CZ’s wealth grow by $25 billion in 2023.

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

• Barry Silbert resigned from Grayscale.

• CZ’s wealth grow by $25 billion in 2023.

• South Korea to disclose top public officials’ crypto holdings next year.

• Andalusia Labs raised $48 million with a global headquarters in Abu Dhabi.

• Dictionomics: NFT Gas Fee

Global Biscuits

Barry Silbert resigned from Grayscale.
Barry Silbert has resigned as chairman of the board of Grayscale Investments, and Mark Shifke, the CFO of Grayscale's parent company Digital Currency Group (DCG), will replace him. Silbert, also the CEO of DCG, had not publicly commented on the resignation. Another Grayscale board member, Mark Murphy, also stepped down. Both resignations are set to go into effect on January 1. This change in leadership comes at a crucial time for Grayscale, as the SEC is expected to approve the first-ever spot Bitcoin ETFs in the next two weeks. Grayscale has a Bitcoin ETF application currently under review by the SEC.

CZ’s wealth grow by $25 billion in 2023.
Binance founder Changpeng "CZ" Zhao has seen his wealth grow by nearly $25 billion in 2023, according to the Bloomberg Billionaires Index. Zhao's estimated wealth now stands at over $37 billion, making him the 35th richest person globally. The substantial fortune is derived from Zhao's controlling stake in Binance, although his holdings of bitcoin and Binance's own coin, BNB, are not factored into the index. In November, Zhao and Binance pleaded guilty to anti-money laundering and sanctions violations, agreeing to pay fines of $50 million and $4.3 billion, respectively. Zhao faces a prison term of up to 18 months.

Tastes of the regions

South Korea to disclose top public officials’ crypto holdings next year.
South Korea will require high-ranking public officials, around 5,800 individuals, to disclose their cryptocurrency holdings starting next year. The move follows the passing of two bills in May, which made crypto assets part of the annual asset disclosure required for elected and high-ranking government officials. The Ministry of Personnel Management stated that this measure is expected to enhance the transparency of the public service. The country's personnel management ministry will manage the disclosure process through the government’s "Public Ethics and Transparency Initiative" system, a portal designed to handle the registration and review of property disclosures by public officials. The disclosure will cover property details, including cryptocurrencies. The country's major crypto exchanges, including Upbit, Bithumb, Coinone, Korbit, and Gopax, plan to develop a separate information system for property registration by June next year.

Andalusia Labs raised $48 million with a global headquarters in Abu Dhabi.
Andalusia Labs, formerly known as RiskHarbor, has raised $48 million in a Series A funding round, valuing the company at over $1 billion. The funding round was led by Lightspeed Venture Partners, with participation from Mubadala Capital, Pantera Capital, Framework Ventures, Bain Capital Ventures, and Digital Currency Group, among others. Andalusia Labs focuses on risk management infrastructure for digital assets and aims to address security challenges prevalent in the blockchain industry. The company has also established its global headquarters in Abu Dhabi's Financial Center, Abu Dhabi Global Markets.

Dictionomics:    NFT Gas Fee

NFT gas is a fee that’s paid to validators to keep the blockchain secure. Validators are users who stake large amounts of cryptocurrency to verify transactions on the blockchain. NFT gas fees are required for any transaction involving non-fungible tokens (NFTs), such as minting, buying, selling, or transferring them. NFT gas fees are denoted in Gwei, which is a unit of Ethereum’s native currency, ether (ETH). Each Gwei is equal to 0.000000001 ETH. NFT gas fees vary depending on the network congestion, the complexity of the transaction, and the speed of execution. The higher the demand for network space, the higher the gas fees. NFT gas fees are paid to the validators who process the transactions and secure the network.

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