Crypto.com granted Dubai crypto license.

Hello, and welcome to De.Nomics newsletter, your daily digest to stay ahead in the world of Web3 and decentralized technologies at a regional focus. Today, we have plenty of trending news and stories. So, get your cup of tea and some biscuits, and let’s go ahead.
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The Blends Briefs
TL’DR: Here’s a sneak peek into today’s newsletter

• Fnality raises $95 Million.

• Reddit Moons surge +160%.

• Crypto.com granted Dubai crypto license.

• Australia’s new crypto tax update.

• Dictionomics: Staking

Global Biscuits

Fnality raises $95 Million.
Fnality, a fintech firm working on tokenized versions of major currencies collateralized by cash at central banks, has raised $95 million in a Series B funding round led by Goldman Sachs and BNP Paribas. Other participants in the round include DTCC, Euroclear, Nomura, WisdomTree, and several banks that backed Fnality's $63 million fundraise in 2019. Fnality aims to tokenize traditional finance assets on permissioned or public blockchains, and the funds will be used to further develop its technology for wholesale banking.

Reddit Moons surge +160%.
Moons, the crypto token of Reddit's r/cryptocurrency community, has surged over 160% following an update by community moderators outlining a "plan forward" for the token. The update mentioned that Reddit admins will renounce the Moons contract, making the token fully decentralized and imposing a hard cap on the supply. The moderators also announced that they would work with the community to distribute the remaining Moons and decide whether to burn or distribute Moons from advertising banner rentals and AMAs. The move is part of Reddit's decision to sunset its crypto-based rewards program.

Tastes of the regions

Crypto.com granted Dubai crypto license.
Crypto.com's Dubai entity, CRO DAX Middle East FZE, has been granted a Virtual Assets Service Provider (VASP) license by Dubai's regulator, pending operational approval. Once fully approved, the entity can offer exchange, broker-dealer, and lending and borrowing services to retail and institutional investors. Dubai has become an attractive destination for crypto businesses seeking legal clarity, and Crypto.com CEO Kris Marszalek expressed eagerness to contribute to Dubai's crypto industry under effective regulation.

Australia’s new crypto tax update.
Australia's tax authority, the Australian Taxation Office (ATO), has updated its guidance on capital gains tax (CGT) for crypto assets, clarifying that it also applies to wrapped tokens and interactions with decentralized finance (DeFi) protocols. The ATO states that when wrapping or unwrapping a crypto asset, a CGT event occurs, and the capital proceeds equal the market value of the wrapped token at the time of the exchange. The guidance includes liquidity pools, with a CGT event happening when depositing or withdrawing crypto assets, as well as when DeFi platforms pay rewards in the form of crypto assets. Critics argue that this could impact Australians using DeFi platforms.

Dictionomics
Staking 

Staking is a strategy that is used across crypto and web3 to empower users to engage with this new technology and secure the network. Staking involves locking up or depositing a certain amount of crypto assets in a smart contract for a period of time, in exchange for rewards or privileges. Staking is possible on blockchains that use the proof-of-stake consensus mechanism, which selects honest validators based on their stake. Staking can also be used for other purposes, such as providing liquidity, participating in governance, or accessing services in web3.

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