Asia &
MENA Crypto Roundup:
Dubai s
New Ads Rule, Worldcoin Fined
$800,000
in Korea, and
More
This week’s roundup highlights regulatory tightening and innovations in the
crypto sector across Asia and MENA. Dubai s regulator implements new
crypto marketing rules, which will be effective as of October 1, 2024.
Meanwhile, in South Korea• Республика Корея, Worldcoin was fined $830,000 for breaching data
privacy laws, particularly by collecting sensitive biometric data.
With regulatory authorities stepping up oversight across the region, the
crypto industry is experiencing a period of transformation that is reshaping
its future.
Dubai Introduces Stricter Guidelines for Crypto Promotions and Marketing
Activities
As of October 1, 2024, companies promoting virtual assets in Dubai must comply
with new marketing regulations introduced by the Virtual Asset Regulatory
Authority (VARA). Under these guidelines , crypto advertisements must include
a prominent disclaimer highlighting the risks of crypto investments. The
disclaimer must clearly state that virtual assets can lose value in full or in
part and are subject to significant volatility .
In addition to the new disclaimer requirements, VARA has introduced penalties
for non-compliance. Firms violating these marketing guidelines could face
fines of up to AED 10 million (approximately $2.7 million).
Sponsored
Sponsored
Read more: How Does Regulation Impact Crypto Marketing? A Complete Guide
The size of the fine will depend on the severity of the infraction. If the
company repeatedly violates the regulations, it may also face increased fines.
Additionally, virtual asset service providers (VASPs) offering incentives
related to virtual assets must now obtain compliance approval from VARA. This
ensures that promotional materials do not obscure the risks investors may face
when entering the highly volatile crypto market• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта.
This regulatory update is part of Dubai s ongoing efforts to balance
crypto innovation with consumer protection. With the region positioning itself
as a global hub for blockchain• Информационные технологии » Информационно-коммуникационные технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн
• Высокие технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн and digital assets, the new rules aim to
safeguard retail and institutional investors from misleading promotional
content.
Worldcoin and TFH Hit with $800,000 Fine for Data Breaches in South Korea• Республика Корея
South Korea• Республика Корея’s Personal Information Protection Commission (PIPC) has fined
Worldcoin and its development company, Tools for Humanity (TFH), 1.14 billion
Korean won ($830,000). This penalty was for violating the country s data
protection laws.
The fine stems from Worldcoin’s unauthorized collection of sensitive biometric
information, including iris scans, from Korean users without proper consent.
Moreover, the data was transferred abroad to Germany without notifying users.
This action further breaches South Korean• Республика Корея data privacy laws.
The PIPC ordered Worldcoin to implement corrective measures, including
obtaining explicit user consent for sensitive data collection. The agency also
demanded improvements in data storage and use transparency. Furthermore, the
firm must introduce an effective data deletion mechanism for users who wish to
opt out of the Worldcoin service.
Sponsored
Sponsored
Hong Kong’s Project e-HKD+ Explores Tokenized Assets and Digital Money
Hong Kong s Monetary Authority (HKMA) recently launched the second phase
of its digital currency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта project , now rebranded as Project e-HKD+. This phase
aims to explore more advanced use cases for digital money, including tokenized
deposits, as well as broader applications in both retail and corporate
settings.
Project e-HKD+ brings together 11 firms that will conduct real-world trials on
the settlement of tokenized assets, programmable payments, and offline
transactions. These pilot programs are crucial for evaluating the feasibility
and benefits of implementing digital currencies within the broader economy.
The outcome of Phase 2 will help shape the future design and regulatory
framework for digital currencies in Hong Kong. Authorities will share key
learnings with the public by the end of 2025.
Eddie Yue, Chief Executive of the HKMA, emphasized that the initiative is
essential for positioning Hong Kong at the forefront of financial technology.
“The e-HKD Pilot Programme has provided a valuable opportunity for the HKMA to
explore with the industry how new forms of digital money can add unique value
to the general public. The HKMA will continue to adopt a use-case-driven
approach in its exploration of digital money. We look forward to working
closely with industry participants in Phase 2 to co-create various innovative
use cases,” Yue stated .
Sponsored
Sponsored
The authority also plans to establish the e-HKD Industry Forum. This forum
will be a collaborative platform where industry leaders can discuss the
broader adoption of digital currencies.
Indonesia’s Largest Bank Launches Blockchain• Информационные технологии » Информационно-коммуникационные технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн
• Высокие технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн-Based Pilot Project
Indonesia’s largest state-owned bank, Bank Rakyat Indonesia (BRI), is
launching a blockchain• Информационные технологии » Информационно-коммуникационные технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн
• Высокие технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн-based pilot project to improve transparency and
security in financial transactions. Announced during the Indonesia Blockchain• Информационные технологии » Информационно-коммуникационные технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн
• Высокие технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн
Conference (IBC), the project is designed to streamline supply chains and
secure business• Экономика » Бизнес transactions for BRI s extensive customer base of 82
million.
Nitia Rahmi, Head of BRI s Digital Banking Development Department,
highlighted that this initiative is part of the bank’s broader commitment to
embracing Web3 technologies. Rahmi explained that the project would improve
BRI’s digital infrastructure and position the bank as a leader in blockchain• Информационные технологии » Информационно-коммуникационные технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн
• Высокие технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн
adoption within the Indonesian financial sector.
As blockchain• Информационные технологии » Информационно-коммуникационные технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн
• Высокие технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн technology gains momentum in Southeast Asia, BRI’s move aligns
with a growing regional trend of integrating decentralized technologies into
traditional banking systems. The bank’s adoption of blockchain• Информационные технологии » Информационно-коммуникационные технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн
• Высокие технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн is expected to
set a precedent for other institutions looking to innovate and improve
financial processes.
WazirX Secures Court Moratorium to Restructure After $230 Million Hack
Sponsored
Sponsored
On September 26, Singapore’s High Court granted a four-month moratorium to
Zettai Pte Ltd, the parent company of the Indian crypto exchange WazirX. This
decision follows the platform s $230 million exploit in July.
This moratorium allows WazirX to restructure its liabilities and address
users’ outstanding cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта balances. Initially, the exchange requested
a six-month moratorium. However, the court decided on a four-month moratorium,
factoring in the automatic 30-day moratorium that started with the initial
filing.
Nischal Shetty, Director of Zettai and Founder of WazirX, expressed gratitude
for the court s decision. He described it as a critical step toward
recovery and resolution. Shetty also emphasized that this breathing space is
necessary for developing a fair, creditor-approved restructuring plan that
maximizes recovery potential for affected users.
As part of the court’s conditions, WazirX has committed to full transparency.
The exchange will make its wallet addresses public, release financial data,
and address user concerns raised during the legal proceedings. Additionally,
future voting on restructuring plans will be supervised by independent parties
to ensure impartiality.
Sponsored
Sponsored
Read more: Crypto Project Security: A Guide to Early Threat Detection WazirX
Hacker s Wallet Balance. Source: Arkham Intelligence
In parallel with these legal proceedings, blockchain• Информационные технологии » Информационно-коммуникационные технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн
• Высокие технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн data from Arkham
Intelligence revealed that the hacker responsible for the exploit has almost
entirely laundered the stolen assets. Of the $230 million, only $6 million of
cryptocurrencies• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта remains unlaundered. The hacker funneled the majority of the
funds through the crypto mixer Tornado Cash.
Top crypto platforms | September 2024
AlgosOne Explore
BYDFi No KYC
M2 Exchange Explore
Exodus Explore
Сoinex Explore
Top crypto platforms | September 2024
AlgosOne Explore
BYDFi No KYC
M2 Exchange Explore
Exodus Explore
Сoinex Explore
Top crypto platforms | September 2024
AlgosOne
BYDFi
M2 Exchange
Exodus
Сoinex
Trusted
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to
unbiased, transparent reporting. This news article aims to provide accurate,
timely information. However, readers are advised to verify facts independently
and consult with a professional before making any decisions based on this
content. Please note that our Terms and Conditions , Privacy Policy , and
Disclaimers have been updated.
