News Roundup — UAE Prepares for Phased Roll‑out of Digital Dirham (CBDC)

Major news stories this week;

1. UAE Prepares for Phased Roll‑out of Digital Dirham (CBDC)
2. Vietnam state-run Military Bank partners with Dunamu to launch crypto exchange
3. Google Play Store bans crypto wallets in 15 jurisdictions, requires new licensing compliance
4. ‘Cryptocrash king’ Do Kwon pleads guilty to fraud
5. Hong Kong issues strict new crypto custody rules for cold wallets
6. Metaplanet’s Bitcoin strategy turns ¥5 billion loss into ¥11 billion profit

Story Summaries;

1. The UAE is moving forward with its Digital Dirham project, laying out a phased strategy under the FIT program. This CBDC rollout will feature tokenization, smart contracts, and offline payments, aligning with international standards from the IMF and BIS.
2. Vietnam’s Military Bank is collaborating with South Korea’s Dunamu to create the country’s first regulated crypto exchange. The move follows Vietnam’s new Digital Technology Industry Law and signals a state-backed push into legal digital assets.
3. Google Play will require crypto wallet apps to comply with local licensing regulations in 15 jurisdictions by July 2025. Developers will need to register as money services businesses, sparking concerns over barriers to innovation.
4. Terraform Labs founder Do Kwon pleaded guilty to fraud in a New York court, admitting to misleading investors during the TerraUSD collapse. The plea deal includes restitution and asset forfeiture, though sentencing could extend up to 25 years.
5. Hong Kong’s SFC has introduced stringent new rules for crypto custodians, banning smart contract cold wallets and requiring highly secure, certified offline storage. These regulations aim to increase institutional confidence while raising the bar for compliance.
6. Metaplanet has turned around a major financial loss into an ¥11B profit, thanks to its aggressive Bitcoin accumulation strategy. The firm now holds over 18,000 BTC, positioning itself as a leading corporate crypto holder in Japan.

And that’s all for last week’s news! Wishing you a great week ahead!