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METAVERTU2: The World’s Most Intelligent Web3 Phone By VERTU 📱🌐
PLUS: FCA releases guidance for compliance with new UK crypto asset promotion rules. Hong Kong issues rules for asset tokenization as interest mounts.
Manan Vora
November 03, 2023
Snapshot Web3
November 3, 2023
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Regulatory and Legal News
The Dubai Financial Services Authority (DFSA) has officially recognized XRP and Toncoin (TON) as recognized tokens in the Dubai International Financial Centre (DIFC), allowing financial institutions in the zone to conduct transactions with them. These tokens join Bitcoin, Ether, and Litecoin in being recognized for use by over 4,000 companies located in the special economic zone. Ripple, the company behind XRP, established its MENA headquarters in the DIFC in 2020, and about 20% of Ripple's customers are in the region. The DFSA recently proposed a Digital Assets Law and is in consultation regarding updated security regulations.
PayPal is facing a subpoena from the U.S. Securities and Exchange Commission (SEC) regarding its PYUSD stablecoin, as disclosed in its Q3 financial report. The subpoena, received on Nov. 1, requests certain documents, and PayPal stated that they are cooperating with the SEC. PayPal launched the PYUSD stablecoin in August, which is backed by U.S. dollar deposits and short-term Treasurys. It operates on the Ethereum blockchain and aims to facilitate digital payments and Web3 transactions. The stablecoin has gained traction, with a market capitalization of around $159 million and daily trading volume of nearly $2.7 million. The SEC's action adds to the regulatory challenges faced by crypto companies in the U.S., including ongoing lawsuits against Coinbase and Ripple.
The Dubai Virtual Assets Regulatory Authority (VARA) has granted an "initial approval" license to crypto firm WadzPay, marking a significant step towards obtaining a Virtual Asset Service Provider (VASP) license for virtual asset services and activities. This license allows WadzPay to begin preparations for providing virtual asset services related to transfer and settlement, as well as broker/dealer activities. However, it does not permit the company to offer its other virtual asset products and services. Dubai's regulatory efforts in granting operational licenses to crypto exchanges and firms demonstrate its position as a crypto-friendly jurisdiction with comprehensive rulebooks for VASPs.
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Innovation and Launches
Blockchain technology has the potential to revolutionize copyright offices, according to research by a professor at Texas A&M University School of Law. The study suggests that blockchain's immutability makes it an ideal tool for intellectual property management, offering benefits such as secure record-keeping and transparency. The technology's traceability allows for the lifecycle of a copyright registration to be easily traced, enhancing transparency. Additionally, blockchain's disintermediation feature enables it to operate independently of a governing body, potentially paving the way for artist/business-led copyright systems. This innovation could transform how intellectual property is managed both domestically and internationally.
VERTU, a luxury smartphone brand, has unveiled METAVERTU2, touted as the world's most intelligent Web3 phone. Building on their previous Web3 phone release, this new device combines Web3 technology with AI for enhanced security and intelligence. METAVERTU2 uses blockchain technology as a security foundation, ensuring a balance between user experience and privacy protection. The device offers private and personalized AI experiences, acting as a "Second Brain" for users. It also features tailored security measures, allowing distinct fingerprint locks for different systems, and incorporates advanced encryption for data protection. METAVERTU2 blends cutting-edge technology with British elegance, offering high-performance capabilities and luxurious design options. Prices range from $5100 to $8100, with customization options available. This innovation represents a fusion of AI and Web3 technologies, reshaping the relationship between users and smart devices.
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NFT, Gaming and Metaverse
The ATP has partnered with Artchild and artist Honor Titus to offer customizable digital and physical tennis posters for the 2023 Nitto ATP Finals. Fans can personalize posters on Artchild's platform, and receive a physical copy along with an NFT duplicate. Competitors will also create unique posters for a charity auction. The initiative aims to continue the tradition of iconic sporting posters. The official poster, designed by Honor Titus, will be available exclusively during the 2023 Finals for $50. This follows ATP's previous NFT collaborations, including the "Love" digital art series with Art Blocks in 2022.
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Scams and Hacks
The SafeMoon project, which suffered an $8.9 million exploit in March, faces SEC charges for security rule violations and fraud. The funds from the exploit have moved through centralized exchanges (CEXs), potentially aiding law enforcement. Blockchain analytics firm Match Systems believes CEXs were used for money laundering, as they offer greater anonymity. The exploit involved a vulnerability in SafeMoon's contract, allowing the attacker to transfer tokens. The SEC also filed charges against SafeMoon executives for fraud and securities law violations. The involvement of management in the hack is being investigated. The hacker moved funds through CEXs, potentially aiding law enforcement in tracking them.
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Quick Links
Hong Kong’s securities regulator treats tokenized securities like traditional securities, subject to the same legal and regulatory norms.
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Miscellaneous
The Aragon Association, overseeing aragonOS software, will dissolve, distributing $155 million in assets to tokenholders. This includes 86,343 Ether from its treasury, distributed through an Ethereum smart contract. Each ANT tokenholder will receive about $4.57 per ANT. The association cited bureaucratic complexities and governance issues for the decision. They will reorganize as a company for ongoing product development, with a Product Council to guide decisions. Some funds will be allocated to cover obligations and regulatory uncertainties.
The UK's Financial Conduct Authority (FCA) has issued additional guidance to assist crypto firms in complying with new rules for crypto asset promotion that came into effect on October 8. The guidance, designed to support crypto firms in adhering to the rules, emphasizes key segments and addresses questions raised during the consultation phase. The FCA has extended technical deadlines to January 8, 2024, to facilitate compliance, but some market players have announced their exit from the UK in response to the regulations.
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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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