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Crypto asset regulations necessary, says UAE Banks Federation Chairman

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Crypto asset regulations necessary; says Chairman of UAE Banks Federation
Source: Pixabay

Abu Dhabi Global Market [ADGM] and United Arab Emirates Banks Federation [UBF] organized a collaborative forum on fintech and cryptocurrency. The forum proposed a strong push to structure framework, and regulate the crypto-asset space.

Abdul Aziz Al-Ghurair, Chairman of UAE Banks Federation, while emphasizing about the latest cryptocurrencies and digital assets in the fintech space stated,

“UBF is a strong advocate of the innovation that is disrupting the UAE financial services industry. We strongly believe in the importance of collaboration to facilitate this transformation and ensure it takes place seamlessly and successfully.”

The Chairman further stated that in order to become ”one of the foremost international hubs for finance,” it was necessary to maintain pace with rapidly evolving technological innovations, which can only be achieved by protecting consumer rights and market integrity.

The joint ADGM and UBF Compliance Committee forum was hosted to build a bridge between regulatory entities and legacy financial institutions to highlight the importance of introducing cryptocurrency activities securely into the traditional financial services ecosystem. To mould the international financial space, various industry experts were pooled in to explore its trends, challenges, and opportunities.

The ADGM, presented its policy objectives and features which is the groundwork for its digital asset regulatory structure. The framework, released in June 2018, outlined different aspects including exchanges, custodians, brokers, management as well as surveillance tools in the market to minimize the chances of crimes associated with the crypto transactions.

Richard Teng, CEO of the Financial Services Regulatory Authority of ADGM, said,



“This event highlighted the importance and power of collaboration between regulatory authorities and financial institutions in building the trust and commitment needed to introduce FinTech activities securely into the financial services sector”

The ‘joint approach’ on how the traditional institutions and financial watchdogs should jointly address the crypto regulatory framework echoed the event.

Earlier this year, six commercial banks from Saudi Arabia and the United Arab Emirates [UAE] had reported having joined a digital currency project following an agreement by the authorities of the two nation-states to create a new digital asset for facilitating transactions.





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Bitcoin [BTC] surges above $5,500 and breaks major resistance level; collective market rises

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Bitcoin [BTC] surges above $5,500 breaking major resistance level; collective market surges
Source: Pixabay

Bitcoin [BTC] broke out of its sideways trend that saw coins fall after a brilliant start to April. This “break-out” is especially significant since it came days after the coin was trading sluggishly, pulling the market cap below $175 billion.

After breaking the $5,200 level on April 16, the coin held steady, showing no noticeable dips. However, it also began losing the momentum it had gained when it rose by 15 percent on April 2. Many saw the past week as Bitcoin losing steam, opining that a drop to as low as $4,000 would manifest. This pessimism coupled with the delisting dilemma saw the global market decline by 3.31 percent over the past weekend.

Given this backdrop, the present Bitcoin price incline was even more bullish for the collective market. Further, this was not just an effort to shrug off “sideways bears,” but instead, two key levels were broken in order to usher a collective market rise and sustain BTC bullishness.

Source: Trading View

RESISTANCE

The first, as indicated by eToro’s senior market analyst Mati Greenspan, was the resistance level of $5,350. When Bitcoin began to consolidate following the early April high, Greenspan stated that if the BTC price were to punch above the aforementioned level, it “would likely serve as confirmation that we’re pushing higher and will lead to further buying pressure.”

Greenspan stated that the $5,350 level acted as a major support level throughout 2018. Hence, it is incredibly important that Bitcoin surge above it in the next rise to consolidate buying pressure. Another important point to signal the coming of a bullish market was the 200-day moving average which Bitcoin has stayed above since the April 2 rally.

PSYCHOLOGY

The other significant level for the collective market is Bitcoin’s ascendance over $5,500, which it managed courtesy of this rally. Many, including Greenspan, pegged $5,000 as a key psychological level for the coin and hence, the rise above $5,500 less than three weeks after $5,000 was broken will bring back optimism to the BTC market.



Further, as was seen in the April 2 rise, the Bitcoin pump resulted in the king coin increasing its market dominance. At the close of March, Bitcoin was edging closer to losing the majority. However, the rally saw its share increase to 52.4 percent within a day. Following this recent 4.61 percent increase against the US Dollar, the king coin’s dominance increased to 53.2 percent.

Given the elasticity of the collective market to changes in Bitcoin’s price, the market was awash in green as Bitcoin broke the resistance and psychological levels. Amid this bullish charge, some coins stood out for their above-average gains, which included Bitcoin Cash [BCH], Cardano [ADA], EOS [EOS], Litecoin [LTC], and the exchange-ousted Bitcoin SV [BSV].





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