Katherine Ross

Binance has secured a virtual asset securities provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority.&nbsp;



Binance said that its Dubai arm can now offer services to the retail market, as well as expand services to both qualified and institutional investors.&nbsp;



According to a blog post, Binance FZE will now “introduce new options through its lending and borrowing services,” which will include virtual asset loans.&nbsp;



“Management and investment services will enable users to leverage features such as ETH staking, BNB Vault, and Launchpool to amplify the earning potential of their digital assets,” the post continued.



The <a href="https://blockworks.co/news/binance-dubai-operational-license">exchange previously held a minimum viable product license</a>, which it was granted back in July 2023.&nbsp;



Bloomberg reported that the firm was granted the license upgrade after former CEO Changpeng Zhao agreed to give up his voting control in the entity. Last year, <a href="https://blockworks.co/tag/changpeng-zhao">Zhao</a> stepped down as CEO of the firm after the Department of Justice and Binance <a href="https://blockworks.co/news/binance-changpeng-zhao-face-sec-charges">announced a multi-billion dollar settlement deal</a>.&nbsp;



Read more: <a href="https://blockworks.co/news/binance-comments-on-exec-nigeria-detention">Binance ‘deeply disappointed’ about the ongoing detention of an executive in Nigeria</a>



Additionally, Zhao <a href="https://blockworks.co/news/changpeng-zhao-bond-sentencing">pleaded guilty to breaking</a> US anti-money laundering laws. He faces sentencing in a US court later this month.&nbsp;



Current CEO Richard Teng <a href="https://www.binance.com/en/blog/markets/binance-fze-receives-a-vasp-licence-from-dubais-virtual-assets-regulatory-authority-6121983057450016990">said</a> that the new license “conclusively proves our steadfast commitment to revolutionizing the future of finance. Our attainment of this milestone stands as a solid affirmation of our continued drive for transparency, regulatory compliance, and responsible growth in the ever-expanding digital asset sphere.”



Elsewhere in <a href="https://blockworks.co/tag/binance">Binance</a>’s realm, the firm converted the assets held in its Secure Asset Fund for Users (SAFU) to Circle’s stablecoin <a href="https://blockworks.co/tag/usdc">USDC</a>. The fund is an emergency insurance fund that was established in 2018. Binance, in a blog post, said that it typically sets the fund’s level to $1 billion.&nbsp;



“​​We are transferring 100% of SAFU’s assets to USDC. Making use of a trusted, audited, and transparent stablecoin for SAFU further enhances its reliability and ensures it remains stable at $1 [billion],” Binance <a href="https://www.binance.com/en/blog/ecosystem/update-safu-conversion-to-usdc-270057093957213098">said</a>.&nbsp;



The SAFU fund was formerly made up of bitcoin, Binance’s native BNB, Tether’s USDT stablecoin and TUSD, <a href="https://web.archive.org/web/20240403225008/https://academy.binance.com/en/glossary/secure-asset-fund-for-users">according</a> to a Binance Academy post.&nbsp;



And while there won’t be any new updates in the ongoing back and forth between Binance and Nigeria until Monday, when a detained Binance executive is expected to have a bail hearing, a new <a href="https://www.nytimes.com/2024/04/18/technology/binance-crypto-compliance-officer-nigerian-prison.html">report</a> from the New York Times shines more light on the tension between Nigeria and the exchange.&nbsp;



A compliance officer for Binance, Tigran Gambaryan, has been detained — and is now in prison — in Nigeria. He was <a href="https://blockworks.co/news/nigerian-government-binance-fine">taken into custody back in February</a>, though authorities were careful to note that he had initially not been arrested. However, a Nigerian court sent the Binance executive to jail last week.&nbsp;



Binance <a href="https://blockworks.co/news/binance-employees-detained-nigeria">has repeatedly said</a> that Gambaryan holds no “decision-making power” in the company. According to the report from the Times, this was the second such trip the executive made to the&nbsp; country, though both he and Binance’s regional manager in Africa — Nadeem Anjarwalla, who later escaped and left the country — were not expecting to be detained by authorities.&nbsp;



It’s unclear at this point where discussions stand between Binance and Nigeria. According to the Times, the White House is reportedly engaging with the US Embassy in Nigeria to “resolve the situation.”



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Binance receives license in Dubai, moves SAFU fund to USDC

Hong Kong Financial Services Secretary Christopher Hui reiterated that lawmakers intend to propose legislation on stablecoins and virtual asset over-the-counter (OTC) services.&nbsp;



Hui <a href="https://www.info.gov.hk/gia/general/202402/21/P2024022100216.htm?fontSize=1">said</a> that, as part of proposed legislation on OTC services, “virtual asset services providers may be required to be licensed by the Commissioner of Customs and Excise (CCE).”



The proposals would cover all OTC services “irrespective of whether the services are provided through a physical outlet and/or other platforms; providing powers for CCE to supervise the [anti-money laundering] conduct of licensees, and enforce the statutory and regulatory requirements under the new regime; and providing transitional arrangement to facilitate the effective implementation of the regulatory regime.”&nbsp;



Separately, some stablecoin issuers — depending on criteria — would be required to register with the Hong Kong Monetary Authority under a different regulatory proposal. The proposal, made in December of last year, <a href="https://blockworks.co/news/hong-kong-stablecoin-regulation">is open for public consultation until Feb. 29</a>. 



“The proposed regulatory regime will also prohibit the advertising of unlicensed issuers&#8217; <a href="https://blockworks.co/tag/stablecoins">stablecoin</a> issuance,” Hui said.



The HKMA said last year that the regulations were meant to encourage virtual asset innovations “in a sustainable manner, while actual and potential risks from the perspectives of monetary and financial stability, consumer protection as well as money laundering and terrorist financing, can be identified and properly addressed.”



Read more: <a href="https://blockworks.co/news/hong-kong-releases-crypto-etf-requirements">Hong Kong releases crypto ETF requirements ahead of US approval</a>



Hui’s clarity on potential crypto regulation came after receiving a written question on where Hong Kong stands regarding crypto trading regulations.



“The Government and regulators are committed to enhancing the VA regulatory framework, including the introduction of suitable licensing regimes to ensure that service providers concerned comply with the requirements on <a href="https://blockworks.co/tag/aml">AML</a>/CTF and investor protection,” Hui said.



Earlier this week, the HKMA <a href="https://www.hkma.gov.hk/media/eng/doc/key-information/guidelines-and-circular/2024/20240220e4.pdf">issued</a> guidance to firms offering digital asset custodial services.



The guidance includes allocating resources, segregating the client’s digital assets and safeguarding those assets.&nbsp;



Hong Kong is working to establish itself as a crypto hub, while also ensuring that investors are protected without repeating the FTX or Terra collapses. FTX collapsed in November of 2022, while Terra’s algorithmic stablecoin depegged in the summer of 2022. Both had crippling effects on the crypto industry, which is just now beginning to show signs of a potential bull market.&nbsp;



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Hong Kong official plots rules for stablecoins, crypto OTC services

Ben Strack

Kraken is the latest crypto exchange set to move into a new market after securing regulatory approval to operate in the Netherlands.&nbsp;



The company’s virtual asset service provider (<a href="https://blockworks.co/tag/vasps">VASP</a>) registration from the Dutch Central Bank allows it to offer its products to retail clients and professional traders there, the company said Thursday.



The Netherlands has “the highest fintech adoption rate among developed economies,” Kraken <a href="https://blog.kraken.com/news/kraken-secures-vasp-registration-from-dutch-central-bank">said</a> in a blog post. Roughly 20% of Dutch citizens own crypto, according to the exchange.



The registration comes after Kraken said in October it would <a href="https://blockworks.co/news/kraken-acquisition-dutch-crypto-broker-europe">acquire Dutch crypto broker Coin Meester BV</a> (BCM).



“The European market for crypto services is highly fragmented and we see significant opportunity for consolidation to strengthen our position in the region,” <a href="https://blockworks.co/tag/kraken">Kraken</a> CEO David Ripley said at the time.&nbsp;



Crypto exchanges have flocked to Europe and elsewhere amid an uncertain regulatory environment in the US for such entities.&nbsp;&nbsp;



Read more: <a href="https://blockworks.co/news/coinbase-global-expansion">Coinbase is ramping up global efforts with ‘forward-looking regulators’</a>



<a href="https://blockworks.co/tag/europe">Europe</a>, in particular, has become an attractive option for crypto exchanges to set up shop ahead of the implementation of the Markets in Crypto Assets (<a href="https://blockworks.co/tag/mica">MiCA</a>) regulation.&nbsp;



Under MiCA — <a href="https://blockworks.co/news/eu-parliament-passes-mica-vote?nocache">passed last April</a> — crypto asset services providers looking to serve European Union clients must gain licenses from national authorities. The framework expects to go into effect at the end of 2024.



Coinbase selected Ireland as its “EU MiCA hub” in October. Kraken <a href="https://blockworks.co/news/kraken-licenses-spain-ireland">received an EU e-money institution license</a> from the Central Bank of Ireland and a VASP registration from the Bank of Spain last year.



Read more: <a href="https://blockworks.co/news/ireland-crypto-vasps-coinbase">Why crypto companies are flocking to Ireland ahead of MiCA</a>



Outside of Europe, competing crypto exchange <a href="https://blockworks.co/tag/okx">OKX</a> also expanded to a new market earlier this week.&nbsp;



The company’s new Argentina platform allows crypto trading and staking for users in South American countries.&nbsp;



Argentinian banking giant <a href="https://blockworks.co/news/argentinas-biggest-private-bank-adds-crypto-trading">Banco Galicia added crypto trading</a> to its investment platform in 2022. The country’s people more recently elected as its president Javier Milei, a libertarian who has <a href="https://blockworks.co/news/argentina-milei-bitcoin-president">expressed support for bitcoin</a>.



“Consumer demand for crypto assets continues to surge as innovations in the country evolve at a stunning pace,” OKX President Hong Fang said in a statement. “It&#8217;s that combination of an established crypto foothold and swift evolution that makes Argentina so exciting as our next market.”



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Kraken, OKX the latest crypto exchanges moving into new markets

South Korea’s Financial Services Commission (FSC) proposed new rules on Monday to protect crypto users.



The proposed rules would fall under its Protection of Virtual Asset Users Act, which is set to take place on July 19, 2024.



The Act will cover “electronic tokens with economic value which can be traded or transferred electronically,” but put “electronic bonds, mobile gift certificates, deposit tokens linked to CBDC and non-fungible tokens (NFTs) to the list of excluded tokens,” the FSC <a href="https://www.fsc.go.kr/eng/pr010101/81217">said</a>.



<a href="https://blockworks.co/tag/nfts">NFTs</a> have an exception, however, with the FSC clarifying that large scale issuances, as well as tokens used as a payment method for a good or service, could see “digital tokens” categorized as a virtual asset under the Act.&nbsp;



“Although a digital token is called an NFT, it can be regarded [as] a virtual asset under the Act if it is issued in a large scale and traded in a fungible manner, or if it can be used as a payment method for goods and services,” the FSC <a href="http://www.fsc.go.kr:8300/v/pd3u7TKsGFG">wrote</a> in a footnote.



Read more: <a href="https://blockworks.co/news/irs-rising-crypto-tax-evasion-cases">Crypto tax evasion cases are on the rise: Bloomberg</a>



The proposal suggests that Virtual Asset Service Providers (<a href="https://blockworks.co/tag/vasps">VASPs</a>) would custody customer money in banks. This would prevent customer money from being mingled with the VASPs funds. If a VASP uses customer deposits, they would be “required to pay fees to their customers” for using the money, “taking account of their operating profits and costs.”



Banks, under this proposal, would be allowed to invest the deposits in “safe assets” like government bonds.



VASPs would use cold wallets to hold roughly 80% of customers&#8217; virtual assets.&nbsp;



The proposal would require liability insurance for any VASP, with the compensation limit set at least 5% of the customer funds in hot wallets or reserves of the same amount set aside.



The comment period for the proposals is open until Jan. 22.



South Korea is working to regulate the crypto industry. Back in July, the <a href="https://blockworks.co/news/financial-statements-must-include-crypto-south-korea-regulator">FSC ordered companies to disclose crypto holdings</a> and issuances. The move helps to align the crypto accounting standards with the traditional standards. Lawmakers, starting in May, <a href="https://blockworks.co/news/south-korea-mandates-lawmakers-disclose-crypto">now have to disclose crypto assets.</a>



The <a href="https://blockworks.co/news/south-korea-insider-trading-law">Virtual Asset Protection Act</a> was passed back in June, with a focus on cracking down on illegal trading from market manipulation to insider trading.



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South Korea regulator wants banks to custody customers’ VASP deposits

James Cirrone

MadLads creator Backpack has launched a crypto exchange now that it has secured a VASP license from Dubai.



Backpack Exchange will first be made available as a private beta for existing Backpack and MadLads community members sometime in November. The exchange, which will only offer spot trading for the time being, will publicly launch in the first quarter of 2024.&nbsp;



Developers will be working to add <a href="https://blockworks.co/tag/derivatives">derivatives</a> and margin trading to the exchange after its launch, according to a press release. 



Backpack founder and CEO Armani Ferrante announced the news early Tuesday morning on X, formerly Twitter, saying that creating this exchange was “the hardest yet most important project” his team has worked on “by far.”



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">Lads, the time has come. We launched Anchor, the framework. We launched Backpack, the wallet. We launched xNFTs, the protocol, We launched Mad Lads, the community. And now, we launch X. <a href="https://t.co/TQ8ZIu8S6D">https://t.co/TQ8ZIu8S6D</a>&mdash; Armani | X (@armaniferrante) <a href="https://twitter.com/armaniferrante/status/1719250555762303219?ref_src=twsrc%5Etfw">October 31, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



The floor price of Solana-based NFT collection MadLads pumped as much as 19 solana (<a href="https://blockworks.co/price/sol">SOL</a>) (about $690) in the hours after Ferrante’s post about the new exchange, according to <a href="https://www.coingecko.com/en/nft/mad-lads">CoinGecko</a>.&nbsp;



Ferrante also wrote that since the MadLads mint in April 2023, Backpack has “tripled” the size of its team and “worked with global regulators.”



The Backpack Exchange plans to employ zero-knowledge <a href="https://blockworks.co/tag/zero-knowledge-proof">proofs</a> to verify its reserves, as well as use multi-party computation (MPC) technology to custody user assets, according to a statement shared with Blockworks.&nbsp;&nbsp;



Backpack is also behind the concept of xNFTs, or executable NFTs. <a href="https://blockworks.co/news/you-know-xnfts">They double as digital assets and apps that run code</a>. Essentially, these xNFTs can live in your Backpack wallet as games, DeFi protocols and even music platforms.&nbsp;



It&#8217;s unclear if these digital assets will play a specific role in the upcoming exchange.



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MadLads creator Backpack to offer native crypto exchange in Dubai

Ireland continues to be an attractive destination for crypto companies, with Coinbase becoming the latest to bolster its presence there.&nbsp;



Various companies in the segment have been expanding into the European Union ahead of the implementation of the Markets in Crypto Assets (MiCA) regulation.&nbsp;



Under MiCA — <a href="https://blockworks.co/news/eu-parliament-passes-mica-vote?nocache">passed in April</a> — crypto asset services providers (CASPs) that seek to serve EU clients must gain licenses from national authorities. The regulatory framework expects to go into effect for such entities at the end of 2024.



Coinbase chose Ireland as its “EU MiCA hub” due to the country’s supportive political environment for fintech companies and its “globally respected” regulator, the exchange said in a Thursday blog <a href="https://www.coinbase.com/blog/announcing-ireland-as-our-eu-mica-entity-location">post</a>.  



In the US, Coinbase <a href="https://blockworks.co/news/sec-opposes-coinbases-motion-to-dismiss">remains at odds</a> with the US Securities and Exchange Commission, which <a href="https://blockworks.co/news/sec-sues-coinbase">sued the company in June</a> for alleged securities violations. Coinbase has denied wrongdoing.



Read more: <a href="https://blockworks.co/news/coinbase-global-expansion">Coinbase is ramping up global efforts with ‘forward-looking regulators’</a>



Coinbase opened up its Dublin office at the end of 2018 and received an e-money license from the Central Bank of Ireland the following year. It registered as a virtual asset service provider (VASP) in the country in December 2022. It also introduced an Ireland country director at the time.&nbsp;



<a href="https://www.centralbank.ie/regulation/anti-money-laundering-and-countering-the-financing-of-terrorism/virtual-asset-service-providers">VASPs</a> in Ireland can offer five services to Irish customers, including the exchange between digital assets and fiat currencies, as well allowing the swapping of digital assets for others.



“Due to our existing operational structure in Ireland, we have access to deep talent pools with significant expertise in both financial services and innovative new technologies,” <a href="https://blockworks.co/tag/coinbase">Coinbase</a> said in its Thursday post. 



<h2 class="wp-block-heading">Not just Coinbase&nbsp;</h2>



Dublin, as far back as 2018, was thought to be “one of the capitals of Europe’s burgeoning crypto economy,” according to Coinbase.&nbsp;



Others seem to agree.&nbsp;



Gemini became the first company to be registered as a VASP in Ireland in July 2022. The crypto platform’s co-founder, Cameron Winklevoss, <a href="https://www.irishtimes.com/business/financial-services/2023/05/25/crypto-exchange-gemini-names-dublin-as-european-hq/">told</a> the Irish Times in May that Dublin would be Gemini’s “entry point” into the rest of Europe as MiCA is implemented.&nbsp;



Read more: <a href="https://blockworks.co/news/mica-eu-securities-chief-crypto">MiCA isn’t a safety net, EU securities chief warns</a>



Crypto firms flocking to the country follows a concerted effort by Ireland to foster innovation.



Ireland’s government in 2018 created an Innovation <a href="https://www.centralbank.ie/regulation/innovation-hub">Hub</a> — designed to allow fintech firms to engage with the Central Bank of Ireland in a more informal manner.



A third of inquiries into the Innovation Hub came from companies within the blockchain or crypto sectors — a slight dip from 39% in 2021, according to a March Central Bank of Ireland <a href="https://www.centralbank.ie/docs/default-source/regulation/innovation-hub/innovation-hub-2022-update.pdf?sfvrsn=e0c5991d_4">report</a>.&nbsp;



“In particular, there was an increase in the number of enquiries from large, established crypto asset service providers,” the report notes. “While many focused on the VASP registration regime, some firms were also considering other authorizations including e-money, and <a href="https://www.centralbank.ie/regulation/industry-market-sectors/investment-firms/mifid-firms/authorisation-process">MiFID</a> authorizations.”



Crypto payment company <a href="https://blockworks.co/news/moonpay-ireland-vasp">MoonPay also gained VASP status in Ireland</a> in August. CEO Ivan Soto-Wright told Blockworks that having such a registration, and eventually applying under MiCA, to passport across the EU “will be an immense competitive advantage.”&nbsp;



The Central Bank of Ireland <a href="https://blockworks.co/news/kraken-licenses-spain-ireland?utm_source=Sailthru&amp;utm_medium=email&amp;utm_campaign=Daily%20NL%209.26.23&amp;utm_term=Daily%20Newsletter">authorized crypto exchange Kraken</a> as an E-Money Institution (EMI) last month. The company <a href="https://blog.kraken.com/news/kraken-progresses-european-expansion-secures-eu-e-money-license-and-vasp-in-spain">noted</a> that the license allows it to expand Euro fiat services in partnership with banks across the 27 EU member states.



Crypto giant Binance — <a href="https://blockworks.co/news/binance-sec-chamber-of-commerce">currently in a legal battle with the US Securities and Exchange Commission</a> — had considered making Ireland one of its headquarters, Reuters <a href="https://www.reuters.com/technology/binance-ceo-says-ireland-is-part-its-hq-plans-2021-10-07/">reported</a> in October 2021. The company ultimately made <a href="https://www.wsj.com/articles/binance-picks-paris-to-be-regional-hub-in-europe-11651686826">Paris</a> its European hub the following year.



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Why crypto companies are flocking to Ireland ahead of MiCA

Kraken is acquiring Dutch company Coin Meester BV (BCM) as the crypto exchange continues to make a European push.&nbsp;



BCM operates as a crypto broker in the Netherlands and was founded in 2017.&nbsp;



Details about the deal were not made public, and completion of the deal is subject to closing conditions.&nbsp;



In a statement about the acquisition, Kraken CEO David Ripley called the Netherlands a “key market” for Kraken. The crypto broker will give the exchange a “sizable position in the Dutch market.”



“The European market for crypto services is highly fragmented and we see significant opportunity for consolidation to strengthen our position in the region,” Ripley said.&nbsp;



“We&#8217;ll continue to invest in the expansion of our European business and are well positioned to capitalize on the opportunity for further growth in the years ahead. We have a very compelling value proposition and look forward to serving even more clients across Europe.”



Kraken <a href="https://blockworks.co/news/kraken-licenses-spain-ireland">received an EU e-money institution license</a> from the Central Bank of Ireland in late September. It also received Virtual Asset Service Provider (<a href="https://blockworks.co/tag/vasps">VASP</a>) registration from the Bank of Spain.



“We see a firm foundation for crypto in Europe, which has forward-looking regulation that enables us to grow with confidence,” Curtis Ting, Kraken’s vice president of global operations, said at the time.



The European Union’s <a href="https://blockworks.co/tag/mica">Markets in Crypto Assets</a> (MiCa) regulatory framework is set to be fully incorporated next December, giving firms a bit of runway to become compliant under the new rules.



Kraken is also <a href="https://blockworks.co/news/kraken-stock-trading">reportedly interested in expanding its business </a>to stock trading, according to a September report from Bloomberg.&nbsp;



“<a href="https://blockworks.co/tag/kraken">Kraken</a> is always exploring how it can power the global adoption of cryptocurrencies. While we can’t comment on rumors or speculation, we’re looking to broaden and enhance our offering so clients continue to have secure and seamless access to Kraken’s full product suite,” a spokesperson from Kraken told Blockworks at the time.



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Kraken to acquire Dutch crypto broker in European expansion

Coinbase received registration from the Bank of Spain, allowing it to operate as both a crypto exchange and wallet provider in Spain.&nbsp;



The registration will allow Coinbase to offer its full suite of services, and marks yet another international move for the US-based company.&nbsp;



“Most of the world is stepping up to the plate and providing clarity and guidance for the crypto industry,” Nana Murugesan, a business development executive at Coinbase <a href="https://www.coinbase.com/blog/coinbase-obtains-bank-of-spain-registration-in-spain">said</a>, citing the company’s virtual asset service provider (VASP) registrations in Italy, Ireland and the Netherlands, plus launches in Singapore and Canada.



“Working with regulators in these jurisdictions is a fundamental step in our strategy to grow internationally and continue our momentum,” he said.



Coinbase praised Europe for “leading the way,” noting it was in <a href="https://blockworks.co/news/coinbase-global-expansion">the second phase of its international expansion strategy</a>, in a Sept. 6, blog post.



“We see the enactment of clear rules; innovation of more efficient, more accessible products and services; and user trust created through these products and services as our formula for long-term growth,” Murugesan <a href="https://www.coinbase.com/blog/announcing-phase-ii-of-our-international-expansion-strategy-83-of-major-hubs">wrote</a>.&nbsp;



<a href="https://blockworks.co/tag/coinbase">Coinbase</a> added that it is “committed to helping to update the global financial system and providing more economic freedom and opportunity, and won’t stand idle just because the US is.”



The <a href="https://blockworks.co/news/canada-coinbase-regulators">US-based company told Blockworks</a> in August that it is working with Canadian regulators to be “super active” in Canada.



With the Bank of Spain registration, customers using Coinbase can buy and sell crypto with legal tender, trade crypto, and access custody services.



The <a href="https://blockworks.co/news/spain-crypto-com-registered">Bank of Spain granted Crypto.com</a> VASP registration in June, a move that was seen as the EU country setting itself up as crypto-friendly ahead of the <a href="https://blockworks.co/tag/mica">Markets in Crypto Assets (MiCA)</a> rollout that’s expected in December 2024.



A few days after announcing Crypto.com’s registration, <a href="https://blockworks.co/news/ripio-greenlight-spain">Spain also granted Ripio approval</a> to operate in <a href="https://blockworks.co/tag/spain">Spain</a>. Ripio is a crypto exchange that also offers products such as a Web3 wallet.



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Coinbase gets green light from Bank of Spain

Komainu has received approval from Dubai&#8217;s Virtual Asset Regulatory Authority (VARA) to provide its custody services to clients in Dubai, the company told Blockworks Tuesday.



The crypto custodian is among the first to receive a full Virtual Asset Service Provider (VASP) in a region that various companies in the segment <a href="https://blockworks.co/news/crypto-bullish-on-uae">have sought to set up outposts</a>. Crypto firms’ interest in <a href="https://blockworks.co/tag/dubai">Dubai</a> accelerated after <a href="https://blockworks.co/news/dubai-is-the-latest-government-to-roll-out-crypto-law-set-up-regulator">the emirate established VARA</a> in March 2022.&nbsp;&nbsp;



“VARA has created a robust regulatory framework allowing firms like ourselves to innovate, whilst operating safely and exploring the future potential of digital assets, which includes tokenization and DeFi services,” Komainu’s strategy lead Sebastian Widmann told Blockworks in an email.&nbsp;



Read more: <a href="https://blockworks.co/news/dubai-free-zone-now-home-to-more-than-500-crypto-startups">Dubai free zone now home to more than 500 crypto startups</a>



VARA has a four-stage licensing process: a provisional permit, preparatory and operating minimal viable product (MVP) licenses and a so-called full market product (FMP) license.&nbsp;



Reaching this final step in VARA’s licensing process allows the company to provide institutional staking and collateral management in the region via its Komainu Connect platform, the company noted. It can also offer custody and custodial staking.



<a href="https://blockworks.co/tag/komainu">Komainu</a> — started in 2018 as a joint venture between Japan-based financial giant Nomura, blockchain company Ledger and crypto investment firm CoinShares — services institutional clients, such as asset managers, banks, liquidity providers and exchanges.



It had <a href="https://blockworks.co/news/crypto-custodian-komainu-follows-exchanges-to-dubai">gained preliminary approval to operate in Dubai</a> in July 2022. Komainu then received its MVP license from the Dubai regulator in November.



“We see tremendous growth potential in the [Gulf Cooperation Council countries] and expect to increase our headcount in the region to meet growing client demand,” Widmann said.&nbsp;



A spokesperson noted that Komainu currently has five employees in Dubai under Widmann’s leadership and plans to double that number by the end of the year.



The company’s license comes a few weeks after Laser Digital, the crypto unit of Nomura, <a href="https://blockworks.co/news/nomura-laser-digital-dubai-license">obtained a full license from VARA</a>. Crypto exchange <a href="https://blockworks.co/news/binance-dubai-operational-license">Binance received an operational MVP license last month</a> — bringing the company one step away from offering a broader range of authorized services in the region.



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Komainu becomes latest crypto firm to gain full license in Dubai

Sebastian Sinclair

Japan is expected to introduce new anti-money laundering measures designed to better track crypto transactions as it continues to move in lockstep with other nations across the region.



The country’s cabinet intends to implement the new measures come June 1, which would see the enforcement of what’s known as the travel rule, <a href="https://japantoday.com/category/crime/japan-to-enforce-crypto-anti-money-laundering-steps-from-june" target="_blank" rel="noreferrer noopener">Japan Today</a> reported on Tuesday.



It requires financial institutions to pass certain information between them, with the goal of transaction traceability — to prevent, detect and prosecute money laundering and other financial crimes.&nbsp;



It also requires the names, addresses and other financially identifiable data to be included in each step of a given transaction. The rule was later adapted for virtual asset service providers.



An intergovernmental organization, known as the Financial Action Task Force (FATF) — responsible for enforcing the rule — found Japan’s previous attempt at adoption in 2021 to be deficient.



Japan has continued to ratchet up its standards on crypto regulation for roughly two years in response to criticisms levied against it. Those criticisms also included the FATF’s public shaming of Japan’s &#8220;<a href="https://asia.nikkei.com/Business/Finance/Money-laundering-watchdog-gives-Japan-a-failing-grade" target="_blank" rel="noreferrer noopener">inadequate progress</a>&#8221; on the issue when it came to digital assets.



As a result, a significant investor protection bill was approved by the <a href="https://blockworks.co/news/japan-passes-legal-framework-for-stablecoins">Japanese legislature</a> in June of last year, establishing a legal structure for stablecoins and defining them as digital currencies.&nbsp;



Under the law, the issuance of stablecoins is exclusively reserved for recognized financial entities, including registered banks, money transfer agencies, and trust companies.



Around the same time, the country also sought changes to its <a href="https://blockworks.co/news/japan-to-revise-foreign-exchange-law-targeting-crypto-over-sanctions-evasion">Foreign Exchange Act</a> in a bid to clamp down on crypto transactions thought to be making their way into the hands of sanctioned Russian nationalists.



Coincidentally, as Japan strengthens its AML rules for crypto, Hong Kong is anticipated to <a href="https://blockworks.co/news/hong-kong-to-lift-crypto-ban">ease restrictions</a> on virtual asset providers previously barred from serving retail crypto investors.



Though, like Japan and much of the regions across Asia, Hong Kong and others continue to advance more aggressive policies in the wake of a brutal year for digital assets and the demise of FTX — a particular <a href="https://www.bbc.com/news/business-63898729" target="_blank" rel="noreferrer noopener">sore spot</a> for <a href="https://blockworks.co/tag/singapore" target="_blank" rel="noreferrer noopener">Singapore</a>.



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Japan to Tighten Crypto Anti-Money Laundering Rules Next Month

The need for cryptocurrency regulation is becoming increasingly clear following scandals and controversies in the industry, according to a prominent US nonprofit research institute.



The Foundation for Defense of Democracies (FDD) released a research <a href="https://www.fdd.org/analysis/2023/02/16/the-underside-of-the-coin-illicit-finance-risks-in-virtual-assets/" target="_blank" rel="noreferrer noopener">paper</a> Thursday titled “The Underside of the Coin: Illicit Finance Risks in Virtual Assets.” 



Authors Richard Goldberg and Alex Levitov laid out six recommendations to close what the institute sees as regulatory gaps existing among virtual asset service providers (VASPs).



VASPs are those businesses or individuals that engage in activities involving virtual assets, such as cryptocurrencies. Examples of VASPs include cryptocurrency exchanges, wallet providers and other businesses that provide virtual asset-related services to customers.



Of the six recommendations, the FDD says the US should first work with the Financial Action Task Force (FATF) to ensure that member states implement the guidance for crypto regulation.&nbsp;



That includes implementing the travel rule and standardizing crypto terminology across foreign jurisdictions. The <a href="https://blockworks.co/news/eu-to-require-exchanges-identify-most-crypto-transactions">travel rule</a> refers to a set of regulations that require financial institutions, including VASPs, to obtain and share certain customer information when transferring funds.&nbsp;



Regulators should consider regulating digital assets through enforcement actions to communicate key compliance messages, the authors wrote. That includes taking an example set by the Treasury Department&#8217;s Office of Foreign Assets Control in the past including allegations against digital wallet provider BitGo and crypto mixer <a href="https://blockworks.co/tag/tornado-cash">Tornado Cash</a>.



Policymakers and the crypto community must also strike a balance between privacy and security when regulating mining pools, mixers and privacy coins, the pair recommended third on their list.



<h2 class="wp-block-heading">Cybersecurity mandates, blockchain analytics tools and more</h2>



Minimum standards for cybersecurity should also be required of VASPs, the authors recommended in their fourth point.



“The failure of VASPs to invest in cybersecurity measures leaves the public vulnerable. The administration and Congress should consider minimum standards for cybersecurity for a VASP to maintain its legal status,” the authors said.



The paper also recommends that the Biden administration collaborates with Congress to provide federal, state, and local agencies access to necessary blockchain analytics tools.&nbsp;



To that end, the authors urge the passing of legislation mandating that exchanges integrate these tools and software into their compliance frameworks. Penalties would then apply to platforms that fail to comply.



In April 2022, the New York State Department of Financial Services <a href="https://www.dfs.ny.gov/industry_guidance/industry_letters/il20220428_guidance_use_blockchain_analytics">advised</a> all virtual currency businesses to use blockchain analytics to bolster their know your customer (KYC)-related controls and screen for sanctions on on-chain activities



Similar measures are being encouraged for adoption by federal regulators.



As a final recommendation, the authors said due diligence regulations should be established for crypto exchanges in higher-risk jurisdictions, including the requirement of user identity verification.



“Exchanges in higher-risk jurisdictions require little or no user identity verification to transfer crypto assets or convert crypto assets to a fiat currency,” the paper reads.



In the coming years, there will be a need for bipartisan leadership to evaluate and weigh the costs and benefits of regulatory and legislative measures, they added.



Ignoring existing problems could lead to a national security crisis, as seen in the <a href="https://blockworks.co/tag/ftx" target="_blank" rel="noreferrer noopener">FTX</a> implosion, they said.



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Washington Think Tank Says Crypto Regulation by Enforcement Is Just Fine

Bessie Liu

<div id="highlights-block_633c8c2384b64" class="highlights">
 <ul>
 <li>Crypto Secure is a color-coded dashboard that can identify where cardholders are purchasing cryptocurrencies</li>
 <li>Users can identify crypto exchanges, measure transaction approvals and declines, and receive insight on risk exposure</li>
 </ul>
 
</div>



In Mastercard’s latest step into crypto, the credit card behemoth is leaning on a recently acquired blockchain analytics company to do due diligence on digital asset merchants.&nbsp;



Mastercard, the company said Tuesday, is leveraging data from CipherTrace, acquired in 2021, to launch a solution that ought to keep Mastercard compliant with crypto regulation. It’s supposed to work by providing actionable information to craft risk profiles of more than 2,400 blockchain-based firms in an effort to determine approved purchases.&nbsp;



The initiative, dubbed Crypto Secure, functions as a dashboard designed to track where cardholders are purchasing crypto products. It also has the ability to identify crypto exchanges, plus measure transaction approvals and declines — as well as provide risk metrics and benchmark ratings for comparison to a peer group of financial institutions.



Ajay Bhalla, president of Mastercard cyber and intelligence, said in a statement that the launch ought to add transparency and trust to the growing business of crypto.&nbsp;



“Trust is our business and with cryptocurrency more intertwined in our daily lives this is an exciting next step in our journey,” Bhalla said.



Mastercard has been actively making strides in crypto over the past few years.&nbsp;



The payments giant recently partnered with cryptocurrency and fiat exchange hi to <a href="https://cms.blockworks.co/mastercard-hi-launch-nft-customized-debit-cards-as-nft-interest-dips/" target="_blank" rel="noreferrer noopener">launch a credit card</a> that allows users to customize their own NFT avatars.



The company also partnered with crypto exchange Binance to <a href="https://cms.blockworks.co/binance-and-mastercard-to-bring-streamlined-crypto-payments-to-argentina/" target="_blank" rel="noreferrer noopener">offer a prepaid crypto card</a> in Argentina and Middle Eastern digital asset gateway Fasset to <a href="https://cms.blockworks.co/mastercard-partners-with-fasset-to-drive-financial-inclusion-in-indonesia/" target="_blank" rel="noreferrer noopener">expand its services</a> to Indonesia. 



These efforts, alongside its expansion in blockchain technology subsidiary companies, include the following:



<ul class="wp-block-list"><li>Finicity, a financial data aggregator company</li><li>Ekata, a global customer identity verification and fraud prevention company&nbsp;</li><li>RiskRecon, a firm working to vet the security mechanisms of counterparty vendors</li></ul>



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MasterCard Is Tracking Where, and How, Cardholders Buy Crypto

<div id="highlights-block_62215e628b1fc" class="highlights">
 <ul>
 <li>Regulated South Korean VASPs facilitated crypto transactions exceeding $1.7 trillion in value for the year ended 2021</li>
 <li>Regulation in the country has been slowly building ever since the FSC prohibited the use of raising funds through ICOs in 2017.</li>
 </ul>
 
</div>



South Korean virtual asset service providers (VASPs) took in substantial net profit last year, amounting to more than 3.3 trillion South Korean won ($2.78 billion) from trading activity, according to a <a href="https://www.fsc.go.kr/eng/pr010101/77445" target="_blank" rel="noreferrer noopener">survey</a> from a unit within the country&#8217;s main financial regulatory agency.



Announced Tuesday, the survey is the first of its kind since VASPs were required to register with the Korea Financial Intelligence Unit (KoFIU) last year under the <a href="https://www.fsc.go.kr/eng/pr010101/76279" target="_blank" rel="noreferrer noopener">amended</a> Reporting and Using Specified Financial Transaction Information Act.



The aim of the survey, KoFIU argues, is to gain a better understanding of the cryptocurrency market based on statistical data provided by individual business operators.



As of the end of December 2021, a total of 29 VASPs had received approval, including 20 &#8220;coin-only&#8221; exchanges, five crypto wallets and four Korean won-based exchanges. That number has since grown to include two more wallets and two more coin-only exchanges, bringing the total number of VASPs operating legally in South Korea to 33.



Of those, Korean won-based exchanges were found to have dominated their coin-only counterparts in terms of market share with a 99.3% grip on domestic operating profits versus 0.7%. Some coin-only exchanges may undergo restructuring, the watchdog said.



Established in 2001, KoFIU is an organization within the Financial Services Commission (FSC) whose role is to monitor and police financial markets as well as implement policy relating to anti-money laundering practices.



During the second half of 2021, total transactions across 24 &#8220;virtual asset exchanges&#8221; amounted to a staggering 2.073 quadrillion won ($1.7 trillion) with an average daily transaction amount of 11.3 trillion won, or $9.4 billion, the survey reads.



Regulation in the country has been slowly building since the FSC prohibited the use of raising funds through ICOs in 2017. Though some local regulators still believe current laws are not yet sufficient to counter money laundering practices, especially as the <a href="https://cms.blockworks.co/korea-stock-exchange-executive-calls-for-more-legislation-as-crypto-volume-catches-up-to-equities-volume/" target="_blank" rel="noreferrer noopener">trading volumes</a> for crypto begin to catch up to equities.



&#8220;Even though the virtual asset market poses high risks for money laundering, the current status on the proportion of AML staff (8%) is inadequate and needs to be improved,&#8221; the unit said.



South Korea ranks 16th in terms of crypto adoption, with 1.9 million people, or 3.79% of its 55.7 million-strong population, owning some form of cryptoasset, according to <a href="https://triple-a.io/crypto-ownership/" target="_blank" rel="noreferrer noopener">data by payments provider Triple A</a>.



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