Widely known for the rapid modernization of its legal system and being in the forefront of recognizing the need for a regulatory framework for blockchain and virtual asset development, Abu Dhabi’s government is currently working on adopting new legal frameworks and regulations that will set ground rules to become the biggest hub For crypto and blockchain technology in the world.
On a less happy note, every bitcoin maxi is singing "Wake me up when September ends" for the fifth year, because if history does actually repeats itself, the riskiest month for BTC is about to begin withholding expectations of similar hardships.
Also, this week on the Crypto News Recap, Rap legends, Eminem and Snoop Dogg, are set to perform the Bored Apes track at the MTV music awards!
Without further ado, here is the top crypto news of last week!
BTC Heads Towards its Yearly Riskiest Month
Except for 2015 and 2016, historical data indicates that September was the weakest month for Bitcoin between 2013 and 2021. Dubbed the "September effect", the average monthly fall in the price of Bitcoin is a modest -6%.
Analysts contend that after returning from their summer vacations in September, investors sell their market positions in order to lock gains or even tax losses before the year's end.
Binance Freezes $1 Million Accounts Due to Law Enforcement Request
The largest cryptocurrency exchange said it was unaware of the reason it had to barred access to its corporate account, and accused a Tezos tool contributor of "misleading the community."
Our corporate @binance account is blocked since July 1 without any explanations. Today all our balances were set to zero (more than $1M). We have all the materials to begin the investigation and inform the community, but for now just stay away from Binance and @cz_binance #SAFU pic.twitter.com/PpZSBhYpZS
— Baking Bad (@TezosBakingBad) August 25, 2022
In a Twitter thread shared on Thursday, Binance stated that it has limited Baking Bad's Tezos account "as the consequence of a law enforcement request." The Tezos contributor said that the cryptocurrency exchange had since July 1 "without any justifications" banned access to its corporate account, which contained Bitcoin (BTC), Ether (ETH), Polygon (MATIC), Tether (USDT), and other tokens. Binance refuted this assertion.
Eminem, Snoop Dogg Team Up to Perform Bored Apes Track at MTV Music Awards
Rap legends, Eminem and Snoop Dogg, will perform together on Sunday at the MTV Video Music Awards (VMAs), drawing inspiration from the Otherside metaverse and Bored Ape Yacht Club (BAYC) NFTs.
From the D to the LBC… to Jersey @vmas here we come ??? @Eminem @MTV @OthersideMeta pic.twitter.com/XLwcdOeIJN
— Snoop Dogg (@SnoopDogg) August 25, 2022
In collaboration with Otherside's founder Yuga Labs, the international rap icons will give Otherside some significant mainstream exposure by dressing the VMAs stage in the style of Otherside for their most recent joint hit, From the D 2 the LBC. However, there aren't many specifics available at this time on the performance.
Abu Dhabi to Launch Virtual Assets Strategy
Under the leadership of H.E. Mohamed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development (ADDED) and Chairman of Securities and Commodities Authority (SCA), the Abu Dhabi Blockchain and Virtual Assets Committee (ADBVAC) held its inaugural meeting to discuss a strategy for blockchain and virtual assets that is in line with the UAE's economic strategy.
The Abu Dhabi Blockchain and Virtual Assets Committee (ADBVAC) has outlined its strategy to enable a safe, secure and transparent digital ecosystem #inAbuDhabi, in compliance with global monetary best practices. pic.twitter.com/WXnsJtfFJN
— مكتب أبوظبي الإعلامي (@admediaoffice) August 25, 2022
“The establishment of the Abu Dhabi Blockchain and Virtual Assets Council reflects the vision and approach of our leadership, which enables Abu Dhabi to foster a supportive business environment, unparalleled connectivity and infrastructure, and growth for investors The entrepreneurial mindset of opportunity,” said Mr Al Shorafa.
The committee aims to increase Abu Dhabi's competitiveness in the blockchain and virtual asset arena and to coordinate the activities of businesses working in the sector, according to the Abu Dhabi Media Office.
Samsung to Launch Crypto Exchange in 2023
The financial arm of the electronics behemoth, Samsung Securities, is considering setting up its own cryptocurrency exchange in 2023. The local media in South Korea reported that Samsung is not the only significant firm in the nation making new forays into cryptocurrency.
JUST IN: ?? Samsung Securities has applied for preliminary approval to establish a #cryptocurrency exchange in South Korea.
— Watcher.Guru (@WatcherGuru) August 22, 2022
According to reports, these businesses began applying for licenses from financial regulators in the second half of 2022 with plans to launch the cryptocurrency exchanges in the first half of 2023.
