Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 9-3-24
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QATAR LAUNCHES 2024 DIGITAL ASSETS FRAMEWORK TO LEAD GLOBAL FINANCE
▪️Qatar's QFC Digital Assets Framework 2024 provides a legal foundation for digital asset activities.
▪️The framework was developed through extensive consultation with various stakeholders and includes initiatives like the QFC Digital Assets Lab.
▪️Qatar's initiative is expected to position the country as a leader in digital finance, attracting more companies and driving economic growth.
Qatar is making a major move in the world of finance with the launch of the QFC Digital Assets Framework 2024. Created by the Qatar Financial Center Authority and the Qatar Financial Center Regulatory Authority, this new framework aims to transform how digital assets are managed in the country.
Let’s look at how this could make Qatar a leader in digital finance.
All About the QFC Digital Assets Framework
The QFC Digital Assets Framework acts as a detailed guide for digital assets in Qatar. It sets legal standards for activities such as tokenization, owning digital tokens, and exchanging them. It also acknowledges the role of smart contracts, showing a modern approach to digital asset management.
Why is this framework important?
The main goal is to ensure a safe environment for digital transactions, meeting global standards. Sheikh Bandar bin Mohammed bin Saoud Al Thani, Governor of Qatar Central Bank, sees this framework as a key part of Qatar’s plan to modernize its financial sector. It’s not just about setting rules; it’s about opening new opportunities and driving Qatar’s digital transformation.
It Takes a Team for Success!
Creating the QFC Digital Assets Framework took a lot of time and resources. It took a lot of discussions and input from an advisory group that included 37 organizations from different fields-finance, technology and law. The idea was to make sure the framework isn’t just a set of rules but something that works for everyone involved.
One of the standout features is the QFC Digital Assets Lab, which started in October 2023. More than 20 startups and fintech companies are already using it to test and launch their digital asset products and services.
This lab is not just about regulation; it’s about encouraging innovation and making Qatar a central player in digital finance.
Qatar’s Ambitious Vision
With the launch of the QFC Digital Assets Framework 2024, Qatar is clearly aiming to lead in digital finance. This framework provides the clarity and security that businesses, both local and international, need. It’s expected to attract more companies to Qatar, boosting its financial sector and making it more competitive globally.
Yousuf Mohamed Al-Jaida, CEO of QFC, is enthusiastic about the new framework, noting that it aligns Qatar’s regulations with the best global practices. It’s also a key part of Qatar’s strategy for long-term growth and security in the digital space.
Shaping the Future of Finance – Together!
In short, the QFC Digital Assets Framework 2024 is a major development. It’s not just about setting rules; it’s about shaping the future of finance in Qatar. By building a strong regulatory base, Qatar is ensuring that digital asset transactions are secure, transparent, and ready for the future.
This framework is a big step forward for Qatar’s financial sector and its role in global digital finance.
@ Newshounds News™
Source: Cooinpedia
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RIPPLE PARTNERS WITH FUTUREVERSE TO ENHANCE SECURE DIGITAL ASSET CUSTODY
Futureverse to Leverage Ripple Custody for AI and Metaverse Initiatives
In a significant advancement within the digital asset infrastructure and metaverse technology sectors, Ripple, a leader in digital asset solutions, has announced a strategic partnership with Futureverse, a prominent company in AI and metaverse technology.
The collaboration aims to integrate Ripple Custody into Futureverse’s ecosystem, ensuring secure storage and management of digital assets, particularly as the demand for compliant and institutional-grade custody solutions continues to grow.
Futureverse has unveiled plans to use Ripple Custody to facilitate the secure custody of digital assets before they are minted on its self-developed Ottó blockchain.
The partnership will enable Futureverse to offer a secure and compliant environment for Know Your Customer (KYC) verified access to decentralized finance (DeFi) via the Ottó blockchain.
This development is timely, given the rapid expansion of the crypto custody market, which is projected to approach $10 trillion by 2030.
The integration of Ripple Custody is expected to address the critical need for robust, secure, and compliant digital asset storage solutions that can accommodate a wide range of digital assets, including stablecoins and tokenized real-world assets such as stocks, bonds, commodities, and real estate.
Ripple Custody has been designed with a state-of-the-art governance framework to protect a diverse array of digital assets, thereby allowing institutions, enterprises, and crypto businesses to securely manage their digital assets while confidently navigating the evolving Web3 landscape.
This partnership underscores the growing importance of secure custody solutions as digital assets gain increased adoption across various sectors.
Jeffrey McDonald, the Founder of Ottó Blockchain and Chief Customer Officer of Futureverse, emphasized that the integration of Ripple Custody into Futureverse’s operations was driven by Ripple’s industry-leading security features, which are designed to enhance the safety of customers’ digital assets.
He also highlighted the long-standing relationship between the two companies, noting that Ripple’s advanced product features made it the ideal choice as Futureverse continues to innovate within the AI and metaverse technology spaces.
Ripple’s suite of enterprise-grade solutions is tailored to meet the evolving demands of businesses operating in the digital economy.
Beyond custody services, Ripple offers a comprehensive range of solutions, including the secure storage of cryptocurrencies and digital assets, the off-ramping of stablecoins, and the facilitation of payouts in local fiat currencies across over 80 markets worldwide.
These offerings are designed to help businesses scale their operations without compromising on security, compliance, or operational efficiency.
Fiona Murray, Managing Director of APAC at Ripple, emphasized the importance of security and compliance as foundational elements for the success of any digital asset platform.
She further expressed that Ripple’s ongoing collaboration with Futureverse is a testament to the company’s commitment to supporting Web3 projects and communities with secure and scalable custody solutions.
Both Ripple and Futureverse have been active participants in the XRP Ledger (XRPL) community, with Futureverse having adopted the XRPL NFT standard, which benefits from the network’s low transaction fees and high throughput capabilities.
Moreover, Futureverse utilizes XRP as the network’s gas token and has integrated with the XRPL decentralized exchange (DEX) to provide network liquidity. The partnership between Ripple and Futureverse was further solidified in 2023 when Ripple took part in Futureverse’s $54 million Series A funding round, led by 10T Holdings.
This collaboration between Ripple and Futureverse highlights the ongoing evolution of digital asset management and the critical role that secure, compliant custody solutions play in the broader adoption of digital assets and blockchain technology.
As the market continues to evolve, partnerships like this are likely to become increasingly important in ensuring the safe and efficient operation of digital asset platforms.
@ Newshounds News™
Source: CoinTrust
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UNLOCKING THE SECRETS OF HISTORICAL BOND | Youtube
@ Newshounds News™
Source: Currency Facts
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