ALBAWABA- Welcome to our weekly crypto news recap! Discover the hottest highlights in the cryptocurrency industry, including UAE's virtual asset regulation, USDT's market surge, and CoinMENA's expansion to Iraq. Stay informed with the latest developments shaping the world of digital currencies by reading on.
UAE's Securities and Commodities Authority steps up regulation of virtual asset services
The Securities and Commodities Authority (SCA) in the UAE has begun accepting applications for licenses from companies interested in offering virtual asset services. This follows the Cabinet's Resolution No. 111 of 2022, which granted the SCA the power to regulate virtual asset transactions and license virtual asset service providers. This is a notable development, as it is the first time a federal entity in the UAE has taken steps to regulate the crypto industry. In Dubai, for instance, businesses must acquire approval from both the Dubai Virtual Assets Regulatory Authority (VARA) and the SCA to operate legally.
USDT nears all-time market capitalization highs
The market capitalization of USDT is currently approximately $81 billion, a 15% year-to-date increase and just $2 billion away from its all-time high. Additionally, its market share is close to reaching an all-time high of 62%. USDT's growth comes at a time when U.S. regulators are adopting a more hostile stance towards the stablecoin industry, and as other stablecoins like USDC and BUSD are experiencing a decline.
CoinMENA expands to Iraq, offering secure and efficient cryptocurrency trading to MENA investors.
CoinMENA, an onshore cryptocurrency exchange based in Bahrain, has extended its services to Iraq, making it the eighth nation that the platform serves. Iraqi residents and locals can now safely and easily trade cryptocurrencies on the CoinMENA platform.
هلاً بالعراق! ??
— CoinMENA | كوين مينا (@CoinMENA) April 18, 2023
يمكن للمواطنين والمقيمين في العراق الآن التسجيل وفتح حساب في كوين مينا وتداول #الكريبتو بأمان وموثوقية. وبهذا، يرتفع العدد الإجمالي للدول المدعومة إلى ٨ دول، بما في ذلك وطننا البحرين والإمارات والسعودية والكويت وقطر وعُمان ومصر والعراق. ?? pic.twitter.com/ZO6FQR2ziO
CoinMENA aims to provide the MENA region's investors with the fastest and most secure way of trading digital assets, and adding Iraq to its list of supported countries is one step closer to achieving its goal of providing top-notch financial services based on crypto rails to the entire Middle East and North Africa region. CoinMENA is fully governed and authorized by the Central Bank of Bahrain and also provides crypto services in other countries, including Bahrain, Saudi Arabia, Qatar, United Arab Emirates, Oman, Kuwait, and Egypt.
