2023 Ends with Crypto Industry Seeking Licenses; Uniswap, Disney, Cboe and Fnality Present New Developments
Summary:
As 2023 draws to a close, gaining regulatory licenses has been a key focus for crypto companies faced with tough regulations. The UAE continues to lure crypto companies, with Crypto.com and Hex Trust being granted Virtual Assets Service Provider (VASP) licenses in Dubai. Traditional players, like Germany's Commerzbank, are also obtaining crypto licenses. However, Bitget abandoned plans to secure a Virtual Asset Trading Platform license in Hong Kong. In other news, Uniswap Labs released an Android wallet app, Disney and Dapper Labs are launching an NFT platform, and Cboe Digital plans to launch Bitcoin and Ether margin futures trading in January 2024. Also, Goldman Sachs and BNP Paribas led a funding round for blockchain payment firm Fnality.
The closing weeks of 2023 are reflecting one primary focus for cryptocurrency firms: licensure. Amid stringent regulatory conditions, the approval from regulators has held critical significance for these companies, notably during the harsh crypto winter period. Some nations have created conducive environments for crypto, with the United Arab Emirates an attractive hotspot for key crypto businesses, as exemplified by Crypto.com's recent Virtual Assets Service Provider (VASP) license acquisition in Dubai. This permits the company to offer retail and institutional trading, broker-dealer, and credit-related services. A similar permit was also awarded to Hex Trust, an institutional crypto custodian.
Even traditional entities are pursuing crypto licences, with Germany's Commerzbank securing a crypto custody license. However, due to specific business and market influences, Bitget has dropped its goal of securing a Virtual Asset Trading Platform (VAP) license in Hong Kong, signalling a slow-down of its local operations. Licensure, besides being necessary for crypto firms to function, is also profoundly linking crypto with governments globally.
This week’s Crypto Biz reviews Uniswap’s Android application, Cboe’s venture into crypto margin futures trading, and Disney’s upcoming nonfungible token (NFT) platform. Uniswap Labs has unveiled an Android mobile wallet app on the Google Play Store, enabling users to make swaps within the decentralized exchange without a separate web browser extension. The wallet also supports multiple languages and an option to view crypto value in local currency.
Disney has paired with Dapper Labs to develop an NFT platform, whereby renowned Disney cartoon characters will be tokenized on the upcoming Disney Pinnacle platform, along with icons from Pixar and Star Wars stars. Apple iOS, Android and web users will have access to this platform later in 2023.
Cboe Digital plans to initiate Bitcoin (BTC) and Ether (ETH) margin futures trading on January 11, 2024, backed by 11 companies including crypto and traditional financial firms. Cboe Digital is a U.S.-based exchange and clearinghouse offering both spot and leveraged derivatives trading.
Finally, Goldman Sachs and French bank BNP Paribas have reportedly led a funding round for Fnality, a blockchain-based wholesale payments company backed by Nomura Group. The funds, totaling $95.09 million, will reportedly be used to establish a 24/7 global liquidity management network for new digital payment models in wholesale financial markets and emerging tokenized asset markets.
Published At
11/17/2023 9:00:00 PM
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