Crypto news recap: XRP, Toncoin approved in Dubai

Subscribe Search Search Sort by Relevance Title Date Subscribe ALBAWABA- This week on the crypto news recap, China takes a firm stance against NFT theft, declaring it a criminal offense punishable by theft sentences. Meanwhile, SC Ventures, the fintech investment arm of Standard Chartered, announces a groundbreaking “Digital Asset Joint Venture” in the United Arab Emirates, in collaboration with Japanese financial giant SBI Holdings. Additionally, Dubai expands its token recognition, welcoming XRP and Toncoin into the fold, further enriching the digital asset landscape in the Dubai International Financial Centre (DIFC).

Let’s dive in! Dubai Expands Token Recognition to XRP and Toncoin, Boosting Digital Asset Landscape in DIFC The Dubai Financial Services Authority (DFSA) extended its recognition to XRP and Toncoin, joining the ranks of Bitcoin, Ether, and Litecoin as acknowledged tokens in the Dubai International Financial Centre (DIFC). With this acknowledgment, over 4,000 companies within the DIFC can now engage in transactions involving these digital assets. Ripple, a key player in the region with its MENA headquarters in the DIFC, lauded the DFSA’s move, emphasizing its contribution to positioning Dubai as a premier financial hub.

The regulatory landscape in the DIFC has been evolving, with cryptocurrency regulations established in 2021 and further amendments in 2022. Dubai’s regulators have consistently demonstrated their pro-innovation approach, with this announcement as the latest example. @Ripple will continue doubling down in regions where there is regulatory clarity for crypto – a key reason we’re hosting #RippleSwell in Dubai this… https://t.

co/PlIj7ubTcg — Brad Garlinghouse (@bgarlinghouse) November 2, 2023 Ripple’s CEO, Brad Garlinghouse, commended the DFSA for fostering digital asset adoption and positioning Dubai as an attractive destination for foreign investment. Additionally, the proposed Digital Assets Law and amendments to the Security Law signal Dubai’s commitment to comprehensive regulatory frameworks for the evolving cryptocurrency ecosystem. This development aligns with regional initiatives, including Abu Dhabi’s recent enactment of Distributed Ledger Technology (DLT) Foundations Regulations and the establishment of the Dubai Virtual Asset Regulatory Authority in 2022, extending regulatory oversight throughout the emirate and its free trade zones.

China Declares NFT Theft a Criminal Offense with Stern Warning In a statement on November 10, the Chinese government announced that stealing digital collections, including nonfungible tokens (NFTs), will be treated as a criminal offense, subject to theft sentences. The statement categorizes the act as data theft, theft of digital property, or a combination of both, termed “co-offending. ” Emphasizing the intrusion into systems hosting digital collections, the government underscores the violation of protection laws and interests related to illegally obtaining computer information system data.

The declaration specifically mentions NFTs, linking them to the concept of unique, non-copyable assets utilizing blockchain technology. Despite China’s 2021 ban on most crypto activities, recent developments, such as the Alibaba-owned Xianyu marketplace lifting censorship on NFT-related terms, suggest a growing interest in NFTs in the country. Standard Chartered’s SC Ventures and SBI Holdings to Launch Digital Asset Joint Venture in UAE SC Ventures, the fintech arm of Standard Chartered, is partnering with SBI Holdings to create a “Digital Asset Joint Venture” investment company in the UAE, aiming for strategic investments in market infrastructure, DeFi, tokenization, and more.

The joint venture, emphasizing global opportunities, follows Standard Chartered’s approval to provide digital asset custody services worldwide through a memorandum of understanding with the Dubai International Financial Centre. Recent success includes the launch of Zodia, an institutional crypto custody platform, in Hong Kong, with expansion to Japan, Singapore, and Australia. Standard Chartered is also exploring central bank digital currency applications in China’s Greater Bay Area in collaboration with PricewaterhouseCoopers China.

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