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Ripple secures in-principle approval to expand services in the UAE

  • Ripple announced the in-principle license from the Dubai Financial Services Authority (DFSA) on Tuesday, Oct. 1.
  • DFSA’s approval could see Ripple unlock its end-to-end payment services in the UAE as well as boost overall Middle East presence.

Ripple announced on October 1 that the blockchain company has hit another regulatory milestone in the United Arab Emirates.

Specifically, the Dubai Financial Services Authority (DFSA) has granted Ripple an in-principle approval, allowing the company to expand its services and strengthen its presence in the UAE and broader Middle East.

The approval means Ripple can now offer its services across other locations in the country, expanding from the Dubai International Financial Centre (DIFC).

“This is a pivotal moment for Ripple’s operations in the Middle East. The DFSA is a globally renowned independent regulator with a rigorous regulatory process and we are delighted to have received their in-principal approval,” Reece Merrick, Ripple managing director, Middle East and Africa, said in a statement.

According to Merrick, more than 20% of Ripple’s global user base is in the UAE, and the expansion will help bring products and services to a growing number of people and businesses. Among key developments will be Ripple’s offering of its cross-border payment solutions, including the Ripple Payments Direct, or RPD service.

Ripple’s regulatory compliance

The milestone sets Ripple, the company behind the XRP cryptocurrency, on the path to becoming the first blockchain-based payments provider to secure a license from the DFSA.

UAE is the regional MENA and South Asia headquarter for Ripple, which the company established in Dubai in 2020.

But apart from regulatory compliance in the UAE, added to with this new in-principle license, Ripple has a broader traction in this quest. The company has secured over 55 licenses across various jurisdictions across the world, including the New York Department of Financial Services (NYDFS), the Monetary Authority of Singapore (MAS) and the Central Bank of Ireland (CBI).

The post Ripple secures in-principle approval to expand services in the UAE appeared first on CoinJournal.

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Gemini announces exit from the Canadian market

  • Gemini exits Canadian market, citing strict regulations and compliance costs.
  • Users must withdraw funds by Dec. 31 as all accounts will close by that date.
  • Canada’s new crypto rules, set for 2026, further restrict decentralized markets.

Crypto exchange Gemini has become the latest platform to withdraw from the Canadian market, following in the footsteps of major players like Binance, OKX, dYdX, and Bybit.

Gemini’s departure highlights the challenges that crypto companies face in navigating Canada’s increasingly stringent regulatory landscape.

The exchange’s decision marks a significant shift, as Gemini had previously described Canada as a critical part of its international expansion strategy.

Why are crypto platforms exiting Canada?

Gemini’s move follows a broader trend of crypto platforms exiting Canada due to rising compliance costs and complex regulatory hurdles.

Canadian authorities have been tightening their grip on the crypto market since February 2023, when the Canadian Securities Administrators (CSA) required all crypto exchanges operating in the country to sign legally binding pre-registration agreements. These agreements came on top of existing restrictions, such as the prohibition of margin trading for Canadian users and limitations on offering stablecoins, which many exchanges found challenging to adhere to.

Though Gemini initially complied with the new regulations by submitting a pre-registration undertaking in April 2023, the evolving regulatory climate has proven too burdensome. The exchange’s exit echoes that of Binance and OKX, which similarly cited the high cost and complexity of complying with Canada’s increasingly restrictive rules.

Looking ahead, the regulatory environment for crypto in Canada is set to become even more stringent. In April 2024, the Canadian government introduced the Crypto-Asset Reporting Framework, which will come into effect in 2026.

This framework will require crypto service providers to report detailed transaction data annually, including sensitive client information such as residential addresses and taxpayer identification numbers.

Gemini Canadian users have 90 days to withdraw funds

Gemini issued a formal notice to its Canadian users on September 30, urging them to withdraw their assets by December 31, 2024.

The Winklevoss-founded exchange has provided customers with a 90-day window to move both their cryptocurrency holdings and fiat balances before all Canadian accounts are closed.

As Gemini bows out, Canadian users are left with fewer options to access decentralized markets, while global exchanges like Coinbase, Kraken, and Crypto.com continue to operate within the country’s borders.

The post Gemini announces exit from the Canadian market appeared first on CoinJournal.

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Ethena (ENA) price pumps and dumps after proposal to integrate Ethereal Exchange

  • Ethereal Exchange integration proposal sparked a 20% surge in ENA price.
  • The proposal suggests that 15% of future Ethereal governance tokens be allocated to ENA holders.
  • ENA price has dropped to $0.384 after hitting a high of $0.42 amid high trading volume.

The recent proposal to integrate Ethereal Exchange with the Ethena Network has stirred significant excitement in the cryptocurrency community, leading to notable fluctuations in the price of Ethena’s native token, ENA.

This integration aims to launch Ethereal, a decentralized exchange (DEX) for both spot and perpetual futures trading, directly tied to Ethena’s reserve management and its native stablecoin, USDe.

Ethereal integration proposal

The proposal submitted on September 29 to the Ethena governance forum by an anonymous author known as Fells0x seeks to integrate the Ethereal DEX into Ethena’s reserve management from launch, providing a fully on-chain venue for managing both spot and derivative positions that back USDe.

The integration promises to enhance the utility and demand for USDe, which has gained a solid foothold in the market as the fourth-largest stablecoin, boasting a market capitalization of $2.5 billion, according to DeFiLlama.

A critical aspect of the proposal is its commitment to allocate 15% of any future Ethereal governance tokens to ENA holders. This incentive is designed to ensure alignment between the Ethereal team and the Ethena community.

Ethena price reaction

Following the announcement, traders quickly reacted to the potential benefits outlined in the proposal, pushing ENA’s price up by an impressive 20% to a peak of $0.42.

The excitement was reflected in trading volumes, which surged by 145% over 24 hours, indicating heightened interest and optimism among investors. The futures market also witnessed a significant uptick, with ENA futures open interest increasing by over 13% within four hours.

However, the volatility of cryptocurrency markets is well-known, and fluctuations are to be expected. At press time, ENA was trading at $0.384, reflecting a considerable decline from $0.42.

Despite these recent dips, ENA has shown remarkable resilience, rallying over 81.4% in the two weeks.

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Kasikornbank to launch Thailand’s first licensed digital asset custodian

  • Kasikornbank is set to launch orbix Custodian, Thailand’s first licensed digital asset custodian.
  • Operations for orbix Custodian are set to begin in early 2025 after licensing.
  • KBank also focuses on AI development through its partnership on Project SEALD.

Thailand’s second-largest bank by assets, Kasikornbank (KBank), is set to launch orbix Custodian, the country’s inaugural licensed digital asset custodian, which will be supervised by the Securities and Exchange Commission (SEC).

Notably, the announcement comes two weeks after the license was issued on September 13, with operations expected to commence in early 2025. The license was issued by the Ministry of Finance.

KBank’s President, Pipit Aneaknithi, in a statement issued by the bank emphasized that the introduction of the custody service marks a pivotal moment for the digital financial infrastructure in Thailand. “This will lay a strong foundation for further development of digital financial infrastructure, promoting Thailand as a digital economy hub and advancing the country’s digital industry, in response to government policy to accommodate future changes in the financial sector,” he stated.

The launch of orbix Custodian follows a series of strategic moves by KBank to enhance its presence in the digital asset sector. The custodian is owned through its digital-focused subsidiary, Unita Capital, which also encompasses orbix Invest and orbix Technology.

Notably, orbix Trade, a cryptocurrency exchange previously known as Satang, was acquired by Unita Capital in October 2023.

In early September, orbix Technology introduced the Q-Bond project, issuing bonds worth 500 million baht ($15.4 million) on the Quarix blockchain. These bonds come with a one-year maturity and a fixed interest rate of 2.38%, in partnership with the state-owned oil and gas company PTT.

In addition to its digital asset initiatives, KBank is making strides in artificial intelligence. Its subsidiary, Kasikorn Business Technology Group (KBTC), has partnered with AI Singapore and Google Research on Project SEALD (Southeast Asian Languages in One Network Data).

Launched in March, this project aims to develop large language models (LLMs) in several Southeast Asian languages, including Thai, Indonesian, Tamil, Filipino, and Burmese, further highlighting KBank’s commitment to technological advancement in the region.

The post Kasikornbank to launch Thailand’s first licensed digital asset custodian appeared first on CoinJournal.