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- Binance Expands in Dubai With New Trading License 🇦🇪 Shanghai Plans To Be Blockchain Infra Ready By 2025 🇨🇳⛓️
Binance Expands in Dubai With New Trading License 🇦🇪 Shanghai Plans To Be Blockchain Infra Ready By 2025 🇨🇳⛓️
Tether excess reserves increase to $3.3 Billion. Etihad launches Web3 driven loyalty program.
Manan Vora
August 01, 2023
Snapshot Web3
August 1, 2023
Regulatory Updates
Binance has received a new trading license from Dubai's regulatory authority, VARA, allowing it to offer crypto services to institutional and retail investors in the region. The license enables Binance to provide crypto-to-fiat exchanges, conversions, transfers, custody solutions, brokerage facilities, and virtual asset payments and remittance services. This move comes as Binance faces regulatory challenges in other markets and shows its commitment to expanding in the Middle East.
The Bank Policy Institute supports Senator Warren's efforts to strengthen crypto regulations. The Digital Asset Anti-Money Laundering Act aims to combat money laundering and terrorism financing in the crypto industry. The proposed bill would require digital asset providers to maintain customer identity records and restrict the use of mixers. Some in the crypto community oppose the bill, while the SEC Chairman is concerned about fraud in the crypto market and advocates for better investor protection.
Innovation and Launches
Etihad Airways have announced ‘Etihad Horizon Club’: one of the world’s first Web3 airline loyalty programs, powered by Arcube.eth - wherein users can stake their NFTs to earn Etihad miles and spend on travel & web 3 perks. They plan to launch it in Q3 2023.
Researchers Adel Khelifi and Mark Altaweel have developed Salsal, a Web3-based service using blockchain and NFTs to verify and record the authenticity of cultural artifacts. Cultural heritage organizations can upload artifact details, which experts grade and convert into NFTs for immutable ownership records. The aim is to prevent theft and looting by creating a unified database on an immutable blockchain.
Trending DApps
NFT and Metaverse
NFTs are changing gaming skin markets by turning licensed features into permanent assets owned by players. However, gamers and some platforms fear scams and forgeries. NFTs could enhance gaming experiences with specific rules and safer asset transfers. Skepticism among gamers and platform bans are hindering NFT implementation in gaming. Despite some supporters, it may take time for the industry to fully embrace NFT benefits.
Resource of the Day
Zero-knowledge proofs (ZK-proofs) are cryptographic protocols that allow one person to prove a claim's truth to another without revealing any details about the claim itself. ZK-proofs involve multiple rounds of interaction between the prover and verifier, convincing the verifier of the claim's veracity without revealing any additional information. They have applications in cryptocurrencies, authentication, electronic voting, secure data transfer, and more. ZK-proofs can be integrated into blockchain platforms for privacy, verification, scalability, identity, and cross-chain interoperability. However, they may be computationally intensive, complex to implement, and raise concerns about security and regulatory compliance. Careful evaluation is needed before adoption in specific systems.
Interesting Reads
Smart contracts have potential but face challenges for widespread adoption. Mainstream adoption is hindered by lack of Bitcoin support and difficulties connecting crypto and fiat. Smart contracts are vulnerable to hacks and face regulatory concerns. Improvements are needed in security, coding, and data privacy. They should be seen as a "proof-of-concept" rather than a universal solution. Dialogue with traditional finance and exploring alternatives is crucial for crypto's future.
Quick Links
Tether's Q2 attestation shows $3.3 billion in excess reserves, a $850 million increase. Operational profits for the quarter were $1 billion, up 30% from Q1. 85% of reserves are in liquid investments, with total assets at $86.4 billion. Outstanding liabilities for USDT tokens are $83.17 billion. Tether plans a $115 million share buyback and profits have been invested in energy-related initiatives.
Shanghai is implementing a plan to develop its urban blockchain digital infrastructure system by 2025. The goal is to strengthen blockchain's application in the economy, public services, and urban governance. Once completed, the system will support various industries and serve as an international blockchain exchange hub. China is actively preparing cities for emerging technologies, including blockchain and the metaverse, and promoting its digital yuan.
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The information provided in this newsletter is for informational purposes only and should not be interpreted as investment advice, endorsement, or recommendation. Cryptocurrency investments carry significant risk due to their volatility. You should consider your financial situation, investment goals, and risk tolerance before making any investments. We strongly recommend consulting a qualified financial advisor before making any investment decisions. Past performance is not indicative of future results.
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