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Bitcoin Regulation In UAE: Abu Dhabi Regulator Considers A Possible Framework

The United Arab Emirates have been in the focus regarding cryptocurrencies lately, especially after some talks about potential regulations for the industry. This move could see many exchanges, intermediaries and crypto companies to move into the big financial zone of Abu Dhabi, the capital of UAE.

Another announcement has been making news lately – this time by the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market. According to him, the country is reviewing the development of a regulatory framework containing many industry firms and relevant authorities.

This regulatory move, if established, could potentially make the UAE a shore for many cryptocurrency exchanges and firms. According to the Abu Dhabi regulator:

“We are reviewing and considering the development of a robust, risk-appropriate regulatory framework to regulate and supervise activities of virtual currency exchanges and intermediaries. In considering such a framework, the FSRA intends to consult and work closely with industry participants and relevant professional bodies.”

Obviously, this development will come within months of guidelines and regulations issued by the Abu Dhabi government regarding cryptocurrencies and ICOs. There is no doubt that some of these regulations will be strict – however, the financial markets already separated ICOs (as securities) from cryptocurrencies (as commodities) in the market.

What’s also interesting is that at the time, central banks of the UAE and Saudi Arabia have joined forces, working on the development of a cryptocurrency that could see cross-border transactions all thanks to a cryptographic token.

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Regulation

South Korea: Is Crypto Becoming A Legit Industry?

The local crypto market in South Korea has been developing over the past months and the year altogether. The investors in it have always been optimistic about a drastic change that will bring a new positive outlook on the entire crypto landscape.

Even though the crypto market has endured the third-worst correction in its history since February 2018, the fact that the prices are now 78% down does not affect the cryptocurrency industry in South Korea.

Since June, there has been progressing in the digital-asset regulation, mainly due to the increasing efforts of the South Korean government to implement practical regulatory frameworks for cryptocurrency and blockchain companies.

The Financial Services Commission (FSC) which is the main financial watchdog of South Korea, has been focusing on legitimizing the industry by recognizing cryptocurrencies as verified financial institutions under its (FSC) authority.

Right now, the blockchain bill is expected to be passed by the Congress, where every cryptocurrency exchange will be required to comply with the same security, anti-money laundering policies and internal management as banks within the country.

If passed, the bill will also put an end to the numerous cases of security breaches and hacking attacks within the country. This week, South Korea has established a budget for blockchain development in 2019 which is estimated at 1 trillion won – and is the biggest investment in the field of innovative technologies in the country.

There are also plans for creating the new “Crypto Valley” in South Korea (Jeju Island) – all in order to attract cryptocurrency exchanges, developers, talents, as well as businesses.

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Bitcoin News

Pantera Capital CEO: ‘If Bitcoin Is Rat Poison, Banks Are The Rats’

Pantera Capital, which is one of the leading investment firms in the crypto space, seems to have an optimistic look at cryptocurrencies despite the current market downturn.

As the CEO and chief investment officer at the firm Dan Morehead stated during a digital asset funds conference this Tuesday, blockchains are the next step in the evolution of equity. In that way, cryptocurrencies are a superior form of currency.

Morehead also called Bitcoin “the biggest disruption of this generation”. As a well-known optimist who stated that the combined crypto market cap could climb to $40 trillion one day, he also pointed out some statements towards the regulation and adoption of cryptocurrencies by banks.

He addressed his thoughts in the same way as Warren Buffett did earlier this year, noting the ‘rat poison squared’ rumor about Bitcoin, stating:

“It is rat poison; it’s just the banks and credit card companies are the rats.”

When asked if now is a good time to buy crypto, Morehead stated:

“That’s actually a good time to increase your position. It is highly likely to be the low point for the industry. My normal view is that it is going to return to its trend”

Morehead remains positive and optimistic about the long-term scenario of blockchain technology and cryptocurrency. As he said, blockchains are the “final piece” of the protocol structure that describes the Internet – and a way to move funds without paying high fees.

Bitcoin, according to him, is not a category killer but a “serial killer” which means that it will affect many different use cases.

“I think we’re heading towards a post-capitalist era. Now, we’re going to have ‘cooperatively owned’ technologies that are very valuable.” Morehead concluded.

 

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Regulation

Venezuela Is Planning To Launch A Crypto-Focused Central Bank

According to the latest news, Venezuela is looking to launch a central bank which will be exclusively for cryptocurrencies. The country’s National Constituent Assembly is right now planning to reform the Venezuelan Constitution to include it – with a court above its Supreme Court.

As Reuters reported, the information on the development was provided by Hermann Escarra, which is described as “one of the most influential members of the assembly which plans on preparing the changes to the 1999 Constitution.”

The draft is set to be presented in 35 days from now to the board of the Constituent Assembly. As Reuters announced, most of that will change is still not known as the high-ranking government officials only addressed the move. However, as Escarra revealed, the central bank for cryptos is on its way.

Escarra was quoted stating:

“There will be the Central Bank with its functions in exchange, monetary and financial policy and the Central Bank will be incorporated.”

The changes will include the Petro, which is a controversial oil-backed cryptocurrency that Venezuela launched earlier this year – as well as an “e-court of constitutional guarantees” which will be positioned above Venezuela’s Supreme Court.

The changes to the Constitution will also see Venezuelan companies to have greater access to investments outside of the country – especially the ones in the oil sector.

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Altcoin News

2018 Statistics: Crypto Is Bearish, ICOs Seem Bullish

The first half of 2018 is officially passed, and what we have seen so far is a slightly different situation from last year. While the Initial Coin Offering (ICO) market rose, the crypto market seems to be in a bearish position over the past couple of months.

Even though some predicted that the explosion of ICOs would lead to many failures and even more scams, the ICO phenomenon has followed a very interesting path since its inception in May 2017. From growth to regulation, ICOs went through a lot of changes.

What’s certain is the fact that ICOs are now widespread. When compared to 2017, they are very different – and had the most successful month coming in March this year. According to the data over the past seven months, they are continuing to raise huge sums of money, even though many people see them as scams. In 2018, ICOs are expected to grow even more, and the goals are being set anywhere from $1 million to $10 million and even $50 million by some analysts.

While the major cryptocurrencies are struggling, ICOs show a definite spike from April 2017. The $218 million which were raised in April 2017 for ICOs alone is now a whopping $2.52 billion accumulated by the 584 ICOs present in the ecosystem.

During the crypto fever in December, there were even suggestions that the G20 will discuss cryptocurrency regulation, which made ICO capital a lot higher, alongside Bitcoin’s most bullish run.

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