BlockByBlock | Crypto Regulations Are Out!
It took nearly a year, but the regulations for crypto trading in Dubai are finally out.
In This Week’s Issue
⚡ The Virtual Assets Regulatory Authority (VARA) issues regulatory guidelines for crypto activities in Dubai, including “full market product regulations,” nearly one year after its establishment.
💰 LEAP23 unveils a $9 billion investment for technology and startup growth in Saudi Arabia.
🚀 The Sandbox, one of the world’s largest metaverses, partners with Saudi Arabia’s Digital Government Authority (DGA), resulting in a 25% increase in the SAND 0.00%↑ token's price.
💥 Pantera Capital’s CEO claims Bitcoin is “already in its next bull market cycle.”
Local Developments
Blockchain Movements In The GCC 👇
The Virtual Assets Regulatory Authority (VARA) issues regulatory guidelines for crypto activities in Dubai, including “full market product regulations,” nearly one year after its establishment.
The UAE Central Bank launches the Financial Infrastructure Transformation (FIT) program, a nine-part initiative to support local Fintech which includes a plan to launch a Central Bank Digital Currency (CBDC).
Meta Platforms, parent company of Facebook, Whatsapp and Instagram, opens the first Metaverse Academy in Saudi Arabia.
“The FIT Program embodies the directions and aspirations of our wise leadership towards digitizing the economy and developing the financial sector. We are proud to be building an infrastructure that will support a thriving UAE financial ecosystem and its future growth,” said His Excellency Khaled Mohamed Balama.
Key Industry Development
Has The Bitcoin Bull Run Begun? 🚀
In its latest “Blockchain Letter” on Feb. 8, the asset management firm’s CEO, Dan Morehead, predicted that 2023 would be a “year for rebuilding trust.”
With BTC price action retracing slightly after gaining 40% in January, some market participants still insist that new macro lows are due across crypto assets.
While the timing for such a scenario varies, consensus remains absent when it comes to how the market will rebound.
“Pantera has been through ten years of Bitcoin cycles and I’ve traded through 35 years of similar cycles,” he noted. “I believe the blockchain assets have seen the lows and that we’re in the next bull market cycle - regardless of what happens in the interest-rate sensitive asset classes.”
“2022 was a year of booms and major busts, especially as it pertains to CeFi. In the span of a few months, the world saw Three Arrows Capital collapse, Do Kwon’s LUNA disintegrate, Voyager Digital go bankrupt, and Sam Bankman-Fried’s (SBF) FTX empire shatter,” he explained.
Pantera Capital is bullish on Bitcoin — are you?
Startup Action
Updates From The Startup Ecosystem 💸
Landvault, a giant metaverse developer, announces plans to open a new office in Dubai.
The Sandbox, one of the world’s largest metaverses, partners with Saudi Arabia’s Digital Government Authority (DGA), resulting in a 25% increase in the SAND 0.00%↑ token's price.
IR4LAB, a Saudi-based company specializing in advanced technologies, partners with the Saudi Ground Services (SGS) to implement DocCerts, a blockchain management solution, across 28 airports in the country.
Blockchain Trends
Global Trends 📉
Brazil’s oldest bank allows residents to pay their taxes using crypto.
Kraken reaches a $30 million settlement with the SEC over staking services.
Ethereum cofounder Joe Lubin says there’s no chance of ETH being classified as a security.
Local Trends 📈
LEAP23 unveils $9 billion investments for technology and startups growth in Saudi Arabia.
The United Arab Bank (UAB) partners with UAE Trade Connect (UTC), the fintech blockchain platform of e& enterprise, to combat fraud via blockchain and artificial intelligence.
Upcoming Events
Events By AgoraGroup 🔴
AgoraGroup will host the Global Blockchain Congress (11th Edition) on March 6th and 7th in Dubai, the UAE.
Events Across The UAE 🔵
Crypto Expo Dubai will be hosted on March 8th and 9th in Dubai, the UAE.
The Future Blockchain Summit will be hosted between October 17th and October 20th in Dubai, the UAE.
Blockchain Life will be hosted between Feb 27th and Feb 28th in Dubai, the UAE.
Blockchain Economy will be hosted between March 8th and March 9th in Dubai, the UAE.
AIBC will be hosted between March 13th and 16th in Dubai, the UAE.