Computer Scientist: China’s Crypto Crackdown Spurred Decentralization of Asia’s Web3 Infrastructure

September 21, 2024 Bitcoin.com

Ripple and DIFC Partner to Drive Blockchain and Crypto Adoption in UAE

August 8, 2024 Bitcoin.com

China to gain most from restrictive US crypto regulations: Coinbase CEO

May 31, 2023 Coin Telegraph

The Coinbase CEO has been hugely critical of the U.S. failure to provide the crypto industry with regulatory clarity and has long argued it will push firms offshore.

“Adversary nations” like China could ultimately benefit from restrictive crypto policies in the United States, warns Coinbase CEO Brian Armstrong.

In a May 30 op-ed for MarketWatch, Armstrong again warned that while recent turbulence in crypto markets might tempt U.S. policymakers “to write it off as an unstable asset class,” doing so could see the U.S. cede its status as a financial leader and innovation hub.

In today's @MarketWatch I'm sharing an op-ed encouraging policymakers to see the big picture with crypto. It's important for American technology leadership and national security that this industry be built (at least in part) in America. https://t.co/I1702aHDGf
— Brian Armstrong ️ (@brian_armstrong) May 30, 2023

Armstrong urged policymakers to see that crypto is “about much more than individual transactions,” but represents a “transformative technology” that can revolutionize a variety of sectors — highlighting its ability to provide creators with royalties for secondary market transactions as an example and adding:

“Crypto, like the internet before it, has the potential to modernize finance and numerous other sectors, from supply chains to social media, by offering a faster, cheaper, more private, and accessible platform.”

Through his status as a public figure and head of Coinbase, Armstrong has long been pushing for U.S. policymakers to provide the crypto industry with regulatory clarity that can help realize crypto’s potential whilst protecting consumers.

Coinbase has continued to ask for clarity from the U.S. Securities and Exchange Commission around which digital assets qualify as securities and has argued against the agency’s “regulation by enforcement” approach. SEC chair Gary Gensler has previously argued that digital assets already fall under existing securities regulations.

In the op-ed, Armstrong added it was unsurprising that Hong Kong is positioning itself to be a global crypto hub, as China looks to challenge the U.S.’s role as the global financial leader in a variety of ways — such as the recent launch of the digital yuan and Belt and Road Initiatives.

Xi calls for deep alignment between Belt and Road Initiative and Eurasian Economic Union #BRI #China
Chinese President Xi Jinping on Wednesday called for a deeper synergy between the Belt and Road Initiative (BRI) and the Eurasian Economic Union (EAEU) as China looks to enhance… pic.twitter.com/bwFcXIvgk4
— Zhang Heqing (@zhang_heqing) May 25, 2023

He warned that failing to pass comprehensive crypto legislation would result in the U.S. needing to play catch-up and spend billions to bring innovation back to the U.S., but noted that even with a “colossal and sustained effort” it might be too late by then.

Crypto City: Guide to Osaka, Japan’s second-biggest city

Abu Dhabi to back the growth of Web3 startups with $2B

February 15, 2023 Coin Telegraph

Abu Dhabi to back the growth of Web3 startups with B

Coin Telegraph

The initiative promises to provide Web3 startups with access to corporate, government, and investment partners in both global markets and the UAE.

Abu Dhabi's technology ecosystem, Hub71, has announced a new initiative called "Hub71+ Digital Assets," with a capital backing of over US$2 billion. This project aims to advance Web3-based innovations, such as blockchain technology and metaverse applications. The initiative aspires to provide Web3 startups with access to a range of programs, and initiatives, as well as, corporate, government, and investment partners in both global markets and the UAE.

The Hub71+ Digital Assets initiative said it intends to provide Web3 startups with access to a state-of-the-art blockchain and virtual asset infrastructure, as well as a progressive regulatory environment. This initiative will be based at Hub71 in Abu Dhabi Global Market (ADGM). As an anchor partner of the initiative, First Abu Dhabi Bank's research and innovation center FABRIC will be joined by digital asset exchanges and service providers to facilitate the discovery, trading, and safekeeping of digital assets.

As part of its value creation program, Hub71 said it will aid businesses in expanding to Abu Dhabi and growing their presence in the Middle East and global markets. This program will extend to Web3 startups at the 'unicorn' stage, which refers to companies with a valuation of over $1 billion. This initiative is part of Abu Dhabi's efforts to attract and support innovative businesses and to establish the UAE as a leader in the Web3 space.

Ahmad Ali Alwan, the Deputy CEO of Hub71, said he sees the launch of Hub71+ Digital Assets as a symbol of Abu Dhabi's willingness to embrace “disruptive businesses that drive change and transformation on a global scale.” By partnering with ADGM, FAB, and FABRIC, as well as prominent Web3 firms and facilitators, startups can safely fund, develop, and market innovative concepts while operating within the largest MENA region's regulated virtual asset jurisdiction. This collaboration offers an opportunity for startups to thrive while catalyzing change and growth.

The UAE government has been proactive in embracing blockchain technology and the emerging markets it encompasses, including the metaverse, nonfungible tokens (NFTs), and Web3.

Speaking with Bloomberg on Jan. 20 in Davos Switzerland, UAE’s minister of state for foreign trade Thani Al-Zeyoudi suggested that UAE is working on its crypto regulatory regime, with the focus on making the Gulf country a hub with crypto-friendly policies that also have sufficient protections in place.

In Oct. 2022, a Chainalysis report highlighted how the Middle East and North Africa (MENA) region is one of the fastest-growing crypto markets globally. The report showed that in 12 months, from July 2021 to June 2022, users in the MENA region received $566 billion worth of cryptocurrencies, a growth of 48% compared to 2021.

innovation hub