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Web3 wallet Backpack to launch VASP-licensed crypto exchange in Dubai

October 31, 2023 Coin Telegraph

Coin Telegraph

The Backpack crypto wallet has bagged operational licenses across several jurisdictions worldwide over the past five months, according to the company announcement.

The Dubai Virtual Assets Regulatory Authority (VARA) has issued a Virtual Asset Service Provider (VASP) license to the crypto wallet Backpack, resulting in the launch of Backpack Exchange.

Backpack’s VARA license is limited to crypto exchange services in Dubai and does not allow the company to offer any other of its virtual asset products and services. According to the announcement, Backpack Exchange incorporates zero-knowledge (ZK) proof-of-reserves, multi-party computation (MPC) for custody and low-latency order execution, among other features.

The announcement also revealed that Backpack Exchange had bagged operational licenses across several jurisdictions worldwide over the past five months.

Sign up for the waitlist https://t.co/44tITBLJSA https://t.co/Wy5zQQLLum pic.twitter.com/aTE9FqmyJ3
— Backpack (@xNFT_Backpack) October 31, 2023

The flagship Backpack Wallet currently stands as an unregulated product; however, it is designed to help users transition from fiat to on-chain applications in the future. Backpack CEO and co-founder Armani Ferrante shared his intent to “put an end” to the opacity of crypto exchanges.

Speaking against the norm of running full-fledged crypto exchanges with a single point of failure and without proof-of-reserves or auditability, Ferrante stated:

“Using cryptographic techniques like zk-proofs, MPC, and state machine replication, Backpack Exchange hopes to raise the bar for transparency and compliance to demonstrate the best this technology has to offer. Don’t trust, verify.”

Existing Backpack and Mad Lads users will gain initial access to Backpack Exchange from November 2023 and will be made public in Q1 2024. During this time, Backpack plans to add various trading functionalities, such as derivatives, margin and cross-collateral into its offerings.

Backpack has not yet responded to Cointelegraph’s request for comment.

Dubai VARA regulator issued various degrees of operational licenses to numerous crypto exchanges over the past year, further strengthening its position as a crypto-friendly jurisdiction.

⚠️Dubai News

Dubai's Vurtual Assets and Regulatory Authority issued the long-awaited Full Market Regulations for Vurtual Assets Services Providers (VASPs).
— Irina ₿. Heaver (@IrinaHeaver) February 7, 2023

In February 2023, the regulator issued new guidelines for VASPs operating within the emirate. All crypto exchanges must adhere to marketing, advertising and promotion regulations. Violators will be fined between 20,000 UAE dirhams ($5,500) and 200,000 dirhams ($55,000), and repeat offenders could see fines as high as 500,000 dirhams ($135,000).

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Snow Crash manuscript that coined the term ‘Metaverse’ to be auctioned by Sotheby’s

February 23, 2023 Coin Telegraph

Coin Telegraph

The manuscript is part of a larger series of physical and digital items related to the famous book.

The original manuscript of Neil Stephenson’s Snow Crash — the book which coined the term “Metaverse,” — will be auctioned by Sotheby’s, according to a page on Sotheby’s official website. The auction is part of a Feb. 23 series called “Infocalypse” that includes six physical and six digital items related to the famous book.

The original manuscript is in Lot 2 of the series. It is “wrapped in original Xerox 4200 Paper,” secured with masking tape and contains “corrections and notations throughout in Neal Stephenson's hand in blue ink.” It also has the title of the book written on the spine with a sharpie by the author.

A “revised typesetting manuscript” is also up for auction in Lot 4. This is a later version filled with additional handwritten notations and revisions by the author.

Attention Snow Crash readers and fans!

Infocalypse, an open edition collection of digital art created to mark the 30th anniversary of @nealstephenson's novel Snow Crash, which coined the term "Metaverse", will open 27 February.

Find out more: https://t.co/3a4DfSrdBg https://t.co/nL1HRYboyf
— Sotheby's Metaverse (@Sothebysverse) February 23, 2023

Other physical objects being auctioned as part of the series include the original painting used as cover art for the 1993 mass market paperback edition of the book, a leather jacket that was to be used in a video promotion for the graphic novel, slides used for the graphic novel concept, and a real sword inspired by the one the book’s protagonist wielded.

In addition to these physical items, the series will also contain digital art NFTs inspired by the graphic novel concept that preceded Snow Crash.

Published in 1992, Snow Crash was set in a dystopia where most human beings live in small storage facilities, according to the publisher’s description. It followed the exploits of protagonist Hiro, a pizza delivery man who has to fight off bandits to deliver his pizzas. Hiro spends all of his spare time in a virtual world called “The Metaverse,” where citizens go to escape the misery of everyday life. But a computer virus was causing residents of the Metaverse to become “nothing more than a jittering cloud of bad digital karma.” The plot of the novel revolved around Hiro’s attempts to figure out how to stop the virus.

The book sold over 125,000 copies, according to the Washington Post. Since the book’s release, virtual reality enthusiasts have increasingly used Stephenson’s “Metaverse” term to describe the emerging virtual world being created by VR technology, and in recent years, it has become a frequently searched buzzword.

The rise of the Metaverse has led to new career opportunities for some and has helped to reshape Web3 gaming.

Hong Kong securities regulator adds crypto personnel for industry supervision

February 6, 2023 Coin Telegraph

Coin Telegraph

Regulators in Hong Kong plan for the addition of personnel to “better supervise” the activities of local virtual asset providers.

Regulators in Hong Kong are stepping up their game when it comes to monitoring the activities of the crypto industry.

According to a Securities and Futures Commission report filed on Feb. 6, it plans to hire four additional staff to “better supervise” the activities of local virtual asset (VA) providers. Moreover, the extra oversight will help “better assess the compliance and risk” by allowing retail investors to trade virtual assets on regulated platforms.

The commission wrote:

“This is in response to an increasing number of operators who have expressed interest in carrying on VA activities such as trading platforms and the management of VA funds.”

This comes at the onset of the introduction of a new licensing regime to allow greater retail crypto investment.

Previously trading platforms licensed in Hong Kong were only permitted to serve professional investors, or investors with portfolios of at least $1 million (HK $8 million), according to regulators.

In December 2022, the new licensing regime was approved as an amendment to the Anti-Money Laundering and Counter-Terrorist Financing Bill. However, it takes effect in June 2023, which gives time for regulators and local businesses time to prepare for a new wave of participation in the industry.

Hong Kong has been active in its plan to revamp its crypto industry and become a hub for Web3 innovation. Part of this plan included an investment fund of $500 million to push for mass adoption in the local industry.

Most recently, the Hong Kong Monetary Authority recently released a statement saying that it will not tolerate algorithmic stablecoins in its newest regulation. However, the regulator said that it intends to develop a full-bodied regulatory framework for stablecoins, which will be based on the full backing of such assets.

Bank of Thailand to allow first virtual banks by 2025

January 15, 2023 Coin Telegraph

Banks

By allowing virtual banks, Thailand seeks to boost competition and economic growth.

Bank of Thailand (BOT) has disclosed plans to allow virtual banks to operate in the country for the first time. Financial firms will be able to provide services by 2025, a Bloomberg report shows.

The ‘Consultation Paper on Virtual Bank Licensing Framework’ has been published by the central bank, and applications shall be available later in 2023, allowing virtual banks to act as financial services providers. The move focuses on boosting competition and Thailand's economic growth.

The BOT will issue three different licenses for interested companies by 2024. There are at least 10 parties interested in granting permissions, the report states.

Regulations and supervision for virtual banks will be the same as those for traditional commercial banks under the licensing framework. Moreover, qualified applicants will need to meet certain requirements. The country's central bank also noted:

"Virtual banks should not initiate a race to the bottom through irresponsible lending, give preferential treatment to related parties, nor abuse dominant market position which will pose risks to financial stability, depositors, and consumers as a whole."

According to the central bank, virtual banks will be under a "restricted phase" during their first years of operation, which includes close monitoring to prevent financial systemic risks. Thailand's Security and Exchange Commission recently announced plans to tighten rules for crypto, aiming to expand investor protection. A strict set of guidelines for crypto ads is also being developed by the authority.

Thailand recently entered into a technology cooperation agreement with Hungary to support the adoption of blockchain technology, amid a fast growth of demand for mobile payments, e-commerce, and cryptocurrencies in the country, Cointelegraph reported.

The country has seen a number of crypto-related developments in 2022, including plans to pilot a central bank digital currency (CBDC) for roughly 10,000 users. Thailand is ranked eighth on the Global Crypto Adoption Index by analytics company Chainalysis.

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