Crypto returns $1 trillion thanks to ETH comeback
On 26th June 2022, when the market began to show some signs of stabilization, Ether and Bitcoin reached their highest values in ten days.
The No. 2 cryptocurrency advanced as much as 5.8 percent to $1,279.06 before pulling back on the 27th morning Asia time. The rally comes after the token dropped as low as $880.70 on June 18. It appears to have found support around its 200-week moving average, which currently sits near $1,200.
Crypto exchange Kraken is set to launch in UAE
Kraken will open an office in Abu Dhabi and become the first exchange to offer UAE dirham trading after receiving a full license to operate in the country, Curtis Ting, Kraken’s managing director for Europe, the Middle East and Africa, stated. A sense of “greater regulatory clarity” is the reason for the influx of cryptocurrency businesses in Dubai and Abu Dhabi, according to Citi.
Stars align for UAE to become a global crypto hub
Dubai and Abu Dhabi are making a play for the cryptocurrency crown. Big crypto exchanges like FTX, last valued at $32 billion, are setting up shop in Dubai. There are a number of reasons why it might be to their taste. Crypto is growing fast, total transactions volumes grew over 500% to $15.8 trillion in 2021, according to Chainalysis. Yet plenty of Western regulators seem to hate it. European Central Bank board member Fabio Panetta and the U.S. Securities and Exchange Commission’s boss Gary Gensler have both compared the asset class to the “Wild West”. Perhaps as a result, even the two largest cryptocurrencies, bitcoin and ether, are yet to have a dedicated supervisory body in the United States and the UK. Singapore has imposed stricter regulation, despite expressing interest in the market.
UAE and Singapore’s bets on cryptocurrency
The UAE and Singapore have been singled out by a leading European academic for taking the lead on cryptocurrency regulations. “Given the track record of these hubs in digital transformation and facilitating international trade, their bet on crypto seems promising,” said Guy Burton, an Adjunct Professor at the Brussels School of Governance.
In an article called getting it right on crypto regulation, he added: “Should their initiatives withstand the challenges, the prospects for crypto products could determine the financial centers of the future.”
UAE robo-advisory Sarwa introduces cryptocurrency trading
UAE low-cost, robo-advisory platform Sarwa set up cryptocurrency trading on its app to tap into demand for digital assets amid price volatility. Sarwa unveiled its zero commission, zero transfer fee stock trading service, Sarwa Trade, in November last year for retail investors to buy and sell more than 4,000 US-listed stocks and exchange-traded funds (ETFs).
The new Sarwa Crypto service will allow them to trade Bitcoin, Ether, Litecoin and Bitcoin Cash without having commissions and transfer fees levied on UAE bank accounts.
Middle East-focused crypto firm BitOasis cuts jobs amid sector turmoil
BitOasis, a Middle East-focused cryptocurrency exchange based in the United Arab Emirates, laid off nine of its staff, the latest company in the sector to cut jobs in the face of downturn and market turmoil. The cryptocurrency market has been rocked by extreme volatility with crypto lender Celsius Network freezing withdrawals as investors dumped risky assets on fears about aggressive Federal Reserve rate hikes to cool red hot inflation.
Al Jalila Foundation, first health charity to accept cryptocurrency
The Al Jalila Foundation announced that it has partnered with a leading cryptocurrency platform. Al Jalila Foundation a non-profit healthcare organization and member of the Mohammed Bin Rashid Al Maktoum Global Initiatives has been approved to receive charitable donations in cryptocurrencies, making it the first healthcare charity in the UAE to accept donations in digital money.
FTFT Capital collaborates on strategic metaverse approaches
Given its expanding interests, the Future FinTech Group’s subsidiary FTFT Capital Investments, a Dubai-based blockchain investment firm, has formed strategic alliances with leading organizations. The firm has signed a strategic collaboration deal with MetaCosmos’ parent company, Shamrock, based in Italy, to collaborate on the metaverse. Users can create their own independent economic, social, and entertainment metaverse systems using the MetaCosmos system, which is a collection of open protocols for the metaverse’s underlying standard.
