Jorge Carrasco Troitiño’s Post

The Future of Crypto and Banking in the UAE The UAE is quickly becoming a global hub for cryptocurrency and blockchain technology. The government has taken several steps to promote the development of this industry, including the establishment of a dedicated regulator. - Regulating Virtual Assets in Dubai, the Virtual Assets Regulatory Authority (VARA) is the world’s first regulator dedicated to Virtual Assets. VARA has established a robust regulatory framework and a clearly laid-out licensing process, drawn upon deep regulatory and industry expertise. - The UAE is also already home to over 1,300 crypto-related companies. At Emirates NBD, we’ve launched the Digital Asset Lab which aims to establish a collaborative platform with industry experts enabling co-creation and experimentation to drive innovation in financial services. Founding members include PwC Middle East and digital asset infrastructure platform Fireblocks. The collaboration between parties will focus on four key pillars across web3: - Strategy and Policy: compliance, risk, and security frameworks - Architecture: business, technology, and security reference architecture - Partners: technology, business, and governance partners who can support with the required systems and processes - Capabilities: design, build, experiment with new capabilities and value propositions I can’t wait to see what we build together. #virtualassets #UAE #web3 #banking #blockchain Dishang Patel Chris Friend Niklas Reichert Charu Ramchandani Nacira A. Umang Mehta Wasif Iqbal Shaikh Karen Crummer, MSc, BA

𝐀𝐦𝐢𝐝 𝐭𝐡𝐞 𝐞𝐯𝐞𝐫-𝐜𝐡𝐚𝐧𝐠𝐢𝐧𝐠 𝐥𝐚𝐧𝐝𝐬𝐜𝐚𝐩𝐞 𝐨𝐟 𝐜𝐫𝐲𝐩𝐭𝐨𝐜𝐮𝐫𝐫𝐞𝐧𝐜𝐲, 𝐚 𝐧𝐞𝐰 𝐬𝐭𝐚𝐫 𝐢𝐬 𝐫𝐢𝐬𝐢𝐧𝐠 𝐢𝐧 𝐭𝐡𝐞 𝐌𝐢𝐝𝐝𝐥𝐞 𝐄𝐚𝐬𝐭 – 𝐜𝐨𝐮𝐥𝐝 𝐢𝐭 𝐛𝐞 𝐭𝐡𝐞 𝐧𝐞𝐱𝐭 𝐠𝐥𝐨𝐛𝐚𝐥 𝐡𝐮𝐛 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐢𝐧𝐝𝐮𝐬𝐭𝐫𝐲? 🌍🤔 Binance, a major cryptocurrency exchange, and other players are redirecting their attention towards the United Arab Emirates (UAE), particularly Dubai, due to regulatory challenges faced in the US. Binance's troubles in the West, including accusations of unlicensed operations and legal actions by the SEC, have prompted the exchange to explore new opportunities in more welcoming jurisdictions. The Middle East, with its tech-savvy and youthful population, has garnered attention as a region ripe for crypto adoption. The UAE, in particular, has showcased its commitment to virtual asset regulation and has become an attractive destination for cryptocurrency businesses seeking stable and transparent regulations. This stability is especially important for large-scale enterprises like Binance, which value predictability for business development.🏛️ The Quarterly Industry Report (QIR) sheds light on this trend, highlighting the Middle East's rise as a crypto hub. With insights into the regulatory landscape and opportunities for growth, the report provides a comprehensive view of how industry leaders are navigating challenges and unlocking potential in the cryptocurrency world.🌟 In a landscape where adaptation is crucial, the Middle East's embrace of cryptocurrencies and its commitment to fostering innovation position the region as a promising goldmine for the future of finance. Dubai's dynamic cityscape, alongside the UAE's forward-thinking approach to regulations, makes the Middle East an exciting contender in the crypto space. #UAE #VirtualAssets #Cryptocurrency

Dubai’s virtual assets regulator is seeking ways to lower the cost for small crypto firms. “There’s a number of things that I’m looking at the moment in order to try and make the regime and the regulation fit for everybody,” Matthew White, CEO of Dubai’s Virtual Assets Regulatory Authority (VARA), said at the recent Paris Blockchain Week, according to Coindesk. “What one of those is, is figuring out a way to deal with the cost of compliance for smaller entities.” Dubai is emerging as a major hub for cryptocurrencies, and a number of crypto firms have been opening their units in the emirate. Not many people have the resources to be able to go and get regulated and that is something that we’ve seen, so we’re looking at structures whereby we can have larger market participants hosting smaller ones, for example,” White was quoted by Coindesk as saying. This move is not only strategic but necessary, considering the pivotal role these enterprises play in the broader crypto ecosystem. The high costs associated with meeting regulatory standards can stifle innovation and deter smaller players who are critical for the diversity and dynamism of the market.” said Amir Tabch, CEO, Middle East at Liminal Custody Solutions. #Consultycs #crypto #cryptocurrencies📈

💡 Web3 Weekly Round-up - 26/01/24 🌱 - Gradually then suddenly... 1️⃣ 🌍 Global crypto users hit 580 million 2️⃣ 🇺🇸 BlackRock’s bitcoin ETF hits $1 billion AUM in one week 3️⃣ 🌍 Bank for International Settlements – BIS innovation hub announces tokenization project as part of first six projects for 2024 4️⃣ 🇦🇪 Retail customers in UAE will now have blockchain-based receipts 5️⃣ 🇺🇸 Nine new spot bitcoin ETFs amass over 100,000 BTC in 7 days of trading 6️⃣ 🇬🇧 UK still undecided on digital cash as privacy concerns persist 7️⃣ 🇺🇸 U.S. Securities and Exchange Commission comm delays decision timeline for BlackRock's proposed spot Ethereum ETF to March 8️⃣ 🇦🇪 Dubai’s regulator Virtual Assets Regulatory Authority [VARA] awards 19 regulated VASP licenses with 72 more to come 9️⃣ 🇦🇪 DIFC Innovation Hub, Julius Baer and Euroclear join forces to address challenges posed by the future of digital asset inheritance 🔟 🌍 Polygon Labs to launch a blockchain aggregation layer or “AggLayer,” focused on unifying liquidity ❓What else happened? Probably nothing... #web3 #blockchain #crypto #ecosystems

What a week it has been for the world of crypto! 3 remarkable developments have taken center stage, illuminating the incredible potential and transformational power of digital assets: 1. Coinbase's historic approval to offer regulated crypto futures alongside traditional spot trading showcases the rapid integration of crypto into mainstream finance. This convergence of traditional and digital markets exemplifies the industry's resilience and adaptability - https://lnkd.in/dmSCaxYV 2. The Monetary Authority of Singapore's groundbreaking regulatory framework for stablecoins marks a crucial milestone in establishing a more secure and transparent crypto landscape. This move not only ensures customer safety but also paves the way for a more stable and reliable digital economy - https://lnkd.in/dpiVp72u 3. Dubai's visionary approach to incentivize AI and Web3 businesses with a substantial 90% discount on commercial licenses demonstrates its commitment to becoming a global tech hub. Positioned at the forefront of the Web3 revolution, the United Arab Emirates is positioning itself as a dynamic player in the ever-evolving crypto sphere - https://lnkd.in/dEntrTXm It's amazing to witness these remarkable strides and witness the positive momentum in the #crypto & #web3 space. As the world embraces the transformative potential of digital assets, we're on the cusp of a new era in global finance. Here's to progress, innovation, and the boundless possibilities that lie ahead!

💡 Web3 Weekly Round-up - 02/02/24 🌱 - Gradually then suddenly... 1️⃣ 🇦🇪 UAE to be removed from Financial Action Task Force (FATF) ‘grey list’ within days 2️⃣ 🌍 Ethereum co-founder, Vitalik Buterin, examined four ways that crypto and AI could overlap: AI as an actor, as an interface, as the rules themselves and as an end objective. 3️⃣ 🇺🇸 U.S. Securities and Exchange Commission likely to approve spot ether ETFs in May: Standard Chartered 4️⃣ 🌍 Yield-bearing stablecoins on the rise - Ondo Finance 5️⃣ 🇦🇪 Central Bank of The UAE makes first official $13.6m digital Dirham CBDC transaction to China via mBridge 6️⃣ 🌍 Transak partners with Visa to enable global crypto withdrawals 7️⃣ 🌍 Solana Foundation signups surge to record highs 8️⃣ 🇮🇳 India maintains crypto tax rates - 30% tax on profits and a 1% Tax Deducted at Source on all transactions. India is the #1 crypto adoption country according to Chainalysis research 9️⃣ 🇺🇸 Celsius has emerged from bankruptcy and has started distributing more than $3 billion worth of crypto and fiat to its creditors. 🔟 🇦🇪 Abu Dhabi healthcare regulator commences blockchain pharmaceutical project ❓What else happened? Probably nothing... #web3 #blockchain #crypto #ecosystems

The second day of the London Blockchain Summit was outstanding with top representatives from leading corporates, institutions and protocols. Katie Harries Patrick Elyas Johann Eid Marcos Nunes Sabih Behzad Francesco Roda Mona Tiesler Matthew Osborne Craig Chatfield Vincent Mele Keli Callaghan Stani Kulechov Harry Grieve Mustahsan Abbas Kazmi Christopher Donovan Emma Lovett Joshua Daniel Matt Molloy Chainlink Labs Coinbase Gnosis Bank of England Deutsche Bank Citi tokentus investment AG JPMorgan Chase & Co. J.P. Morgan (ONYX) Gensyn Arrington Capital NEAR Protocol Galaxy Otranto Limited FNZ Group "undoubtedly the financial industry is undergoing a transformative shift with the convergence of three key trends: Decentralized Finance #defi, Real-World Asset Tokenisation #rwa, and Banking Digitalisation". Fantastic job by the London Business School Blockchain Society team for organising this two-day summit, great effort!! #digitalassets #fintech #blockchaininnovation #digitalbanking #tokenisation #dlt #smartcontracts #ethereum Paula Simelionyte DeFiLab Designbypa The Institute of Export & International Trade Institute of Directors (IoD) Mercados, Blockchain & Cryptografia Avanzada

This week have been in Dubai at Token2049 as well as ETHDubai. Learning more about digital assets, tokenization, crypto as well as very relevant for the whole space, regulation. Important take aways: 1) There will be always extremes with loud voices from people who believe crypto is worthless on the one hand and “bitcoiners” on the other hand who tolerate zero criticism and want zero regulation. Fortunately the truth is somewhere in the middle and most people I met with agree. 2) There is also strong agreement on the need for clear regulation with MiCA in Europe seen as a very good model. The US risks of falling behind if they continue the regulation by lawsuits battle in courts. 3) Dubai, Hong Kong and Singapore are examples of places where crypto markets and innovation have been stimulated leading to thriving markets. But perhaps the most important lesson of all is: educate yourself!!! There are many benefits from the innovations in digital assets once we get regulation around the globe right. That would truly unlock institutional involvement while protecting consumers and ensuring AML / KYC! In spite of some water challenges in Dubai (flooded streets after historically bad weather) at the start of the week I return home more enthusiastic! #Token2049 #Token2049Dubai #Robeco #FinTech PS: Unfortunately the Global Digital Assets Investment Summit 2024 was cancelled last minute. Better luck (with the weather) next time!

The UAE’s ‘responsive’ regulatory environment for crypto serves as a model for other countries, experts say Cryptocurrency firms in the United Arab Emirates are hailing a new era of regulatory clarity and market stability following the Central Bank of the UAE’s (CBUAE) recent decision to introduce a comprehensive licensing system for stablecoins. The move, which comes as part of the “Payment Token Services Regulation,” has been met with enthusiasm from industry professionals who see it as a crucial step in legitimising and integrating digital currencies into the UAE’s financial ecosystem. This approach is expected to boost market confidence and attract more investment into the UAE’s financial markets. As the UAE positions itself at the forefront of digital currency innovation, the global financial community will be watching closely to see how these regulations impact the broader cryptocurrency ecosystem.

Survey: Crypto Second Most Popular Investment Asset in France In spring 2023, the Organisation for Economic Co-operation and Development (OECD) conducted a survey at the request of the French financial regulator. The results revealed that cryptocurrencies are the second most favored investment among French adults, with 9.4% holding crypto assets, closely trailing real estate funds at 10.7%. Additionally, 2.8% of respondents own non-fungible tokens (NFTs). The survey identified a group of "new investors" who entered the market since the beginning of the COVID-19 pandemic. Mostly comprising men (64%) with an average age of 36, these new investors demonstrated a keen interest in crypto assets, with 54% holding them. Conducted among 1,056 participants, the survey included 40 in-depth interviews to explore their needs and motivations. France is actively positioning itself as a leader in the European digital economy and innovation landscape, with recent investments in AI research and the establishment of the Institute of Crypto-Assets in the Paris business district. #amf #france #cryptocurrency #survey