial innovation and creates new opportunities for individuals and businesses in these dynamic markets.”

Fuze Co-Founder and CEO Mohammed Ali Yusuf (Mo Ali Yusuf) said, “Circle and Fuze share a common vision to create more efficient financial services and deliver digital assets infrastructure that builds a more connected, inclusive economy. We look forward to fostering a close working relationship with the Circle team and are excited about developing the future of finance together.”

Fuze, which was co-founded by Mo Ali Yusuf (CEO), Arpit Mehta (COO) and Srijan Shetty (CTO), has made rapid strides towards building digital assets infrastructure across the region. This includes securing robust regulation and licensing and receiving the largest seed funding round for a digital assets start-up in MENA history. Fuze continues to accelerate its product implementation and growth, in close collaboration with local and regional regulators.

A week prior Fuze signed an MOU with UAE Al Fardan exchange to offer digital asset services to their clients.

Decentralized exchange gets a push in the UAE

Decentralized exchange gets a push in the UAE

UAE based Finschia Foundation, an independent non-profit organization, based in Abu Dhabi, UAE, established in March 2023 to expand public blockchain and Web3 technologies, and NEOPIN, DeFi multichain platform have partnered to provide decentralized exchange services.

Finschia and NEOPIN will collaborate to develop the Finschia Network Swap (hereinafter referred to as FNSwap). NEOPIN is currently developing FNSwap, which will be the first Automated Market Maker (AMM) Decentralized Exchange in the Finschia ecosystem.

NEOPIN has been building blockchain expertise and technology since 2017, participating as a node validator for various global blockchains, including Ethereum, Tron, Cardano, and Cosmos. In 2022, the company launched the CeDeFi protocol NEOPIN to provide a secure and convenient environment for using the DeFi protocol.

This year, the company was selected as an innovation program company by the Abu Dhabi Investment Office (ADIO) in the UAE to attract direct and indirect investment, and is working with the Abu Dhabi Global Market (ADGM), a special financial zone in the UAE, to create the world’s first DeFi regulation as a public-private partnership.

As per the news, FNSwap is envisioned as a community-first, community-owned centered and fair platform, offering various range of DeFi products and incentives. These include token swapping, earning fees and rewards by depositing tokens into through token deposits in pools, gaining incentives incentive acquisition through token staking, and token transfers with EVM-based chains via bridge.

FNSwap is set to launch in the near future, providing users with a stable and convenient platform to access DEX services within the Finschia ecosystem.  Later it will be expanded by creating an environment where various Finschia dApp services can easily list tokens and users can trade conveniently.

According to the news, the Foundation will continuously provide necessary technical support and integration for the development of a diverse array of ‘money legos’, starting with supporting the basic token swap services. This support aims to facilitate the onboarding of DeFi services, propelling the platform towards becoming the №1 DeFi platform in Asia.

KSA Bank to patent Blockchain system for CBDCs

KSA Bank to patent Blockchain system for CBDCs

The Saudi Islamic Development Bank Institute (IsDBI) is working to patent a Blockchain system for smart stabilization for CBDCs and digital assets after receiving a positive evaluation for its Blockchain smart stabilization system patent. The World Intellectual Property Organization (WIPO) is looking into the patentability of the system.

WIPO has acknowledged the Stabilization System as a novel, inventive, and industrially applicable solution. WIPO also noted its significant potential for international patent recognition.

The Blockchain smart stabilization system will work to enhance the stability of organized asset markets without compromising efficiency. The system will effectively manage the gap between supply and demand to mitigate price volatility while upholding the market-equilibrating role of this gap.

As such Dr. Sami Al-Suwailem, Acting Director General of IsDBI, expressed his appreciation towards the team’s dedication and hard work, stating, “This recognition from WIPO not only validates our commitment to innovation but also positions IsDBI at the forefront of bolstering the financial stability of the digital and crypto-based economy.”

The Blockchain system for smart stabalization will be utilized in financial assets, digital currencies ad CBDCs using Blockchain technology.

The Blockchain system is self-financed, with no need for substantial capital to achieve its objectives. A prototype is under way after IsDBI signed an agreement with Settlemint. Saudi IsDBI bank started working on this project with Blockchain solution provider Settlemint in May 2023.

UAE Fuze to bring digital assets to AL Fardan Exchange

UAE Fuze to bring digital assets to AL Fardan Exchange

UAE Fuze, digital assets infrastructure provider, which recently received a license from Dubai’s regulator, has signed an MOU with UAE Fardan Exchange to allow the exchange to offer digital asset products such as buying, selling and transfer

The MOU was signed by both Hassan Al Fardan, CEO of Al Fardan Exchange and Ali Mo Yusuf, the Founder and CEO of Fuze Finance.

The decision to delve into the digital assets domain comes as more clients request digital finance solutions allowing them to buy, sell and transfer digital assets in an easy, safe and use friendly way.

According to Hassan Al Fardan, CEO of Al Fardan Exchange, “ We are committed to innovation as digital transformation becomes more embedded and through this cooperation with Fuze Finance we look forward to offering innovative fintech solutions continuing to offer financial services that are secure, easy, and in line with the future.”

Mo Ali Yusuf, Co-Founder and CEO of Fuze added, “Exchange services are central to the financial sector in the UAE, and Fardan has longstanding history in this field, surpassing 50 years. Al Fardan offers its services to millions of citizens and residents in the UAE and we are proud to be able to develop digital asset solutions for the clients of AL Fardan.”

Prior to this, Fuze partnered with Abu Dhabi headquartered Wio Bank to empower its customers with virtual assets trading services.

Stefan Kimmel reveals M2 crypto exchange plans, and Bitcoin ETF

Stefan Kimmel reveals M2 crypto exchange plans, and Bitcoin ETF

LaraontheBlock interviewed the CEO of recently UAE licensed crypto exchange M2, Stefan Kimmel who had a lot to say on the future plans of M2, their product growth, partnerships, acquisition appetite, Bitcoin ETFs and license plans.

Why Abu Dhabi

According to Kimmel, launching a fully regulated, transparent clean startup from Abu Dhabi ADGM ( Abu Dhabi Global Market) was because the FSRA ( Financial Services and Regulatory Authority) in ADGM is one of the oldest most respected and esteemed regulatory authorities when it comes to virtual assets and crypto. FSRA as Kimmel explains has been around for five years and has a comprehensive solid framework. He stated, “ After all that has happened in crypto over the past few years, everyone is looking for a safe protected transparent exchange, and this is what we are offering from ADGM.”

M2 Strong liquidity

Another strong feature that M2 has is its strong liquidity which is essential for the success of any crypto exchange. As Kimmel explains, “ Liquidity is super important for successful crypto exchanges, and this is why we have partnered with global leading market makers, have tight spreads, and in terms of depth of key markets we are right up there with all the top players. Liquidity is key for good trading experience for investors and that is why we are connected with the largest global market makers and have deep liquidity especially on large crypto asset pairs.”

M2 investors

Speaking on M2 investors and whether the company will be seeking further investment, Kimmel replies that M2 is not seeking to raise capital any time soon. According to Kimmel, M2 is lucky to have an equity investment of $300 million which will give them a long run rate. According to Kimmel, “Our strategic key investor is Phoenix Group but we also have investment from several Abu Dhabi family offices.”

However for those who have asked or been interested in investing in M2, Kimmel states they have the option of investing in Phoenix Group which is now trading publicly on the ADX exchange in Abu Dhabi or they can buy the M2 MMX token on the M2 exchange and Uniswap.”

Noteworthy is that while Phoenix Group is a strategic investor in M2 it also partners with M2 on Bitcoin mining and Hashrate mining.

Acquisition appetite

As for M2’s acquisition appetite, Kimmel admits that if they find well regulated transparent crypto exchanges in countries of interest they would seek to acquire them. On whether M2 would be interested in Binance, he replies, “First Binance is not up for sale, and secondly we are on the lookout for fully regulated exchanges, as we want to be regulated, transparent and clean in everything we do. So we would have to choose an exchange that is in the same direction.”

The U.S. market

At the moment M2 is not interested in the U.S. market given the unclear regulatory situation. Kimmel states, “We will be staying outside of the USA unfortunately, given its current regulatory state. There are no rules we can apply or abide by currently in the USA only enforcement.”

However M2 is very keen on Europe given that Europe has come out with its MICA regulations for crypto service providers. He states, “Our next intention after receiving several regulatory licenses from ADGM and a license from the Bahamas is to acquire a license in Europe and we have filed for one in Spain.”

After Spain, M2 plans to apply for a license in the United Kingdom.

Bitcoin Earn Yield Product

The first product launched by M2 was Bitcoin Earn product. The product was launched in partnership with Phoenix crypto mining group and offers yields that reach up to 10.5%.

The pair designed a product that utilizes Bitcoin mining to offer genuine returns for investors. Most investment platforms that offer yield returns on crypto provide it through one of two routes. M2 are generating returns predominantly with Bitcoin mining, which underpins the M2 Earn product

Kimmel admits that the appetite for the M2 Bitcoin Earn product has been fantastic. He states, “This has been one of the most debated topics inside the M2 because a large share of deposits goes to the Bitcoin Earn product. 10.5% is amazing given that it is hard to earn decent returns on Bitcoin.”

According to Kimmel it is not that difficult to offer 10.5% returns because as he notes, “Given that we are partially owned by Phoenix Group, we reinvest in Bitcoin mining which offers higher returns than 10%, the other two angles is on platform lending which is over collateralized and fully on platform, and a small percentage goes into Proprietary Trading (Prop Trading) market making and basic arbitrage, but no big exposures, as we are not trying to take on risks.”

According to Kimmel even if the crypto markets are not doing well since the investment is in Bitcoin and the interest return is in Bitcoin, then there is no FX market exposure.

Future product offerings partnerships

Kimmel is excited about the future of M2 after going live and ensuring that the processes in place are scalable and robust. Next up are more product offerings, partnerships, and maybe an ETF.

Kimmel explained, “In Q1 of 2024 we will be coming out with a crypto payment card. We will also be offering fiat on and off ramp with one of the banks in the UAE. In addition we have partnerships coming up with big retail names in the country to reach a bigger customer base.”

When asked about the potential of a Bitcoin ETF product, Kimmel confesses that this is absolutely on the radar. He says, “We are already having initial exploratory discussions on it.”

Outlook on crypto exchanges and DeFi

In terms of the bigger global situation when it comes to crypto exchanges, competition and DeFi, Kimmel believes that given that today there are around 600 crypto exchanges globally, we will definitely see some closing down because of the regulatory requirements, others being bought because the market cannot accommodate so many crypto exchanges. He explains, “ We will not only see consolidations in the UAE as crypto exchanges struggle to meet tighter regulatory environment, but there will also be eliminations as market gravitate towards the stronger players.”

In terms of centralized crypto exchanges versus decentralized using DeFi, Kimmel believes that for mass adoption to take place, centralized exchanges are a must. Kimmel, “As we drive for mass adoption the vast majority will struggle with decentralized user experiences, such as managing wallets, on and off ramp, which is hard, in addition we also have governments and regulators who struggle in DeFi, where it is anonymous and users as well may not subscribe to that ethos. For institutional adoption this can only happen in centralized platforms.”

Saudi, Russia, and Iran to deal in Bitcoin and Qatar to pull trigger with Bitcoin buy

Saudi, Russia, and Iran to deal in Bitcoin and Qatar to pull trigger with Bitcoin buy

Russia, Saudi Arabia and Iran to start doing deals in Bitcoin, this is a statement made on X by no other than Max Keiser, the well-known Bitcoin influencer and the host of Keiser report, who is as well senior Bitcoin advisor to Nayib Bukele, the President of El Salvador.

As per Keiser’s statement, on X, “Russia, KSA, Iran will start doing deals in Bitcoin. Qatar knows this and is pulling the trigger on a huge BTC buy for their SWF (Sovereign Wealth Fund).”

This comes just days after Keiser stated that the Qatar sovereign Fund would be buying $500 billion of Bitcoin. Keiser had stated on X, “I have 1 word for you $100,000 Bitcoin God Candle fans. QATAR, the rumors are getting very loud on this. Their SWF (Sovereign Wealth Fund) rumored to looking to buy 1/2 trillion BTC (Bitcoin).”

Months prior to this Qatar was touted as discussing Bitcoin mining during the visit of HH Prince Sheikh Tamim bin Hamad Al-Thani of Qatar to El Salvador but nothing materialized on that front yet.

Keiser is a longtime Bitcoin advocate and educator, having advised people to buy Bitcoin since the price was $1.

With his statements Keiser seems to imply that the top GCC countries, Iran, and Russia plans to break away from the U.S. dollar and gravitate towards Bitcoin for trade.

Some would say that given that the Qatar Investment Authority founded in 2005 in October 2023, had an estimated $475 billion of assets under management would they use all that to buy Bitcoin? Qatar has not even legalized the trade of cryptocurrencies and neither has Saudi Arabia, Iran, or Russia.

In January 2023, Qatar Investment Authority CEO Mansoor Ebrahim Al-Mahmoud told Bloomberg that they would be interested in the credit space, and AI (Artificial Intelligence) as a theme of investments. In 2022 the CEO of Qatar Sovereign Wealth Fund showed interest in investing in Blockchain but shunned crypto.

Could the strained relationships with the United States be pushing forward this movement towards de-dollarization in the form of utilization of Bitcoin?

Another interesting analysis could be that Qatar is actually interested in Bitcoin mining in El Salvador.  El Salvador was noted as entering a public private partnership worth $1billion to create the world’s largest Bitcoin mining farm. Volcano Energy has developed the first mining pool in El Salvador with Luxor Technology.

This according to Volcano Energy is a $1 billion Bitcoin mining project set to transform El Salvador through the development and operation of renewable energy plants. Could Qatar one of the most experienced and highly invested renewable energy country be interested in this project? Maybe just maybe yes!

Binance drops Abu Dhabi, keeps Dubai, but will Dubai drop Binance?

Binance drops Abu Dhabi, keeps Dubai, but will Dubai drop Binance?

Binance one of the biggest global crypto exchanges has withdrawn and dropped its license application with Abu Dhabi’s ADGM ( Abu Dhabi Global Market) while it retains its license application at Dubai’s VARA ( Virtual asset regulatory authority).

This comes exactly one year after Binance received a Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), the international financial center of the UAE’s capital emirate.

The withdrawn license would have allowed Binance to manage a Collective Investment Fund, under conditions that BV Investment Management Limited may not hold or control Client Assets; and BV Investment Management Limited may not deal with Retail Clients as defined under the FSRA Conduct of Business Rules (COBS).

This should not be a surprise given that recently Richard Teng, Binance’s new CEO during the FT Crypto and Digital Assets Summit, would not name the location of the company’s headquarters yet admitted that Binance’s Middle Eastern headquarters is in Dubai, while its European headquarters is in France.

He suggested that the location of the global headquarters would be disclosed when deemed appropriate.

So it seems that Binance is putting all its license eggs in one basket in the UAE, with Dubai’s VARA. Some have speculated that most probably they will receive the license in Dubai and thus do not need to have one in Abu Dhabi. Yet the License in Dubai is still not in the bag.

In early December Dubai’s virtual asset regulator came out with a statement, saying that it is continuing to asses and monitor Binance activities to strict regulatory requirements, rigorous KYC and due diligence. As per VARA, Binance FZE crypto exchange currently only holds a Minimum Viable Product [MVP] Operational License with VARA, which allows them access to a restricted client base. As such to date, Binance has on boarded approximately 180 qualified investors and institutional clients.

As per Reuters, the exchange deemed it unnecessary given the reassessment of global licensing needs.

Binance’s custodial license application within ADGM is still active until May 2024.

Binance is not the only crypto exchange to have withdrawn its license in ADGM, BitOasis also withdrew its license in ADGM, as has DEX.

This comes after M2 became a fully licensed crypto exchange from Abu Dhabi UAE which can offer retail clients crypto exchange services.