Crypto markets look to be on the path to a new correction after a bloody week of plummets. On a happier note, the business-friendly UAE is a step closer to becoming the world's largest hub for crypto and blockchain technology with new plans to issue Federal Crypto License for VASP’s.
In more exciting news, JPMorgan Bank, whose CEO was a crypto outspoken hater, is implementing the very technology that Bitcoin pioneered.
Without any further ado, let’s check out last week’s stories.
UAE to Soon Issue National Crypto License
In a push to regulate and embrace crypto, the UAE is looking to issue a national crypto license for virtual assets providers (VASPs) as well as mining in the country. By the end of the first quarter, The UAE Securities and Commodities Authority will finalize the required laws and permits, according to Bloomberg.
It’s worth mentioning that some of the UAE’s financial free zones have already issued permits for VASPs as Bloomberg noted that DMCC has already licensed 22 VASPs, ADGM licensed 6 while Dubai Silicon Oasis Authority has one license.
Also, the DMCC recently launched its own crypto center in conjunction with CV Labs and other leading crypto businesses and exchanges. The DMCC Crypto Centre, located in Almas Tower, seeks to become a centre for enterprises developing blockchain-enabled trading platforms, as well as those that offer, issue, list, and trade crypto assets.
UAE RakBank Jump in Blockchain Trade Gateway
UAE RakBank as well as Etihad Credit Insurance (ECI), the UAE Federal export credit agency, have all embraced the UAE Trade Finance Gateway, which was launched by Monimove, a Blockchain-based firm. RAKBANK and its partners intend to increase SME financing by leveraging Monimove's Blockchain-based digitizing platform, which enables local exporters and re-exporters to quickly access capital and expand their operations abroad.
In an end-to-end digitized process with defined processes for counterparties to monetize their receivables, the UAE Trade Finance Gateway promotes smooth communication between buyers, sellers, the lending bank, and ECI.
JPMorgan to Enter the Metaverse
JPMorgan became the first big financial institution to hop into the metaverse, opening a virtual lounge on Decentraland.
Investment banking giant JPMorgan Chase has become the first bank to enter the metaverse by opening of a "lounge" in Decentraland, one of the world’s most popular metaverse platforms.#AlBawabaBusiness #Metaverse https://t.co/tIRuEhnI8w
— Al Bawaba Business (@AlBawabaBiz) February 17, 2022
When entering the lounge, users will be welcomed by a digital picture of CEO Jamie Dimon, who’s BTW has always been a vocal bitcoin skeptic who slammed cryptocurrencies for lacking "intrinsic value”. Recently, JPMorgan issued a report that disclosed that Metaverse is a trillion-dollar opportunity with the potential to affect practically every area of the economy, so apparently they will capitalize on this.
Binance to Provide Crypto Expertise to Russia
Binance, the world's largest cryptocurrency exchange, has teamed up with the Association of Banks of Russia (ABR) in order to share its regulatory knowledge with Russian financial institutions who recently have altered their approach to crypto.
On a side note, the leading crypto exchange, whose being investigated by a rising number of regulators, has reportedly ceased operations in Israel after the country's financial body inquired about the cryptocurrency exchange's activity and licensing.
