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Ripple: The UAE will become a global digital asset hub by 2025

ChainCatcher news, according to Bitcoin.com, Reece Merrick, Managing Director of Ripple for the Middle East and Africa, recently released a statement on social media, highly praising the UAE's leading role in promoting global cryptocurrency adoption. Merrick stated that the UAE is becoming a global digital asset hub due to its forward-looking regulatory environment, blockchain technology innovations, and the growth of stablecoin applications. He emphasized that the future of finance is being built here.Ripple predicts that by 2025, blockchain technology will be deeply applied in the banking sector of the Middle East and North Africa (MENA) region, with Saudi Arabia, Bahrain, Qatar, and Morocco becoming key countries driving this transformation. Notably, the Gulf Cooperation Council (GCC) is leading the wave of asset tokenization, which will bring significant economic opportunities to the region.Specifically, the rapid development of the UAE Dirham stablecoin and the establishment of a legal framework for foreign stablecoins are reshaping the cross-border remittance landscape in the Middle East, South Asia, and Africa. Merrick believes that the integration of blockchain and stablecoins will not only change traditional banking models but also support the diversification and strengthening of the regional financial system.Ripple stated that it will continue to be committed to promoting the development of the digital asset ecosystem in the Middle East and Africa. With an increasingly improved regulatory environment and greater government support, the UAE is expected to lead a new wave of growth in the global digital asset market by 2025.

Bloomberg: Singapore Leads Hong Kong in Cryptocurrency Hub Race

ChainCatcher news, according to Bloomberg, in 2024, Singapore issued 13 cryptocurrency licenses to several cryptocurrency operators, including exchanges OKX and Upbit, as well as Anchorage, BitGo, and GSR, more than double the number from the previous year. In contrast, the issuance of similar licenses in Hong Kong has been slow. Both cities are trying to attract digital asset companies by establishing dedicated systems, tokenization projects, and regulatory sandboxes. Local governments believe that cryptocurrencies have the potential to enhance their appeal as global business hubs, but progress is uneven.Angela Ang, senior policy advisor at consulting firm TRM Labs, stated, "Hong Kong has a much stricter regulatory regime for exchanges in many important aspects, such as client asset custody, token listing, and delisting policies. This may tilt the balance towards Singapore." The approval process in Hong Kong has been slower than expected, and regulators have indicated plans to approve more exchanges by the end of the year. Currently, Hong Kong has fully authorized seven platforms to operate, four of which received approval on December 18 (with some restrictions). Additionally, seven others hold temporary licenses. Well-known exchanges like OKX and Bybit have withdrawn their applications for licenses in Hong Kong. Hong Kong only allows trading of the most liquid cryptocurrencies, such as Bitcoin and Ethereum, and prohibits investors from trading smaller, more volatile tokens (i.e., altcoins). Roger Li, co-founder of the cash and cryptocurrency over-the-counter exchange chain One Satoshi, stated, "The requirements to reach profitability are quite high."
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