This week was very bullish, despite the few bumps in the road along the way, BTC price has rebounded almost 10%! Also, we have a great collection of good news, but perhaps the biggest headline of the whole year, and not just for this week, is that UAE is set to be a crypto powerhouse, with Dubai World Trade Centre (DWTC) becoming a crypto regulator!
Widely known for the rapid modernization of its legal system and for being one of the world’s most crypto-friendly regions, the UAE government is making new efforts to create new economic sectors by turning DWTC into a crypto regulator.
Bitcoin Chart
Bitcoin's price is trading higher by 9.58% at $50,829 at the time of writing. Bitcoin’s dominance is at 40.15%, a decrease of 0.13% over the day.
Source: coinmarketcap.com/tradingview
Crypto Charts
The global crypto market cap is at $2.40 trillion, increasing 2.36% from yesterday. While the overall market volume over the last 24 hours is $72.24 billion, decreasing 3.93% .
Source: coinmarketcap.com/tradingview
UAE's DWTC to Become Regulator and Create New Crypto Hub
The government-owned event and exhibition venue, Dubai World Trade Centre (DWTC), has announced that it will become a “comprehensive zone and regulator of cryptocurrencies, products, operators, and exchanges”.
According to the announcement, DWTC will team up with the private sector and all Dubai-based relevant entities to create “an attractive environment for the sector, and enforce rigorous standards for investor protection, Anti Money Laundering (AML), Combating the Financing of Terrorism (CFT) compliance and cross border deal flow tracing”.
After Binance's CEO sets home base in Dubai UAE, DWTC has inked a Memorandum of Understanding (MoU) with the Binance crypto exchange to “outline the vision of accelerating the set-up of a new industry hub for Global Virtual Assets”. Also, Binance has named the former CEO of Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority between March 2015 and 2021, Richard Teng, as Regional Head of Binance MENA.
This will not only further Dubai’s place as the next crypto hub but will also attract many investment opportunities to the region which will help the crypto markets grow.
On the law and order side, UAE has also issued new legislation that will increase punishment for crypto online fraudsters to five years in jail and Dh1 million fine.
El Salvador Purchases 21 Bitcoin to Celebrate 21, Dec 2021
El Salvador has celebrated “last 21st day of the year 21 of the 21st century” by submitting a purchasing order for 21 bitcoins at 21 o'clock (9PM), President Nayib Bukele announced, noting that El Salvador’s land size is 21 million km2 too!
And today is the last 21st day of the year 21 of the 21st century ? https://t.co/9BitXCyDVs
— Nayib Bukele ?? (@nayibbukele) December 22, 2021
Binance Turkey Slapped with 8 Million lira
Local branch of crypto exchange Binance Turkey was hit with the first of its kind hefty 8 million lira (nearly $750,000) fine for “non-compliance against money laundering”, by The Financial Crimes Investigation Board (MASAK).
MASAK, which serves as Turkey’s financial intelligence unit attached to the Ministry of Finance and Treasury, is the entity responsible for auditing crypto exchanges in Turkey. Binance was found guilty in the audit carried out of Law No. 5549 on Prevention of Laundering Proceeds of Crime, also known as the AML Law.
Turkey is now planning to issue a new law into action regarding cryptocurrency platforms. According to the ABC Gazetes, Erdogan told journalists in Istanbul: “The law is ready, we will send it to the Parliament soon without delay,”.
