- Snapshot Web3
- Posts
- Singapore Pledges $112M To Boost Web3 💸💥, UAE To Develop Carbon Credit System On Blockchain 🇦🇪⛓️
Singapore Pledges $112M To Boost Web3 💸💥, UAE To Develop Carbon Credit System On Blockchain 🇦🇪⛓️
Blockchain.com secures payment license in Singapore, Bitdeer completes mining facility construction in Bhutan.
Manan Vora
August 08, 2023
Snapshot Web3
August 8, 2023
Regulatory Updates 👨⚖️
The Hong Kong Securities and Futures Commission (SFC) has warned unlicensed virtual asset trading platforms (VATPs) about potential legal consequences for misleading claims and non-compliant activities. The SFC's warning comes amid efforts to regulate the virtual asset industry, with virtual asset service providers required to obtain an SFC license. Engaging in fraudulent actions in virtual asset trading could lead to fines of up to $1 million and imprisonment. The SFC also reminds retail investors to be cautious of risks when trading on unregulated VATPs. Currently, only OSL Exchange and HashKey Exchange are regulated in Hong Kong.
Singapore's central bank, the Monetary Authority of Singapore (MAS), plans to invest $112 million over three years to boost fintech solutions, particularly focusing on Web3 technologies. This initiative is part of the Financial Sector Technology and Innovation Scheme (FSTI 3.0) and aims to support innovation through partnerships with industry players and funding trials. MAS also aims to nurture talent and enhance Singapore's position as a center for Web3 innovation, following setbacks in the crypto sector.
Crypto exchange Blockchain.com has secured a payments license from the Monetary Authority of Singapore (MAS), enabling it to offer digital payment token services to accredited investors and institutions. This marks Blockchain.com as the twelfth provider of such services in Singapore, alongside other firms like Circle and Paxos. Singapore aims to strengthen its position as a crypto hub through regulatory initiatives and financial commitments. The MAS has also implemented rules to enhance customer protections for crypto services, requiring providers to hold customer funds in a statutory trust and exploring restrictions on lending or staking retail customer assets.
Innovation and Launches 🚀
BitDeer, led by Wu Jihan, has completed a mining facility in Bhutan, with around 23,000 new mining machines expected to provide a hash rate of 2.5 EH/s. Bhutan's hydroelectric power is being harnessed for Bitcoin mining as part of BitDeer's collaboration with the government. Bitcoin mining activities in Bhutan began in April 2019 when Bitcoin's price was around $5,000.
PayPal's new stablecoin, PYUSD, issued by Paxos Trust, has already seen 26.9 million coins issued to 8 holders since its launch. This US dollar-backed stablecoin is pegged to the USD and will gradually be available to PayPal customers in the US. It's an ERC-20 token on the Ethereum blockchain, allowing transfers to compatible third-party wallets. Paxos plans to publish monthly reports about the stablecoin's backing and seek public endorsements of its value. Despite regulatory challenges, the initiative has garnered support from lawmakers like Patrick McHenry.
Korea's LH is using blockchain to replace paper documents with digital certification. Leveraging blockchain ensures sender authenticity and timestamps, enhancing transparency. This shift aligns with increased demand for digital services and offers a convenient way to send legally important documents. The initiative will expand over time to cover compensation and other areas, and LH is also preparing a smart contract system for automated contract execution.
Trending DApps 📈
NFT and Metaverse ♾️
Metaverse advertisements provide a unique avenue for promoting brands in the virtual realm. This trend involves strategies such as placing ads in prominent virtual areas, utilizing avatars and accessories to display logos, renting virtual spaces for events, merging NFTs with the metaverse for product promotion (as seen with Nike), and hosting virtual events with renowned artists and brand product rewards. This form of advertising offers an immersive experience, strong retention, and is gaining momentum as the metaverse gains broader adoption.
Resource of the Day 👨🎓
A concise video explainer on various carbon credits tokens on the blockchain with their details and how to use them
Interesting Reads 📚
CoinGecko, a crypto data aggregator, has launched an index spotlighting tokens potentially considered securities by the US SEC. This "Top Alleged Securities Coins by Market Cap" categorizes tokens like BNB, Cardano, Solana, and Tron based on market cap, totaling $90 billion. This illustrates the regulatory impact on the $1.2 trillion crypto market. The index highlights the complex interplay between crypto and regulations, providing insights into evolving regulatory dynamics. While the SEC's approach lacks legislative clarity, CoinGecko's index sheds light on cryptocurrency regulation's evolving landscape.
The UAE Ministry of Climate Change and Environment is collaborating with the Industrial Innovation Group and Venom Foundation to create a blockchain-based carbon credit system. This system will transparently track and trade carbon credits, aligning with the UAE's aim to reduce emissions by 40% by 2030 and achieve carbon neutrality by 2050. Blockchain enhances transparency in emissions trading, supporting the UAE's climate change initiatives.
Quick Links 🔗
Since Ethereum's merge to proof-of-stake, it has burned over half of issued ETH, reducing supply by 3.5 million out of 6.5 million published. This deflationary trend burns around 1.75 million ETH yearly. The goal is for burning to exceed issuance, making ETH deflationary. Burning arises from transfers, smart contracts like OpenSea and Uniswap, and ERC-20 USDT transfers. Ethereum Improvement Proposal (EIP)-1559 enhanced this process, introducing a base fee and scalability.
Valkyrie is revising its Bitcoin futures ETF, Valkyrie Bitcoin Strategy ETF (BTF), to incorporate Ethereum futures contracts, with the goal of launching before competitors. The changes are anticipated around October 3, leading to the fund's new name, Valkyrie Bitcoin and Ether Strategy ETF. While Valkyrie's move positions it for an early debut, SEC approval timelines remain flexible, potentially allowing multiple Ether-related ETFs to be approved simultaneously.
Liked the newsletter? Share it with your network.
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.
Reply