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Crypto Exchange Deribit Moves Headquarters to Dubai after Oobtaining VASP License

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Deribit, the renowned cryptocurrency options and futures exchange, has been officially granted a virtual asset service provider (VASP) license by Dubai’s Virtual Asset Regulatory Authority (VARA). This strategic move not only enables Deribit to extend its services to the burgeoning Middle East market but also paves the way for the exchange to shift its global headquarters from Panama to Dubai.

The VASP license acquisition is a significant milestone for Deribit, allowing the platform to legally offer a range of cryptocurrency trading services within Dubai. These services include spot trading as well as sophisticated crypto derivatives trading, catering to both institutional and retail clients. With the regulatory green light, Deribit’s presence in Dubai is poised to enhance the city’s status as a global hub for virtual assets and fintech innovation.

Dubai’s progressive stance on cryptocurrency regulations and its commitment to fostering a secure and thriving digital economy have been key factors in attracting Deribit. The VARA, established to regulate the virtual asset sector within the Emirate, is at the forefront of these efforts, providing a comprehensive legal framework that balances market oversight with innovation support.

The relocation of Deribit’s headquarters signifies the exchange’s commitment to compliance and its long-term vision for growth within regulated environments. While Panama has served as a pivotal base for the company’s operations, the move to Dubai reflects a strategic alignment with the region’s rapidly advancing crypto ecosystem and its high potential for financial technology ventures.

This development comes at a time when global regulatory scrutiny of cryptocurrency exchanges has intensified. Authorities worldwide are increasingly demanding that exchanges adhere to strict regulatory standards to prevent money laundering, ensure consumer protection, and maintain financial stability. Deribit’s successful acquisition of the Dubai VASP license demonstrates the exchange’s readiness to operate under such regulated conditions and sets a precedent for other crypto firms seeking legitimacy in similar markets.

The impact of Deribit’s move is expected to extend beyond the borders of Dubai. It is likely to influence the broader Middle East and North Africa (MENA) region, where the appetite for virtual assets is growing. Institutional investors, in particular, may find Deribit’s regulated offerings appealing, as they seek secure and compliant avenues to gain exposure to digital assets.

As Deribit establishes its new headquarters in Dubai, the exchange remains focused on providing a robust trading infrastructure, high liquidity, and advanced trading features that have made it a preferred choice among crypto traders globally. The company’s proactive approach to embracing regulatory frameworks could serve as a model for other platforms looking to navigate the complex world of cryptocurrency regulations.

In conclusion, Deribit’s licensure by VARA and its decision to move its global headquarters to Dubai mark a significant evolution for the exchange and a notable development for the cryptocurrency industry. As the market matures and regulatory landscapes solidify, Deribit’s steps forward could herald a new era of growth and innovation in the virtual assets space.

Source: blockchain.news

The post Crypto Exchange Deribit Moves Headquarters to Dubai after Oobtaining VASP License appeared first on HIPTHER Alerts.

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Supply Chain Finance Market Forecast to Reach $9.4 Billion by 2029: Increasing Emphasis on Sustainable Sourcing

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Global Supply Chain Finance Market

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Web3 Startups Raise Nearly $1.9B in Q1 2024 Despite Overall Downtrend in Crypto VC Interest

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Venture capital funding for cryptocurrency and blockchain projects has seen a notable resurgence in the first quarter of 2024, marking its first quarterly rise since 2021. Crunchbase data released today indicates that Web3 startups secured nearly $1.9 billion in funding across 346 deals during this period. This represents a substantial 58% increase from the previous quarter, offering a glimmer of hope amidst the ongoing downward trend in overall crypto VC interest.

The recent surge in funding can be attributed to investors adopting a more long-term perspective on Web3, as opposed to the hype-driven “tourist investors” predominant in recent years. Chris Metinko, the author of the report, notes that investors are shifting their focus to the AI sector, indicating a change in investment strategy. There is a growing interest in supporting the foundational infrastructure of the decentralized internet, rather than solely concentrating on crypto wallets and lending platforms, which attracted significant investments during the peak period of 2021 to 2022.

While large funding rounds were relatively uncommon in Q1, several notable investments stood out. Exohood Labs, a company integrating AI, quantum computing, and blockchain, secured a remarkable $112 million seed round at a valuation of $1.4 billion. EigenLabs, an Ether token “restaking” platform, raised $100 million in a Series B round led by a16z crypto. Additionally, Freechat, a decentralized social network leveraging blockchain technology, secured $80 million in a Series A round. These investments, among others, contributed to the increase in valuations and the emergence of four new Web3 unicorns in Q1.

Despite the recent progress, the future trajectory of Web3 remains uncertain. Metinko suggests that the next few quarters will be pivotal in determining the industry’s direction. While investors anticipate a rebound in investment as the decentralized internet evolves, it may take another year for venture capital activity to stabilize after the exuberance of 2021. Factors such as the approval of U.S. spot Bitcoin exchange-traded funds and the upcoming Bitcoin halving could also influence the market, given the rising prices of Bitcoin and Ether.

A noteworthy example of significant funding in the Web3 space is Monad Labs’ recent successful funding round, which secured $225 million led by Paradigm. Monad Labs is a layer-1 blockchain compatible with Ethereum, offering faster transaction processing. This funding round harkens back to the golden era of crypto funding in 2021-2022, when L1 solutions attracted substantial investments.

Earlier this year, Balance, a digital asset custodian based in Canada, announced that it had once again reached $2 billion in assets under custody (AUC) amidst the recent market recovery. Similarly, Korea Digital Asset (KODA), the largest institutional crypto custody service in South Korea, has experienced remarkable growth in crypto assets under its custody, expanding by nearly 248% in the second half of 2023.

Analysts at Bernstein Research project that crypto funds could reach an impressive $500 billion to $650 billion within the next five years, representing a significant leap from the current valuation of approximately $50 billion. This forecast underscores the growing optimism and potential for substantial growth within the crypto industry in the coming years.

Source: cryptonews.com

The post Web3 Startups Raise Nearly $1.9B in Q1 2024 Despite Overall Downtrend in Crypto VC Interest appeared first on HIPTHER Alerts.

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ASIC cracks down on blockchain mining firms

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Three blockchain mining companies – NGS Crypto, NGS Digital, and NGS Group – along with their directors, Brett Mendham, Ryan Brown, and Mark Ten Caten, are facing legal action from the Australian Securities and Investments Commission (ASIC) for allegedly operating without a license, in violation of Australia’s Corporations Act. ASIC initiated legal proceedings against these entities on April 9, citing concerns about their non-compliance with financial regulations and their solicitation of Australian investors.

According to ASIC, the NGS companies promoted blockchain mining packages with fixed-rate returns to Australian investors, encouraging the transfer of funds from regulated superannuation funds to self-managed superannuation funds (SMSFs) for conversion into cryptocurrency. Approximately 450 Australians invested a total of around USD 41 million in these packages, raising concerns about potential financial losses.

The legal action filed by ASIC alleges that the companies violated section 911A of the Corporations Act, which prohibits companies from providing financial services without a valid Australian Financial Services Licence (AFSL). ASIC is seeking interim and final court orders to prohibit the NGS companies from offering financial services in Australia without an AFSL.

ASIC Chair Joe Longo emphasized the importance of investors carefully considering the risks before investing in crypto-related products through their SMSFs. Longo stated that ASIC’s actions send a message to the crypto industry about the regulator’s commitment to ensuring compliance with regulations and protecting consumers.

In a separate development, the Federal Court appointed receivers for the digital currency assets associated with the NGS companies and their directors to safeguard these assets amid concerns about the risk of dissipation. Mendham was also issued a travel restriction order, preventing him from leaving Australia.

While a court date for the proceedings has not been set, ASIC’s investigation is ongoing, with the regulator continuing to gather evidence and build its case. It is worth noting that the investigated companies share a similar name with NGS Super, a legitimate Australian pensions provider, leading to potential confusion among investors. NGS Super clarified that it is not involved in selling cryptocurrency or related products and has taken legal action to protect its trademark and members’ interests.

Source: iclg.com

The post ASIC cracks down on blockchain mining firms appeared first on HIPTHER Alerts.

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