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The Soccer Mom, the Bitcoin Miner and Yet Another Corner of the Crypto Universe

(Bloomberg) —

Everybody has a friend (or three) who’s gone “full crypto.” So Joel’s ears perked up when a friend from high school and college, Char Boger, told him about her interest not in Bitcoin — the more common refrain — so much as publicly traded Bitcoin-mining companies.

On this episode of Trillions, Eric and Joel venture into Bitcoin mining by welcoming Boger, a DIY investor and soccer mom, to the podcast as well as Ethan Vera, who’s the co-founder of both Luxor Mining and Viridi Funds, which launched the first Bitcoin mining ETF ($RIGZ) in 2021. The group discusses Bitcoin mining and Vera’s ETF, with Boger providing the perspective of a passionate retail investor.

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©2022 Bloomberg L.P.

Elon Musk Ratchets Up Trudeau Criticism With Hitler Comparison Meme

(Bloomberg) — Elon Musk waded further into the political controversy over vaccine mandates that’s gripped Canada for weeks, tweeting a meme making a satirical comparison between Prime Minister Justin Trudeau and Adolf Hitler.

The world’s richest man was replying to a post by cryptocurrency trade publication CoinDesk about Trudeau’s emergency orders aimed at cutting off funds to protesters who have blocked border crossings and camped out in Canada’s capital since late January. Musk tweeted a photo of Hitler with the text “Stop comparing me to Justin Trudeau” at the top, and “I had a budget” at the bottom.

Musk, 50, voiced admiration for Canadian truckers early on in the protests. He’s suggested that the Canadian government is suppressing peaceful demonstrations and lacks public support. On Jan. 30, he tweeted a meme making fun of people who invoke Hitler when discussing politics. The German dictator oversaw the genocide of about 6 million Jews before his death in 1945.

The chief executive officer of Tesla Inc. was born to a Canadian mother and South African father and moved to Canada as a teen before enrolling at Queen’s University in Kingston, Ontario. He moved to the U.S. to study at the University of Pennsylvania.

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India’s 30% Crypto Tax Spurs Bonanza for Digital-Coin Exchanges

(Bloomberg) — India’s decision to impose a 30% tax on profits from cryptocurrency trading is turning out to be a boon for the country’s digital-asset exchanges. 

Binance-owned WazirX, India’s largest crypto bourse, has seen daily sign-ups on its platform jump almost 30% since Feb. 1, when the government unveiled the levy on the transfer of digital assets in its annual budget, said co-founder Nischal Shetty. At rival CoinSwitch, the daily increase was 35%, according to founder Ashish Singhal.

While it might seem counterintuitive that a steep tax would cause people to flock to digital tokens, the step was seen as legitimizing an industry that’s been in regulatory limbo amid fierce resistance from India’s central bank. Shetty said he expects some 100 million people in the country to start investing in crypto in the next two to three years. 

“Investors are seeing a lot of clarity and visibility now with taxation announced in the budget,” Shetty said in an interview. “Earlier, people were on the sidelines wondering if cryptos were allowed or not.”

Neither exchange disclosed how many customers they added in total since Feb. 1. 

The average new client puts about 30,000 rupees to 40,000 rupees  ($400 to $533) in their trading account, said Shetty. WazirX is also seeing more interest from companies that until now were wary of the “optics” of investing in crypto, he said. 

India has yet to introduce legislation governing digital assets, leaving its mushrooming crypto industry mired in uncertainty. At the same time, the Reserve Bank of India has been a vocal critic, with Governor Shaktikanta Das earlier this month calling cryptocurrencies a threat to stability and comparing them unfavorably to the 17th century Dutch tulip mania. 

Read more: India’s Central Bank Chief Says Crypto Is ‘Not Even a Tulip’ 

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Ocado, Casino Plan to Extend French Online Retail Alliance

(Bloomberg) — Online grocery services provider Ocado Group Plc and Casino Guichard-Perrachon SA in France have created a logistics joint venture to help other retailers in France sell their goods online. 

In a significant expansion of their existing partnership, the two companies signed a preliminary agreement where the duo will provide logistics services, including project management and operations support in the construction and running of the warehouses needed for the fulfillment of online orders. Ocado will also offer the robotic software program it uses to run highly-automated warehouses.

There isn’t expected to be any initial capital cost associated with the joint venture to either Ocado, which recently revealed a sharp increase in capital expenditure this year, or Casino, according to the statement. 

Shares in Ocado were up 2.6% in early trading in London Thursday. Casino’s shares in Paris were little changed. 

Ocado and Casino first started working together in about 2017 with the British company providing its software and logistics know-how to help the French grocer grow its online business. It was one of the first major international licensing deals for Ocado, which hopes to become the world’s premier provider of grocery logistics services.

Casino said Thursday it is extending that partnership further and will use Ocado’s software to run its Monoprix in-store fulfillment operation. Ocado will also integrate the Cdiscount unit’s Octopia online platform onto its systems. 

The two companies said they see “significant and growing demand” for online grocery across the French market. Tim Steiner, Ocado’s chief executive officer, said the French grocery market has reached an “inflection point” as consumers look for efficient ways to buy their food. Casino’s rival Carrefour SA has been boosting its e-commerce capabilities, with 3 billion euros ($3.4 billion) of digital investments planned through 2026.

Last month Casino warned that French retail profit declined last year, with analysts turning their focus back to the multiple challenges confronting the company, including high leverage and declining market share.

In France speculation is building of retail mergers, especially after elections are held this spring. Carrefour has been the subject of takeover speculation in recent press reports. Rival Auchan held talks with private equity funds about teaming up on a renewed bid for Carrefour, Bloomberg News reported last month. 

(Updates with details from statement from third paragraph and shares in fourth paragraph)

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©2022 Bloomberg L.P.

SoftBank, Goldman Lead $330 Million Round by India’s ElasticRun

(Bloomberg) — ElasticRun, an e-commerce startup that provides supply chain and credit services to India’s mom-and-pop shops or kiranas, raised $330 million in a funding round led by SoftBank Vision Fund 2 and Goldman Sachs Group Inc.

The startup will use the capital to expand into rural areas in over two dozen Indian states, according to a statement from the Pune-based company on Thursday. Chimera and Innoven also participated in the round, as did existing investor Prosus Ventures. ElasticRun is now valued at $1.5 billion, Sandeep Deshmukh, its co-founder and chief executive officer, said via phone.

The company helps neighborhood stores access supplies from big consumer and food brands and makes credit available through its platform. ElasticRun said more than 10 million of India’s 12 million kiranas are in rural markets. Traditional distributors often avoid serving stores in distant pockets because of high costs involved in shipping small orders.

Sales by rural kiranas will increase to about $600 billion in the next five years, the startup said. ElasticRun was founded by Deshmukh, Shitiz Bansal and Saurabh Nigam in 2016. Its investors also include Kalaari Capital and Avataar Ventures.

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Italy Weighs 1 Billion Euros in Annual Aid to Boost Car Industry

(Bloomberg) —

Italy may earmark funding of as much as 1 billion euros ($1.1 billion) per year to help support its stricken auto industry, Economic Development Minister Giancarlo Giorgetti said on Thursday. 

The possible three-year plan, which could be approved as soon as Friday, includes incentives and financial support for converting industrial capacity toward more environmentally friendly models, Giorgetti said in an interview with financial daily Il Sole 24 Ore. 

Europe’s car industry is in the midst of its worst period for new registrations since the European Automobile Manufacturers’ Association began tracking the market in the early 1990s. Registrations fell 2.4% to 822,423 in January compared to last year, the association said Thursday. 

Multinational car maker Stellantis NV, which runs about a dozen plants in Italy, has been hit particularly hard by the pandemic, with a knock-on effect for its network of suppliers, an Italian parliamentary intelligence committee said last week. Stellantis, formed through the 2021 merger of France’s PSA Group and U.S.-Italian group Fiat Chrysler, employs some 50,000 workers in Italy.

The committee also called on Italy’s state-backed lender Cassa Depositi e Prestiti SpA to buy a stake in Stellantis in order to balance France’s holding in the company.

Although the new measures aim to nudge Italy’s auto makers toward electric vehicles, Rome would still support production of some gasoline, diesel and hybrid cars, the minister said. “Helping only on the electric side would be doing a favor to foreign car makers,” Giorgetti said in the interview. “We also need to encourage purchases of cheaper vehicles by less wealthy people.”

Italy has been seen as a laggard in electric-vehicle production, as the government has lobbied the European Union to postpone deadlines for internal combustion phaseout plans in a bid to buoy high-performance car makers like Ferrari NV and Lamborghini SpA.

 

 

 

 

 

 

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‘Zero-Click’ Hacks Are Growing in Popularity. There’s Practically No Way to Stop Them

(Bloomberg) — As a journalist working for the Arab news network Alaraby, Rania Dridi said she’s taken precautions to avoid being targeted by hackers, keeping an eye out for suspicious messages and avoiding clicking on links or opening attachments from people she doesn’t know.Dridi’s phone got compromised anyway with what’s called a “zero-click” attack, which allows a hacker to break into a phone or computer even if its user doesn’t open a malicious link or attachment.  Hackers instead exploit a series of security flaws in operating systems — such as Apple Inc.’s iOS or Google’s Android — to breach a device without having to dupe their victim into taking any action. Once inside, they can install spyware capable of stealing data, listening in on calls and tracking the user’s location.With people more wary than ever about clicking on suspicious links in emails and text messages, zero-click hacks are being used more frequently by government agencies to spy on activists, journalists and others, according to more than a dozen surveillance company employees, security researchers and hackers interviewed by Bloomberg News.  Once the preserve of a few intelligence agencies, the technology needed for zero-click hacks is now being sold to governments by a small number of companies, the most prominent of which is Israel’s NSO Group. Bloomberg News has learned that at least three other Israeli companies — Paragon, Candiru and Cognyte Software Ltd. — have developed zero-click hacking tools or offered them to clients, according to former employees and partners of those companies, demonstrating that the technology is becoming more widespread in the surveillance industry.There are certain steps that a potential victim can take that might reduce the chances of a successful zero-click attack, including keeping a device updated. But some of the more effective methods — including uninstalling certain messaging apps that hackers can use as gateways to breach a device — aren’t practical because people rely on them for communication, said Bill Marczak, a senior research fellow at Citizen Lab, a research group at the University of Toronto that focuses on abuses of surveillance technology. 

Dridi, who is based in London, said the hack forced her to shut down some of her social media accounts and left her isolated and fearful for her safety.

“They ruined my life,” said Dridi, who suspects she was targeted because of her reporting on women’s rights in the Arab world or her connection to other journalists who are high-profile critics of Middle Eastern governments. “I tried to just go back to normal. But after that I suffered from depression, and I didn’t find any support.”

It’s not known how many people have been targeted with zero-click hacks, because they are done in secret and the victims are often unaware.Human rights groups have tied zero-click technology from NSO Group to attacks by governments on individuals or small groups of activists. A 2019 lawsuit filed by Facebook accused NSO Group of using a zero-click hacking method to implant spyware on the devices of 1,400 people who used its WhatsApp service. NSO Group has disputed the allegations.The attacks can be difficult for security experts to detect and pose new challenges for technology giants such as Apple and Google as they seek to plug the security holes that hackers exploit.

“With zero clicks, it’s possible for a phone to be hacked and no traces left behind whatsoever,” Marczak said. “You can break into phones belonging to people who have good security awareness. The target is out of the loop. You don’t have to convince them to do anything. It means even the most skeptical, scrupulous targets can be spied on.”

Sometimes a zero-click hack doesn’t go as planned and leaves traces that investigators can use to identify that a device has been compromised. In Dridi’s case, administrators at Alaraby noticed suspicious activity on their computer networks and followed a digital trail that led them to her phone, she said in an interview.Attackers use zero-click hacks to gain access to a device and then can install spyware — such as NSO Group’s Pegasus — to secretly monitor the user. Pegasus can covertly record emails, phone calls and text messages, track location and record video and audio using the phone’s inbuilt camera and microphone.​​​​​Marczak and his colleagues at Citizen Lab analyzed Dridi’s iPhone XS Max and found evidence that it had been infected at least six times between October 2019 and July 2020 with NSO Group’s Pegasus. On two occasions in July 2020, Dridi’s phone was targeted in zero-click attacks, Citizen Lab concluded in a report, which attributed the hacks to the United Arab Emirates government.Dridi is now pursuing a lawsuit against the UAE government. Her solicitor, Ida Aduwa, said she will be seeking permission from a High Court judge in London in the next few weeks to proceed with the case. “We want an acknowledgement that this is something that states cannot get away with,” Aduwa said.

A representative for the UAE Embassy in Washington didn’t respond to messages seeking comment. 

Marczak, from Citizen Lab, said most of the documented cases of zero-click hacks have been traced back to NSO Group. The company began deploying the method more frequently around 2017, he said.

NSO Group, which was blacklisted by the U.S. in November for supplying spyware to governments that used it to maliciously target government officials, journalists, businesspeople, activists and others to silence dissent, has said it sells its technology exclusively to governments and law enforcement agencies as a tool to track down terrorists and criminals.

“The cyber intelligence field continues to grow and is much bigger than the NSO Group,” a spokesperson for the company said in a statement to Bloomberg News. “Yet an increasing number of ‘experts’ who claim to be ‘familiar’ with NSO Group are making allegations that are contractually and technologically impossible, straining their credibility.” The spokesperson said that NSO Group has terminated customer relationships due to “human rights issues” and won’t sell cyber intelligence products to approximately 90 countries. “The misuse of cyber intelligence tools is a serious matter,” the spokesperson said. 

In December, security researchers at Google analyzed a zero-click exploit they said was developed by NSO Group, which could be used to break into an iPhone by sending someone a fake GIF image through iMessage. The researchers described the zero-click as “one of the most technically sophisticated exploits we’ve ever seen,” and added that it showed NSO Group sold spy tools that “rival those previously thought to be accessible to only a handful of nation states.” 

“The attacker doesn’t need to send phishing messages; the exploit just works silently in the background,” the Google researchers wrote. 

While NSO Group has attracted the most media attention, several competing companies in Israel are offering similar tools to help governments spy on mobile phones. At least four other Israeli companies have obtained or developed zero-click hacking technology, according to employees of those companies, surveillance industry professionals and other media reports.Tel Aviv-based Candiru, a surveillance company that employs more than 120 people, partnered with another Israeli firm, Cognyte, to offer governments zero-click spyware that can be installed on Android and iOS mobile devices, according to two former Candiru employees.

Paragon, a firm founded by former members of Israeli’s Unit 8200 surveillance agency, has developed its own zero-click hacking technology that it has marketed to governments in Europe and North America as a means to gain access to encrypted messaging apps such as WhatsApp and Signal, according to two former Paragon employees.A fourth Israeli company, QuaDream, also has the ability to compromise Apple iPhones using zero-click hacks, Reuters reported earlier this month.

Hila Vazan, a spokeswoman for Candiru, said the company hadn’t developed or sold any zero-click hacking technology, though she acknowledged that Candiru had “explored a collaboration” with Cognyte to offer it to customers.  The U.S. also blacklisted Candiru in November for supplying spyware to governments that used its technology maliciously.

Paragon declined to comment. Representatives for Cognyte and QuaDream didn’t return messages seeking comment.

There is a thriving marketplace in which hackers and brokers sell the latest zero-click vulnerabilities direct to government agencies, sometimes for seven-figure sums, according to surveillance industry professionals.

One of the leading brokers is Zerodium, an “exploit acquisition platform” that offers to pay up to $2 million for a zero-click exploit that can break into the latest versions of Apple’s iOS software, according to its website. Zerodium also offers up to $2.5 million for a zero-click that can be used to hack Android phones, and up to $1 million for a zero-click that can be used to compromise Microsoft’s Windows computers. 

Zerodium’s website says it has worked with more than 1,500 security researchers and paid out more than $50 million in “bounties” — fees paid to security researchers who discover software security vulnerabilities that can be used to hack into computers or phones. Once Zerodium has acquired the latest zero-click exploits from security researchers, it then sells them to governments, mainly in Europe and North America, according to its website.  

A representative for Zerodium didn’t respond to requests for comment. The company was incorporated in Delaware in 2015, but it’s not clear where its offices are currently located.

In an interview with Bloomberg, one Asia-based security researcher said he had made several million dollars selling a series of zero-click exploits that could be used to hack iOS, Android and BlackBerry phones, in addition to Windows computers. The researcher, who requested anonymity due to confidentiality agreements, said he had sold some of his zero-click exploits to Zerodium. He identified one European country whose government or law enforcement agencies hacked phones using an exploit he sold. 

Other suppliers of zero-click exploits include Arity Business Inc., an operator based in Latvia and Estonia. Alex Prokopenko, an executive at Arity, said in an email that the company was founded in 2015 and works to identify a variety of software security vulnerabilities, including zero-clicks. Arity then sells the security vulnerabilities to government agencies and to companies that work with intelligence and law enforcement agencies so they can be used to hack Windows computers, in addition to iOS and Android phones, he said. 

Prokopenko declined to name specific customers but said that Arity had sold its exploits in countries including Ireland, Italy, Spain, Poland, Ukraine, Israel, UAE, Turkey, India and Singapore. Most of the company’s sales, he added, were in the range of $200,000 and $600,000.

“Now exploits are much more popular with governments, intelligence and private military companies, since earlier this tool was not as accessible as it is now,” Prokopenko said. “The exploit is a digital weapon, and its use must be regulated.”

The spread of encryption technology, which protects the privacy of conversations sent through chat apps such as WhatsApp or Apple’s iMessage, has made it harder for law enforcement and intelligence agencies to snoop on people’s conversations, said Prokopenko. One of the only ways investigators can get access to encrypted communications is to hack into a device, he said.

“That is why there are all these companies popping up — because there’s a market for it,” said Fionnbharr Davies, a security researcher who formerly worked for U.S. and Australia-based Azimuth Security, another company that he said develops zero-click exploits and sells them to governments. “It only costs a couple million dollars to hack any iPhone — that is so cheap from the perspective of a nation state.” A representative for Azimuth Security didn’t return a message seeking comment.

Carine Kanimba’s experience shows how difficult it can be to prevent a zero-click hack. For the last two years, she has been campaigning for the release of her father, Paul Rusesabagina, a critic of the Rwandan government who was “forcibly disappeared” in August 2020, according to Human Rights Watch. Last year, Rusesabagina, who was the subject of the movie “Hotel Rwanda,” was convicted of terrorism charges in a Rwandan court, a proceeding his supporters say was politically motivated.

Kanimba, a joint U.S.-Belgian citizen, said she knew there was a possibility that she might be under surveillance. In October 2020, her security advisers were so concerned that they destroyed her mobile phone. She purchased a new iPhone, but last spring, researchers at Amnesty International informed Kanimba that it had been breached in a zero-click hack and infected with NSO Group’s Pegasus. 

A forensic analysis of her device, reviewed by Bloomberg, found that an attacker had used iMessage to send malicious push notifications. 

“I never saw any message,” Kanimba said. “The message arrives and disappears straight away, or it arrives and you cannot see it. So there are no clicks, no action from you. It just infects.”

A representative for the Rwandan government didn’t respond to a message seeking comment.

Nedal Al-Salman, the acting president of the Bahrain Center for Human Rights, spoke of a similar experience. Al-Salman said that she and four of her colleagues were informed last year that their phones had been compromised, some of them in apparent zero-click attacks.

According to Al-Salman, two of her mobile phones — an iPhone 11 and a Samsung Galaxy Note — were hacked. Citizen Lab’s Marczak said he had not forensically analyzed Al-Salman’s devices, but said he had confirmed three of Al-Salman’s colleagues had their phones infected with NSO Group’s spyware.

Al-Salman said she and her colleagues have faced repression in Bahrain, where the government has cracked down on human rights and pro-democracy activism. Al-Salman said she has in the past been blocked from traveling outside of Bahrain, and other current and former members of the Bahrain Center for Human Rights have been jailed or forced to live in exile. According to a Citizen Lab report published last year, Bahrain’s government has deployed NSO Group’s spyware to target activists and opposition political figures.A representative for the Embassy of Bahrain in Washington didn’t respond to a request for comment.

Everyone has personal information on their phones, Al-Salman said, whether it be messages that show arguments with a family member or videos of dancing with friends. But normally, she said, “it’s only you who knows about it.” 

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Piracy Hits TV Auction Key to Turkish Football’s Finances

(Bloomberg) — Bids for Turkish football’s broadcasting rights fell short of clubs’ expectations by some $100 million, forcing a delay in the organizer’s decision while operators blamed rampant piracy as the main reason for deteriorating valuations.

Companies including BeIN Media Group, the Qatari broadcaster currently holding the 2021-2022 rights to the first division known as the Super Lig, offered as much as $150 million per year, according to people with direct knowledge of the matter. Contestants can make lira-denominated bids for one or more of the eight packages auctioned off by the sport’s national governing body.

Clubs expected to receive at least $250 million, but operators fear authorities won’t be able to resolve the piracy issue haunting Turkish football, the people said, asking not to be identified discussing commercial considerations. 

A 2021 investigation by BeIN found there were as many as two people illegally watching Turkish games for every person with a subscription. That compounded the damage to broadcasting rights from the pandemic, hurting a key source of income for Turkey’s indebted clubs.

Saran Medya, a unit of the Istanbul-based Saran Group, and Turk Telekomunikasyon AS, the country’s second-largest telephone operator, also made bids. The Turkish soccer federation known as TFF turned down the offers as inadequate and asked for revised ones to be submitted by Friday, the people said. 

A commission of clubs and TFF executives will review them jointly with London-based media company IMG Media Ltd. 

BeIN, Saran, Turk Telekom and the Turkish federation declined to comment.

Rampant Piracy

Piracy has already taken a huge toll on Turkish football. BeIN Media, which won the existing rights in 2015 with an annual pledge of $500 million, is expected to pay just around $200 million during its final contract season. The reduction was in part due to adjustments made to account for extreme fluctuations in the Turkish currency.

An even lower valuation in the latest bids reflects failure by authorities to curb piracy, the people said. If the gap between clubs and operators persists, the federation may decide to form a company to broadcast the games, they said.

Turkey’s heavily indebted soccer clubs, including Istanbul’s Fenerbahce and Galatasaray, depend on income from the broadcast rights to help manage their finances. Turkey’s top four clubs, a group that also includes Besiktas and Trabzonspor, signed a debt-restructuring deal with banks last year. As of November, they owed a total of $750 million, more than three times their annual revenues.

Turkey is notorious for piracy in various sectors, ranking second after China in an OECD report from 2016 in the number of seizures of counterfeit and pirated goods. The U.S. placed Turkey on a watch list in 2020.

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UAE Readies National Crypto Licensing in Push to Embrace Fintech

(Bloomberg) — The United Arab Emirates is poised to issue federal licenses for virtual asset service providers by the end of the first quarter in an effort to attract some of the world’s biggest crypto companies, according to a government official. 

The Securities and Commodities Authority is in the final stage of amending legislation to allow VASPs to set up, said the official, who requested anonymity due to government policy.

Binance Holdings Ltd., the world’s largest cryptocurrency exchange by trading volume, is among those considering a bigger presence in the country. A nationwide licensing system for virtual-asset firms could help the UAE better compete with rival financial centers like Singapore and Hong Kong, which are also in the midst of creating fully regulated environments for crypto trading. 

Some of the nation’s financial free zones have already issued permits for VASPs. Dubai Multi Commodities Centre has licensed 22, while Abu Dhabi Global Market has six and Dubai Silicon Oasis Authority has at least one, according to a government report seen by Bloomberg. Dubai International Financial Centre, which is the Middle East hub for most Wall Street banks, has none for now.

In an effort to lure more business, the UAE completed a risk assessment on virtual assets late last year, involving 14 public-sector agencies and 16 private-sector actors. While there’s a “high risk” that VASPs may be used to engage in illicit finance schemes, the government concluded proper regulation, rather than an outright ban, can mitigate those threats, the report said.

READ MORE: Cryptoassets Threaten Financial Stability, Top Regulator Warns

The UAE official told Bloomberg News that Abu Dhabi considered the latest guidance from the Paris-based Financial Action Task Force as well as the strategies employed in the U.S., the U.K. and Singapore. Opening the door to the sector reflects how the UAE embraces technology, the official said. 

The country is taking a hybrid approach to oversight. SCA will handle regulation with input from the central bank, while local financial centers can establish their own day-to-day procedures around licensing, the official said.

That involves an application process and due diligence by the government, though the details depend on whether an entity is looking to set up on the mainland or within a commercial free zone.

Crypto Mining 

Emirati authorities are trying to strike a delicate balance as they promote the business-friendly environment that’s made Dubai an attractive regional base for many of the world’s biggest financial firms and tech companies — while also seeking to navigate concerns about volatility and financial crime that keep dogging the crypto industry.

In a matter of weeks, the FATF is set to decide whether to include the UAE on its so-called gray list of countries subject to more oversight for shortcomings in combating money laundering and terrorist financing.

Read more: The Global Task Force That’s Going After Dirty Money: QuickTake

The UAE official said the government also wants to build an ecosystem for crypto mining, an industry that’s drawn scrutiny from environmentalists and lawmakers globally due to its high electricity consumption and ensuing impact on greenhouse-gas emissions. The sector would be regulated, the official said.

Dubai-based crypto exchange BitOasis is the largest UAE VASP, according to the government’s report, yet the competition is picking up. 

Binance has built up a local team, with Chief Executive Officer Changpeng “CZ” Zhao quickly becoming a fixture in the city. Regional players including CoinMENA BSC and Rain Financial Inc. also have a presence. Meantime, San Francisco-based exchange Kraken is currently recruiting for a Middle East North Africa CEO based in Abu Dhabi, according to LinkedIn. 

The UAE is the Middle East’s third-largest crypto market, trailing Turkey and Lebanon, with a transaction volume of about $26 billion, according to data compiled by Chainalysis from July 2020 to June 2021. 

While the region’s crypto footprint is relatively small in global terms, it grew by about 1,500% from the prior year, the data showed.

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Ocado, Casino Plan to Extend French Online Retail Partnership

(Bloomberg) — Online grocery services provider Ocado Group Plc said it plans to extend its partnership with Casino Guichard-Perrachon SA in France.

The companies signed a preliminary agreement to create a logistics joint venture in France that would be available for use by all grocery retailers in that market, Ocado said Thursday.

Casino will also use Ocado’s software to run its Monoprix in-store fulfillment operation, and Ocado will integrate Cdiscount unit Octopia’s online platform onto its systems.

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