Category: crypto

Dubai’s Virtual Assets Regulatory Authority (VARA) introduced new marketing guidelines for virtual asset firms, effective Oct. 1, emphasizing risk disclaimers in advertising. The rules aim to protect investors amid the volatile crypto market and reflect a global trend toward stricter crypto advertising regulations. The UAE continues to strengthen its position in the crypto sector.

Post-TGE blockchain projects face significant fundraising hurdles, such as fragmented investor access and liquidity issues. Vellos is a new platform designed to tackle these challenges by creating a centralized marketplace for discounted tokens, enabling community engagement, facilitating easier token sales, and allowing protocols to focus on development and innovation.

Former Montenegro Justice Minister Andrej Milović raised concerns about a potential connection between the extradition of Terraform Labs co-founder Do Kwon and a South Korean airport concession deal. He alleged that Prime Minister Spajić shifted his stance on the concession, favoring South Korea after Kwon’s extradition ruling, suggesting personal ties to Kwon.

PayPal’s stablecoin, PYUSD, experienced a nearly 30% market cap drop, from over $1 billion to $712 million, primarily due to losses on Solana. Despite this, average daily transfer volume remained strong at $242.2 million. The decline is linked to reduced DeFi yields and changing incentive allocations amid new partnerships.

Bitcoin (BTC) increased by 5.4% in a week following a US interest rate cut. Analysts are divided on its future. Some, like Tom Dunleavy, see a positive macroeconomic setup for crypto, while others warn of potential volatility. Caution persists due to historical downtrends and ongoing macroeconomic uncertainties.

The hacker who stole $230 million from WazirX is close to laundering the funds, with $6 million left, mainly using Tornado Cash. The breach compromised over 45% of WazirX’s reserves. The exchange is facing criticism for its crisis management and transparency, complicating its recovery efforts and raising security concerns.

The UAE stands out in crypto growth, receiving over $30 billion from July 2023 to June 2024, driven by regulatory innovation, institutional interest, and market activity. Its DeFi adoption exceeds the global average, with 32.4% of transactions via decentralized exchanges. Regulatory bodies are fostering a balanced, protective environment for crypto businesses.

On September 24, Ether.fi faced an attempted domain takeover via Gandi.net’s recovery process. The team quickly verified and locked their account, restoring security and confirming no internal breach occurred. Thanks to Gandi’s rapid response and existing security measures, user funds remained safe, with more details to follow.

Spot Bitcoin ETFs have gathered over 900,000 BTC since their launch, approaching the 1 million BTC mark, which is just 17% shy of Satoshi Nakamoto’s estimated holdings. The largest holders are BlackRock’s iShares Bitcoin Trust, Grayscale’s ETFs, and Fidelity’s FBTC, accounting for nearly 86% of US-traded ETF holdings.

Circle has launched the Compliance Engine, an automated tool for businesses to meet regulatory requirements in the digital asset space. It streamlines compliance with features like real-time transaction screening and Travel Rule adherence. This innovation positions Circle as a trusted partner in regulatory compliance amid evolving regulations and challenges in the industry.