Crypto salary in Dubai and more.

BeInCrypto's Asia Crypto Roundup dives into the region's most critical updates and developments. Covering key markets such as China, South Korea, Japan and Singapore, our roundup provides insights into Asia's regulatory shifts, blockchain innovations, major project launches and market trends.

Notable events of the past week include History Protocol's successful $80 million Series B funding and Dubai's legal decision to recognize the payment of cryptocurrencies.

Bitpanda and RAKBANK partner to increase crypto access in the UAE

In the year On August 19, Bitpanda Technology Solutions (BTS) and National Bank of Ras Al Khaimah (RAKBANK) finalized an agreement to increase access to digital assets in the United Arab Emirates. This collaboration will enable UAE residents to securely manage various digital assets. The partnership is a strategic move that will allow banks to participate in the virtual asset economy without building capacity in-house.

In this initiative, Bitpanda broker MENA DMCC functional verification and licensing by the Virtual Assets Regulatory Authority (VARA) are crucial. Likewise, RAKBANK needs to obtain approval from the Central Bank of the United Arab Emirates (CBUAE).

Read more: Top 9 Safest Crypto Exchanges in 2024

The Korean founder received 80 million dollars from Andresen Horowitz

In the year On August 21, venture capitalist Andreessen Horowitz (a16z) announced he led an $80 million Series B funding round for PIP Labs, developer of the historic protocol. The funding saw participation from Polychain Capital and celebrity investors such as HYBE founder Bang Si-hyuk and Paris Hilton. This investment boosts PIP Labs' valuation to more than $2.2 billion.

History Protocol is a blockchain startup that helps creators protect their intellectual property (IP). It aims to generate sustainable revenue in an age where AI-based copyright piracy is increasingly prevalent.

It also provides a platform for creators to register their IP, issue terms of use, and receive compensation for their work. These will effectively protect their creations from unauthorized use of AI.

“We believe that all intellectual and creative work can fall under the category of IP, and all of them are going to experience dramatic changes in this new era of AI. […] According to Jason Zhao, chief protocol officer and co-founder of PIP Labs, the story is trying to solve the problem of how IP is monetized when the entire Internet is stolen by these AI models.

Zhao, who co-founded PIP Labs with South Korean Lee Seung Yoon, who sold his mobile fiction platform Radish for $374 million in 2021, was a former product manager at Google's AI lab DeepMind. Protocol to the history of technology and creative industries.

The company has attracted more than 200 entities to register over 20 million intellectual properties on its platform. The History Protocol is preparing for the launch of the mainnet to become the cornerstone of the future of Internet content creation and monetization.

Dubai has recognized Crypto as a legal form of payment

The Dubai Court of First Instance recently recognized cryptocurrency payments for wages under employment contracts. The decision is based on Article 912 of the Civil Transactions Law of the United Arab Emirates and Federal Decree Law No. (33) of 2021. It emphasizes the importance of enforcing clear contractual agreements if they are consistent with public policy and law.

This ruling contrasts with a previous ruling in 2023, where a similar claim was dismissed due to the plaintiff's failure to properly value the digital currency involved.

A recent case involved a claim for wrongful termination and unpaid wages. The plaintiff's employment contract stipulates wages in fiat currency and additional payment in EcoWatt tokens, a form of cryptocurrency.

The employer argued that the crypto payments were not legally enforceable. Nevertheless, the court ruled in favor of the employee. Instead of converting to fiat currency, he confirmed the payment with EcoWatt tokens.

Malaysia Cracks Down on Illegal Bitcoin Mining

Following a court order, on August 19, Malaysian authorities destroyed 985 Bitcoin mining machines worth an estimated $452,500. In the year The machines, which were booked for the implementation period from 2022 to April 2023, were steam roller milled in Perak Tengah district.

This move comes after seven individuals involved in illegal Bitcoin mining were arrested for allegedly stealing electricity to run their activities. The suspects, including three locals and four foreigners, were arrested separately last week.

Sepang District Police Chief ACP Wan Kamarul Azran Wan Yusof said these individuals have no previous criminal record, but their illegal activities have caused huge losses to the country. Officials estimate that Malaysia lost up to 3.4 billion Malaysian Ringgit ($757 million) between 2018 and 2023 to bitcoin mining-related electricity theft.

Deputy Energy Transition and Water Transition Minister Akmal Nasrullah Mohd Nasir highlighted the increasing trend of this issue. He emphasized the detrimental impact of power theft on crypto mining at Tenaga National Berhad (TNB) and the country.

“People who spend cryptocurrency believe that electricity theft occurs because this activity cannot be detected due to the lack of meters in their premises. However, energy supply companies have different methods to detect unusual energy consumption in the area,” he said.

Read more: How Much Electricity Does Bitcoin Mining Use?

Tether unveils UAE's first dirham-pegged stablecoin

In the year On August 21, Phoenix Group Pvt. The stock company listed on the Abu Dhabi Securities Exchange (ADX) has revealed its strategic partnership with Tether, the leading issuer of Statcoins, to launch a stablecoin pegged to the UAE dirham. Green Acorn Investments Limited supports this initiative that aims to transform the digital asset sector.

Combining the reliability of the UAE dirham with the advantages of blockchain technology, this stable coin provides a reliable digital currency that reflects one of the most stable currencies in the world. In addition, it can play a vital role in boosting businesses and expanding growth opportunities in the digital age.

Backed by the financial strength and technical know-how of Phoenix Group and Tether, this stablecoin is managed under a strict regulatory framework that complies with the UAE regulatory framework. The introduction of this stable coin, deeply rooted in the economic strength and stability of the UAE, is expected to be globally accessible.