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Binance Withdraws an Abu Dhabi License Application

By
Paul Ugbede Godwin
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0

Binance, one of the world’s largest cryptocurrency exchanges, has withdrawn its application for a regulatory license in Abu Dhabi, according to a statement from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM).

The FSRA said that Binance had submitted an application for a crypto asset services provider license in May 2023, but decided to withdraw it on December 8, 2023, without providing any reasons. The FSRA added that it had not granted any license or authorization to Binance or any of its affiliates to operate in ADGM or the United Arab Emirates.

Binance’s withdrawal comes amid a global regulatory crackdown on the crypto industry, as authorities in various countries have raised concerns about money laundering, tax evasion, consumer protection and market stability. Binance has faced regulatory challenges in several jurisdictions, including the UK, Japan, Germany, Singapore, Canada and the US.

Binance has not issued any official comment on its withdrawal from Abu Dhabi, but its CEO tweeted on December 9 that “Binance is always looking for the best places to serve our users and grow the industry. We are grateful for the support and guidance from regulators around the world and will continue to comply with local laws and regulations wherever we operate.”

Crypto License Application in Dubai

Dubai is one of the most attractive destinations for crypto businesses, thanks to its favorable regulatory environment, innovative ecosystem, and strategic location. However, operating a crypto business in Dubai requires obtaining a license from the relevant authorities, which can be a complex and time-consuming process. In this blog post, we will explain the steps and requirements for applying for a crypto license in Dubai, and how we can help you navigate the legal and technical challenges.

A crypto license is a type of authorization that allows a company to offer crypto-related services in a certain jurisdiction. Crypto-related services include, but are not limited to, exchanging, storing, transferring, issuing, or managing crypto assets, such as Bitcoin, Ethereum, or stablecoins. Depending on the nature and scope of the services, different types of licenses may be required.

Why do you need a crypto license in Dubai?

Dubai is a global hub for finance, trade, and innovation, and has been embracing the potential of blockchain and crypto technologies for several years. The Dubai government has launched several initiatives to support the development and adoption of these technologies, such as the Dubai Blockchain Strategy, the Dubai Future Foundation, and the Dubai International Financial Centre (DIFC).

However, operating a crypto business in Dubai also requires complying with the local laws and regulations, which are designed to protect the interests of consumers, investors, and the financial system. The main regulators for crypto businesses in Dubai are:

  • The Dubai Financial Services Authority (DFSA), which oversees the DIFC, a special economic zone that offers a common law framework and a tax-free regime for financial services firms.

  • The Securities and Commodities Authority (SCA), which regulates the securities and commodities markets in the UAE, and issues licenses for crypto asset service providers.

  • The Central Bank of the UAE (CBUAE), which supervises the banking and payment systems in the country and sets the rules for dealing with virtual currencies.

Depending on the type and location of your crypto business, you may need to obtain one or more licenses from these regulators before you can start operating legally in Dubai.

How to apply for a crypto license in Dubai?

The process and requirements for applying for a crypto license in Dubai vary depending on the regulator and the type of license. However, some common steps and documents that you will need to prepare are:

  • A detailed business plan that outlines your business model, target market, competitive advantage, financial projections, risk management, compliance policies, and governance structure.

  • A technical whitepaper that describes your crypto asset or service, its features, functionality, security measures, and technical specifications.

  • A legal opinion that confirms the legal status and classification of your crypto asset or service under the UAE laws and regulations.

  • A proof of funds that demonstrates your financial capacity and solvency to operate your business.

  • A due diligence report that verifies your identity, background, qualifications, experience, and reputation as a crypto business owner or operator.

  • A fee payment that covers the application processing and licensing costs.

Once you have prepared these documents, you will need to submit them to the relevant regulator through their online portal or physical office. The regulator will then review your application and conduct an assessment of your business. This may involve conducting interviews, site visits, audits, or tests. The regulator will then issue a decision to approve or reject your application within a certain timeframe.

Abu Dhabi is one of the leading financial centers in the Middle East and has been trying to attract more crypto businesses to its jurisdiction. In June 2018, the FSRA issued a comprehensive regulatory framework for crypto asset activities, covering areas such as licensing, governance, capital requirements, risk management, anti-money laundering and consumer protection.

The FSRA said that it remains committed to supporting innovation and fostering a conducive environment for the development of the crypto sector in ADGM and the UAE. It also said that it will continue to monitor the global developments and trends in the crypto industry and update its regulatory framework as appropriate.

Countries with highest Terrorism index in 2023

By
Paul Ugbede Godwin
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0
Flags of member nations flying at United Nations Headquarters.

Terrorism is one of the most serious threats to global peace and security. It causes immense human suffering, undermines development, and fuels instability and violence. The Global Terrorism Index (GTI) is a comprehensive measure of the impact of terrorism on 163 countries, covering 99.7% of the world’s population. The GTI ranks countries based on four indicators: the number of terrorist incidents, the number of deaths, the number of injuries, and the level of property damage.

According to the latest GTI report, released in November 2023, the global terrorism index has decreased by 12% compared to the previous year. This is the sixth consecutive year of decline, indicating a significant improvement in the security situation of many countries affected by terrorism. The report analyzes the impact of terrorism on 163 countries, covering 99.7% of the world’s population. It also examines the trends and drivers of terrorism, as well as the policies and strategies to counter it. The main findings of the report are:

  • The total number of deaths from terrorism fell by 17% to 13,826 in 2023, the lowest level since 2010.

  • The largest reductions in deaths occurred in Afghanistan, Nigeria, Syria, and Iraq, which collectively accounted for 65% of all deaths from terrorism in 2023.

  • The most impacted region by terrorism in 2023 was South Asia, followed by Sub-Saharan Africa and the Middle East and North Africa.

  • The country with the highest impact of terrorism in 2023 was Afghanistan, followed by Iraq, Nigeria, Syria, and Somalia.

  • The most active terrorist group in 2023 was the Taliban, which was responsible for 29% of all deaths from terrorism. The second most active group was ISIL, which caused 18% of all deaths from terrorism.

  • The main drivers of terrorism in 2023 were political instability, civil unrest, state-sponsored violence, and foreign military intervention.

  • The most effective strategies to counter terrorism in 2023 were dialogue and negotiations, social and economic development, human rights protection, and counter-radicalization programs.

The report identified Afghanistan as the country most affected by terrorism in 2020, with a GTI score of 8.82 out of 10. Afghanistan recorded 4,472 deaths from terrorism, accounting for 32% of the global total. The Taliban was responsible for 72% of these deaths, making it the deadliest terrorist group in the world. The withdrawal of foreign troops from Afghanistan in 2021 has created a power vacuum that has been filled by the Taliban, which now controls most of the country and poses a serious threat to human rights and democracy.

The second most affected country by terrorism in 2020 was Burkina Faso, with a GTI score of 8.56. Burkina Faso experienced a dramatic increase in terrorism in recent years, as Islamist militants expanded their operations from neighboring Mali and Niger. Burkina Faso recorded 1,138 deaths from terrorism in 2020, a 77% increase from 2019 and a staggering 7,028% increase from 2011. The main perpetrators of these attacks were the Islamic State in the Greater Sahara (ISGS) and Jama’at Nasr al-Islam wal Muslimin (JNIM), both affiliated with Al-Qaeda.

The third most affected country by terrorism in 2020 was Somalia, with a GTI score of 8.07. Somalia has been plagued by terrorism for decades, as the central government struggles to assert its authority over the territory and provide basic services to its population.

The main terrorist group operating in Somalia is Al-Shabaab, which is aligned with Al-Qaeda and seeks to establish an Islamic state based on Sharia law. Al-Shabaab carried out 495 attacks in 2020, killing 1,013 people and injuring 1,226.

The fourth most affected country by terrorism in 2020 was Mali, with a GTI score of 7.98. Mali has been facing a complex security crisis since 2012, when a Tuareg rebellion triggered a military coup and allowed Islamist militants to seize control of the northern regions.

Despite the intervention of French and African forces and the signing of a peace agreement in 2015, Mali remains unstable and vulnerable to terrorist attacks. The main groups responsible for these attacks are JNIM and ISGS, which often target security forces, civilians, and international peacekeepers.

The fifth most affected country by terrorism in 2020 was Syria, with a GTI score of 7.81. Syria has been engulfed by a brutal civil war since 2011, which has resulted in over 400,000 deaths and millions of displaced people. The conflict has also attracted various terrorist groups, such as the Islamic State (IS), which at its peak controlled large swathes of territory in Syria and Iraq. Although IS has lost most of its territory and leadership, it still maintains a presence in Syria and continues to carry out attacks against government forces, rival rebels, and civilians.

The other five countries that complete the top ten list of countries most affected by terrorism in 2020 are Iraq (GTI score: 7.35), Nigeria (GTI score: 7.07), Yemen (GTI score: 6.66), Pakistan (GTI score: 6.59), and India (GTI score: 6.03). These countries have also suffered from prolonged conflicts, political instability, sectarian violence, and social grievances that have fueled terrorism.

The report concludes that while the global trend of terrorism is declining, there are still significant challenges and risks that need to be addressed. It recommends that governments and international organizations adopt a holistic and inclusive approach to prevent and reduce terrorism, while respecting human rights and the rule of law.

Terrorism is not only a challenge for individual countries but also for the international community as a whole. It requires collective action and cooperation to address its root causes and prevent its spread.

EU Lawmakers Reach Political Deal, to Mark The World’s First Comprehensive Regulation on AI

By
Ojukwu Emmanuel
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0

The European Union has recently reached a political deal, to roll out a comprehensive regulation on Artificial Intelligence, marking the world’s first comprehensive AI law.

The regulation proposed by the lawmakers is to ensure that AI systems used in the EU are transparent, environmentally friendly, safe, traceable, and non-discriminatory, to prevent harmful outcomes.

Speaking on the unveiling of the historic EU law on AI, the current commissioner for the internal market of the European Union Thierry Breton wrote on X,

“Historic! The EU becomes the very first continent to set clear rules for the use of AI. The AI act is much more than a rule book, it’s a launchpad for EU startups and researchers to lead the global AI race. The best is yet to come”.

Also speaking on the recent AI Law, MEP Brando Benefei, who co-led the parliament’s negotiating team with Dragos Tudorache, said the commission had one objective to deliver legislation that would ensure that the ecosystem of Al in Europe will develop with a human-centric, approach respecting fundamental rights, human values, building trust, and building consciousness of how the union can get the best out of the current Al revolution.

He added that the EU was determined not to repeat the mistakes of the past, where giant tech companies like Facebook, were allowed to grow into multi-billion dollar corporations with no obligation to regulate content on their platforms.

The new rule establishes obligations for providers and users depending on the level of risk from Artificial intelligence. According to the New York Times, European policymakers focused on A.I riskiest uses by companies and governments, including those for law enforcement and the operation of crucial services like water and energy.

The deal reached with lawmakers includes a total prohibition of the Use of AI for:

•Biometric categorization systems that use sensitive characteristics (e.g. political, religious, philosophical beliefs, sexual orientation, race);

•Untargeted scraping of facial images from the internet or CCTV footage to create facial, recognition databases,

•Emotion recognition in the workplace and educational institutions:

•Social scoring based on social behavior or personal characteristics;

•Al systems that manipulate human behavior to circumvent their free will;

•Al used to exploit the vulnerabilities of people (due to their age, disability, social or economic situation).

Also, generative Al, like ChatGPT, would have to comply with transparency requirements such as; Disclosing that the content was generated by Al, Designing the model to prevent it from generating illegal content, and Publishing summaries of copyrighted data used for training.

For Al systems classified as high-risk, due to their significant potential harm to health, safety, fundamental rights, environment, democracy, and the rule of law, and clear obligations were agreed upon.

MEPs successfully managed to include a mandatory fundamental rights impact assessment, among other requirements, applicable also to the insurance and banking sectors. All systems used to influence the outcome of elections and voter behavior are also classified as high-risk.

Notably, citizens will have a right to launch complaints about Al systems and receive explanations about decisions based on high-risk Al systems that impact their rights.

Non-compliance with the AI rule can lead to fines ranging from 35 million Euro or 7% of global turnover to 7.5 million or 1.5% of turnover, depending on the level of infringement and size of the firm.

With the latest comprehensive regulation on AI, the EU is the first in the world to launch such a law on the technology, to guide its development and evolution in a human-centric direction.

90% of Stablecoin Transaction Volume on Solana is $USDC; LayerZero to launch native token, MadLad #3732 sells for 1299 SOL

By
Paul Ugbede Godwin
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0

One of the most remarkable features of the Solana blockchain is its ability to handle a large volume of transactions with low fees and high speed. This makes it an attractive platform for stablecoins, which are cryptocurrencies that maintain a peg to a fiat currency or a basket of assets. Stablecoins are useful for transferring value across borders, hedging against volatility, and enabling decentralized finance (DeFi) applications.

Among the various stablecoins that exist on Solana, USDC stands out as the dominant one. According to data from Solana Beach, USDC accounts for about 90% of the total stablecoin transaction volume on Solana, followed by USDT with 7% and wUSDC with 2%. USDC is also the most widely used stablecoin in terms of number of transactions, holders, and transfers.

What makes USDC so popular on Solana? There are several factors that contribute to its success. USDC is one of the oldest and most trusted stablecoins in the crypto space, backed by US dollars held in reserve by regulated financial institutions. It has a proven track record of maintaining its peg and providing transparency and auditability.

What makes USDC so popular on Solana?

USDC is a stablecoin that is pegged to the US dollar and backed by reserves of real dollars. It is one of the most widely used and trusted cryptocurrencies in the world, with over $40 billion in circulation. USDC is also compatible with multiple blockchains, including Ethereum, Algorand, Stellar, and Solana.

Solana is a high-performance blockchain that can process over 50,000 transactions per second with low fees and high security. Solana is designed to support decentralized applications that require speed, scalability, and interoperability. Solana also has a vibrant ecosystem of projects, developers, and users that are building the future of Web3.

USDC and Solana have a strong synergy that makes them both more attractive and useful for users and developers. Here are some of the reasons why USDC is so popular on Solana:

  • USDC enables fast and cheap transfers of value across the Solana network. Users can send and receive USDC in seconds with minimal fees, making it ideal for payments, remittances, trading, and DeFi.

  • USDC provides a stable and reliable store of value on Solana. Users can avoid the volatility and risk of other cryptocurrencies by holding USDC, which maintains a 1:1 parity with the US dollar. USDC also has regular audits and transparency reports that ensure its solvency and compliance.

  • USDC supports a variety of use cases and applications on Solana. Users can access a wide range of services and products that leverage USDC, such as lending, borrowing, swapping, staking, yield farming, gaming, NFTs, and more. USDC also enables cross-chain interoperability with other blockchains that support it, such as Ethereum.

  • USDC benefits from the innovation and growth of the Solana ecosystem. Users can enjoy the advantages of Solana’s technology and community, such as its high throughput, low latency, rich features, and diverse offerings. Solana also has a strong vision and roadmap for the future of blockchain and Web3.

USDC is not only the most popular stablecoin on Solana, but also one of the most important ones for the growth and development of the Solana ecosystem. By providing a stable and liquid medium of exchange, USDC enables users to access the full potential of Solana’s scalability, speed, and low-cost transactions.

USDC also facilitates interoperability between Solana and other blockchains, such as Ethereum, allowing users to move value across different networks and platforms. As Solana continues to attract more users and projects, USDC will likely remain a key component of its infrastructure and innovation.

USDC is a popular and powerful cryptocurrency that enhances the value proposition of Solana. By combining the stability and trustworthiness of USDC with the performance and potential of Solana, users can experience the best of both worlds in the crypto space.

LayerZero will launch its own native token as MadLad #3732 sells for 1299 SOL

LayerZero, the decentralized protocol for cross-chain interoperability, has announced that it will launch its own native token in the first half of 2024. The token will serve as a governance and utility token for the LayerZero network, enabling users to participate in the decision-making process and access various services and features.

The LayerZero team explained that the token launch is part of their long-term vision to create a fully decentralized and permissionless platform for cross-chain communication and collaboration. The token will also help to align the incentives of the network participants and ensure the security and sustainability of the protocol.

According to the official post, the token will have multiple use cases, such as:

Staking: Users can stake their tokens to secure the network and earn rewards.

Governance: Users can vote on proposals and changes to the protocol parameters and features.

Fees: Users can pay fees for using the LayerZero services, such as cross-chain transfers, swaps, bridges, etc.

Rewards: Users can earn tokens for providing liquidity, data, or other resources to the network.

Grants: Users can apply for grants to fund their projects or initiatives that contribute to the LayerZero ecosystem.

The LayerZero team also revealed some details about the tokenomics, such as:

  • Total supply: The total supply of the token will be fixed at 1 billion.

Distribution: The token distribution will be fair and transparent, with a large portion allocated to the community and ecosystem development. The team and investors will have a long-term vesting schedule to ensure their commitment and alignment with the network’s goals.

Emission: The token emission will be dynamic and adaptive, depending on the network activity and demand. The emission rate will be determined by a governance mechanism that balances inflation and deflation pressures.

The LayerZero protocol is one of the most ambitious and innovative projects in the blockchain space, aiming to create a universal layer for cross-chain interoperability. The protocol leverages zero-knowledge proofs and other cutting-edge technologies to enable fast, secure, and scalable cross-chain transactions and interactions. The protocol supports any blockchain that follows common standards, such as EVM-compatible chains, Substrate-based chains, Cosmos SDK-based chains, etc.

The LayerZero team stated that they are working hard to deliver the token launch and other milestones in their roadmap. They also invited the community to join their social media channels and stay tuned for more updates and announcements.

MadLad #3732 sells for 1299 SOL approximately $85,000.

The NFT market is booming, and one of the hottest collections right now is MadLad, a series of 10,000 unique digital artworks featuring pixelated characters with different traits and rarities. The MadLad project was launched in October 2023 and has quickly gained popularity among collectors and investors who see the potential of this innovative and creative project.

One of the most sought-after MadLads is #3732, a rare mint with a gold crown, sunglasses, a beard, and a red hoodie. This MadLad has a lot of personality and charisma, and it shows in its price. According to the latest data from Solana Art, the leading NFT marketplace on the Solana blockchain, MadLad #3732 was sold for a whopping 1299 SOL, which is approximately $85,000 at the current exchange rate. This is one of the highest prices ever paid for a MadLad NFT, and it reflects the high demand and scarcity of this collection.

The buyer of MadLad #3732 is a well-known NFT collector who goes by the name of Crypto King. He has been active in the NFT space for a long time and has amassed an impressive portfolio of rare and valuable NFTs from various projects. He said that he was attracted by the uniqueness and quality of the MadLad project, and that he believes that MadLad #3732 is one of the best pieces in his collection. He also said that he plans to hold on to his MadLad for a long time and enjoy its appreciation in value.

The seller of MadLad #3732 is a lucky mint who got his MadLad for only 1 SOL during the initial sale. He said that he was happy with his profit and that he decided to sell his MadLad because he needed some funds for other investments. He said that he still loves the MadLad project and that he will continue to support it and buy more MadLads in the future.

The MadLad project is one of the most successful NFT projects on the Solana blockchain, which is known for its fast, cheap, and scalable transactions. The Solana ecosystem has been growing rapidly in recent months, attracting more developers, users, and investors who are looking for alternatives to the congested and expensive Ethereum network. The MadLad project is a testament to the innovation and creativity that Solana enables, and it is likely that we will see more amazing NFT projects emerge on this platform in the near future.

Nigerian Journalists must learn from Diochi, the village wine tapper, as they report on CBN

By
Ndubuisi Ekekwe
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1

One thing Nigeria does not need now is a bank run because we do not even make enough pillows in Nigeria. So, if a run happens, I am not sure if we will have enough pillows imported on time to store the funds.

The Central Bank of Nigeria (CBN) is under severe stress because it is the only agency we can all flog publicly. But as I have noted, CBN is really a small part of this puzzle. Apex banks have two core functions in economies: maintain the strength of currencies by managing inflation and drive employment through interest rates management. And when you go lower in the system, it cannot manage inflation if there is no production (Supply side), and it cannot boost employment if there are no companies hiring. So, as people hit CBN, remember NDE, SMEDAN, etc as all supposed to be part of the equation.

Yet, as that happens, we must be nuanced and careful not to rattle the market. In Igbo tradition, elders will remind villagers that just like Diochi, the palm wine tapper, it is only a fool who tells everything he sees while on top of a palm tree! What that axiom is postulating is this: there are powers you have or things you can say, but sometimes, not saying or exercising that power will serve the society better. Diochi on top of the palm tree sees the whole village – women giving birth, people showering in the village stream, etc. The village expects him to hold those secrets!

This is why my best analysis are not read on social media. I have learnt my lessons and I can give three samples which convinced me to modulate:

  1. Konga should sell . I posited that old Konga was out of ideas despite raising close to $100m and should just sell itself. Within a month or so, that happened.  Many young people blamed a village boy for causing them to lose their jobs. That was painful.

  2. Andela problem . I noted issues. As you can see in the comments, many were unhappy. Good enough, Andela changed strategy and averted that problem when it stopped building dormitories!

3. Ecommerce problems in Africa, Harvard Business Review  African brothers spoke in one voice: you wanted to destroy ecommerce in Africa, as they neglected my concerns.

After some of these lessons, those deep analytical works are gone because we’re not good at handling academic perspectives.  Please journalists, be nuanced when you write about banking ratios as Nigeria cannot afford a bank run right now.

As Naira Hits Record Low, Nigeria Needs To Focus On The Root Cause

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