CryptoMonday: New Arabic Currency, Huobi In Japan

Dawid Paluch
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Let’s remind ourselves what happened at the weekend. There was plenty to talk about. For instance, the UAE has partnered with Saudi Arabia to develop a new cryptocurrency, Huobi is now a fully licensed trading platform in Japan, and much more.

Partnership with a new currency in mind

Last week, we found out that The Advisory Council of the United Arab Emirates Banks Federation (UBF) considers implementing blockchain in its system. Now, another crypto-related topic has just come out in the Middle East.

According to a report from the news agency Emirates News Agency, The United Arab Emirates (UAE) and Saudi Arabia have announced an agreement to cooperate on the creation of a cryptocurrency.

The article states that the new coin “will be strictly targeted for banks at an experimental phase with the aim of better understanding the implications of blockchain technology and facilitating cross-border payments.”

The date of the cryptocurrency launching is yet to be determined.

Huobi is legit in Japan

Huobi, a Singapore-based cryptocurrency exchange, has become an entirely legalized trading platform in Japan. The 7th largest exchange in the world by trading volume has relaunched as a fully licensed platform in Japan after merging with BitTrade.

In a statement, Leon Li, Huobi Group Founder and CEO, said:

“This is an important milestone for us. Firstly, because the Japanese market is a very important one to us and, secondly, because working with regulators is a longstanding priority for Huobi Group. We’re proud to say that Huobi Japan now has one of the first 17 licenses issued under the FSA’s ground-breaking regulatory regime.”

A token trading platform in Thailand

According to a report from the Bangkok Post, the Stock Exchange of Thailand (SET) is going to offer a new digital assets exchange. The SET plans to apply for a digital asset operating licence from the Finance Ministry.

Jirayut Srupsrisopa, the chief executive of Bitkub Group, is convinced that the SET has leverage over licensed digital asset exchanges in terms of capital and trust, but the latter has expertise.

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