- The financial authorities of the United Arab Emirates have agreed to legalize crypto trading in the nation.
- This activity will be allowed within the Dubai World Trade Centre Authority free zone.
- It has also been agreed that the Securities and Commodities Authority will be responsible for the trading activities and technicalities.
The United Arab Emirates financial regulators have officially approved cryptocurrency trading in Dubai’s economic free zone. The authorities are continuously making efforts by bringing more regulations to escalate crypto adoption in the country.
On Wednesday, the Dubai World Trade Centre Authority (DWTCA) and the Securities and Commodities Authority (SCA) of UAE came together to allow cryptocurrency trading within DWTCA free zone by signing an agreement.
The agreement between United Arab Emirates authorities
According to the agreement, the SCA will oversee all the crypto-related arrangements and actions, like issuance, listing, and trading. The new action of the United Arab Emirates creates a framework allowing the DWTCA to bring needed regulatory licenses to set up cryptocurrency trading and financial activities. This action and deal strengthen UAE’s dedication to becoming a crypto-friendly international hub.
The agreement was made in the presence of SCA’s Chief Executive Officer (CEO), Maryam Al Suwaidi. Helal Saeed Al Marri, the director-general at DWTCA, was also present at the event along with an executive at the Dubai Department of Tourism and Commerce Marketing.
Dubai, the next crypto haven?
At the start of September 2021, Stephen Stenberg, CEO of Bittrex Global, during an interview, said that Dubai is a perfect place to start a crypto token project or to establish a crypto exchange which the officials massively supported at that time. The reflections are now visible through the recent agreement.
Al Suwaidi stated that DWTCA is committed to increasing its functionalities and services as a free zone, and so several projects are coming in line. He added that Dubai would continue its digital-led economy and new technologies like Blockchain and Non Fungible tokens(NFTs).
In April, Abdulla Bin Touq Al Marri, UAE’s Minister of Economy, had signaled the arrival of cryptocurrency trading. He stated that crypto and asset tokenization would be the driving force to the country’s aim of doubling its economy in the next 10 years.
Anthony Scaramucci: Cryptocurrency Markets Had Their Black Friday On November 26
Anthony Scaramucci believes that the fundamentals behind the cryptocurrency industry are enough to be bullish during panic episodes.
Today was an ugly day for the cryptocurrency world. In fact, it was a bad day for the financial markets in general. The U.S. stock indexes fell 2% on average, the FTSE lost 3.64%, the DAX was down 4.15%, oil futures tumbled more than 10%, and cryptocurrencies lost more than $200 billion in capitalization.
All because of fears of a new strain of COVID-19 that had speculators and analysts brainstorming scenarios of a possible new lockdown. Recently, scientists discovered the B.1.1.529 variant of the coronavirus. It has a high number of mutations that could make it immune to the antidotes developed to date.
Anthony Scaramucci is Bullish on Bearish Times
However, while some are rushing to sell their assets in fear, others take advantage of the situation to fill their pockets. Anthony Scaramuci, Trump’s former Comms director during his tenure in the White House, is one of them.
In a recent interview for CNBC, the Founder of SkyBridge Capital explained that this panic episode (the biggest since the 2020 crash) is nothing but a Black Friday and that people should take advantage of it to inject money into strategic investments as government monetary policies do not give much reason to be optimistic.
“If the Fed is not tapering, this is a buying opportunity. It’s Black Friday, and things are on sale.”
Discussing the cryptocurrency market, Scaramucci called for calm. He explained that the fears that led to the fall do not affect the fundamentals and that while there is a market overreaction, in the big picture, cryptocurrencies have enough reason to emerge stronger from this economic episode.
“If you believe in the long-term fundamentals as we do, this is the time to be buying. I just think this is a risk-off situation right now. Bitcoin and other cryptocurrencies being volatile, that’s taking people out of the game. That’s also washing out some of the leverage, which I think sets up a pretty nice first quarter.”
Cryptocurrencies Are Doing Just Fine All Things Considered
Scaramucci is not the only bullish person in this sea of tears. Ricardo Salinas Pliego – the third richest man in Mexico – recommended his Twitter followers to buy Bitcoin as a hedge against the consequences of irresponsible U.S. policies.
Good old USA is looking more and more like any other irresponsible third world country….wow…look at the scale of fake money creation.
Buy #Bitcoin right now. https://t.co/xzv0xk2TQq pic.twitter.com/JMslqlagLE
— Ricardo Salinas Pliego (@RicardoBSalinas) November 24, 2021
Salinas Pliego defends the thesis that Bitcoin is the equivalent of digital gold and acts as a store of value. Scaramucci, for his part, does not share this view.
“I don’t think it’s a hedge against inflation at this moment in time. I think (it could be in the) long term, if you got to a billion wallets, and Bitcoin is in a stable trading zone … This is sort of Amazon in the year 2000, so this comes with some volatility.”
Volatile or not, Scaramucci still believes that cryptocurrency markets have reacted in a healthy way to what could be bloodshed —considering previous crises.
Economic analyst Alex Krueger agrees with this position, highlighting that cryptocurrency traders fared better than traditional investors on this Black Friday.
Crypto tanked due to extreme risk off sentiment triggered by the new covid variant. It would have crashed in the same way had prices been much lower. Not a matter of euphoria. Crypto assets performed well relative to other asset classes such the crude oil complex and small caps.
Central Bank of Brazil selects 7 projects for sandbox and includes JP Morgan currency exchange solution
The Central Bank of Brazil announced on Thursday (25) which projects were selected for the first cycle of Sandbox BC, a program of the entity that aims to encourage innovation. In this first phase, the BC team focused on projects dealing with solutions for the foreign exchange market, such as JP Morgan, which is focused on immediate transactions between currencies.
According to the organization, in this phase, seven projects were selected, among the 52 enrolled, and that will now be able to count on BC’s help to get off the ground. Approved projects will receive specific authorization from the regulatory agency and will have their development monitored by the Strategic Management Committee of Sandbox BC (Cesb).
For César Frade, who coordinates the Committee’s advisory, if the response to these solutions is positive, the organization must create ways to embrace them.
“The purpose is to evaluate new experiences, innovative business models. The BC will analyze whether these proposals that were presented to us make sense, can be put into effect”, said Frade in the statement.
Payment solution using Itaucard’s PIX and Mercadopago’s service network are also on the list of the Sandbox BC program. See below in alphabetical order which companies had their projects selected and a brief description of each one
Platform for issuance and secondary trading of private fixed income securities.
Loan with property guarantee, with payment on maturity and without periodic amortizations, in conjunction with the taking out of specific insurance to reduce relevant risks.
Development of a secondary market for Bank Credit Bills — CCBs.
Carrying out payment transactions with credit granting, revolving or in installments, using PIX functionalities.
Platform capable of moving amounts between two or more accounts, by transferring amounts to ‘temporary or settlement’ accounts, on demand, to carry out an operation under previously signed conditions.
Technological solution for the execution of multi-currency payment instructions, for exclusive use between institutions authorized by the BC to operate in the foreign exchange market for the purpose of immediate exchange of reserves.
Implementation of a network of physical points that offers the service of contribution of resources in kind.
Jerome Powell’s reappointment, a setback for cryptocurrency – Mike Novogratz
- Novogratz says Powell second term is setback for crypto.
- Galaxy Investment Partners CEO says Powell does not understand US economy.
- Novogratz predict bullish future for crypto with institutional investors.
Ex-hedge fund manager and CEO Galaxy Investment Partners, Mike Novogratz, has frowned at the reappointment of Jerome Powell as chairman Federal Reserve.
Novogratz is of the opinion that a second tenure for Jerome Powell would slow down cryptocurrency markets, the Nasdaq, and “all assets.” He said this as a Bitcoiner and not an investor noting that Powell could be detrimental to the markets’ growth.
He said during a CNBC interview that, in his opinion, Powell has failed to understand the political and economic reality of the United States, which reflects on the market.
Novogratz explains realities of US economy
The CEO said cryptoers are getting bearish on Jerome Powell’s appointment following the change in the Marco story.
He noted that inflations are high in bad ways in the US, questioning what the fed would do.
“We have inflation showing up, you know, in pretty bad ways in the US So, we can see, is the Fed going to have to move a little faster … That would slow all assets down. It would slow the Nasdaq down. It would slow crypto down if we have to start raising rates much faster than we thought.
He noted that the US is experiencing its highest inflation in 30 years. At 6.2 percent annually, the consequences are already starting to ripple through the rest of the world, with 39 of the 46 world’s largest economies showing higher inflation year-on-year.
According to Novogratz, with Powell being tipped for a second term, he can be more aggressive with his policies without needing to measure his actions so as not to put his job at risk.
Jerome Powell aside, Novogratz focused on cryptocurrency
The CEO hinted that he is all about the crypto space predicting a bullish future for the currency in the near future.
As CEO of Galaxy Digital, he has to study market trends and expectations constantly. He assures that the more distant future looks promising for cryptocurrencies after the short-term ups and downs.
He also states that more and more institutional investors continue to enter the crypto space a catalyst for growth in the crypto space.