Singapore Leads Global Web3 Index 2024
According to Coincub’s Global Web3 Index 2024, Switzerland, Singapore and the UAE have emerged as leaders in the Web3 space.
Coincub, the platform for off-chain crypto analysis, said that Singapore ranks second in the Global Web3 Index, with 24.4% of its population involved in the Web3 space.
The city-state’s strategic investments in blockchain technology, coupled with its supportive regulatory framework, have positioned it as a leading player in the digital economy.
Singapore’s government has been actively promoting the adoption of blockchain and digital assets, with initiatives such as the Monetary Authority of Singapore’s (MAS) Project Ubin, which explores the use of blockchain for payments and settlements.
Read more: Hex Trust Receives Approval From Singapore For Crypto Custody Services
Bybit Empowers Traders With New USDC Campaign Following EU Approval
Dubai-headquartered Bybit launched a new USDC campaign aimed at empowering traders, following its recent approval to operate in the European Union (EU).
The world’s second largest crypto exchange will run its campaign from 24 July 2024 to 22 August 2024.
“USDC’s approval by the EU is not just a regulatory win; it’s a step forward in securing a stable and reliable digital economy,” said Joan Han, sales and marketing director at Bybit.
The USDC campaign offers traders various incentives and benefits, including reduced trading fees, higher leverage options, and exclusive access to new trading pairs.
Bybit Empowers Traders with New USDC Campaign Following EU Approval: DUBAI, UAE, July 26, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has announced a new campaign in response to USDC becoming the… https://t.co/rFNuAVerLZ
— Stock Market News (@Stock_Market_Pr) July 26, 2024
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Singapore Reports Increased Use Of Crypto In Terrorism Financing
Singapore released a Terrorism Threat Assessment Report on 25 July 2024, where the Ministry of Home Affairs stated that there is an increasing use of cryptocurrencies in terrorism financing. However, cash funding is still at the top of the list.
Although it remains a relatively small portion of overall crypto activities, the report underscores the importance of vigilance and regulatory measures to combat this growing concern of crypto involved in terrorism financing.
The Singapore Terrorism Threat Assessment Report 2024 found that terrorist groups still primarily use cash to fund their operations, despite the rise in crypto use.
Terrorist groups still favour cash transfers and informal value transfer systems (hawala). The main funding… pic.twitter.com/J4x5uRLwMZ
— MingMing Crypto (@mingming_crypto) July 26, 2024
A recent report from Chainalysis, a blockchain analytics firm, indicates that while the use of cryptocurrencies in terror financing is increasing, it still constitutes a minor fraction of illicit crypto activities.
However, the inherent transparency of blockchain technology allows for traceability, making it difficult for terrorist organizations to use cryptocurrencies on a large scale.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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