Dubai Crypto & Coffee at 8 ☕ 🚨 Dubai: 12th Sep 🚨 🚨J.P. Morgan Digital Deposit Token 🚦CFTC imposes $1.7B fine against MTI 💰Animoca Brands digital IDs for Web3 🛑India’s 5-point crypto legislation - a podcast by Blockchain DXB

12th Sep: Crypto & Coffee at 8 🎙️
🚨J.P. Morgan Digital Deposit Token 🚦CFTC imposes $1.7B fine against MTI 💰Animoca Brands digital IDs for Web3 🛑India’s 5-point crypto legislation

🚨 JPMorgan Chase & Co., a prominent American banking institution, has embarked on preliminary investigations into harnessing blockchain technology’s potential for developing a digital deposit token. This token aims to serve as a digital representation of customers’ account deposits, offering the prospect of expediting and enhancing the efficiency of cross-border payments and settlements. More info on this via Finance Magnates here https://lnkd.in/dAtyjtvm Important to note that Regulatory approval is the key to JPMorgan’s digital token project and corporate clients may access the token within a year.

🎙️ Check out Blockchain DXB Crypto & Coffee at 8 podcasts we share our commentary on this. Also, see slides 1 & and 2 below for a global crypto snapshot.

🔥 $1.7 B Fine
💲 The U.S. Commodity Futures Trading Commission entered a consent order against Mirror Trading International Proprietary Limited (MTI) on September 6, finding it liable for fraud in connection with retail foreign currency (forex) transactions, fraud by a commodity pool operator (CPO), registration violations, and failure to comply with CPO regulations. MTI is a company currently in liquidation in the Republic of South Africa.

💲 The order stems from a CFTC complaint filed on June 30, 2022 and requires MTI to pay more than $1.7 billion in restitution to defrauded victims. https://lnkd.in/ddAMuGGd

💰 Animoca Brands closed a funding round of $20M supporting the acceleration of the Mocaverse to create digital IDs and a point system for Web3 culture, gaming and entertainment. Official announcement here https://lnkd.in/d5MSmhzj The funding round was led by CMCC Global, with other investors including Kingsway Capital, Liberty City Ventures, GameFi Ventures, Aleksander Leonard Larsen (founder of Sky Mavis), Gabby Dizon (founder of Yield Guild Games), institutional investors of Koda Capital, and others. Yat Siu, the executive chairman and co-founder of Animoca Brands is also participating in the round.

🛑 Love/Hate for Crypto (Mostly hate)
🖐️ India working on 5-point crypto legislation as the ban is ruled out More info via Cointelegraph that states India is working on a crypto regulatory framework based on the joint recommendations of the International Monetary Fund (IMF) and the Financial Stability Board (FSB) that could result in legal legislation in the next five to six months. 
https://lnkd.in/dyKmYyip

🟠 Two UAE news: (See slides)
⚡ Dubai South completes blockchain integration system in partnership with Dubai Customs
⚡ Formula 1 Etihad Airways Abu Dhabi Grand Prix: Binance, Alpine F1 launch helmet design contest

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