Your 5 minute emerging markets web3 weekly update

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In This Issue

Latin America and the Caribbean
🔸El Salvador Mines $29M in Bitcoin Using Volcano Power, Boosts Holdings to $354M
🔸Blockchain vs. Pix: Central Bank of Brazil's Coordinator Explains the Best Option for Small Remittances

Asia
🔸China CBDC Faces Adoption Challenges as Consumers Prefer Cash, Alipay, and WeChat
🔸Bitcoin Asia in Hong Kong Sees Strong Turnout from Mainland China Amid Crypto Ban

Africa
🔸Ghana to Become Africa's First Blockchain-Powered Government
🔸IMF Recommends Stronger Oversight for Nigeria's Booming Crypto Market

Eastern Europe
🔸Turkey Set to Regulate Crypto Trading Platforms to Exit FATF Gray List
🔸St. Petersburg Stock Exchange Poised to Join Russia's International Crypto Payment Project

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Latin America and the Caribbean

Image Credit: Dall-E 3

El Salvador Mines $29M in Bitcoin Using Volcano Power, Boosts Holdings to $354M (1 minute read)

El Salvador has mined 474 bitcoins worth $29 million using geothermal energy from the Tecapa volcano, bringing the government's total bitcoin holdings to 5,750, valued at nearly $354 million. The country's Bitcoin Office, which has installed 300 processors for bitcoin mining, reports that 1.5 MW of energy from the state-owned power plant is dedicated to cryptocurrency mining. Despite criticism and scrutiny over the environmental impact, El Salvador continues to use green energy for bitcoin mining, aiming to capitalize on its legal tender status adopted in 2021.

Blockchain vs. Pix: Central Bank of Brazil's Coordinator Explains the Best Option for Small Remittances (2 minute read, Portuguese)

Rafael Bianchini, a coordinator at the Central Bank of Brazil and professor at Fundação Getúlio Vargas, expressed skepticism about blockchain replacing Swift for international transfers, advocating for an international Pix system for small remittances due to its simplicity and cost-effectiveness. Pix is a payment method developed by the Central Bank of Brazil that enables transactions to occur in less than 10 seconds, 24 hours a day, 7 days a week, 365 days a year. He noted that Pix's ISO 20.022 messaging standard ensures interoperability and low-cost transactions, but highlighted budget constraints and integration difficulties with central banks as challenges. Bianchini suggests that while Swift is currently efficient but expensive, blockchain technology would be better suited for wholesale interbank transfers, while Pix remains ideal for retail use.

Want more Latin America and Caribbean news?
•Latin America, a fertile ground for the daily use of bitcoin (Spanish)
•El Salvador Launches Website to Track $360 Million Bitcoin Treasury
•Sebastián Serrano, CEO of Ripio: “Bitcoin always grows, digit by digit” (Spanish)
•Lima will host the Peru Blockchain Conference 2024 (Spanish)
•Hilton Hotel in El Salvador offers the country's first tokenized investment (Spanish)

Asia

Image Credit: Dall-E 3

China CBDC Faces Adoption Challenges as Consumers Prefer Cash, Alipay, and WeChat (5 minute read)

China is piloting the use of its digital yuan (e-CNY) CBDC to pay state employees, with many workers converting it to cash due to limited acceptance and lack of interest accrual. As China continues to expand the use of e-CNY, over 15 million new wallets were opened last year, with the currency being accepted by more than 2.7 million shops, and used for public services such as tax and social security payments. However, privacy concerns and the dominance of Alipay and WeChat Pay hinder wider adoption, despite assurances from authorities about "controllable anonymity" for smaller transactions and traceability for larger ones. The digital yuan aims to enhance transparency and combat corruption, but faces challenges in replacing well-established payment systems.

Bitcoin Asia in Hong Kong Sees Strong Turnout from Mainland China Amid Crypto Ban (4 minute read)

The Bitcoin Asia conference in Hong Kong attracted around 5,500 attendees, with significant participation from mainland China, highlighting the region's growing interest in blockchain and cryptocurrency due to Hong Kong’s new bitcoin and ether ETFs and the development of layer 2 projects. The event highlighted Hong Kong's supportive policies for the cryptocurrency industry, potentially positioning the city as a conduit for Chinese investors despite the mainland's crypto trading ban. Conference organizers are optimistic about Hong Kong's future role in the crypto ecosystem and are considering the city for future events alongside Tokyo and Singapore.

Want more Asia news?
•Exclusive: North Korea laundered $147.5 mln in stolen crypto in March, say UN experts
•Regulated crypto firm Coins.ph debuts Philippines stablecoin in sandbox
•Indian Crypto Exchange CoinDCX’s DeFi Arm Okto to Launch Blockchain and OKTO Token
•Deutsche Bank joins Singapore's Project Guardian tokenization initiative
•U.S. Blocks China-Tied Crypto Miners as 'National Security Risk' Near Nuke Base

Africa

Image Credit: Dall-E 3

Ghana to Become Africa's First Blockchain-Powered Government (2 minute read)

Ghana's Vice President, Mahamudu Bawumia, announced plans to integrate blockchain technology into government operations, aiming to make Ghana the first blockchain-powered government in Africa. This initiative aims to enhance transparency and combat corruption, potentially recovering billions lost to poor governance and lack of accountability. Speaking at the 14th Regional Conference of Heads of Anti-Corruption Agencies in Commonwealth Africa, Bawumia highlighted the importance of anti-corruption agencies investing in digital forensics and blockchain to effectively track and disrupt corruption networks across Africa. He also emphasized the importance of digitalization initiatives like the Ghana Card, which has already saved millions by eliminating fraudulent pension and payroll entries.

IMF Recommends Stronger Oversight for Nigeria's Booming Crypto Market (2 minute read)

The International Monetary Fund (IMF) has recommended that global crypto trading platforms in Nigeria be registered or licensed and subject to the same regulatory requirements as financial intermediaries to ensure financial stability. The IMF also urged Nigerian authorities to strengthen anti-money laundering and combating the financing of terrorism controls on these platforms, emphasizing risk-based supervision. Nigerian officials acknowledged the pressure on the exchange rate from illicit cryptocurrency flows and highlighted recent reforms aimed at attracting foreign exchange liquidity to stabilize the market.

Want more Africa news?
•KuCoin discontinues naira-based P2P trading as Nigeria clampdowns on crypto exchanges
•NFTs | Ghana’s Postal Service Launches Inaugural Crypto Stamp to Mark Monarch’s Coronation
•Mutual settlements: how Africa became a leader in the use of cryptocurrency (Russian)
•Zimbabwe Government Establishes National Risk Assessment Coordination Committee for Cryptocurrency

Eastern Europe

Image Credit: Dall-E 3

Turkey Set to Regulate Crypto Trading Platforms to Exit FATF Gray List (2 minute read)

Turkey is finalizing a new cryptocurrency regulation to mitigate transaction risks and align with international standards. Chaired by AK Party’s Abdullah Güler, the draft law will be submitted to Parliament and aims to license and supervise trading platforms under the Capital Markets Board (SPK), improving platform operations and compliance. This regulation is expected to help Turkey exit the Financial Action Task Force's (FATF) "gray list."

St. Petersburg Stock Exchange Poised to Join Russia's International Crypto Payment Project (2 minute read, Russian)

The St. Petersburg Stock Exchange is ready to join the Bank of Russia's cryptocurrency project for international settlements pending legislative approval, according to general director Evgeny Serdyukov. The Bank of Russia may begin creating an experimental platform for using cryptocurrencies in international payments starting September 1, coordinating with Rosfinmonitoring, the Ministry of Finance, and the FSB. The Exchange supports digital financial assets (DFAs) trading and is seeking legislative changes to trade DFAs like traditional securities to enhance access for private investors.

Want more Eastern Europe news?
•Take it out of the shadows: in Russia the Government want to tighten control over mining - How the Government proposes to identify violators and what fines they may face (Russian)
•Russians made up a quarter of all Bybit exchange traffic in April (Russian)
•Nabiullina sees great potential in the development of the DFA market (Russian)
•In Ukraine, the list of dubious projects has been replenished with miners and crypto traders (Russian)
•Rostec intends to use the digital ruble during its implementation in 2025 (Russian)

Thanks for reading and have a great week ahead!

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Your 5 minute emerging markets web3 weekly update

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In This Issue

Africa
🔸Nigeria Denies Binance's $150M Bribery Allegations Amid Cryptocurrency Crackdown
🔸Facing a Ban, NoOnes CEO Says Nigeria's P2P Crypto Trading Market Could Be Worth Half a Trillion Dollars

Asia
🔸Philippines SEC to Release New Crypto Regulations to Protect Investors, Cracks Down on Binance
🔸As India's CBDC Pilot Achieves 1 Million Daily Transactions, Central Bank Aims to Boost CBDC Accessibility with Offline Mode

Eastern Europe
🔸Tether Expands in Eastern Europe with Strategic Investment in CityPay.io's E-Wallet Solutions, Targeting 400K Users and 500K Crypto Payment Points
🔸Exiled Russian Opposition Leader Organizes Anonymous Blockchain Referendum Against Putin's Election Win

Latin America and the Caribbean
🔸Bitso Unveils Non-Custodial Wallet To Securely Access Five Blockchains, Hints at Future Innovations
🔸Eco-Friendly Bitcoin Mining: Genesis Digital Assets Partners With YPF Luz to Launch Sustainable Bitcoin Mining Facility in Argentina

Catch up on the latest episodes and clips from the third season of the EmergingVoices Podcast on YouTube!

Africa

Image Credit: Dall-E 3

Nigeria Denies Binance's $150M Bribery Allegations Amid Cryptocurrency Crackdown (3 minute read)

The Nigerian government has firmly denied bribery allegations made by Binance CEO Richard Teng, asserting that the claims are a diversion from the cryptocurrency exchange's ongoing criminal investigations. Teng's blog post claimed that Nigerian officials demanded a secret payment of $150 million in cryptocurrency to resolve criminal charges, which the Ministry of Information called baseless and an attempt to undermine the government. Meanwhile, Nigeria's SEC is tightening cryptocurrency regulations, banning person-to-person naira trades and planning new rules to curb speculation against the depreciating currency.

Facing a Ban, NoOnes CEO Says Nigeria's P2P Crypto Trading Market Could Be Worth Half a Trillion Dollars (2 minute read)

Ray Youssef, CEO of the P2P crypto app NoOnes, claims that peer-to-peer cryptocurrency transactions in Nigeria are vastly underreported, suggesting the real market value exceeds $500 billion annually compared to the officially reported $59 billion. Amid looming government regulations to ban P2P crypto trading in the country, Youssef said, "Most peer-to-peer doesn’t happen on Binance P2P or NoOnes or any of these other platforms. They happen on WhatsApp, Telegram, the coffee shops, everywhere on the streets. That’s where most peer-to-peer is really happening." This crackdown reflects government concerns that crypto platforms manipulate exchange rates, leading to orders for Coinbase, Quidax, and Binance to cease operations in Nigeria.

Want more Africa news?
•Kgothatso Ngako: How I Brought the Machankura Bitcoin App to Africa
•CBDC | National Bank of Rwanda (BNR) Seeks Public Views on a CBDC Ahead of Possible Proof-of-Concept
•Ghana Post unveils crypto stamp - Event marks Asantehene’s 25th anniversary
•REGULATION | Blockchain Tokenization Platform, AlphaBloq, Gets Admitted into the Capital Markets Authority of Kenya Regulatory Sandbox

Asia

Image Credit: Dall-E 3

Philippines SEC to Release New Crypto Regulations to Protect Investors, Cracks Down on Binance (2 minute read)

The Philippines Securities and Exchange Commission (SEC) is set to release new regulations for cryptocurrency trading by the second half of this year to protect investors. SEC Chairperson Emilio Aquino emphasized the importance of licensing and registration for trading platforms, as the commission cracks down on unregistered exchanges like Binance, which recently had its apps removed from Apple and Google markets in the Philippines. The SEC aims to learn from the FTX collapse and will intensify its regulatory actions to ensure compliance and investor protection.

As India's CBDC Pilot Achieves 1 Million Daily Transactions, Central Bank Aims to Boost CBDC Accessibility with Offline Mode (1 minute read)

The Reserve Bank of India is working to make its Central Bank Digital Currency (CBDC) available offline to ensure seamless access, similar to cash, according to Governor Shaktikanta Das. With over 1.3 million customers and 300,000 merchants using India's CBDC in the pilot phase, usage has reached 1 million transactions daily, though many still prefer instant mobile payments. Despite concerns about cybersecurity and data privacy, Das emphasized that the non-interest-bearing nature of India's CBDC aims to prevent bank disintermediation and support efficient transactions.

Want more Asia news?
•Top Crypto Options Desk QCP Gets Abu Dhabi Regulatory Nod
•Harvest partnership to bring HK-listed crypto ETFs to Singapore
•Subsidiary of Government owned bank Emirates NBD inks RWA tokenization deal
•Indonesia Regulator Forms Crypto Committee to Monitor Industry's Operation, Compliance
•Wintermute to Provide Liquidity for Hong Kong-listed Crypto ETFs

Eastern Europe

Image Credit: Dall-E 3

Tether Expands in Eastern Europe with Strategic Investment in CityPay.io's E-Wallet Solutions, Targeting 400K Users and 500K Crypto Payment Points (1 minute read)

Tether is expanding its footprint in Eastern Europe by further investing in CityPay.io, a Georgia-based payment processor that enables cryptocurrency payments at over 2,000 locations. This investment will help CityPay.io introduce innovative e-wallet and card solutions to over 400,000 users while establishing 500,000 crypto payment points across Georgia, Armenia, Kazakhstan, and more. Tether's support aims to boost cryptocurrency adoption in emerging markets and disrupt traditional payment systems.

Exiled Russian Opposition Leader Organizes Anonymous Blockchain Referendum Against Putin's Election Win (3 minute read)

Exiled Russian opposition leader, Mark Feygin, is organizing a blockchain-powered referendum via the Russia2024 app, allowing Russians to anonymously register their dissent against Vladimir Putin's election victory. Using Rarimo’s Freedom Tool and zero-knowledge cryptography, the app ensures voter anonymity while requiring Russian passport verification to cast a "protest vote" against Putin's leadership. Although the vote will not impact Putin's presidency directly, it aims to boost opposition morale, leverage blockchain technology to protect voter identities, and offer a secure channel for Russians to express discontent in a country where dissent is heavily punished.

Want more Eastern Europe news?
•Turkish crypto bill: 5 things to know before it’s introduced
•Ukrainian state platform ProZorro will sell Bitcoin through auction (Russian)
•Two suspects arrested in connection with hacking of Bitcoin exchange Four Dragons (Russian)
•Odessa resident lost $32,000 due to a fake transaction on Binance
•A platform for purchasing digital square meters for tokens has been created in St. Petersburg (Russian)

Latin America and the Caribbean

Image Credit: Dall-E 3

Bitso Unveils Non-Custodial Wallet To Securely Access Five Blockchains, Hints at Future Innovations (2 minute read, Portuguese)

Mexican cryptocurrency exchange, Bitso, has launched a digital wallet to let users self-custody their crypto assets and navigate the web3 ecosystem. The wallet enables customers to trade across five blockchains, Ethereum, Polygon, Arbitrum, Base, and Optimism, while offering Multiparty Computation to ensure safe key storage. Bitso's CEO, Daniel Vogel, emphasizes that the wallet will help clients easily and securely access liquidity pools, NFT games, and other web3 protocols while hinting at future innovations in decentralized finance.

Eco-Friendly Bitcoin Mining: Genesis Digital Assets Partners With YPF Luz to Launch Sustainable Bitcoin Mining Facility in Argentina (2 minute read)

Genesis Digital Assets (GDA), one of the largest Bitcoin mining firms, has opened its first South American data center in Argentina, powered by the Bajo del Toro Thermal Power Plant and utilizing stranded gas from YPF Luz. This new facility in Neuquén Province will house 1,200 Bitcoin mining machines, reduce emissions by repurposing methane gas that would otherwise be flared, expand Bitcoin mining in the region, and demonstrate how Bitcoin mining can positively impact the environment. GDA believes Argentina's favorable energy resources, political climate, and crypto-friendly ethos position it as a crucial hub for environmentally responsible mining.

Want more Latin America and Caribbean news?
•Cryptocurrency Imports in Brazil Break Records and Begin to Affect Trade Balances
•Bitcoin mining in El Salvador will create more economic growth (Spanish)
•Bitcoin as official currency for Suriname: the promise of a presidential candidate (Spanish)
•Mercado Libre published its investments in Bitcoin and Ethereum (Spanish)
•DeSci, decentralized scientific platform launched in Brazil, gains followers (Portuguese)

Thanks for reading and have a great week ahead!

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If you have any comments or feedback, just respond to this email!

Written by Jon Lira. Connect with him on LinkedIn.

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Your 5 minute emerging markets web3 weekly update

👉Tap here to connect with us across the web👈

In This Issue

Eastern Europe
🔸Russia's and Iran's Crypto Collaboration to Evade US Sanctions, A Potential Framework for Future BRICS+ Trade
🔸A Common BRICS Digital Currency Stalls, but Alternatives Remain on the Table to Challenge the Dollar

Africa
🔸Nigeria Declares Crypto a National Security Threat, P2P Trading Faces Ban
🔸From Johannesburg to Warsaw: VALR's Strategic Leap Towards Becoming a Global Crypto Leader

Asia
🔸The Tortoise and the Hare? A Slow Start for Hong Kong's Bitcoin and Ether ETFs
🔸Researchers at the American University of Sharjah Unveil Groundbreaking Blockchain System to Improve Carbon Credit Trading

Latin America and the Caribbean
🔸Colombian Financial Giant Launches Bermuda-Based Crypto Trading Subsidiary, Plans to Expand Globally
🔸Brazilian Cryptobank Aims to Mirror Brazil's Pix Success with Lightning Network Payments

Catch up on the latest episodes and clips from the third season of the EmergingVoices Podcast on YouTube!

Eastern Europe

Image Credit: Dall-E 3

Russia's and Iran's Crypto Collaboration to Evade US Sanctions, A Potential Framework for Future BRICS+ Trade (6 minute read, Russian)

Russia and Iran are deepening their digital finance collaboration, focusing on integrating digital financial assets and central bank digital currencies to streamline trade and potentially circumvent Western sanctions, as highlighted by Rahimi Mohsen, trade attaché of the Iranian Embassy in Russia. This partnership includes linking their national payment systems and exploring the creation of a stablecoin, which may lay the groundwork for broader financial cooperation among BRICS+ countries. Additionally, both countries are preparing infrastructure and regulatory frameworks necessary for these new payment methods, aiming to streamline international trade and reduce the impact of US sanctions.

A Common BRICS Digital Currency Stalls, but Alternatives Remain on the Table to Challenge the Dollar (2 minute read)

Last week, Russia's Deputy Foreign Minister Sergei Ryabkov discussed the prospect of a common BRICS digital currency, indicating that it is not an immediate priority but suggesting that some form of monetary collaboration could be possible within a year. After this year’s February BRICS meetings, Russia highlighted the BRICS Bridge platform for international payments and settlement but did not specify its use of digital currencies. Additionally, BRICS members China and the UAE have been actively involved in the mBridge initiative, a cross border central bank digital currency (CBDC) project. Now that BRICS has expanded from five to ten members and chaired by Russia, the group is exploring varied approaches to enhance monetary cooperation to challenge the US dollar's supremacy as the preferred currency for cross-border trade.

Want more Eastern Europe news?
•Ukraine and Germany agreed on joint supervision of cryptocurrencies (Ukrainian)
•Beribit clients report fraud by Bitcoin exchange (Russian)
•Rabotnik, Affiliate of Ransomware Group REvil, Sentenced to 13 Years in Jail
•What does the updated bill on cryptocurrencies change? Detailed analysis (Russian)
•Is Russia banning crypto? Lawmaker weighs in

Africa

Image Credit: Dall-E 3

Nigeria Declares Crypto a National Security Threat, P2P Trading Faces Ban (2 minute read)

Cryptocurrency trading is now classified as a national security issue in Nigeria, leading to a likely ban on peer-to-peer (P2P) trading. In response, at least three Nigerian fintech startups—Moniepoint, Paga, and Palmpay—will start blocking and reporting crypto transactions to law enforcement. This marks a significant policy shift from the Bola Tinubu administration, which had previously eased restrictions and engaged with crypto exchanges for licensing. Amidst Central Bank accusations of P2P crypto traders manipulating the foreign exchange value of the naira, a severe crackdown has resulted in the freezing of over 1,000 bank accounts linked to alleged illicit activities.

From Johannesburg to Warsaw: VALR's Strategic Leap Towards Becoming a Global Crypto Leader (2 minute read)

VALR, South Africa's largest cryptocurrency exchange, is expanding its services internationally, starting with Poland and planning additional expansions into Dubai and Mauritius, according to CEO Farzam Ehsani. Recently authorized by South Africa's Financial Sector Conduct Authority to operate as a crypto asset service provider, VALR serves over 600,000 retail and 1,000 institutional clients globally, and is focusing on increasing its non-South African client base, which currently constitutes 25% of its total customers. Despite regulatory challenges in markets like Nigeria, VALR is seeking licenses in regions with clear regulatory frameworks and aims to compete globally by enhancing its product offerings, including potentially offering insurance for crypto assets.

Want more Africa news?
•Kenya Invites Bitcoin Miner Marathon Digital to Re-look Cryptocurrency Regime
•NORTH AFRICA | Tunisia’s Dar Blockchain Partners with NEAR to Expand the Developer Base in North Africa
•South Africa’s Election Won’t Interfere With Crypto Policy: Industry Watchers
•REGULATION | South Africa Reserve Bank Sets a 2-Year Timeline to Accelerate Testing of Stablecoin Use Cases
•Nigerian court postpones another Binance case to May 17

Asia

Image Credit: Chainalysis

The Tortoise and the Hare? A Slow Start for Hong Kong's Bitcoin and Ether ETFs (3 minute read)

After so much hype, Asia's first bitcoin and ether exchange-traded funds (ETFs) began trading in Hong Kong on Tuesday and only had US$11.1 million in trading volume by the close of trading. In stark contrast, the 11 bitcoin ETFs in the US that debuted in January saw more than US$4.6 billion traded on their first day. Market makers likely drove most of the first-day trading, and with ongoing demand still uncertain, fund managers and brokerages are dangling incentives like waived fees to attract investors in a market considerably smaller than the US.

Researchers at the American University of Sharjah Unveil Groundbreaking Blockchain System to Improve Carbon Credit Trading (4 minute read)

A research team at the American University of Sharjah has developed a blockchain system aimed at improving the carbon credits trading market. Aligning with the United Nations' mission to combat climate change, this blockchain solution automates key processes including participant registration, credit generation, tracking, and trading, promising increased transparency and credibility in emissions-related transactions. Dr. Malick Ndiaye, the lead researcher, emphasizes the transformative potential of the system, citing advantages such as cost reduction, processing time optimization, and risk mitigation, while envisioning broader societal benefits such as curbing air pollution and fostering economic growth.

Want more Asia news?
•Middle East CBDC: Saudi, Bahrain eye cross border CBDC, IMF financial inclusion
•Bank of Japan launches CBDC API Sandbox, publishes digital yen report
•North Korea's Lazarus Group Laundered $200M in Crypto, Says Blockchain Sleuth—Here's How
•Blockchain still a hot topic at Money20/20 Asia, along with AI, even as interest wanes in other markets
•US senators call mining in Iran a national security threat (PDF)

Latin America and the Caribbean

Image Credit: Dall-E 3

Colombian Financial Giant Launches Bermuda-Based Crypto Trading Subsidiary, Plans to Expand Globally (3 minute read, Spanish)

Bancolombia Financial Group has launched Wenia, a new Bermuda-based subsidiary platform that enables clients in Colombia to trade, convert, and manage cryptocurrencies such as bitcoin, ether, and other digital assets like MATIC, USDC, and its native COPW. Currently limited to Colombia, Bancolombia plans to expand these services to other regions, following trends set by other Latin American banks like Brazil's Nubank, and expects to onboard over 60,000 clients in its first year. Although part of the Bancolombia Group, Wenia operates independently under a Class F license from the Bermuda Monetary Authority, protecting the parent company from the risks associated with digital assets.

Brazilian Cryptobank Aims to Mirror Brazil's Pix Success with Lightning Network Payments (2 minute read, Portuguese)

Brazilian cryptobank, Bitybank, has introduced Lightning Network payments. This move follows Bitybank's merger with Biscoint, which had already integrated with the Lightning Network. Bitybank aims to replicate the transformative effect of Brazil's Pix instant payment system on Bitcoin transactions in Brazil, emphasizing speed, low costs, and 24/7 availability in financial operations. Bitybank claimed the highest bitcoin trading volume in March among Brazilian exchanges, with R$2 billion transacted through its application and website.

Want more Latin America and Caribbean news?
•Experts, politicians call for scrutiny of Venezuela's use of cryptocurrency
•NEAR announces collaboration with Lulo X and Peersyst Technology to launch a stablecoin (Spanish)
•The Constitution guarantees the self-custody of bitcoin: NGO Bitcoin Argentina (Spanish)
•Bitcoin expands among Argentine brokerage houses (Spanish)
•SP City Hall spends R$5 million on crypto event with metaverse and prepares decree on innovation (Portuguese)

Thanks for reading and have a great week ahead!

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Asia

Image Credit: Dall-E 3

The Tortoise and the Hare? A Slow Start for Hong Kong's Bitcoin and Ether ETFs (3 minute read)

After so much hype, Asia's first bitcoin and ether exchange-traded funds (ETFs) began trading in Hong Kong on Tuesday and only had US$11.1 million in trading volume by the close of trading. In stark contrast, the 11 bitcoin ETFs in the US that debuted in January saw more than US$4.6 billion traded on their first day. Market makers likely drove most of the first-day trading, and with ongoing demand still uncertain, fund managers and brokerages are dangling incentives like waived fees to attract investors in a market considerably smaller than the US.

Catch up on the latest episodes and clips from the third season of the EmergingVoices Podcast on YouTube!

Written by Jon Lira. Connect with him on LinkedIn.

Was this email forwarded to you? Sign up here

👉Tap here to connect with us across the web

Your 5 minute emerging markets web3 weekly update

👉Tap here to connect with us across the web👈

In This Issue

Asia
🔸Binance’s Bitcoin Market Share Plummets Globally, Is the Giant Falling?
🔸CoinMENA and Zodia Markets Partner To Enhance Crypto Trading Infrastructure and Boost Liquidity in MENA

Latin America and the Caribbean
🔸USDT for Oil: Venezuela Is Increasingly Relying on Tether to Evade US Sanctions
🔸Bitcoin as Legal Tender in Paraguay: A Real Legislative Effort or Just Digital Gold Dust?

Eastern Europe
🔸Amid High Inflation, Turkey Becomes the Global Leader in Stablecoin Purchases: Chainalysis
🔸Russia's Central Bank and Rosfinmonitoring Launch 'Know Your Crypto Client' Pilot To Monitor Crypto Transactions

Africa
🔸South Africa's FSCA Approves 75 Crypto Service Providers, More Applications Under Review
🔸Mauritania Explores CBDC Future with G+D Collaboration

Catch up on the latest episodes and clips from the third season of the EmergingVoices Podcast on YouTube!

Asia

Image Credit: Dall-E 3

Binance’s Bitcoin Market Share Plummets Globally, Is the Giant Falling? (1 minute read)

Binance's dominance in the global bitcoin trading market has significantly declined, with its market share plummeting from 81.3% to 55.3%, while its share in the altcoin market also dropped from 58% to 50.5%. This decrease is largely attributed to their decision to end a zero trading fee promotion, amidst an industry shift where smaller exchanges like Bybit and OKX are gaining ground, increasing their market shares to 9.3% and 7.3% in non-US bitcoin trading, respectively, buoyed by expansions in Asia and favorable regulatory environments. Under the leadership of Richard Teng, Binance is tightening governance and operational protocols to regain its market position, against the backdrop of a broader industry buying surge driven by a significant rise in bitcoin prices.

CoinMENA and Zodia Markets Partner To Enhance Crypto Trading Infrastructure and Boost Liquidity in MENA (1 minute read)

CoinMENA, a digital asset platform licensed in Bahrain and the UAE, has formed a strategic partnership with Zodia Markets, a UK-based digital asset trading firm backed by Standard Chartered, to enhance trading infrastructure and operational efficiency. This collaboration aims to improve liquidity and reduce slippage for transactions involving G10 and GCC currencies against stablecoins and other cryptocurrencies, leveraging Zodia's expertise in serving institutional clients and CoinMENA's strong presence in the MENA region. With both companies optimistic amid increasing investment interest in the sector, the partnership is seen as a strategic move to bridge traditional finance with the digital asset space and enhance the growth and adoption of digital currencies in the Middle East and North Africa.

Want more Asia news?
•ADGM and Hacken Partner to Elevate Blockchain Security Standards
•Amid fading Indian CBDC interest, IndusInd Bank launches programmable farmer pilot
•Hong Kong Spot Bitcoin and Ethereum ETFs to Begin Trading April 30
•Indonesia and Australia Expand Crypto Tax Partnership
•Upbit Rides Korea Crypto Boom to Top-Five Global Exchange Spot

Latin America and the Caribbean

Image Credit: Dall-E 3

USDT for Oil: Venezuela Is Increasingly Relying on Tether to Evade US Sanctions (3 minute read)

Venezuela's state oil company, PDVSA, is accelerating its adoption of USDT (Tether), for oil exports to circumvent the reintroduction of U.S. oil sanctions and the non-renewal of a general license that allowed for certain transactions. Moving away from traditional banking systems towards cryptocurrency-based transactions, this shift aims to mitigate the risk of having sale proceeds frozen in foreign bank accounts. Despite the U.S. dollar being the standard currency for global oil transactions, PDVSA has increasingly demanded prepayment in USDT for oil trades and is requiring new customers to maintain cryptocurrency wallets. "USDT transactions…don't pass any trader's compliance department, so the only way to make it work is working with an intermediary," one trader said, referring to how paying for oil with digital currencies is still highly unusual. PDVSA has increased its reliance on middlemen for its oil sales, particularly to China, since the U.S. imposed secondary sanctions on Venezuela in 2020, disrupting its relationship with large trading partners. Tether said it respects the U.S. Treasury's list of sanctioned entities and "is committed to working to ensure sanction addresses are frozen promptly."

Bitcoin as Legal Tender in Paraguay: A Real Legislative Effort or Just Digital Gold Dust? (2 minute read, Spanish)

Paraguay may soon join El Salvador in adopting Bitcoin as legal tender, following a new bill introduced by Deputy Derlis Rodríguez, currently under discussion in Paraguay's Chamber of Deputies. The proposed legislation, detailed in 60 articles, aims to integrate Bitcoin into Paraguay’s financial ecosystem as an 'experimental' asset with 'unlimited legal tender' status alongside the local currency, the guaraní. Though it remains unclear what this designation fully entails. This bill is part of a broader legislative effort, two other bills under consideration: one regulating virtual asset activities and promoting local investment, and another that seeks to ban Bitcoin mining, reflecting a broader debate and diverse legislative approaches to cryptocurrency regulation in Paraguay.

Want more Latin America and Caribbean news?
•Brazil leads digital money in Latin America and is ready for Drex, says Citi (Portuguese)
•Hackers Expose Code Of El Salvador's Bitcoin Wallet App Chivo
•Nubank now allows cryptocurrency withdrawals and deposits (Portuguese)
•Banks estimate to invest USD 9 billion in technology in Brazil (Spanish)
•IMF rushes Peru's digital Sol as bitcoin adoption grows (Spanish)

Eastern Europe

Image Credit: Chainalysis

Amid High Inflation, Turkey Becomes the Global Leader in Stablecoin Purchases: Chainalysis (2 minute read)

Turkey has become the world's leading nation in stablecoin purchases relative to its GDP, with transactions accounting for 4.3% of its $907 billion economy, as reported by Chainalysis in "The 2024 Crypto Spring Report." The growing reliance on stablecoins in Turkey is attributed to local currency volatility, with residents turning to cryptocurrencies like USDT to preserve value amid high inflation rates. While the U.S. remains the largest market for stablecoin transactions globally, its stablecoin purchases as a percentage of GDP are just 0.5%, ranking fourth behind Turkey, Thailand, and Georgia.

Russia's Central Bank and Rosfinmonitoring Launch 'Know Your Crypto Client' Pilot To Monitor Crypto Transactions (7 minute read, Russian)

The Central Bank of Russia, in collaboration with Rosfinmonitoring (official website; Wikipedia) and five major banks, is piloting a new "Know Your Crypto Client" program, which may extend beyond its initial May 2024 deadline depending on its outcomes. The pilot aims to integrate cryptocurrency transactions with traditional financial systems for enhanced compliance and establish clear protocols for crypto-related transactions, including identifying and regulating suspicious activities in the banking sector and assisting in the detection and prevention of illicit financial flows through cryptocurrencies. This initiative, part of a broader regulatory effort, includes an experimental platform called "Transparent Blockchain" to help identify links between fiat and crypto transactions, and is expected to shape future crypto compliance procedures and regulation in Russia.

Want more Eastern Europe news?
•A Russian company will begin to mine cryptocurrency for export sale (Russian)
•The Russian Federation has set a date for a pilot on international payments in cryptocurrencies (Russian)
•“Nothing is most interesting.” What will the law on cryptocurrency change for foreign trade? (Russian)
•Rosfinmonitoring: the terrorist attack at Crocus was financed using cryptocurrency
•Kaspersky Lab has identified a fraudulent scheme with the TON cryptocurrency in Telegram

Africa

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South Africa's FSCA Approves 75 Crypto Service Providers, More Applications Under Review (2 minute read, PDF)

The Financial Sector Conduct Authority (FSCA) of South Africa has officially approved 75 institutions as crypto asset service providers (CASPs). This announcement comes in response to media reports inaccurately claiming exclusivity in licensing among institutions. The FSCA, which started licensing CASPs on June 1, 2023, has also received 374 license applications to date and continues to update the list of approved CASPs accessible on their website. Despite the growth in licensed CASPs, the FSCA clarifies that its authorization pertains only to financial services related to crypto assets, such as advice and investment management, and does not equate to recognizing crypto assets as legal tender.

Mauritania Explores CBDC Future with G+D Collaboration (2 minute read)

Giesecke+Devrient (G+D) and the Central Bank of Mauritania have signed an agreement at the Spring Meetings of the IMF and World Bank to explore a central bank digital currency (CBDC) of Mauritania's national currency Ouguiya. The two entities will collaborate to design and potentially introduce the CBDC as a cash complement, with the joint project focusing on understanding the societal and economic benefits of a digital Mauritanian Ouguiya. This initiative aligns with Mauritania's national development strategy to leverage digital technologies for economic growth and prosperity, with the CBDC intended to foster macroeconomic stability, promote financial inclusion, and support the country's digital transformation agenda.

Want more Africa news?
•REGULATION | Detained Binance Employee, Gambaryan, Has Attempted to Escape, Nigeria’s EFCC Tells Court
•Nigeria’s central bank forced to deny claims of crypto account freeze
•Q&A | What FSCA Licensing for Crypto Assets Service Providers Means for South Africa – A Chat with Binance Compliance
•Kenya Establishes Multi-Agency Group To Lead Crypto Regulation
•South Africa plans wholesale CBDC trials, bank stablecoins

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Latin America and the Caribbean

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USDT for Oil: Venezuela Is Increasingly Relying on Tether to Evade US Sanctions (3 minute read)

Venezuela's state oil company, PDVSA, is accelerating its adoption of USDT (Tether), for oil exports to circumvent the reintroduction of U.S. oil sanctions and the non-renewal of a general license that allowed for certain transactions. Moving away from traditional banking systems towards cryptocurrency-based transactions, this shift aims to mitigate the risk of having sale proceeds frozen in foreign bank accounts. Despite the U.S. dollar being the standard currency for global oil transactions, PDVSA has increasingly demanded prepayment in USDT for oil trades and is requiring new customers to maintain cryptocurrency wallets. "USDT transactions…don't pass any trader's compliance department, so the only way to make it work is working with an intermediary," one trader said, referring to how paying for oil with digital currencies is still highly unusual. PDVSA has increased its reliance on middlemen for its oil sales, particularly to China, since the U.S. imposed secondary sanctions on Venezuela in 2020, disrupting its relationship with large trading partners. Tether said it respects the U.S. Treasury's list of sanctioned entities and "is committed to working to ensure sanction addresses are frozen promptly."

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Asia

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Tether's USDT Growth Driven By Its Use as a Digital Dollar in Emerging Markets, Outpacing Crypto Trading (2 minute read)

Tether's CEO, Paolo Ardoino, said the significant growth of the Tether stablecoin, USDT, is now predominantly driven by its use as a digital dollar in emerging markets, rather than solely for cryptocurrency trading. Ardoino emphasized that Tether is particularly vital in countries like Turkey, Vietnam, Brazil, Argentina, and several African nations, where traditional US dollars are often scarce, highlighting its role in regions with financial instability and aiming to function as the "dollar for the last mile" for the unbanked. Despite regulatory warnings about the risks associated with crypto assets, particularly in developing economies, Tether continues to expand its influence and operations, with plans to increase its staff as it ventures into new areas such as artificial intelligence, maintaining its dollar peg through substantial dollar-based reserves.

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In This Issue

Asia
🔸CZ Relinquishes Control of Binance's Dubai Unit To Secure Critical VASP License in the Emirate
🔸Dubai's Innovation: Franklin Templeton Partners with Medad Holding To Launch New Tokenized Financial Product

Africa
🔸International Manhunt Update: Binance's Africa Manager Located in Kenya After Daring Escape From Nigeria
🔸South Africa's Crypto Revolution Continues: VALR Secures Dual Crypto Licenses for Enhanced Trading Services

Eastern Europe
🔸Amid Sanctions, Russian Businesses Developing Mechanisms for International Settlements Using Digital Assets
🔸Cryptocurrency Mining Surge in Russia: A Strategic Response to International Sanctions

Latin America and the Caribbean
🔸B3 Unveils Game-Changing Tokenized Asset Solution for SME Crowdfunding in Brazil
🔸Brazil’s CBDC Project Update: Not Production-Ready Yet, More Work Needed on User Privacy

Catch up on the latest episodes and clips from the third season of the EmergingVoices Podcast on YouTube!

Asia

Image Credit: Dall-E 3

CZ Relinquishes Control of Binance's Dubai Unit To Secure Critical VASP License in the Emirate (2 minute read)

Binance co-founder, Changpeng “CZ” Zhao, agreed to give up voting control of Binance FZE, the company's Dubai unit, in order to receive a full Virtual Asset Service Provider (VASP) license in Dubai, although he remains the ultimate beneficial owner of the Abu Dhabi-based parent company. This critical license broadens Binance's market reach beyond institutional clients to include retail cryptocurrency trading, positioning it strongly in the Dubai market where competitors like OKX and Crypto.com have already secured similar status. Amidst overcoming substantial regulatory hurdles, including a $4.3 billion settlement with US authorities, the new license represents a pivotal recovery step, with CEO Richard Teng now intensifying efforts to reinforce global regulatory compliance.

Dubai's Innovation: Franklin Templeton Partners with Medad Holding To Launch New Tokenized Financial Product (1 minute read)

Dubai-based Medad Holding and Franklin Templeton has signed a memorandum of understanding to launch a joint venture in the UAE, aiming to develop a novel tokenized digital asset known as 'yieldcoins', which combines the yield-bearing qualities of money market funds with the utility of a stablecoin. Franklin Templeton will provide the infrastructure and services through its BENJI tokenization suite, currently being used to manage the world’s only tokenized U.S. Government Money Market Fund recorded on public blockchains. The initiative will be part of a new web3 entity under Medad Holding, leveraging yield farming techniques to provide a stable medium of exchange with growth potential through interest-bearing assets.

Want more Asia news?
•Hong Kong JPEX cryptocurrency scandal: 72 arrested, HK$228 million in assets frozen so far
•Binance Could Come Back to India by Paying $2M Fine: Report
•Bank of Israel hopes CBDC will make banks more competitive. Opens sandbox
•Cryptocurrency is not banned in Vietnam: Ministry
•Hong Kong gives initial approval to first bitcoin, ether spot ETFs, say funds

Africa

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International Manhunt Update: Binance's Africa Manager Located in Kenya After Daring Escape From Nigeria (8 minute read)

Nadeem Anjarwalla, the British-Kenyan Binance Africa Regional Manager, has been located in Kenya after escaping from Nigeria in late March. Efforts are underway by the Economic and Financial Crimes Commission (EFCC), INTERPOL, and the police forces of Nigeria and Kenya to extradite him to Nigeria. Mr. Anjarwalla faces charges in Nigeria over a $35.4 million money laundering case, which also implicates Binance and its American executive Tigran Gambaryan, who is Binance's Head of Financial Crime Compliance. Last week, Mr. Gambaryan pleaded not guilty to five counts of money laundering and was transferred to Kuje Correctional Centre, a prison facility that has, in the past, held inmates ranging from jihadists to politicians. Binance CEO, Richard Teng, stated at Token2049 in Dubai that the company is actively cooperating with Nigerian authorities to resolve the detention of Mr. Gambaryan.

South Africa's Crypto Revolution Continues: VALR Secures Dual Crypto Licenses for Enhanced Trading Services (3 minute read)

VALR, one of South Africa's leading crypto exchanges, has obtained both Category I and Category II licenses from the Financial Sector Conduct Authority (FSCA), positioning it as one of the first platforms in the country to achieve full regulatory compliance as a Crypto Asset Service Provider (CASP). These licenses enable VALR to provide enhanced advisory and discretionary asset management services, ensuring robust consumer protection and adherence to stringent regulatory standards. Celebrated by VALR's Co-Founder and CEO, Farzam Ehsani, the achievement underscores VALR's commitment to compliance and security, reinforcing its position as a major player on the African continent and globally in the crypto industry. Last Week, South Africa launched its licensing regime, marking a significant advancement in the country's effort to establish a secure and sustainable regulatory environment for the South African cryptocurrency industry.

Want more Africa news?
•REGULATION | South African Crypto Exchange, AltCoinTrader, Receives Category 1 and Category 2 Licences from FCSA
•BITCOIN IN AFRICA | Nigeria Leads the World in Google Trends Searches on the 2024 Bitcoin Halving
•Zignaly Announces Cosmos-Based ZIGChain, $100M Ecosystem Fund
•More Than 250 Zambian Students Attend Hackathon; Over 100 Earn Smart Contract Development Certification
•Experts: Nigeria’s Binance Crackdown Shakes Investor Confidence

Eastern Europe

Image Credit: Dall-E 3

Amid Sanctions, Russian Businesses Developing Mechanisms for International Settlements Using Digital Assets (1 minute read, Russian)

Russian businesses are advancing the development of mechanisms for international settlements using digital financial assets (DFAs), set to be operational within the year, as announced by Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, at the "Payment Industry - Strategic Development and New Solutions" conference. Amid international financial sanctions, these new mechanisms aim to provide an alternative to the US dollar for global transactions and circumvent sanctions. Regulatory progress is underway in Russia to legalize and expand the use of digital currencies in international payments, with legislative actions expected to boost both cryptocurrency mining and experimental usage in international transactions.

Cryptocurrency Mining Surge in Russia: A Strategic Response to International Sanctions

Cryptocurrency mining in Russia is experiencing rapid growth, spurred by increasing interest from large corporations and the energy sector, amidst the nation's drive to develop a comprehensive regulatory framework. The Russian government is actively collaborating with the Ministry of Finance and the Ministry of Energy to foster a conducive environment for mining, aiming to utilize domestically mined cryptocurrency for international trade settlements. Amidst international sanctions, Russia views the mining industry as a strategic avenue to boost tax revenues and provide an alternative to traditional financial systems, highlighting the sector's potential to significantly impact the Russian economy and its global trade relationships.

Want more Eastern Europe news?
•Ukrainian Lawmaker to Face Trial Over Alleged Bitcoin Bribes
•Ministry of Finance of the Russian Federation: the digital financial market can become an additional source of attracting investments (Russian)
•The founders of Greenstar Mining received prison sentences in Irkutsk (Russian)
•In Karachay-Cherkessia, a policeman was accused of extorting cryptocurrency (Russian)
•Colonel Zakharchenko's record broken in absentia (Russian)

Latin America and the Caribbean

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B3 Unveils Game-Changing Tokenized Asset Solution for SME Crowdfunding in Brazil (3 minute read, Portuguese)

B3 announced the launch of a tokenized asset solution designed to enhance crowdfunding platforms for small and medium-sized enterprises, focusing on more than 60 platforms regulated by Brazil's Securities and Exchange Commission (CVM). This innovative solution facilitates the tokenization of Collective Investment Contracts and other assets during primary fundraising, enabling subsequent market transactions of these tokenized assets, which is expected to significantly increase market liquidity and attract more investors. Developed in partnership with B3 Digitas and investment platforms Kria and EqSeed, this initiative marks a significant advancement towards enhancing investor security and broadening access in the rapidly evolving crowdfunding sector.

Brazil’s CBDC Project Update: Not Production-Ready Yet, More Work Needed on User Privacy (2 minute read, Portuguese)

Fabio Araujo, coordinator of the Drex (CBDC) initiative at Brazil's central bank, highlighted at WebSummit Rio that while privacy solutions for the tokenized version of the Brazilian real are progressing, using technologies like Zether and Starlight, they won't be production-ready by mid-year, with a detailed report on the initial testing phase due then. These technologies aim to align the project with stringent banking secrecy laws to ensure user privacy. Araujo envisions that the Drex will facilitate public access to investing, such as purchasing government bonds, through improved smart contract management, significantly simplifying investment processes in Brazil.

Want more Latin America and Caribbean news?
•CVM servers stop activities this Wednesday and may carry out others (Portuguese)
•PSE Core Program arrives in Latin America (Spanish)
•If sanctions return to Venezuela, what will be the role of cryptocurrencies? (Spanish)
•Paraguay is emerging as a profitable option for miners (Spanish)
•Coinext opens crypto multimarket fund management for qualified investors (Portuguese)

Thanks for reading and have a great week ahead!

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Asia

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CZ Relinquishes Control of Binance's Dubai Unit To Secure Critical VASP License in the Emirate (2 minute read)

Binance co-founder, Changpeng “CZ” Zhao, agreed to give up voting control of Binance FZE, the company's Dubai unit, in order to receive a full Virtual Asset Service Provider (VASP) license in Dubai, although he remains the ultimate beneficial owner of the Abu Dhabi-based parent company. This critical license broadens Binance's market reach beyond institutional clients to include retail cryptocurrency trading, positioning it strongly in the Dubai market where competitors like OKX and Crypto.com have already secured similar status. Amidst overcoming substantial regulatory hurdles, including a $4.3 billion settlement with US authorities, the new license represents a pivotal recovery step, with CEO Richard Teng now intensifying efforts to reinforce global regulatory compliance.

Catch up on the latest episodes and clips from the third season of the EmergingVoices Podcast on YouTube!

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Asia

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Not Banned but Not Legal Yet: As Crypto Market Hits $91 Billion, Vietnam Plans for Legal Framework by 2025 (1 minute read)

Vietnam's Ministry of Justice clarified that while cryptocurrencies are not banned, they are not currently considered a legal asset, emphasizing the need for a comprehensive legal framework to regulate virtual assets. According to the Vietnam Blockchain Association, cryptocurrency transactions in Vietnam had reached nearly $91 billion USD by September 2023, with illegal activities accounting for about $956 million USD of this volume. In February, the Vietnamese government tasked the Ministry of Finance with developing a comprehensive legal framework by May 2025 to regulate cryptocurrency.

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Asia

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Ethereum and Bitcoin Spot ETFs Approved in Hong Kong (1 minute read)

Hong Kong's Securities and Futures Commission has granted conditional approval for the first spot ethereum and bitcoin exchange-traded funds (ETFs), positioning the city as Asia's pioneer in mainstreaming cryptocurrency investments. Bosera Asset Management and China Asset Management's Hong Kong units announced they have received the necessary regulatory approvals to launch these ETFs. This development follows the U.S.'s successful introduction of its first spot bitcoin ETFs three months ago, which have since attracted approximately $12 billion in net inflows.

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Africa

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International Manhunt Update: Binance's Africa Manager Located in Kenya After Daring Escape From Nigeria (8 minute read)

Nadeem Anjarwalla, the British-Kenyan Binance Africa Regional Manager, has been located in Kenya after escaping from Nigeria in late March. Efforts are underway by the Economic and Financial Crimes Commission (EFCC), INTERPOL, and the police forces of Nigeria and Kenya to extradite him to Nigeria. Mr. Anjarwalla faces charges in Nigeria over a $35.4 million money laundering case, which also implicates Binance and its American executive Tigran Gambaryan, who is Binance's Head of Financial Crime Compliance. Last week, Mr. Gambaryan pleaded not guilty to five counts of money laundering and was transferred to Kuje Correctional Centre, a prison facility that has, in the past, held inmates ranging from jihadists to politicians.

Catch up on the latest episodes and clips from the third season of the EmergingVoices Podcast on YouTube!

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Your 5 minute emerging markets web3 weekly update

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In This Issue

Africa
🔸American Binance Executive Held in Nigerian Prison After Pleading Not Guilty to Money Laundering Charges
🔸South Africa's Regulatory Milestone: Luno and Zignaly Secure Crypto Licenses, With 60 More Firms Expected

Asia
🔸Hong Kong's HashKey Group Launches Global Exchange to Rival Coinbase
🔸Dubai's Crypto Regulatory Chief Aims to Ease Compliance Burden for Startups

Eastern Europe
🔸Extradition Update: Do Kwon Likely Headed to US for Trial
🔸Russia's Central Bank Pushes for Faster Legalization of Crypto Payments for International Trade

Latin America and the Caribbean
🔸Don’t Sleep on LATAM, 1 in 5 People Have Invested in Crypto: Study
🔸Bitfinex Launches Tokenized Debt Offering for Hilton Hotel Project in El Salvador

📣Message from our Founder:

After a brief hiatus, WE'RE BACK to help you stay smart on web3 from emerging markets in just five minutes a week. Thank you for your readership and loyalty to EmergingCrypto.io! -Jon Lira

Catch up on the latest episodes and clips from the third season of the EmergingVoices Podcast on YouTube!

Africa

Image Credit: Dall-E 3

American Binance Executive Held in Nigerian Prison After Pleading Not Guilty to Money Laundering Charges (2 minute read)

Binance's Head of Financial Crime Compliance and former US IRS Special Agent, Tigran Gambaryan, has pleaded not guilty to five counts of money laundering charges in Nigeria filed against him and Binance by the country's Economic and Financial Crimes Commission (EFCC). The EFCC accused Binance - one of Nigeria's most popular cryptocurrency platforms - along with Mr. Gambaryan and Nadeem Anjarwalla, a British-Kenyan dual national and Binance's Africa Regional Manager, of laundering $35.4m. In addition to money laundering charges, Binance and the two executives also face four counts of tax evasion, filed by the Federal Inland Revenue Service. After the hearing, Mr. Gambaryan was transferred to Kuje Correctional Centre, a prison facility that has, in the past, held inmates ranging from jihadists to politicians. The Nigerian government has blamed Binance for currency speculation and fixing exchange rates, leading to the free-fall of the local currency, the naira. Meanwhile, Nigeria's Economic Financial Crimes Commission (EFCC) is 'partnering' with INTERPOL, the FBI and the British and Kenyan governments to secure the arrest and extradition of Mr. Anjarwalla, according to a government official.

South Africa's Regulatory Milestone: Luno and Zignaly Secure Crypto Licenses, With 60 More Firms Expected (2 minute read)

South Africa's financial regulator has begun granting crypto licenses, with Luno and Zignaly among the first recipients, marking a significant move towards regulatory clarity in the country's crypto space. Luno received approval as a financial service provider under South Africa's Financial Advisory and Intermediary Services Act, while Zignaly obtained a Category 2 license allowing discretionary fund management. These developments follow the regulator's acceptance of licensing applications from crypto firms with around 60 firms expected to be approved by April, and follows legislation passed in June 2023 to regulate crypto activities and issue hefty fines for unlicensed firms.

Want more Africa news?
•IN PICTURES | Gluwa Visits Vice President of Sierra Leone, Proposes Financial Improvement on Mobile Money Via Digital Currencies
•INTRODUCING | Zimbabwe Introduces Zim Gold, the New Currency Backed by Gold and Precious Minerals

Asia

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Hong Kong's HashKey Group Launches Global Exchange to Rival Coinbase (3 minute read)

HashKey Group, the leading licensed cryptocurrency exchange operator in Hong Kong, has launched HashKey Global. The new platform aims to surpass Coinbase in trading volume within five years. It operates with a Bermuda-issued license but is restricted in certain markets like the US, mainland China, and Hong Kong due to regulatory reasons. The launch of HashKey Global marks a strategic move to capture a global market share, particularly targeting overseas Chinese and investors in Asian markets who seek access to offshore crypto exchanges without restrictions. It aims to offer a compliant yet user-friendly experience amidst intense competition in the cryptocurrency exchange landscape. However, Livio Weng, the chief operating officer of HashKey Group and chief executive officer of HashKey Exchange, told the Financial Times that its decision to launch an exchange licensed in Bermuda this week was in part owing to fears that the new regulations in Hong Kong restricted access to overseas investors. HashKey Exchange now has over 170,000 registered users.

Dubai's Crypto Regulatory Chief Aims to Ease Compliance Burden for Startups (1 minute read)

During Paris Blockchain Week, Matthew White, CEO of Dubai's Virtual Assets Regulatory Authority (VARA), expressed his aim to reduce compliance costs for small crypto firms. He is also seeking ways to make regulations more inclusive and accessible. As the sole digital assets regulator in Dubai, VARA's efforts to streamline regulations follow the unveiling of crypto rules last year. This move was generally welcomed by the crypto industry, although it raised concerns about high compliance costs for smaller entities. White discussed exploring structures where larger market participants could host smaller companies to help them meet compliance challenges. Several firms, including Crypto.com and Deribit's Dubai unit, have successfully obtained licenses to operate under Dubai's crypto regulations.

Want more Asia news?
•Thai Crypto Exchange Bitkub May Be Valued as High as $3B in IPO: CEO
•Ethereum co-founder Vitalik Buterin makes last-minute appearance at Hong Kong Web3 Festival as city woos industry
•Japanese investment firm sees stock price soar after adopting Bitcoin
•Bank of China Trials Contactless E-Yuan Payments in Shenzhen
•Sony Ventures Into Stablecoins, Explores Yen-Backed Digital Currency on Polygon

Eastern Europe

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Extradition Update: Do Kwon Likely Headed to US for Trial (1 minute read)

Montenegro's Supreme Court reversed earlier decisions to extradite Do Kwon, co-founder of Terraform Labs Pte., to South Korea, and now favors extraditing him to the US for fraud charges linked to the 2022 collapse of the TerraUSD stablecoin. Do Kwon's lawyers have fought for extradition to South Korea, which imposes weaker penalties for white-collar crimes compared with the US. The final decision on Kwon's extradition now rests with Montenegro's justice minister, who is expected to choose the US. In the US, Kwon and Terraform Labs have already been found liable for fraud in a lawsuit filed by the SEC.

Russia's Central Bank Pushes for Faster Legalization of Crypto Payments for International Trade (2 minute read, Russian)

The Bank of Russia is pushing for the legalization of cryptocurrency in international payments, emphasizing the need to accelerate the adoption process through experimental legal regimes (ELR), according to Central Bank head, Elvira Nabiullina. She emphasized that initial cryptocurrency payments will operate under an ELR, while projecting that mass adoption of the digital ruble in Russia will take between five and seven years, with significant scaling expected by 2025, based on the results of the Bank of Russia’s pilot project. International settlements using digital financial assets (DFAs) can proceed without prior experimentation, following a law signed by President Putin on March 11th that granted the Bank of Russia regulatory authority over DFA transactions and established procedures for conducting foreign trade transactions using DFAs. Since this legislation, the bank has received three applications from businesses to test DFAs in foreign economic activities.

Want more Eastern Europe news?
•A register of Bitcoin miners will be created in the Russian Federation (Russian)
•In March, Russia accounted for up to 24% of traffic on the largest crypto exchanges (Russian)
•More than 3 thousand devices were seized from four mining farms in Novosibirsk (Russian)
•Russian Fintech Startups Join Digital Ruble Pilot

Latin America and the Caribbean

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Don’t Sleep on LATAM, 1 in 5 People Have Invested in Crypto: Study (5 minute read, Spanish)

A recent study by Sherlock Communications revealed that 1 in 5 respondents (19%) in Latin America have invested in cryptocurrencies, marking a significant increase from the 11% recorded in the same study carried out by Sherlock in 2023. The study also shows that while 73% of respondents advocate for more stringent regulation of the crypto industry, 61% worry that such regulatory measures might impede cryptocurrency adoption. Blockchain technology is rapidly gaining momentum in Latin America, demonstrated by the adoption of crypto regulations and legal tender in countries like Brazil and El Salvador respectively. Additionally, its integration into the electoral processes in Ecuador and Guatemala further underscores this progress. In Mexico, 74% of respondents believe that stricter cryptocurrency regulations are necessary. Moreover, 85% urge the government to provide more official information on crypto assets, highlighting a growing demand for reliable knowledge about cryptocurrency investments. The survey indicated that 67% view central bank digital currencies (CBDCs) as effective tools to combat corruption in Latin America. However, the lack of in-depth understanding among citizens about CBDCs suggests that further education and awareness are necessary to promote widespread adoption and dispel myths surrounding cryptocurrencies.

Bitfinex Launches Tokenized Debt Offering for Hilton Hotel Project in El Salvador (1 minute read)

Bitfinex Securities is launching a tokenized debt offering, under the symbol HILSV, to fund the construction of a Hampton by Hilton hotel complex at El Salvador's international airport. This offering will be traded against USD and USDT on the Liquid Network, a bitcoin sidechain. This move aligns with the growing trend of tokenization, providing investors and traders with more types of investment opportunities in cryptocurrencies. El Salvador's 2021 adoption of bitcoin as legal tender set a precedent, and this issuance reflects the nation's continued integration of cryptocurrency into its economy. The issuance aims to raise $6.25 million and offers a 10% coupon over five years. It requires a minimum investment of $1,000 and is facilitated by Inversiones Laguardia S.A. de C.V. According to the press release, Hilton Hotels, acting solely as a franchisor, has not endorsed this offering and assumes no responsibility.

Want more Latin America and Caribbean news?
•El Salvador, Bitcoin and the IMF: The Struggle for an Agreement That Does Not Reach (Spanish)
•Brazil's IRS will open public consultation window to improve information reporting for cryptocurrency transactions (Portuguese)
•Paraguay Postpones the Law That Prohibits Bitcoin Mining (Spanish)
•Brazil's BV Bank testing car sales as part of DREX CBDC pilot
•Peruvians demand regulation for the use of bitcoin in their territory (Spanish)

Thanks for reading and have a great week ahead!

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Your 5 minute emerging markets web3 weekly update

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In This Issue

Asia
🔸Tether's Underworld: How USDT Is Fueling Cambodia's Shadow Economy
🔸UAE Boosts Digital Asset Regulations with Updated AML Rules

Africa
🔸African Fintech Leaders Embrace USDC for Rapid and Cost-Effective Cross-Border Payments
🔸Blockchain-Powered World Mobile Partners With Vodafone Subsidiary to Deliver Internet to Remote Mozambique

Latin America and the Caribbean
🔸Brazil's CBDC Advances as Visa and XP Join Drex Network
🔸FTX Resolves Dispute With Bahamas Unit Liquidators, Averting Litigation and Advancing Asset Recovery

Eastern Europe
🔸The EU’s Latest Sanctions Package Bans Russians From Owning and Managing Crypto Companies
🔸Sanctioned Belarus Welcomes Chinese and Russian Miners

📣Message from our Founder:

We are taking a short break for the holiday season and will be back at the end of January to continue to serve you and help you stay up-to-date on all things web3 from emerging markets.

Also coming in 2024 will be season 3 of the EmergingVoices podcast, we will be announcing our guests in the new year.

Thank you to all of our dedicated readers for supporting our work at EmergingCrypto.io. I wish all of you a happy holiday season and new year. Best wishes for you and your families. Here's to health, wealth, happiness, and peace in 2024. -Jon Lira

Catch up on the latest episodes and clips from the second season of the EmergingVoices Podcast on YouTube!

Asia

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Tether's Underworld: How USDT Is Fueling Cambodia's Shadow Economy (8 minute read)

Cambodia's shadow economy is increasingly relying on USDT, Tether's US dollar pegged stablecoin, despite its official ban in the country. It's used for various purposes, including moving money in and out of China, gambling, and cashing out gains from cyber scams. Security experts have raised concerns about the cryptocurrency's role in Cambodia's vast dark economy, as it offers low fees and no restrictions for money movement, hiding, and laundering. In November, the US Department of Justice seized assets linked to online scams, involving Tether Holdings and the crypto trading platform OKX, raising concerns about the cryptocurrency's role in Southeast Asia's money laundering activities. Tether's use in Cambodia highlights the challenges posed by cryptocurrencies in combating illicit financial flows in the region, with criminal groups exploiting its ease of use and cross-border nature.

UAE Boosts Digital Asset Regulations with Updated AML Rules (3 minute read)

The United Arab Emirates' (UAE) Financial Services Regulatory Authority has introduced updated Anti-Money Laundering (AML) and sanctions rules specifically tailored for digital assets. These amendments to the AML Rulebook align with the Financial Action Task Force's Travel Rule and explicitly enforce it on digital assets, requiring Virtual Asset Service Providers to share specific customer information during cryptocurrency transactions. This move is expected to enhance transparency, traceability, and regulatory robustness in the UAE's digital asset space, aligning with the country's proactive approach to crypto regulation and its diversification efforts into technology and finance.

Want more Asia news?
•Beijing to draft national Web3 development plan amid strict cryptocurrency ban
•How Asia Drives the Next Crypto Bull Market
•China uses digital RMB for gold, iron cross border payments
•The Sandbox Aims To Make India Its Largest Market
•Thai Bank Paves Way for Companies to Tap Tokens for Funding

Africa

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African Fintech Leaders Embrace USDC for Rapid and Cost-Effective Cross-Border Payments (3 minute read)

Several African fintech companies are utilizing USD Coin ($USDC), a stablecoin pegged to the value of the United States Dollar, for cross-border payments, cost-effective transactions, and as a bridge between traditional finance and the emerging digital asset landscape, contributing to the growth of stablecoin adoption in Africa. AZA Finance, Yellow Card, FonBnk, Chipper Cash, Scalex, ClickPesa Debt Fund, and OnAfriq are actively using $USDC to improve financial access and support businesses in Africa, showcasing its potential for enhancing interoperability across diverse financial systems in the region. Flutterwave is also set to launch $USDC payment settlements in partnership with the Hedera blockchain, leveraging its ability to enable nearly-instant, low-cost transactions across the internet.

Blockchain-Powered World Mobile Partners With Vodafone Subsidiary to Deliver Internet to Remote Mozambique (2 minute read)

Blockchain-powered telecom company World Mobile is collaborating with Vodacom Mozambique to deliver internet and mobile services in Mozambique using a tethered aerostat, which is an unpowered, lighter-than-air balloon positioned 300 meters off the ground, and containing telecom equipment capable of connecting 100,000 users. World Mobile has been utilizing unused television spectrum and Starlink technology in field tests in various African countries and has an economic model that rewards equipment operators with fiat while offering World Mobile Tokens (WMT) to blockchain node operators, stakers, and users staking for discounted services on its decentralized infrastructure network on Cardano. This initiative, which began in November, aims to provide cost-effective and quick connectivity solutions, particularly in remote regions in Mozambique. World Mobile currently has 60,000 paying customers in Africa.

Want more Africa news?
•REGULATION | SEC Ghana to Commission a Taskforce to ‘Assist the Commission with Requisite Capacity’ for Digital Assets Regulation
•CBDC | The Fear of Commercial Banks that a CBDC Could Lead to Disintermediation is Real, Says Central Bank of Nigeria
•BitСluster announced the launch date of a mining center in Ethiopia (Russian)
•Kenya’s Copia Global and Visa Join Forces for Digital Financial Revolution
•PayBito Targets Africa’s Crypto Ecosystem with Crypto Broker Platform

Latin America and the Caribbean

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Brazil's CBDC Advances as Visa and XP Join Drex Network (3 minute read, Portuguese)

Visa and XP Investimentos have successfully integrated their nodes into the digital real network, Drex, marking a significant milestone Brazil's efforts to develop a CBDC. Visa's strategy for the Brazilian market now includes offering tokenization services to financial institutions, facilitated by XP's technical expertise and connections to the National Financial System (SFN) network through simple APIs and front-ends. The Drex network uses Hyperledger Besu, and the Central Bank of Brazil is focused on privacy and security. Recent tests involving intra and interbank operations were successful, including those with tokenized federal public bonds.

FTX Resolves Dispute With Bahamas Unit Liquidators, Averting Litigation and Advancing Asset Recovery (2 minute read)

FTX has reached a settlement with the liquidators of its Bahamas unit, resolving a dispute over the priority of its U.S. bankruptcy proceedings versus the Bahamian liquidation. FTX and FTX Digital Markets will merge their assets and coordinate their approach to valuing customer claims, allowing most customers of FTX's international crypto exchange to choose between seeking repayment from the U.S. bankruptcy or the Bahamian liquidation. FTX CEO John Ray called the agreement a critical milestone in repaying customers, while Bahamian liquidators welcomed the settlement, stating it will avoid years of litigation and accelerate the return of funds to customers, with the U.S. bankruptcy team leading asset recovery, while the Bahamian liquidators handle real estate assets and certain litigation claims.

Want more Latin America and Caribbean news?
•El Salvador authorized a Latin company to manage crypto assets (Spanish)
•Petrobras partners with Cardano on blockchain educational program (Portuguese)
•3AC Liquidators Freeze $1.4 Billion From Founders
•Detran-DF tests vehicle registration with blockchain (Portuguese)
•The only inhabitant of Bitcoin City has been waiting for the promises to be fulfilled for 2 years (Spanish)

Eastern Europe

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The EU’s Latest Sanctions Package Bans Russians From Owning and Managing Crypto Companies (1 minute read, Russian)

The European Union has approved a twelfth round of sanctions against Russia, including a ban on Russians owning, controlling, or holding positions in management bodies of cryptocurrency service providers, such as wallets, accounts, and digital asset storage services. European legal entities established by Russian citizens or residents must also report fund transfers outside the jurisdiction. These measures aim to prevent circumvention of previous sanctions and will come into effect after publication in the Official Journal of the European Union. The EU previously banned crypto companies from providing services to Russian residents with deposits exceeding €10,000, and the European Parliament prohibited servicing Russian cryptocurrency wallets and owning any volume of such assets.

Sanctioned Belarus Welcomes Chinese and Russian Miners (2 minute read, Russian)

Belarus is welcoming foreign miners, particularly from Russia and China, who have expressed interest in cryptocurrency mining in the country, according to the Ministry of Energy of Belarus. Mining facilities are already operational in Belarus, and the country's energy system is prepared for increased electricity consumption from mining activities. Belarus legalized cryptocurrencies in December 2017, providing tax exemptions until 2049 and enabling citizens to own, exchange, buy, and sell digital currencies for Belarusian rubles and foreign currency. Additionally, Russian financial services company Finam Investments plans to create a crypto-broker in Belarus, aiming to offer crypto trading services for Russian users, with the platform expected to launch by spring.

Want more Eastern Europe news?
•Do Kwon Extradition Appeal Ruling Returns Case to High Court
•Vladimir Putin's Signature Brings Digital Ruble Into Russia's Tax Code
•Moscow Exchange predicted the growth of the digital financial services market to 5 trillion rubles by 2027 (Russian)
•The founder of Bitzlato asked for release from custody (Russian)
•Residents of Tolyatti found a mining farm in the basement of their house (Russian)

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Your 5 minute emerging markets web3 weekly update

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In This Issue

Asia
🔸Asia's Crypto Hubs: Why Clarity Matters More Than 'Crypto-Friendly' Labels
🔸Project Diamond: Coinbase's Institutional Tokenization Platform Launching in Abu Dhabi

Latin America and the Caribbean
🔸El Salvador’s ‘Volcano Bonds’ Receive Regulatory Green Light, Signals New Era of Capital Markets
🔸Bitcoin in Latin America: A Path to Monetary Sovereignty

Eastern Europe
🔸With Regulation on the Horizon, Turkish Banks Embracing Crypto
🔸Ukraine’s Ministry of Digital Development Promotes Regulation to Support Web3 Entrepreneurs Amid Legal and Banking Challenges

Africa
🔸Bitmama Crypto Exchange Halts Deposits Amid Technical Woes
🔸Seychelles Financial Authority Cracks Down on Unregistered Crypto Providers

Catch up on the latest episodes and clips from the second season of the EmergingVoices Podcast on YouTube!

Asia

Image Credit: Dall-E 3

Asia's Crypto Hubs: Why Clarity Matters More Than 'Crypto-Friendly' Labels (5 minute read)

In 2023, Asia emerged as a pivotal region for the crypto industry, with Singapore, Hong Kong, and Japan at the forefront. While often referred to as "crypto-friendly," these jurisdictions actually have strict rules in place. Singapore, for example, discourages public crypto trading and favors tokenization of assets, while Hong Kong requires costly licensing and stringent asset storage rules. Japan, on the other hand, enforces clear regulations but imposes high taxes, presenting both opportunities and challenges for crypto entrepreneurs. The clarity in these Asian markets stands in contrast to the United States, where regulatory ambiguity hampers crypto development, highlighting the importance of clear and flexible regulations as the crypto industry evolves globally.

Project Diamond: Coinbase's Institutional Tokenization Platform Launching in Abu Dhabi (2 minute read)

Coinbase is launching Project Diamond, a platform that enables institutional investors to issue and trade digitally native debt instruments on Base, Coinbase's Ethereum scaling network. The platform combines Coinbase Prime's custody service, the exchange's Web3 crypto wallet, Circle's USDC stablecoin, and Base's layer-2 network to create a capital marketplace. Project Diamond has received in-principle approval from the Financial Services Regulated Activity (FSRA) of Abu Dhabi Global Market (ADGM) and will enter the agency's RegLab sandbox, with its first debt instrument issued in USDC stablecoin on Base as a demonstration to regulators. The platform is available to registered institutional users outside the U.S., aiming to bring traditional financial assets to blockchain rails in competition with global banks and crypto-native firms. The tokenization of real-world assets (RWAs) is expected to grow to a $10 trillion market by the end of the decade, with Project Diamond focusing on creating digital assets directly on the blockchain for more efficient and transparent financial operations.

Want more Asia news?
•Taiwan Completes Wholesale CBDC Technical Study, Central Bank Official Says
•South Korea Financial Regulator Proposes Consumer Protection Rules for Crypto Users
•Chinese government plans blockchain-based identity verification
•Three Arrows co-founder questioned in Singapore court about missing assets
•Peeking into Tomorrow: Anticipated UAE Blockchain Regulations for 2024

Latin America and the Caribbean

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El Salvador’s ‘Volcano Bonds’ Receive Regulatory Green Light, Signals New Era of Capital Markets (2 minute read)

El Salvador's Bitcoin bonds, known as "volcano bonds," have received regulatory approval from the country's Digital Assets Commission. The National Bitcoin Office expects the bonds to be issued in the first quarter of 2024, marking the beginning of new capital markets on Bitcoin in El Salvador. President Nayib Bukele has been pursuing the issuance of Bitcoin bonds since the country's Bitcoin Law made cryptocurrency legal tender, with plans to use the funds for infrastructure and Bitcoin mining, as well as to build a "Bitcoin City." The move has faced opposition from the International Monetary Fund (IMF), which has called for the reversal of El Salvador's Bitcoin Law.

Bitcoin in Latin America: A Path to Monetary Sovereignty (5 minute read, Spanish)

In an interview with Cointelegraph, David Bailey, Marketing Director of Azteco, discussed the importance of Bitcoin for monetary sovereignty and its adoption in Latin America. He emphasized that Bitcoin needs to be known and used as a solution for everyday electronic payments to lay the foundation for monetary sovereignty. While El Salvador has adopted Bitcoin as its national currency, Bailey highlighted the varying adoption rates and challenges in different Latin American countries, such as Argentina's economic challenges and the potential of Brazil and Mexico for Bitcoin adoption. David stressed the need for practical Bitcoin education and simplifying its use in order to onboard mainstream consumers.

Want more Latin America and Caribbean news?
•Binance's new CEO rules out 'plan B' in Brazil (Portuguese)
•Banco Safra launches crypto fund for qualified investors (Portuguese)
•How many bitcoins does El Salvador have with its daily purchase strategy? (Spanish)
•Central Bank launches public consultation to regulate cryptoactive services (Portuguese)
•In Brazil, Business Manager at Polygon highlights that in 2024 communities and gamification will boom (Portuguese)

Eastern Europe

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With Regulation on the Horizon, Turkish Banks Embracing Crypto (1 minute read)

Turkey is preparing to introduce new legislation for the cryptocurrency sector, and while the exact restrictions are unclear, it hasn't deterred adoption, even among institutions. Akbank's investment arm recently acquired local crypto firm Stablex, signaling its interest in becoming a key player in the digital asset space. Garanti BBVA, another major bank, launched a crypto wallet app with cold wallet functionality, enabling users to transact in cryptocurrencies like Bitcoin, USD Coin, and Ether. Turkey ranks among the top 20 countries in Chainalysis' Global Crypto Adoption Index 2023, but the government aims to regulate the sector as part of its strategy to address anti-money laundering and terrorist financing concerns and exit the FATF's "gray list."

Ukraine’s Ministry of Digital Development Promotes Regulation to Support Web3 Entrepreneurs Amid Legal and Banking Challenges (1 minute read, Russian)

Web3 growth in Ukraine has been constrained due to the lack of legislative regulation and banking restrictions, according to a report by the Ministry of Digital Development. Ukrainian Web3 entrepreneurs face challenges such as registering their startups outside the country, limited access to banking services, and currency restrictions due to martial law. To address these issues, the Ministry of Digital Development is promoting alternative bills related to virtual assets and cryptocurrency transaction taxation, aiming to neutralize the obstacles hindering the Web3 industry's development in Ukraine and promote its growth as a driver of the country's technological and economic progress.

Want more Eastern Europe news?
•Russia-China CBDC Payments May Debut in 2024 – Moscow
•Crypto Exchange CoinList Settles OFAC's Russian Sanctions Allegations for $1.2M
•The Duma allowed the first payments in digital currencies between the Russian Federation and China in 2024 (Russian)
•Montenegro Extends Do Kwon Detention on US, South Korea Requests
•The National Bank of Ukraine and the National Securities and Stock Market Commission will prepare a new version of the law on cryptocurrencies (Russian)

Africa

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Bitmama Crypto Exchange Halts Deposits Amid Technical Woes (3 minute read)

Nigerian crypto exchange Bitmama has temporarily suspended its deposit feature due to delays caused by third-party provider maintenance activities. Customers had been complaining about the inability to deposit funds into their Bitmama wallets, with some reporting that although they were debited from their source accounts, the funds did not reflect in their Bitmama wallets. The company is working to resolve the technical glitch and has allocated additional technical resources to expedite the resolution process, but no exact timeline for resolution has been provided.

Seychelles Financial Authority Cracks Down on Unregistered Crypto Providers (3 minute read)

The Financial Services Authority (FSA) of Seychelles has issued a warning against 53 virtual asset providers (VASPs) falsely claiming affiliation or registration in the country. These entities have been found advertising and offering VASP activities, targeting Seychelles' consumers with local language websites promoting cryptocurrency-related services, and claiming to operate from the country without being registered or authorized as VASPs under Seychelles laws. The FSA advises consumers to exercise caution when dealing with unregistered VASPs, as they do not comply with anti-money laundering and terrorism financing laws and lack measures to protect customer funds. Seychelles is working on a legislative framework to regulate VASPs and VAs, expected to be finalized by early 2024.

Want more Africa news?
•FRANCOPHONE AFRICA | ETHCameroon Meetup Elicits Large Public Interest
•NORTH AFRICA | The MetaMask ‘Buy Sell’ Feature Expands Integration with Egypt’s Vodafone Cash
•Blockchain.com Plans to Add Headcount While Expanding to Nigeria, Turkey
•USE CASE | Binance Users in South Africa Can Now Pay for Goods at Over 1,500 Pick n Pay Stores
•The Volatility of Nigerian Real Estate, and Why Bitcoin Makes More Sense

Thanks for reading and have a great week ahead!

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Written by Jon Lira. Connect with him on LinkedIn.

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Your 5 minute emerging markets web3 weekly update

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In This Issue

Eastern Europe
🔸Disgraced Crypto Tycoon Do Kwon Likely to Be Extradited to the US
🔸A New B2B Cross-Border Payments Exchange Launched in Russia, Includes Tether’s USDT

Asia
🔸Binance Withdraws Abu Dhabi License Application Amid Regulatory Challenges
🔸A Cross-Border CBDC Milestone: Singapore and China Partner to Enable Tourists to Use Digital Yuan

Africa
🔸Nigerian Blockchain Startup Bitmama Bolsters Its Fintech Arsenal With Payday Acquisition
🔸Decentralized WiFi Startup Received $150K Grant From Microsoft to Expand Internet Access Across Africa

Latin America and the Caribbean
🔸Brazil's Nubank Cripto Enhances Crypto Offering with USDC Access and Transaction Cost Reduction
🔸From Necessity to Enthusiasm: The Evolution of Crypto Adoption in Venezuela

Catch up on the latest episodes and clips from the second season of the EmergingVoices Podcast on YouTube!

Eastern Europe

Image Credit: Dall-E 3

Disgraced Crypto Tycoon Do Kwon Likely to Be Extradited to the US (1 minute read)

The Wall Street Journal reported that Montenegro's Justice Minister, Andrej Milovic, has privately expressed plans to extradite Do Kwon to the U.S. instead of South Korea to face criminal charges related to the $40 billion crash of his TerraUSD and Luna cryptocurrencies in May 2022. Do Kwon, a South Korean citizen, has been jailed in Montenegro since March, and both the U.S. and South Korea have sought his extradition for fraud and securities-law violations. While a Montenegro court has approved Do Kwon's extradition, the final decision is pending, awaiting the outcome of Kwon's last-ditch appeal against the court ruling.

A New B2B Cross-Border Payments Exchange Launched in Russia, Includes Tether’s USDT (1 minute read, Russian)

A new exchange launched this week in Russia aims to streamline cross-border payments for Russian importers and exporters involved in international trade. The Exved B2B platform exclusively serves legal entities, adheres to anti-money laundering (AML) / combatting financial terrorism (CFT) procedures, connects businesses with direct counterparties, offers free legal transaction registration services, and acts as a guarantor. Settlements on the platform involve non-resident (offshore) rubles, US dollars, and USDT, with participation from major brokers in the cross-border payments market and technical experts from Indefibank.

Want more Eastern Europe news?
•Digital Ruble Will Spark Russia’s ‘Biggest Monetary Reforms Since the 1990s’
•Rostelecom placed digital financial assets on the Moscow Exchange (Russian)
•Sberbank opened access for individuals to the DFA platform (Russian)
•Founder and Majority Owner of Cryptocurrency Exchange Pleads Guilty to Unlicensed Money Transmitting
•Russia will start using SIM cards with cryptographic algorithms (Russian)

Asia

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Binance Withdraws Abu Dhabi License Application Amid Regulatory Challenges (2 minute read)

Binance has withdrawn its application for a license in Abu Dhabi, signaling a re-evaluation of its global operations amid increased regulatory pressures. The application, filed a year ago and withdrawn on November 7, was meant to allow Binance's BV Investment Management to manage a collective investment fund. Binance stated that the decision was unrelated to its recent $4.3 billion settlement with U.S. authorities, and it continues to work with regulators to offer services in the Middle East and beyond.

A Cross-Border CBDC Milestone: Singapore and China Partner to Enable Tourists to Use Digital Yuan (2 minute read)

The Monetary Authority of Singapore has partnered with the People's Bank of China to allow tourists from both countries to use China's digital yuan (eCNY) when visiting Singapore, marking a significant development in cross-border central bank digital currency (CBDC) use. Although there has been growing integration between the digital yuan and Hong Kong, this development is distinct because it enables Chinese tourists to use the eCNY in Singapore. While Singapore has no plans for a retail CBDC, it is set to pilot a wholesale CBDC in 2024 to support interbank tokenized deposits and cross-border settlement for securities transactions.

Want more Asia news?
•Japan weighs ending tax on some corporate crypto holdings
•Singapore's DigiFT Wins Regulatory Approvals From MAS After Graduating From Sandbox
•Banks of Italy, Korea will share CBDC knowledge under new memorandum
•IEEE to issue blockchain skill certificates on Avalanche in India
•India Won't See Crypto or Web3 Bill for Another 18 Months, Senior Lawmaker Tells CoinDesk

Africa

Image Credit: Dall-E 3

Nigerian Blockchain Startup Bitmama Bolsters Its Fintech Arsenal With Payday Acquisition (4 minute read)

Nigerian blockchain payments startup, Bitmama, has acquired Payday, a Nigerian fintech startup, for an undisclosed amount. This strategic move enables Bitmama to integrate Payday's virtual dollar card product and provides access to Payday's 678,000 users and their data, saving on potential future expansion costs. Bitmama aims to address market inefficiencies related to dollar shortages, currency devaluation, and high remittance costs by leveraging stablecoin infrastructure.

Decentralized WiFi Startup Received $150K Grant From Microsoft to Expand Internet Access Across Africa (2 minute read)

Nigerian decentralized mobile internet sharing and monetization network, WiCrypt, has secured a $150,000 grant from Microsoft. WiCrypt leverages existing physical infrastructure, such as Wi-Fi routers in public spaces, to create a decentralized network of internet access points rather than relying solely on centralized internet service providers. The company recently introduced WiFi hotspots on the decentralized physical infrastructure blockchain, Peaq, enabling users to earn tokens and monetize spare bandwidth on their Wi-Fi routers, while expanding internet access in areas with limited or expensive traditional connectivity options. The grant will support WiCrypt's #DePIN development chain and productivity improvements.

Want more Africa news?
•Trezor launches education initiative in Africa, funds Bitcoineta trip
•REGULATION | Kenya Parliamentary Committee Approves Capital Markets Bill to Enable Taxation of Crypto Trading
•Block Inc.’s tbDEX Goes Live in Collaboration with Yellow Card
•LAUNCH | Introducing BitKey, a Self-Custodial Bitcoin Wallet, Now Available in 21 African Countries
•MILESTONE | Noones P2P Bitcoin Platform for the Global South Crosses 400K Users in Just 4 Months

Latin America and the Caribbean

Image Credit: Dall-E 3

Brazil's Nubank Cripto Enhances Crypto Offering with USDC Access and Transaction Cost Reduction (5 minute read, Portuguese)

Brazilian digital bank, Nubank Cripto, has enabled access to Circle's USDC stablecoin to its customers, aiming to offer easier access to the dollar and protection against inflation. The bank also introduced new solutions for its customers, including the implementation of a routing system for selecting liquidity providers through its partnership with Talos to find the best cryptocurrency quotes across various platforms and reduce transaction costs. Nubank Cripto now has 15 cryptocurrencies available, and it plans to allow crypto withdrawals and deposits in its digital bank's crypto wallets in the first quarter of 2024.

From Necessity to Enthusiasm: The Evolution of Crypto Adoption in Venezuela (3 minute read, Spanish)

The adoption of Bitcoin and other cryptocurrencies in Venezuela has been growing, bolstered by efforts from businesses, events, educational initiatives, and academic courses in universities. However, there is still much work to be done to achieve widespread adoption, according to university professor and blockchain researcher, Antonio Russoniello. While there is enthusiasm among students to learn about new technologies like Bitcoin, there is also an informal and necessity-driven knowledge of cryptocurrencies in the country. Russoniello believes that more needs to be done to educate the population about the broader benefits of crypto assets beyond immediate economic gain.

Want more Latin America and Caribbean news?
•El Salvador's Bitcoin Investment 'In the Black,' Says President Bukele
•Itaú starts trading cryptocurrencies through ion and with custody (Portuguese)
•Brazil is a key player in the global growth and integration of DeFi with the financial system, says analyst (Portuguese)
•El Salvador Could Rake In $1B Bitcoin Investment per Year With New ‘Freedom VISA’
•Drex: Campos Neto says that DLT was not created for secrecy and points out slowness in privacy protocols (Portuguese)

Thanks for reading and have a great week ahead!

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Written by Jon Lira. Connect with him on LinkedIn.

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Your 5 minute emerging markets web3 weekly update

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In This Issue

Latin America and the Caribbean
🔸From Cash to Cashless: Brazil's Progress Towards 'The End of Money'
🔸Stake Together vs. LIDO DAO: A Battle for Liquid Staking Supremacy

Asia
🔸Hong Kong Securities Association Floats ICO Mechanism as Part of Economic Revitalization Plan
🔸IOTA Launches $100 Million Foundation in Abu Dhabi to Boost DLT Growth in the Middle East

Africa
🔸African DeFi: Resolving FX Challenges and Unlocking Liquidity
🔸South African Crypto Regulation Steps Up as Firms Rush for Licenses

Eastern Europe
🔸Turkish Crypto Exchange Tomya Faces Investigation Amid High-Profile Fraud Scandal, Owner and 25 Others Detained in Turkey
🔸Crypto Market Trends: Russian P2P Transactions Soar and Stablecoins Gain Popularity

Catch up on the latest episodes and clips from the second season of the EmergingVoices Podcast on YouTube!

Latin America and the Caribbean

Image Credit: Dall-E 3

From Cash to Cashless: Brazil's Progress Towards 'The End of Money' (3 minute read, Portuguese)

A recent study by Visa reveals that 58% of small Brazilian companies are preparing to operate without physical cash in the next two years. Moreover, 92% of entrepreneurs in the country aim to transition to full digital operations, including the use of digital payment methods like PIX and cryptocurrencies, highlighting the ease and efficiency of virtual payment methods. The growth of internet use and technology in Brazil, along with the convenience, security, and cost-effectiveness of digital payments, is driving the transition away from physical currency, with paper money expected to become obsolete in the near future.

Stake Together vs. LIDO DAO: A Battle for Liquid Staking Supremacy (2 minute read, Portuguese)

A group of Brazilian developers and entrepreneurs have launched Stake Together, a staking platform aiming to compete with Ethereum's largest liquid staking platform, LIDO DAO. Stake Together invested in three audits from renowned institutions and adopted Distributed Validation Technology (DVT) to enhance security, availability, and scalability. Unlike other protocols, Stake Together offers a diversified fee distribution structure with 9% yield fees allocated to various stakeholders, including Public Goods Projects and Operators, promoting decentralization and community participation in contrast to Lido's dominance in the staking market.

Want more Latin America and Caribbean news?
•Blockchain: security and transparency in cryptocurrencies and digital currencies like Drex (Portuguese)
•BNB Chain launches acceleration program and invites Brazilians to its ecosystem (Portuguese)
•Suriname considers converting 1% of its reserves into bitcoin (Spanish)
•Strike users can now send dollars and crypto to banks in Argentina (Spanish)
•How long until El Salvador’s bitcoins are profitable? (Spanish)

Asia

Image Credit: Dall-E 3

Hong Kong Securities Association Floats ICO Mechanism as Part of Economic Revitalization Plan (1 minute read)

The Hong Kong Securities and Futures Professional Association has suggested the possibility of launching an initial coin offering (ICO) mechanism as part of measures to revitalize the city's economy. The proposal, included in a list of recommendations, lacks details regarding the nature and scope of the ICO mechanism, leaving it unclear whether it involves a comprehensive framework or an authorized platform. This suggestion comes alongside other measures, including legal recognition of Islamic finance and the formulation of "Islamic finance guidelines with Hong Kong characteristics."

IOTA Launches $100 Million Foundation in Abu Dhabi to Boost DLT Growth in the Middle East (3 minute read)

IOTA has launched the IOTA Ecosystem DLT Foundation with a $100 million investment to accelerate distributed ledger technology growth in the Middle East. Approved by regulators at the Abu Dhabi Global Market (ADGM), this foundation aims to make the UAE a prominent blockchain industry hub. It will focus on converting real-world assets into digital ones, using IOTA tokens to fund investments over the next four years, marking a significant long-term commitment to IOTA's development. The approval by ADGM positions this foundation as the first blockchain-focused organization with regulatory approval in the region, aligning with recent regulatory advancements in Abu Dhabi that aim to establish the UAE as a leader in the blockchain industry.

Want more Asia news?
•Class action with 377 parties against Terraform, Do Kwon to move ahead in Singapore court
•Daiwa Securities to trial security tokens on public blockchain
•E-CNY: HSBC, Standard Chartered jump on China’s digital currency bandwagon, joining pilot programme
•Crypto Custody Firm Copper to Start Digital Securities Brokerage in Abu Dhabi
•UNDP Partners with Algorand to Launch Global Blockchain Academy for Staff Development

Africa

Image Credit: Dall-E 3

African DeFi: Resolving FX Challenges and Unlocking Liquidity (2 minute read)

Canza Finance, a neobank specializing in decentralized cross-border payments for Africans, is addressing the challenge of limited access to forex liquidity and currency swaps in Africa. Its CEO, Pascal Ntsama IV, believes that decentralized finance (DeFi) can address these challenges and enable slippage-free swaps at central bank rates. Canza Finance's DeFi service, Baki, aims to create a hub for businesses to participate in intra-African and FX trades at a reduced cost, allowing traders to swap currencies without loss. With proper regulatory support, DeFi in Africa can be expected to experience significant growth. Baki is designed to work within the existing regulatory climate, and Ntsama believes that positive shifts in regulation could lead to greater industrial and institutional adoption for the platform, which allows users and liquidity providers to earn yields from currency swaps in the system through its fee-sharing model.

South African Crypto Regulation Steps Up as Firms Rush for Licenses (3 minute read)

The South African Financial Sector Conduct Authority (FSCA) has received 128 applications for crypto asset service provider licenses as of November 30, marking the last day for crypto service providers in the country to apply for the license. In June, South Africa became the first African country to require crypto exchanges to be licensed to protect investors. FSCA plans to take enforcement action, including fines or the closure of non-compliant firms, against crypto exchanges that continue to operate without a license after the deadline. These applications will be evaluated based on criteria including market services, operational policies, and procedures, KYC compliance, data protection, and cyber risk management. South Africa has been actively working on regulating crypto and blockchain technology, including adopting taxation standards to go after individuals and businesses that fail to report earnings and pay taxes on digital assets by 2027, as part of its efforts to harness blockchain for national development.

Want more Africa news?
•NORTH AFRICA | Bitget Introduces Arabic Support on its Platforms in North African Expansion Drive
•Are Crypto and Blockchain the Future of African Aviation?
•Africa’s Crypto Boom: Insights From Cape Town Gathering
•South Africa's Crypto Revolution: VALR and Luno Lead the Way
•Patricia Technology Crypto Hack: Nigerian Politician Wilfred Bonse in Police Custody

Eastern Europe

Image Credit: Dall-E 3

Turkish Crypto Exchange Tomya Faces Investigation Amid High-Profile Fraud Scandal, Owner and 25 Others Detained in Turkey (1 minute read)

The Turkish crypto exchange Tomya is under investigation as its owner, Yavuz Usta, and 25 others were detained in connection with a high-profile fraud scandal. Tomya is known for sponsoring the former Premier League football team Hull City. The investigation follows a complaint by an investor who claimed to have been defrauded of $211,500 by someone introduced to him by a Tomya employee. Although there are no specific allegations against Tomya, its affiliation with Hull City, owned by prominent media personality Acun Ilıcalı, has garnered attention. Further details on the investigation are emerging and comes at a time when Turkey is preparing to introduce crypto legislation.

Crypto Market Trends: Russian P2P Transactions Soar and Stablecoins Gain Popularity (2 minute read, Russian)

In the second and third quarters of 2023, Bitcoin investments by Russian users declined along with decreased activity on centralized crypto exchanges, as reported in the Bank of Russia's financial stability report. The report highlighted that P2P transactions remain the primary channel for Russians to acquire digital assets, with a 53.9% increase in the average monthly volume compared to the same period in 2022. The Central Bank recorded a 27.8% decrease in Russian visits to major cryptocurrency trading platforms in the third quarter, while the total volume of Bitcoin inflows and outflows on these exchanges dropped by 22.4% in the second and third quarters. Despite the decrease in activity, the crypto market's attractiveness for Russians is growing due to an interest in stablecoins as an alternative means of storing funds under sanctions, according to the report.

Want more Eastern Europe news?
•The number of suspicious transactions with cryptocurrencies has doubled in the Russian Federation (Russian)
•Central Bank: the development of Russian infrastructure for the circulation of cryptocurrencies will increase risks for citizens (Russian)
•The Central Bank saw an increase in risks associated with Russians investing in crypto assets (Russian)

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Your 5 minute emerging markets web3 weekly update

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In This Issue

Asia
🔸Binance’s US Guilty Plea Challenges Its Expansion Into Hong Kong
🔸From Mumbai to Dubai: Why Indian Firms Are Flocking to the UAE

Eastern Europe
🔸Do Kwon's Extradition Saga: A Jurisdictional Jigsaw Between the US and South Korea
🔸zkDay Istanbul: Vitalik Buterin and 1,200 Developers Unite for ZK Technology Revolution

Latin America and the Caribbean
🔸El Salvador's Crypto Economy: Over 100 New Companies and 100 New Jobs
🔸Brazilian Crypto Shock: Senate on the Verge of Greenlighting 15% Tax on Overseas Holdings

Africa
🔸TradeXchange: Uganda's Blockchain Solution for its $6 Billion Trade Ambition
🔸South Africa's Crypto Payment Adoption: Marching Towards Mainstream Use

Catch up on the latest episodes and clips from the second season of the EmergingVoices Podcast on YouTube!

Asia

Image Credit: Dall-E 3

Binance’s US Guilty Plea Challenges Its Expansion Into Hong Kong (4 minute read)

Binance and its founder Changpeng Zhao's guilty plea to US anti-money-laundering laws could pose challenges to the cryptocurrency exchange's efforts to obtain a legitimate presence in Hong Kong, particularly as a Binance-backed local firm, HKVAEX, prepares to apply for a crypto license in the city. While Binance has not publicly expressed interest in establishing a compliant presence in Hong Kong, it set up HKVAEX as a separate crypto exchange to pursue a license. However, experts suggest that the guilty plea in the US could create difficulties for the license application in Hong Kong due to the significant ties between the two entities, as Hong Kong's regulatory requirements are stringent and include assessing the applicant's compliance with anti-money-laundering laws and potential criminal records of substantial shareholders or controllers.

From Mumbai to Dubai: Why Indian Firms Are Flocking to the UAE (7 minute read)

The rise of Web3 and blockchain technology has strengthened financial ties between India and the Dubai. As India's strict tax rules have driven crypto activity away from the country, Dubai is attracting Indian crypto firms due to its low taxes, ease of setting up businesses, a dedicated regulator, and access to international markets. India and the UAE are also exploring interoperability between their central bank digital currency (CBDC) projects, as bilateral trade between the two nations reached $85 billion last year.

Want more Asia news?
•Cambodian digital currency bakong amps up use case with Alipay agreement
•Crypto firm Tether says it has frozen $225 mln linked to human trafficking
•Crypto exchange HTX suffers US$30 million hack after another platform linked to entrepreneur Justin Sun was hit
•US crypto VC firm CoinFund expands in Asia after first hire in Hong Kong, with clear regulations a pull factor
•Philippines Eyes Use of Digital Currency in Sovereign Bond Sales

Eastern Europe

Image Credit: Dall-E 3

Do Kwon's Extradition Saga: A Jurisdictional Jigsaw Between the US and South Korea (1 minute read)

Terra founder Do Kwon's extradition has been approved by a court in Montenegro's capital, Podgorica, but whether he will be sent to the U.S. or South Korea is pending a decision by the country's Minister of Justice. Before his extradition, Kwon will serve a four-month sentence in Montenegro for document forgery. Kwon faces legal battles in both South Korea and the U.S. related to the collapse of Terra's stablecoin TerraUSD and native cryptocurrency Luna in 2022.

zkDay Istanbul: Vitalik Buterin and 1,200 Developers Unite for ZK Technology Revolution (3 minute read)

Over 1,200 zero-knowledge (ZK) technology developers, community members, and enthusiasts, including Ethereum co-founder Vitalik Buterin, attended zkDay Istanbul, highlighting the growing interest and enthusiasm for ZK technology. The event, focused on knowledge sharing and collaboration, saw a significant increase in attendance and was built upon the success of zkDay Paris. ZK-focused projects and early-stage startups had the opportunity to build connections and interact with key players in the ZK ecosystem. The ZK community continues to grow, with a strong convergence around the core mission of decentralization and innovation in Web3, and projects are focused on improving the user experience and onboarding users into next-generation consumer products leveraging ZK technology.

Want more Eastern Europe news?
•Sberbank reported the readiness of crypto exchanges to help bankrupt Russians (Russian)
•The Ministry of Finance and the Central Bank will conduct a pilot of the digital ruble in certain types of budget expenditures (Russian)
•Sberbank announced the issuance of the first loan in Russia secured by DFA (Russian)
•Ukraine adopted a law on NFT stamps (Russian)
•The Ministry of Digital Development of Ukraine named the conditions for the resumption of operations with hryvnia on bitcoin exchanges (Russian)

Latin America and the Caribbean

Image Credit: Dall-E 3

El Salvador's Crypto Economy: Over 100 New Companies and 100 New Jobs (2 minute read, Spanish)

The Central Reserve Bank of El Salvador has registered 106 bitcoin service providers, a significant increase from the 45 registered companies at the beginning of 2022. These registered companies include cryptocurrency exchanges, custodians, payment processors, and digital wallets. Additionally, 11 licenses for the issuance of cryptoassets have been granted to companies like Ditobanx, Strike, and Binance, showcasing the growing interest and investment in El Salvador's cryptocurrency ecosystem. This development is expected to create more employment opportunities in the country, aligning with the government's pro-crypto stance since making Bitcoin legal tender in 2021. Just one year after the Bitcoin Law was approved, companies registered in the country generated about 113 direct jobs and about 400 indirect jobs.

Brazilian Crypto Shock: Senate on the Verge of Greenlighting 15% Tax on Overseas Holdings (2 minute read, Portuguese)

The Economic Affairs Committee of Brazil's senate has approved a bill that introduces a 15% tax on cryptocurrency holdings in overseas accounts at international platforms such as Binance, Coinbase, Gate.io, Bitget, and OKX. The tax will apply to cryptocurrency holdings valued at more than approximately $1,200 (R$6,000), with the potential to generate significant revenue for the government, projected at approximately $1.44 billion (R$7.05 billion) in 2024, $1.38 billion (R$6.75 billion) in 2025, and $1.46 billion (R$7.13 billion) in 2026. The bill has already been approved in Brazil's lower house and is currently waiting for a vote in the Federal Senate. If passed it will go to the President for approval.

Want more Latin America and Caribbean news?
•Has Nayib Bukele’s Big Bitcoin Bet Borne Fruit?
•82% of Brazilians don’t know what Drex is, the new digital currency from the Central Bank of Brazil (Portuguese)
•Polkadot signs unprecedented partnership in Brazil to launch agricultural commodities RWA tokens with exclusive parachain (Portuguese)
•Blockdeaf: deaf community explores Web3 through an initiative focused on accessibility (Portuguese)
•Tokenization: 2024 will still be the year of “breaking stones”, experts say (Portuguese)

Africa

Image Credit: Dall-E 3

TradeXchange: Uganda's Blockchain Solution for its $6 Billion Trade Ambition (3 minute read)

Uganda has signed an agreement with CargoX to create TradeXchange, a blockchain-based national trade facilitation platform aimed at supporting exporters, resolving trade bottlenecks, and promoting compliance with global trade standards. The platform will be built on CargoX's Blockchain Document Transfer (BDT) solution, which has already been successfully used in Egypt's National Single Window for Foreign Trade Facilitation (NAFEZA) system. TradeXchange will streamline processes and information flow among farmers, producers, traders, and government bodies, enhancing regulation, quality control, and produce traceability while fostering trust and minimizing disputes. It is expected to unify Uganda's trade practices with global standards, boosting production, packaging, quality control, and supporting the nation's goal of doubling its exports to $6 billion by 2026.

South Africa's Crypto Payment Adoption: Marching Towards Mainstream Use (3 minute read)

South African payments infrastructure company, Stitch, has launched a crypto payment solution enabling users to make direct cryptocurrency purchases from their wallets. This move addresses the rising crypto adoption in South Africa, where approximately 7.7 million residents hold cryptocurrencies. Stitch's 'Pay with crypto' method allows consumers to use cryptocurrencies for buying goods and services, with businesses receiving settlements in South African Rand (ZAR), effectively managing volatility risks. This versatile payment solution is poised to benefit various sectors, including online marketplaces, gaming platforms, and travel service providers.

Want more Africa news?
•LAUNCH | Leading South African Exchange, VALR, Launches BTC and USDT Futures Trading Against the South African Rand (ZAR)
•Bitget introduces Arabic support for crypto trading in Middle-East and North African countries
•LAUNCH | Mozambique’s Empowa Pay Integrates Hedera Hashgraph to Enable Fiat Payments by Tenants Across Africa
•Paycorp Unveils CryptoExpress App for 3000 ATMs in South Africa
•Binance in Africa, the dashed hopes of a crypto giant

Thanks for reading and have a great week ahead!

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Your 5 minute emerging markets web3 weekly update

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In This Issue

Africa
🔸PayPal's Stablecoin Comes to Africa: Yellow Card Pioneers PYUSD Integration
🔸South Africa Joins Push for Global Data Exchange To Bolster Crypto Tax Compliance and Fight Money Laundering

Asia
🔸Asia-Pacific: The Multifaceted Powerhouse of Web3 Innovation
🔸'Cryptocurrencies Have Failed the Test of Digital Money,': Singapore's Central Bank Managing Director

Latin America and the Caribbean
🔸Web3's Emerging Markets: How Brazil is Leading the Crypto Charge
🔸Argentina Takes a Step Towards Crypto Regulation

Eastern Europe
🔸Crypto Boom, Regulation, and Taxation: Turkey's Battle to Shed FATF Grey List Status
🔸Ukraine's Crypto Crime Fighters Sharpen Skills During OSCE and UN-Backed Training

Catch up on the latest episodes and clips from the second season of the EmergingVoices Podcast on YouTube!

Africa

Image Credit: Dall-E 3, Edited by Ariel Weaver

PayPal's Stablecoin Comes to Africa: Yellow Card Pioneers PYUSD Integration (2 minute read)

Yellow Card, Africa's leading cryptocurrency exchange, has become the first African fintech to launch PayPal USD (PYUSD), a stablecoin issued by Paxos. PYUSD's availability on Yellow Card simplifies fund transfers between the US and Africa, removing complexity while providing security, speed, and cost-effectiveness. This partnership emphasizes Yellow Card's commitment to financial inclusion and innovation in making digital currencies accessible to everyone in Africa, bridging the gap between traditional and digital financial systems in the region.

South Africa Joins Push for Global Data Exchange To Bolster Crypto Tax Compliance and Fight Money Laundering (2 minute read)

South Africa has joined 48 other countries in adopting the Common Reporting Standard (CRS) to bolster tax compliance, combat tax evasion, and address money laundering involving crypto assets. The South African Revenue Service expressed approval of the CRS, which facilitates the automatic exchange of information on crypto assets among different tax authorities. The Crypto-Asset Reporting Framework standard aims to keep pace with the rapid growth of the crypto asset market while preserving recent advances in global tax transparency. A deadline of 2027 has been set for its incorporation into national legal frameworks.

Want more Africa news?
•GHash Mining Powers Up 25 Crypto Data Centres to Supplement Mini-Grids in Rural Africa
•LAUNCH | Telegram Wallet Bot Launches Pilot in Kenya, South Africa, with More Countries to Follow in 2024
•New App Enables South Africans To Withdraw Their Crypto As Cash At ATMs
•REGULATION | Malawi Reserve Bank Grants International Money Transfer License to Flutterwave
•LIST | Out of 23 African Startups Selected for the Inaugural VISA Fintech Accelerator, One Enables Crypto

Asia

Image Credit: Dall-E 3

Asia-Pacific: The Multifaceted Powerhouse of Web3 Innovation (4 minute read)

In an OpEd by Gitcoin's Azeem Khan after returning from Token2049 in Singapore, he reflects on the depth and dynamism of the Asia-Pacific (APAC) region in the Web3 realm. While the crypto conversation often revolves around the United States and Europe, APAC's unique cultures contribute significantly to the evolving Web3 narrative, challenging and complementing Western perspectives. Azeem encourages the crypto industry to step outside its comfort zones and engage with the APAC region to truly advance. He recognizes the wealth of innovation and interconnectedness in this space while advocating for global collaboration, understanding the diverse cultures of APAC, and seeking innovation beyond familiar territories to advance the future of Web3 and crypto.

'Cryptocurrencies Have Failed the Test of Digital Money,': Singapore's Central Bank Managing Director (2 minute read)

Singapore's central bank managing director, Ravi Menon, believes that stablecoins and central bank digital currencies (CBDCs) will play a significant role in the future financial ecosystem, while cryptocurrencies have failed as digital money due to their sharp speculative price swings and inadequacy as a medium of exchange during his keynote at the Singapore Fintech Festival. He highlighted the importance of well-regulated stablecoins as a complement to CBDCs and tokenized bank liabilities, emphasizing the broader use of digital assets beyond crypto speculation for improving global liquidity and streamlining financial transactions. Menon emphasized Singapore's focus on digital assets beyond crypto speculation. He introduced the Global Layer One (GL1) initiative as part of the effort to create a global digital asset infrastructure for seamless cross-border transactions while underlining the importance of FinTech in solving real-world problems.

Want more Asia news?
•CBDCs can replace cash, improve cross-border payments: IMF chief at Singapore fintech event
•Stablecoin Issuer Paxos Plans New U.S. Dollar-Backed Token for Singapore Operations
•Hitachi to partner Nomura for tokenized green bond
•National Pension Service, which says it “does not invest in coins,” bought 26 billion won worth of U.S. Coinbase stocks (Korean)
•Binance launches Thailand digital asset exchange with Gulf Energy

Latin America and the Caribbean

Image Credit: Dall-E 3

Web3's Emerging Markets: How Brazil is Leading the Crypto Charge (2 minute read)

Cryptocurrency is still attracting new users to Web3, especially in emerging markets like Brazil, according to José Ribeiro, CEO of crypto exchange Coinext. He believes that Bitcoin transaction volumes in Brazil will reach record levels in 2023, driven by increased competition from global exchanges like Binance, OKX, and Coinbase, as well as a potential decrease in interest rates in the country. Ribeiro emphasizes the importance of focusing on crypto fundamentals rather than price movements and the positive impact of regulatory clarity in boosting innovation and competition in Brazil's crypto and payments sector, highlighting the country's efforts in implementing systems like the PIX payment system and the upcoming central bank digital currency (CBDC) called DREX, which is set to enhance blockchain adoption in Brazil's financial industry.

Argentina Takes a Step Towards Crypto Regulation (7 minute read, Spanish)

A draft bill has been introduced in Argentina to regulate the use of cryptocurrencies, including Bitcoin. The proposal, presented by lawyer Ricardo Mihura Estrada, president of the NGO Bitcoin Argentina, aims to provide a legal framework for decentralized digital assets and centralized tools like stablecoins. The draft bill addresses issues of decentralization, centralization, and the powers of the Argentine state concerning cryptocurrency operations, focusing on promoting decentralization while allowing for regulated centralized assets and exchanges.

Want more Latin America and Caribbean news?
•El Salvador Remains in the Red on Bitcoin Holdings, But Losses Are Narrowing
•Regulation: classifying “Crypto as a Service” and stablecoins is among the biggest challenges, says BC (Portuguese)
•Bitso launches international transaction platform for companies through stablecoin (Portuguese)
•Tether confirms investment of almost 1 billion in Bitcoin mining with energy from Itaipu, Brazil (Portuguese)
•Núclea announces its blockchain focused on asset tokenization in partnership with Mobiup and Parfin (Portuguese)

Eastern Europe

Image Credit: Dall-E 3

Crypto Boom, Regulation, and Taxation: Turkey's Battle to Shed FATF Grey List Status (3 minute read)

Turkey is expected to introduce new regulations to govern the cryptocurrency market in 2024, with a focus on licensing and taxation, as the country seeks to address concerns raised by the Financial Action Task Force (FATF) and remove its "grey list" status related to money laundering and financial crimes. The forthcoming regulations may also include capital adequacy requirements, digital security measures, custody services, and proof of reserves to prevent abuse of the system. Turkey ranks fourth globally in raw crypto transaction volumes and its cryptocurrency market has been booming due to rising inflation and a depreciating national currency, making regulations essential for ensuring investor security and compliance with international standards.

Ukraine's Crypto Crime Fighters Sharpen Skills During OSCE and UN-Backed Training (1 minute read)

Fourteen Ukrainian supervisory and law enforcement officials participated in a training course in Vienna to enhance their skills in identifying and investigating financial crimes involving cryptocurrencies and virtual assets. The course, organized by the Organization for Security and Co-operation in Europe (OSCE) Economic and Environmental Activities in partnership with the UN Office on Drugs and Crime, aimed to strengthen Ukraine's capacity to combat money laundering and financial crimes amid the growing use of virtual assets in the country. Participants learned advanced techniques including tracing criminal transactions on different blockchains and best practices for investigating financial crimes related to virtual assets, aligning with an OSCE-led project supported by multiple countries to mitigate money laundering risks associated with virtual assets in Ukraine and other nations.

Want more Eastern Europe news?
•Crypto exchanges play with words: How sanctioned banks are used to buy assets (Russian)
•No CZ, no problem: Binance Blockchain Week showcases Turkish crypto industry
•Sber conducted the first transaction using a smart contract (Russian)
•The State Duma announced the possibility of using DFA in international payments (Russian)
•Assets worth $400 million were seized abroad by decision of Russian courts (Russian)

Thanks for reading and have a great week ahead!

What did you think of today's newspaper?

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If you have any comments or feedback, just respond to this email!

Written by Jon Lira. Connect with him on LinkedIn.

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Your 5 minute emerging markets web3 weekly update

📡Tap here to connect with us across the web📱

In This Issue

Africa
🔸Ripple Is Breaking Into The African Remittance Game With Onafriq Partnership
🔸ZARP - South Africa's Stablecoin - Gets Huge Liquidity Boost

Asia
🔸Digital Rupee Update: Indian Banks Set for January Wholesale CBDC Launch, Focusing on SMEs
🔸Mitsubishi, Japan's Leading Bank Enters Stablecoin Arena for Efficient Crypto Settlement

Latin America and the Caribbean
🔸Visa Bullish on Brazil’s Real World Asset Tokenization Market, Invests in Agrotoken
🔸Bitcoin Miner Marathon Digital Expands to Paraguay with Hydro-Powered Project Ahead of 2024 Halving

Eastern Europe
🔸Ukraine's $52.8 Billion Crypto Loss: Impact of Regulatory Vacuum Revealed - Report
🔸Blockchain Against Corruption: Ukraine Creating Regulatory Sandbox To Support Web3 Projects

Catch up on the latest episodes and clips from the second season of the EmergingVoices Podcast on YouTube!

Africa

Image Credit: Dall-E 3

Ripple Is Breaking Into The African Remittance Game With Onafriq Partnership (1 minute read)

Ripple Labs has partnered with South African fintech firm Onafriq to expand remittance payment capabilities between Africa and regions including the Gulf Cooperation Council, the U.K., and Australia. This collaboration will establish three blockchain-based payment channels connecting Onafriq users in Africa with UK-based fintech firm PayAngel, Abu Dhabi's digital wallet Pyypl, and Australia-based payments company Zazi Transfer. The partnership aims to offer faster and more cost-effective cross-border payments for individuals looking to send money into Africa from various parts of the world, eliminating the delays and high fees associated with traditional remittance payments by using XRP, Ripple's cryptocurrency.

ZARP - South Africa's Stablecoin - Gets Huge Liquidity Boost (1 minute read)

Old Mutual Wealth and Inves Capital are collaborating to enhance liquidity for the ZARP Stablecoin, a cryptocurrency linked to the South African Rand's value. Their goal is to provide substantial liquidity to the ZARP network and promote its use in decentralized finance protocols. Old Mutual Wealth currently manages the treasury of South African Rand assets backing the ZARP Stablecoin, and this partnership will expand to include liquidity funding for the ZARP network. The move comes as regulatory clarity in South Africa opens up new opportunities for crypto asset service providers, and stablecoins like ZARP are seen as vital in the emerging financial landscape of the region.

Want more Africa news?
•REGULATION | Kenyan Parliamentary Committee Requests Blockchain Association of Kenya to Draft a Crypto Bill
•REGULATION | Mauritius Publishes Consultation Paper on Metaverse for the Financial Services Sector
•Telegram Wallet Aims to Conquer African Markets with IvoryPay Alliance
•LIST | Here Are the 8 Finalists Selected for the ‘Build For Africa’ Bitcoin Lightning Network Hackathon
•Uganda’s Blockchain Revolution: PACEID and TA-CargoX Consortium Launch TradeXchange Platform

Asia

Image Credit: Dall-E 3

Digital Rupee Update: Indian Banks Set for January Wholesale CBDC Launch, Focusing on SMEs (3 minute read)

Banks in India are planning to launch a wholesale Central Bank Digital Currency (CBDC) by January, targeting small and medium enterprises (SMEs) in the initial phase, and eventually onboarding large corporates later as their transaction sizes are expected to be larger. The Reserve Bank of India had launched a wholesale CBDC pilot in November 2022 for settling secondary market transactions in government securities. However, banks are proceeding with caution to ensure the necessary infrastructure and security safeguards are in place before the launch, with a focus on convincing corporates to use the CBDC over the existing Real Time Gross Settlement system due to concerns related to payment settlement disputes between senders and receivers.

Mitsubishi, Japan's Leading Bank Enters Stablecoin Arena for Efficient Crypto Settlement (1 minute read)

Mitsubishi UFJ Trust and Banking Corporation is partnering with Ginco Inc. and Progmat, Inc. to initiate a joint study to develop a stablecoin infrastructure aimed at improving settlement in the cryptocurrency market. The study aims to issue two stablecoins, XJPY (Japanese yen-denominated) and XUSD (U.S. dollar-denominated). These stablecoins will utilize the Progmat Coin platform, ensuring compliance with Japanese regulations, particularly the revised Payment Services Act, which restricts stablecoin issuance to licensed financial institutions and registered money transfer agents. Other participants include crypto asset liquidity provider Cumberland Global Limited, Japan-based crypto exchange Bitbank Inc., and Mercoin.

Want more Asia news?
•Standard Chartered’s venture arm to set up crypto fund in UAE
•Tokenization top of mind for Hong Kong’s securities regulator
•India's Controversial Crypto Tax Should Be Cut After Failing to Achieve Aims, Think Tank Urges
•Taiwan’s Legislature Considers Virtual Asset Management Bill to Protect Consumers
•Coinbase blocking explained in Kazakhstan

Latin America and the Caribbean

Image Credit: Dall-E 3

Visa Bullish on Brazil’s Real World Asset Tokenization Market, Invests in Agrotoken (2 minute read, Portuguese)

Visa has announced an investment in the real world asset token market in Brazil by leading a Pre-Series round in Agrotoken, a Brazilian company focused on tokenizing agricultural commodities. This partnership aims to create more opportunities in the agricultural industry and promote greater inclusion of small farmers through tokenized financial products, connecting digital stablecoins and traditional currencies with blockchain technology to support agricultural producers and entrepreneurs. The investment will be used to accelerate Agrotoken's project growth, develop new products, and expand the issuance of Agrotoken Visa cards internationally.

Bitcoin Miner Marathon Digital Expands to Paraguay with Hydro-Powered Project Ahead of 2024 Halving (2 minute read)

Marathon Digital is expanding its bitcoin mining operations by building a 27-megawatt project in Paraguay, powered by hydro energy, in partnership with Penguin Infrastructure Holding. This is Marathon's second international deployment, following its expansion into the United Arab Emirates earlier this year. Its expansion into international markets allows for improved margins, risk reduction, and further decentralization of the Bitcoin network's hash rate while helping countries and businesses reduce emissions and improve economics. The company aims to achieve 1.1 exahash per second of computing power by the beginning of next year, part of its strategy to reduce costs ahead of the bitcoin halving scheduled for April 2024.

Want more Latin America and Caribbean news?
•B3 and Anbima company announces test network for the Central Bank of Brazil’s Drex (Portuguese)
•Solana awards Brazilians, Smartpay creates bridge for Truther and Sonica participates in the RD Summit (Portuguese)
•BC reaffirms that until regulation, Vasps do not need prior authorization to operate (Portuguese)
•Bitcoin ATMs in El Salvador are Getting a Lightning Network Upgrade
•Debit card launched for anonymous payments with bitcoin in Argentina (Spanish)

Eastern Europe

Image Credit: Dall-E 3

Ukraine's $52.8 Billion Crypto Loss: Impact of Regulatory Vacuum Revealed - Report (2 minute read, Russian)

Ukraine has reportedly lost over $52.8 billion between 2016 and 2022 due to the lack of cryptocurrency market regulations, according to a study by Ukraine Economic Outlook. The losses resulted from factors such as missed income opportunities for the population and companies, lack of investment instruments, and limited liquidity of foreign exchange instruments within the country. Deputy Head of the Ministry of Digital Development Alexander Bornyakov emphasized the importance of regulating the crypto market and suggested a special tax regime to bring the sector out of the shadows, suggesting personal income tax rates of 5% and corporate tax rates of 18%.

Blockchain Against Corruption: Ukraine Creating Regulatory Sandbox To Support Web3 Projects (1 minute read, Russian)

Ukraine's Ministry of Digital Development is working on establishing a regulatory sandbox to support innovative projects not currently covered by Ukrainian regulations, focusing on areas like Web3, cryptography, and artificial intelligence. This initiative aims to establish a regulatory framework for technological advancements in Ukraine, with a specific focus on utilizing blockchain in the fight against corruption. The sandbox will provide companies with the opportunity to test their products and refine their business models, facilitating market entry and attracting investments.

Want more Eastern Europe news?
•The court fined the Coinbase exchange for refusing to localize the data of Russians (Russian)
•A scheme to defraud Bitcoin investors from the EU was uncovered in Ukraine and Georgia (Russian)
•The Bank of Russia and the Ministry of Finance have come to a common position on the issue of cryptocurrencies (Russian)
•An Estonian will create an AI copy of himself to recover his Ethereum wallet password (Russian)
•Nabiullina: The Central Bank will move to the mass introduction of the digital ruble in 2025 (Russian)

Thanks for reading and have a great week ahead!

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