Dubai grants a conditional crypto license to OKX

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

• Mercedes-Benz reveals in-Car NFT gallery

• HashKey becomes a crypto unicorn

• Dubai grants conditional crypto license to OKX

• UN Report singles out Tether's role in Southeast Asia money laundering

• Gulf Binance begins operation in Thailand

• Pro-crypto Vivek Ramaswamy drops out of 2024 US presidential race

• Dictionomics: Crypto Washing

Global Biscuits

Mercedes-Benz reveals in-Car NFT gallery
Mercedes-Benz has unveiled updates to its in-car virtual assistant, the MBUX Virtual Assistant, at the Consumer Electronics Show (CES) 2024. The virtual assistant, powered by generative AI and running on the next-generation Mercedes-Benz Operating System (MB.OS), features an NFT gallery and an AI voice assistant with "emotional profiles." The assistant, which learns driver preferences and can switch between natural, predictive, personal, and empathetic modes, aims to create a more human-like interface with drivers. The update also includes an in-car music experience, MBUX Sound Drive, and an MBUX Collectibles app for showcasing NFT collections on the vehicle's dashboard. The MBUX Virtual Assistant will launch in early 2025.

HashKey becomes a crypto unicorn.
HashKey Group, the operator of the Hong Kong-based crypto exchange, has almost reached its $100 million fundraising target and achieved a valuation of $1.2 billion post-raise, making it a unicorn. The fundraising round was announced in August, and the funds will be used to promote compliant and innovative global growth. HashKey obtained a license from Hong Kong's security regulator to offer retail crypto trading, and the successful fundraising underscores investor confidence in its business.

Tastes of the regions

Dubai grants conditional crypto license to OKX.
OKX's Dubai subsidiary has received a conditional virtual asset service provider (VASP) license from Dubai's Virtual Assets Regulatory Authority (VARA) for exchange services. While the license has been awarded, OKX emphasized that it would remain "non-operational" until it meets the regulator's requirements. Once operational, OKX Middle East will offer regulated VASP services, including spot and fiat trading, AED deposits and withdrawals, and spot trading pairs, to retail and institutional users. The exchange expects to fulfill the requirements and become operational in a few months. The license application process was praised for its efficiency by OKX's general manager for the Middle East and North Africa.

UN Report singles out Tether's role in Southeast Asia money laundering.
A United Nations report has identified Tether's USDT stablecoin as a prominent payment method for money laundering and scams in Southeast Asia. The report highlights the use of USDT in illegal online gambling platforms and underground fraud, including romantic scams known as "pig butchering." Tether responded to the report, expressing disappointment and emphasizing its role in helping developing economies. The stablecoin issuer mentioned that Tether tokens, using public blockchains, allow meticulous tracking of every transaction, making it an impractical choice for illicit activities. In November, Tether assisted the U.S. Department of Justice in freezing about $225 million in USDT linked to an international human trafficking group involved in a pig-butchering scam.

Gulf Binance begins operation in Thailand.
Gulf Binance, the joint venture between Binance and Thailand's Gulf Innova, has launched its crypto exchange services to the general public in Thailand. The exchange, named Binance TH, allows Thai users to buy and sell cryptocurrencies with local currency pairings. Gulf Binance received crypto asset exchange and brokerage operator licenses from Thailand's Ministry of Finance in May 2023. The exchange initially operated on an invite-only basis before opening up to the public. The launch is seen as a strategic step to establish Thailand's role in the global digital finance landscape, according to Richard Teng, CEO of Binance.

Pro-crypto Vivek Ramaswamy drops out of 2024 US presidential race.
Vivek Ramaswamy, a pro-crypto Republican candidate, has dropped out of the United States presidential election. Ramaswamy, who was the only candidate to introduce a crypto policy framework, announced his decision to suspend his presidential campaign and expressed support for former president Donald Trump. Ramaswamy had gained attention from the crypto community for his outspoken policy proposals, including "The Three Freedoms of Crypto" framework, which aimed to provide regulatory clarity and protections for the crypto industry.

Dictionomics:    Crypto Washing

Crypto Washing is a term used to describe the practice of hiding the origin or destination of cryptocurrency transactions by using various techniques, such as mixing services, tumblers, coin swaps, or decentralized exchanges. For example, a mixing service can take a user's cryptocurrency and exchange it with other users' coins, making it harder to trace the original owner. A tumbler can split a user's cryptocurrency into smaller amounts and send them through multiple addresses, obscuring the transaction trail. A coin swap can allow a user to exchange one type of cryptocurrency for another, potentially avoiding detection by authorities. A decentralized exchange can enable a user to trade cryptocurrency without relying on a centralized intermediary, reducing the risk of being tracked or censored. Crypto washing can be done for legitimate reasons, such as enhancing privacy or avoiding censorship, but it can also be used for illicit purposes, such as laundering money, evading taxes, or financing terrorism.

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