On Tuesday, 11th September, the UAE state report revealed that the financial regulatory authority of the United Arab Emirates has gone ahead and agreed on a plan to bring in crowdfunding through Initial Coin Offerings [ICOs] with a directive to recognize tokens as security commodities.
Sultan bin Saeed Al Mansouri, the Chairman of the UAE Securities and Commodities Authority [SCA] stated:
“The committee has decided to approve the plan to regulate Initial Coin Offerings in the countries to keep up with the changing financial times.”
Sultan bin Saeed Al Mansouri also plays the role in the Ministry of Economy of the United Arab Emirates. The SCA has stated that their main priority is to adopt the financial protocols from countries that are successful in implementing cryptocurrencies and get a few takeaways from them. The body has also gone ahead and revealed that there are further plans to improve the fintech industries within the seven countries in the UAE.
This latest report by the SCA comes directly after the body had stated that investors need to proceed with caution when it comes to digital assets. This warning was also followed up by the SCA by stating that Initial Coin Offerings are fragile and flimsy and users should not place all their trust in it.
Abu Dhabi, the capital of the UAE have their own financial watchdog called the Financial Services Regulatory Authority [FSRA]. The FSRA was the first financial regulator in the UAE to bring about any circulars related to cryptocurrencies and interconnected digital assets. Dubai has also followed in Abu Dhabi’s steps by introducing a model called “proprietary trading in crypto-commodities”, which was put forth by the famous Dubai Multi Commodities Centre [DMCC].
The acceptance of cryptocurrencies such as Bitcoin [BTC] has been on a significant rise with even global superpowers like the United States en route adoption. Just recently, Brian Armstrong, the CEO of Coinbase had given his views on digital assets, calling it a “regulated industry.” He had said:
“I don’t think there will ever be a moment where its like, now, we have cryptocurrency regulation because cryptocurrency has now branched out to be so many things, you know, its money, its potential stocks or securities, its commodity, its property and then that’s just in the U.S.”
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Binance coin pumps by over 6% in an hour; breaks its all-time high
On June 20, Binance coin [BNB], a coin ranked seventh on CoinMarketCap, surged by a massive 6.38% over the past hour. The coin also broke its all-time high and was trading at $36.47, at press time.
At press time, BNB was being traded at $36.47 with a market cap of $5.097 billion. The 24-hour trading volume of the coin was reported to be $571.64 million, as it spiked by 2.35% over the day. Over the past seven days, the coin noted a rise of 2.03% in its price and continued to rise by 6.38% within the hour.
This hike follows Singapore-based cryptocurrency exchange, KuCoin, listing Binance coin [BNB] and Binance announcing the launch of Elrond project on Binance launchpad. Binance funded the sharding-based public blockchain network in a private funding round, as the company closed the round with $1.9 million. It will be the next project supported by Binance launchpad and the token sale will be carried out in a lottery fashion. The token sale is scheduled to begin from June 22, 00:00 AM [UTC].
The coin was highly traded on Binance exchange with BNB/USDT pair and BNB/BTC pair. BNB/USDT took the first place as it noted a 24-hour trading volume of $137 million, followed by BNB/BTC which reported a volume of $126 million. The third position was taken by LBank exchange, which registered a trading volume of $120 million with BNB/USDT pair.
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