Crypto On LYO: The Blend — Rain Crypto Exchange Secures License for Virtual Asset Brokerage and Custody Services in UAE, Namibia Enacts Crypto Assets Bill into Law, Japan Sets Course for Expanded Web3 Promotion Policies

What happened in the crypto world in the last week? Let’s see some interesting news together!

Rain Crypto Exchange Gains License to Offer Virtual Asset Brokerage and Custody Services in UAE

On Tuesday, Bahrain-based crypto exchange Rain announced that it has successfully obtained a license to operate as a virtual asset brokerage and custody service provider in the United Arab Emirates (UAE). Co-founder and CEO Joseph Dallago took to Twitter to announce their milestone achievement as the first licensed retail exchange in the UAE.

The process leading up to this licensure has been a lengthy endeavor, spanning five years. Rain was among the earliest exchanges to inquire about regulatory compliance in 2018 when the Abu Dhabi Global Market released its virtual asset framework.

With this new license in hand, Rain’s Abu Dhabi-based unit can offer its institutional clients and select retail customers in the UAE the ability to buy, sell, and store virtual assets, as stated in the company’s official announcement. Abu Dhabi has garnered a reputation as a crypto-friendly hub, largely due to its well-defined and accommodating regulations.

Rain has received backing from prominent crypto exchange Coinbase, though it faced challenges during the crypto winter.

Namibia Enacts Crypto Assets Bill into Law

Following the enactment of the Namibia Virtual Assets Act 2023 into law on Friday, Namibia’s government is gearing up to establish a regulatory authority responsible for overseeing the virtual asset industry. This milestone legislation marks the country’s first official framework for handling cryptocurrencies and related activities.

The primary objectives of the Virtual Assets Act are to designate a regulatory body that will supervise and regulate virtual asset service providers, while also safeguarding consumers, preventing market abuse, and curbing money laundering activities within the sector.

Although the Act has been officially published in the Gazette of the Republic of Namibia, effectively turning it into a law, it is important to note that it is not yet fully effective, according to Diana Vivo, an associate at the law firm Ellis Shilengudwa Incorporated, a part of DLA Piper Africa.

Further implementation steps and guidelines are likely to be developed in the near future.

Japan Sets Course for Expanded Web3 Promotion Policies

In an address at the WebX conference in Tokyo, Prime Minister Fumio Kishida reaffirmed Japan’s commitment to fostering a favorable environment for Web3 technology and its associated tokens. The country’s annual broad policy outline now includes measures that prioritize user protection while also aiming to revitalize the content industry.

In a pre-recorded video broadcast, Kishida emphasized the importance of Web3 as a transformative force in modern capitalism. As part of his flagship economic policy, he emphasized a focus on innovation, startups, and digital transformation to drive economic growth and equitable distribution of wealth.

Furthermore, the Prime Minister teased an exciting prospect for the metaverse, stating that a major Japanese company is set to announce a substantial, ambitious project that will create a valuable economic zone within this virtual realm.

The Liberal Democratic Party’s continued support and embrace of Web3 technology underscore Japan’s commitment to staying at the forefront of this rapidly evolving digital landscape.

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