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Web 3 With FTC for February 13th - Bitcoin NFTs, Gemini, RSTAKING, Catawba Indian Nation, Dubai's VARA, and Sberbank's Proprietary DeFi Platform
Episode 814th February 2023 • Fintech Confidential • DD3, Media
00:00:00 00:17:45

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"Welcome to Web3 with FTC For February 10th by Fintech Confidential, the place where we keep you up-to-date on the latest developments in the world of Web3, Crypto, Blockchain, NFTs, and Fintech.

"Get ready for some fresh and thrilling insights on the crypto and blockchain world right here on Web3 with FTC! No more stale, regurgitated stories. We've got the hottest and newest updates for you."

Bitcoin NFTs, but let's face it, they're not as hot as Bitcoin's main gig of being censorship-resistant money. But fear not; Gemini is throwing around $100 million to compensate those who lost their deposits, giving us hope for the future of crypto banking. And if you're tired of the man holding you down, RSTAKING has got your back with its decentralized staking platform offering high rewards and freedom. Plus, the Catawba Indian Nation has created a crypto economic zone where DAOs can finally find true love. Dubai's Virtual Asset Regulatory Authority is cracking down with new regulations, including a ban on privacy coins, but we're sure the crypto community will find a way around it. And finally, Russia's biggest bank is launching its own DeFi platform because if you can't beat 'em, you might as well join 'em, right?

Top stories for today.

1️⃣ The Future of Bitcoin: Boosting Security Budgets with NFTs

2️⃣ Gemini Comes Through with $100M for Genesis Earn Users

3️⃣ Unleash Your Financial Freedom with RSTAKING's High Rewards and Security

4️⃣ Revolutionizing the Crypto World: Native American Tribe Creates Economic Zone

5️⃣ Dubai's VARA Issues New Crypto Regulations - What You Need to Know"

6️⃣ Sperbank Takes on DeFi: A Game-Changing Move for the Future of Banking

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This is a production of Diamond D3 Media, with All Rights Reserved. This is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. We strive to provide accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

ABOUT:

Tedd Huff: President & Founder of Diamond D3, a professional services consulting firm focused on global payments and marketing. He is also a video podcast host and producer of Fintech Confidential and Head of Corporate Strategy at Corvia. 

Over the past 24 years, he has contributed to FinTech startups as an Advisory Board Member, Co-Founder, and Chief Experience Officer, providing strategic and tactical direction for Global Payments OpenEdge, Heartland Payments, Nuvei, and TSYS, among others, focusing on growth while delivering innovation, process improvements and user experience-driven value to simplify the complexity of payments.

Diamond D3, Media: A media creation, management, and production company delivering engaging content globally

Transcripts

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Welcome to Web3 with FTC by Fintech Confidential, the place where we

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keep you up-to-date on the latest developments in the world of Web3,

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Crypto, Blockchain, NFTs, and Fintech.

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"Get ready for some fresh and thrilling insights on the crypto and blockchain

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world, right here on Web3 with FTC!

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No more stale, regurgitated stories, we've got the hottest

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and newest updates for you."

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First up, we've got Bitcoin NFTs.

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While they could boost the security budget, let's be real, they're

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not as cool as using Bitcoin as censorship-resistant money.

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At their best, they might strengthen the transaction fee market, but at worst,

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they could be a fad that fades away with no real consequences for Bitcoin.

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Next, Gemini is throwing $100 million at compensating users who lost

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their deposits with Genesis Earn.

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Hey, that's a pretty good deal!

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With this restructuring of debt and court approvals, both companies and

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their clients have a path forward.

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Now, let's talk about R Staking.

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As banks become increasingly restrictive, R Staking offers a decentralized

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staking platform that provides complete freedom with high rewards and security.

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And who doesn't love freedom and high rewards, am I right?

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The Catawba Indian Nation is getting in on the crypto game by creating a new

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crypto economic zone, offering businesses a unique opportunity to register and be

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recognized as legal entities, with Daos gaining a newfound status within the zone.

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It's exciting to see what will come next in this innovative project.

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Dubai's Virtual Asset Regulatory Authority is cracking down with new regulations,

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including a ban on privacy coins.

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They're also requiring traders with capital above $250 million to register

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and pay fees for advisory services, licensing, and annual supervision.

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Looks like they're trying to keep the crypto space in check.

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Finally, Russia's largest bank, Sperbank, is launching

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its own DeeFi platform in May.

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Some experts have raised concerns about the proprietary nature of the platform,

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but it's a smart move for the bank and a proof of concept for other banks looking

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to explore the potential of DeeFi.

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Stay here for the rest of the story, right here on Web3 with FTC."

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Bitcoin's use of inscriptions has sparked a heated debate on Twitter.

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Some claim that inscriptions have accidentally solved Bitcoin's

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security budget problem, while others argue that inscriptions will lead

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to blockchain spam and graffiti.

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The use of inscriptions, essentially non-fungible tokens, has stirred

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the controversy, particularly among those who have staked

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their reputations on hating NFTs.

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But there are potential consequences, including illegal data and chain bloat.

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Casey Rodarmor's tweet about inscriptions on Bitcoin's mainnet

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refers to the Ordinal protocol, which assigns a sequential number to each

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satoshi, the smallest unit of Bitcoin.

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Users can inscribe the sat with arbitrary data, which can be anything

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from a fully playable version of a video game to a picture of a Bored Ape

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cross-pollinated with a CryptoPunk.

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Ordinal NFTs are a good term for inscriptions, but these are artifacts

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rather than NFTs, out of respect for the sensitivities of hardline bitcoiners.

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The influx of large blocks due to inscriptions has led

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to concerns about chain bloat.

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However, inscription data is witness data and can be pruned, and hardware

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gets better and cheaper over time.

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In addition, more transactions mean more fees, which is

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good for the Bitcoin network.

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Ordinal NFTs could act as a buyer of last resort for blockspace, with the

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potential for users to wait longer to save money by paying a lower fee rate.

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While Ordinal NFTs may be fun, they are less consequential than Bitcoin's

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best use case of peer-to-peer, borderless, censorship-resistant money.

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At their very best, they could strengthen the Bitcoin transaction fee

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market, and at worst, they could be a fad that fades away with no wider

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negative consequences for Bitcoin.

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Next up

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Bankrupt crypto lender Genesis has reached an agreement with

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Gemini and other creditors on a restructuring plan, including a

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sale of Genesis Global Trading.

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As part of the agreement, Gemini will contribute $100 million in additional

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funds to users of the Earn product, and all Genesis entities will be

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brought under the same holding company.

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Genesis and Gemini were associated through the Earn product, which promised investors

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returns of up to 8% on their deposits.

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Genesis filed for bankruptcy in January after suspending redemptions and new

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loan originations on its platform.

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The agreement in principle, subject to court approvals, will see Digital Currency

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Group exchange its $1.1 billion note due 2032 for convertible preferred stock

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and refinance its existing 2023 term loans through a new secured term loan in

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two traunches made payable to creditors in the value of about $500 million.

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Sean O’Neal, an attorney representing Genesis, reportedly told a bankruptcy

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judge on Monday that the agreement would either result in a sale of Genesis or

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creditors would receive its equity.

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In January, Gemini criticized DCG and Barry Silbert for not repaying

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the $900 million of deposits its clients had deposited with the

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firm, leading to public spat between Cameron Winklevoss and Silbert.

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Winklevoss welcomed the agreement with Genesis, saying it “provides

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a path for Earn users to recover their assets.” Bob Ras, co-founder

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of Sologenic, called the agreement a “decent resolution” and said it suggests

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the outcome won’t be as damaging to the industry as earlier predicted.

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The agreement between Gemini and Genesis provides some hope for Earn

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product users who lost their deposits due to the bankruptcy of Genesis.

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The contribution of $100 million by Gemini and the restructuring of the Digital

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Currency Group's debt may help to mitigate the damage caused by the improper lending

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arrangement between Gemini and Genesis.

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While the agreement remains subject to court approvals, it offers a path forward

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for both companies and their clients.

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With the increasing regulations and restrictions imposed by banks on

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their clients, R-Staking offers a decentralized staking platform that

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provides complete freedom to users with high rewards and security.

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we compare a typical bank with R-Staking and explore the benefits of the platform.

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Banks are increasingly regulating their clients and creating endless

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issues with bureaucratic document flow and the creation of new restrictions

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or limits for withdrawing cash.

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On the other hand, R-Staking offers a fixed 25% per year on more than

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200 tokens and crypto coins in 9 networks, with rewards getting paid

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every 3 hours in USDT or BUSD tokens.

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Additionally, R-Staking offers no account blocking, user verification,

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or checking user's funds, unlike banks.

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R-Staking is considered to be one of the most secured blockchain companies

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in the world, with 24 ways to recover access to an account, 50 ultra-secure

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domains with the recovery function, no KYC, stable servers all around the world,

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and security of user’s crypto assets.

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The platform offers stability with USDT or BUSD.

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R-Staking offers the possibility of self-closing and rewards every 3 hours.

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Everyone can register with RSTAKING, receive 10 RHIN tokens free of

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charge, and open their first stake.

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The platform offers staking, NFT, R-mobile - a mobile operator,

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and many other projects.

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The Catawba Indian Nation, a Native American tribe based in South Carolina,

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is building a special economic zone specifically for cryptocurrency, with new

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regulations enabling Daos to be recognized as legal entities within the zone.

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Joseph McKinney, CEO of Catawba Digital Economic Zone, Spoke with Coin Desk to

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share the tribe's interest in crypto and the benefits of its new economic zone.

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The Catawba Indian Nation has been trying to create a special economic

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zone for several years, with recent private partnerships, including

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McKinney's involvement, driving the focus towards digital assets.

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The zone has passed new regulations recognizing digital assets under

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existing law, with the recent adoption of regulation recognizing

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Daos as different entity types.

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McKinney explains that a Dao is particularly advantageous for

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certain communities governed online, providing more flexibility than a

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traditional corporate structure.

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In turn, Catawba Digital Economic Zone provides legal identity, limited

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liability, and the same types of protections as other companies.

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The goal is to create a social layer for web3 that allows communities to transition

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seamlessly between different blockchains.

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The zone has already begun registering companies, and draft

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comments for banking and stable coin regulations have been released.

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McKinney says the initiative will benefit Catawba citizens by providing

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high-paying job opportunities and the ability to onboard themselves

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into companies within the zone.

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The Catawba Indian Nation's new crypto economic zone provides a unique

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opportunity for businesses to register and be recognized as legal entities, with DAOs

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gaining a newfound status within the zone.

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With the zone's recent release of draft comments on banking and stable

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coin regulations, it's exciting to see what will be developed

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next in this innovative project.

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The Virtual Asset Regulatory Authority, VARA, has released new guidelines

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for virtual asset service providers, VASPs, operating within Dubai.

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The “Full Market Product Regulations” include four compulsory rulebooks and

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activity-specific rulebooks that lay down the rules for operating VASPs.

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All market participants, licensed or not, must adhere to the

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regulations, which cover marketing, advertising, and promotion.

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Violators will be fined up to $135,000 for repeat offenses.

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The regulations also prohibit issuing privacy coins in Dubai and require

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traders with trading capital above $250 million to register with VARA.

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Fees for advisory services, licensing, and annual supervision for custody,

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exchanges, broker-dealers, and lending services range from $11,000

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to $55,000, depending on the services.

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The “Full Market Product Regulations” include four compulsory rulebooks and

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activity-specific rulebooks that lay down the rules for operating VASPs.

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The regulations apply all market participants, licensed

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or not, within Dubai.

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This excludes those operating under the Dubai International

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Financial Centre (DIFC), a free zone with its own regulator.

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According to Irina Heaver, a crypto and blockchain lawyer based in the United

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Arab Emirates, the new guidelines issued by VARA provide clarity for the

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crypto space, which is beneficial for business, investors, and consumers.

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In response to the new regulations, Irina Heaver stated that regulatory

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clarity is good for business, investors, and consumers, and the

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regulations are mostly welcomed.

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Although VARA has a broad authority to interpret and apply the regulations,

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Heaver trusts that it will be done in line with the spirit of Dubai's

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leadership, which prioritizes business acumen and fostering entrepreneurship.

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The new regulations issued by VARA provide clarity for the crypto space and are seen

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as a positive development by the industry.

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Russia's largest bank, Sperbank, is reportedly testing a proprietary

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decentralized finance platform and plans to launch it to the

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public on March 1st, according to Russian news agency, Interfax.

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The move is seen as a way for the bank to work within the crypto ecosystem,

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especially as the country approaches a full year of major sanctions put

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in place by the US and its allies following the invasion of Ukraine.

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However, some experts view this as a smart business move, as more banks are exploring

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the potential of DeeFi to provide bank-like services on the internet.

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Sperbank's new DeeFi platform is currently in closed testing and

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will be launched to the public on March 1st, according to Interfax.

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The move is significant given that Russia has never been a huge fan of

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decentralized protocols at the federal level, and is currently facing major

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sanctions from the US and its allies.

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The platform is expected to allow the bank to continue trading with nations

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that have not aligned themselves with the sanctions, as well as providing

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an alternative infrastructure to the US-led financial order, including

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the Swift interbank messaging system.

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Sperbank's platform is seen as a way for the bank to work within the crypto

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ecosystem and potentially explore the potential of DeeFi to provide

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bank-like services on the internet.

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The move is a smart business move, as more banks are exploring the

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potential of DeeFi to provide bank-like services on the internet.

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Banks have been exploring the custody of digital assets and making

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it more convenient for customers to store their cryptocurrencies

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within their bank accounts.

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However, some experts have raised questions about the proprietary

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nature of the DeeFi platform.

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According to one expert, "proprietary" in the context of crypto means copying

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open-source software and adding a few tweaks before calling it one's own.

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Despite this, the move is seen as a good development for DeeFi and a

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proof of concept for banks looking to work within the crypto ecosystem.

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The move also offers an alternative infrastructure to the US-led financial

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order and a way for the bank to continue trading with nations that have not

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aligned themselves with the sanctions.

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Although some experts have raised concerns about the proprietary nature

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of the platform, the move is seen as a positive development and a proof

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of concept for other banks looking to explore the potential of DeeFi.

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As we wrap up today's episode of Web3 with FTC by Fintech Confidential.

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Today we've covered some of the biggest Web3 stories that are shaking up the

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Web3 world and what they mean for you.

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Bitcoin's inscriptions, also known as NFTs, have sparked a heated debate in the

Speaker:

community, with potential consequences including illegal data and chain bloat.

Speaker:

On the other hand, Gemini's contribution of $100 million to compensate Genesis

Speaker:

Earn users and the restructuring plan between the two entities offers hope

Speaker:

for those who lost their deposits due to the bankruptcy of Genesis.

Speaker:

Meanwhile, R-Staking provides complete freedom to users with high rewards

Speaker:

and security, making it a great alternative to traditional banks.

Speaker:

The Catawba Indian Nation's new crypto economic zone provides a unique

Speaker:

opportunity for businesses to register and be recognized as legal entities within the

Speaker:

zone, with Daos gaining a newfound status.

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In Dubai, the new regulations for virtual asset service providers offer much-needed

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clarity for the crypto space, benefiting business, investors, and consumers.

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Finally, Russia's largest bank, Sperbank, is set to launch its

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proprietary DeeFi platform, offering an alternative infrastructure to the

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US-led financial order and exploring the potential of DeeFi to provide

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bank-like services on the internet.

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Thanks for tuning into “Web3 with FTC”, where we cover what’s behind the

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disruptive and innovative world of Web3, Blockchain, Crypto, NFTs and Fintech.

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And remember to follow us on our Telegram Channel, Linkedin, Facebook,

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and Instagram, and sign up for the latest news delivered straight to your inbox at

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access dot fintech confidential dot com.

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Get the best customer support system for your business.

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Get Solvpath.

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Get started by visiting get solve path dot com

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This has been a production of Diamond D3 Media,

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with All Rights Reserved.

Emily:

This is provided for informational purposes only.

Emily:

It is not offered or intended to be used as legal, tax, investment,

Emily:

financial, or other advice.

Emily:

We strive to provide accurate and up-to-date information, but will

Emily:

not be responsible for any missing facts or inaccurate information.

Emily:

You comply and understand that you should use any of this

Emily:

information at your own risk.

Emily:

Cryptocurrencies are highly volatile financial assets, so research and

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