UAE Introduces New Law to Combat Crypto Crime, Allows Licensed Cryptocurrency Offering & Promotion

UAE Introduces New Law to Combat Crypto Crime, Allows Licensed Cryptocurrency Offering & Promotion

The United Arab Emirates (UAE) is introducing new rules to promote cryptocurrency development while curbing digital currency scams targeting investors in the country.

Under the new rules, crypto scammers will face prison time for up to 5 years and a penalty of up to AED 1 million (just over $272k), starting January 2, 2022.

Previously, the UAE laws banned promoting crypto but didn’t penalize it, but now, in a first for the country, the amendments have been introduced to punish those who promote or encourage a dealing in crypto that is not officially recognized in the UAE or post misleading ads or inaccurate data about any product.

The new law will also punish those raising money from the public without a license from competent authorities.

It was only last month that the new legislation was introduced by the UAE President as part of several legal reforms.

Much like the rest of the world, there has been a rise in crypto scams in the UAE, with the most recent and publicized one being the DubaiCoin scam which claimed to be launched as Dubai’s official cryptocurrency.

It was later discovered that the project was phishing data and money from investors. The Dubai Government then released an official statement in May dismissing claims of the coin being the official crypto of Dubai, but many had fallen prey to the fraud already.

Dispute resolution lawyer at ADG Legal Kostubh Devnani said,

“The positive news is that apart from the new laws, and UAE stepping up efforts to combat financial crime, courts in other (particularly common law) jurisdictions have been willing to grant remedies normally applicable to physical or tangible property to victims of crypto scams, such as freezing orders and orders for production of information.”

The UAE does not recognize crypto as a legal tender, but there are no direct bans on cryptocurrencies either.

In fact, those engaging in crypto-related activities such as offering, issuing, promoting, listing, and trading of cryptocurrencies are required under the new law to be licensed by the Securities and Commodities Authority (SCA).

The new Online Security Law that replaces the previous law ‘Concerning Anti-Cybercrimes’ is one of the first comprehensive legal frameworks in the region to address the risks associated with the illegal use of cryptocurrencies and enhance consumer protection.

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Author: AnTy

Long-Term Chart Clearly Shows Bitcoin Still in an ‘Uptrend’ But Biggest Macro Headwinds Looms Over Price

“BTC needs another major catalyst to regain momentum and combat some of the uglier charts in the near term,” said Kevin Kelly, co-founder and head of global macro at Delphi Digital, in his latest report.

In April, Bitcoin hit its all-time high at nearly $65,000, and last month, it had a drawdown of 54% to 57% as the price fell to $30,000 on Coinbase and $28,000 on some exchanges. Today, that price finally crossed the $40k mark on the news that legendary investor, Paul Tudor Jones, has upped his allocation of bitcoin to 5% of his portfolio. He originally said 2% back in May of 2020.

Slashing of Bitcoins’ value by half was driven by the major unwind in leveraged positions, profit-taking following one of BTC’s best runs, and of course, the narrative of crypto-mining not being good for the environment.

“When everyone is leveraged long, it’s not a matter of if but when a major correction will take place.”

Wiping out all the gains of 2021 has the cryptocurrency’s year-to-date gains now at just over 35%. In comparison, ETH is up 236%, WTI 45.71%, and S&P 500 13.08%. Both gold and dollar’s YTD gains are negative by 1.20% and 0.57%, respectively.


Still, more than 85% of Bitcoin UTXOs are in profit — “price bottoms following historical drawdowns of similar magnitude tended to coincide with a drop in the % of profitable UTXOs to at least ~55%.”

The total supply of Bitcoin by long-term holders on a percentage basis which recently bottomed at 58.5%, is also now back above 61%, a good sign for the longer term.

For now, BTC has strong support at around $30k, but if it breaks down, the prices can very well dive below $20k.

Not to mention, the death cross is coming — BTC’s 50-day MA is on the verge of crossing below its 200-day equivalent for the first time since March 2020. As we reported, this leads to a bullish golden cross like many times in history, but this could also turn out like 2017 when it solidified the bear market, which would mean the bottom may not be in quite yet.

However, there’s more to Bitcoin price than just technical analysis.

As we saw recently, the sentiments towards cryptocurrency have turned sour, with the Crypto Fear & Greed Index falling to its lowest level since the March 2020 sell-off. On May 30, the reading was 10, which has now gone up to 28.

One of the biggest macro headwinds to BTC, according to Kelly, is the deceleration in the growth of central bank asset purchases.


Historically, the price tends to peak at roughly the same time as y/y growth in major central bank balance sheets, which hit $8 trillion for the first time last week.

With the trend of large-scale debt monetization and asset purchases likely to continue, it spells bullish for Bitcoin, but the talks of tighter monetary policy in the face of rising inflation could serve as a headwind for BTC in the near term.

Bitcoin and crypto actually rated to sell-off around the time inflation expectations actually peaked in mid-May. “It’s an important distinction because markets trade on changes in expectations, not backward-looking data prints,” said Kelly.


However, not only “the long-term chart clearly shows BTC still in an uptrend” despite the recent drawdown and compared to previous cycles, the price trajectory still looks to be right on track, so unless $20k is retested, Bitcoin can continue higher.

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Author: AnTy

Crypto Data Firm, CoinMarketCap, Rolls Out ‘Confidence’ Indicator For Ranking Algorithm

  • Leading crypto data aggregator,, introduces new metric systems on the platform to combat fake volume data from exchanges.
  • The release on the changes on the platform also includes a new default ranking system for market pairings on the platform.

In an announcement released on Friday, May 29, 2020, CoinMarketCap announced new changes to its metrics and market pairing ranking systems in a bid to chaff out exchanges presenting fake volumes. The new system, however, is facing major criticism from the community who claim the changes favor its parent company, Binance exchange.

Studies on cryptocurrency exchanges have found that over 90% of the trading volume reported by the platforms is fake. In a bid to combat the reporting of fake volume, Today, CoinMarketCap announced the “Confidence metric” that aims to “determine if the volumes reported by exchanges are inflated, and to what extent”.

Coinmarketcap introduces new market pairing metric

Following the launch of the #RoastCMC campaign that saw the community critic and make fun of the aggregator, the company has started to take steps towards a better platform. The platform will introduce new metric systems on the market pairings using an algorithm built including the Liquidity Score, the recently added web traffic, and the volume of each pairing.

Previously, the system only used the volume, which enticed some exchanges to inflate volumes on some of their pairs.

While the current system is expected to boost the credibility of the market pairs listings on the platform, there are concerns on Binance role in the latest changes.

Is CMC favoring Binance?

Since the reported $400 million acquisition sale of CMC to Binance exchange a number of analysts have criticized the independence of the data aggregator. The addition of the web traffic factor in the metric system tilts the favor to Binance exchange, which topped the rankings as soon as the factor was added.

Changpeng ‘CZ’ Zhao however, came forward claiming the latest changes on the crypto data platform is set to provide a short term solution for the platform.

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Author: Lujan Odera

Why is Unlimited Quantitative Easing (QE) Bullish for Bitcoin (BTC) Price?

  • At the beginning of this week, the Federal Reserve announced unlimited quantitative easing (QE) to combat the economic effects of COVID-19, a pandemic that has investors fearing the possibility of a recession as the unemployment claims rose to a record level.
  • The day the Fed said it would be printing unlimited amounts of cash, the price of bitcoin jumped over 10% just like the S&P 500 did, rallying nearly 8%.
  • Yesterday, the stimulus package of $2 trillion was agreed upon but it was unable to move the markets.

The Fed has long been pumping liquidity in the market and after the market carnage started a few weeks back driven by the novel coronavirus and oil price war, the central bank slashed the interest rates to zero, short-term Treasury bills even dropped into negative territory, and they were forced to work on their strategies.

The Fed decided to launch the bazooka of trillions of dollars in monetary and fiscal stimulus but as crypto commentators have reportedly been calling out, it has the underlying risk of inflation.

“This is how free money looks like. But there is no such a thing as a free lunch, is there. Society pays for this. Via inflation. The price to pay is inflation in the long run. Inflation expectations are popping and the long end of the treasuries curve is already pricing it in,” said,” said economist and trader Alex Kruger.

The last time such emergency measures and QE program were launched was during the financial crisis of 2008. Fed Chairman Jerome Powell said earlier this week that the central bank will continue its “aggressively and forthrightly” efforts. On his promise of unlimited bond purchases, he said the Fed won’t “run out of ammunition.”

It’s Bitcoin’s Time

Bitcoin price might be acting like a risky asset and moving along with the stock market but bitcoin believers, investors, and commentators are confident in the world’s leading digital asset and that it’s time for it to shine.

When it comes to price, in the time of crisis, everything gets sold off as investors look for cash. Even gold saw its biggest weekly decline since 2013 during this sell-off the same way it did in 2008.

Now, if we look at bitcoins’ history, the crypto asset was created right at the time of the financial crisis and as popular analyst PlanB said, BTC is made for this situation.

According to Kruger, QE infinity is bullish for bitcoin because of three reasons. In the short term, bitcoin is trading like a risk-on asset and it will uptrend just like other assets.

In the long-term, he said, Bitcoin is “a hedge against tail-risk of fiat systems collapsing, and odds of such an event increased marginally.”

And lower yields may also help on the margin, said Kruger. As we saw this time, following the QE announcement, the treasury yield curve collapsed and gold spiked just like in 2008. At that time, when QE was announced, it triggered the gold bull market. This time, the deflationary asset with limited supply is also expected to emerge as the winner once the dust settles.

Latest Bitcoin Price News and Crypto Market Updates

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Author: AnTy

Top Medical Firms Set to Develop a Blockchain Solution to Prevent Counterfeit Drug Supply

  • Top medical firms partner to develop a blockchain based solution to combat counterfeit drugs in the market.
  • The MediLedger blockchain aims to verify drugs through the supply chain and prevent flow of these drugs in the open market.

In an announcement released on Feb. 21, a number of global medical firms are entering into the blockchain space to create a decentralized solution to combat counterfeit drugs from the U.S and global markets. According to reports from Reuters, some of the largest companies in the medicare industry including Pfizer Inc. and Eli Lilly and Co. alongside over 20 companies, partnered to create the solution that is set to transform the supply chain of pills and drugs.

Some of the participants in the MediLedger group include Amgen Inc. (AMGN.O), FedEx Corp (FDX.N), GlaxoSmithKline Plc (GSK.L), Novartis (NOVN.S), AmerisourceBergen Corp (ABC.N), Sanofi (SASY.PA), Walgreens Boots Alliance Inc. (WBA.O) and Walmart Inc. (WMT.N).

The companies are developing a drug verification system, MediLedger Network, in a bid to bring together the drug makers, distributors, retailers and delivery firms in an efficient supply chain system. Susanne Somerville, CEO of Chronicle, a MediLedger custodian said,

“Even though the drug supply in the United States is safe, there are small percentages … of potential counterfeit drugs. Certainly, there’s a lot of evidence of diverted drugs.”

So far the organization has yet to release a launch date of the product. However steps to register the project with the Food and Drugs Administration (FDA) are already underway.

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Author: Lujan Odera

Chinese Company Suning to use Blockchain in Fighting Counterfeits in the Retail Industry

Blockchain can protect the supply chain and combat counterfeits by providing end to end visibility and traceability in the entire supply chain. Suning, a Chinese retailer, has introduced the use of Blockchain for counterfeit protection before the Chinese shopping festival. It will apply to e-commerce platform operators, third party merchants, and online vendors.

How Suning Works

The supply chain participants are all linked to a single data collaboration platform. Every authorized personnel will be able to access Blockchain through a node; the node validator will validate all data before it is appended on the Blockchain. It will ensure traceability, provenance, and authentication in the supply chain.

A digital asset will mirror each trade item and logistic units in the physical chain in the Blockchain, the utility token. The token has a key that allows you to create a new entry into a ledger reassigning the ownership to someone else, to let them confirm and sign token transactions. Blockchain technology can serialize and track every trade item with a unique QR code for each. Once the food lands on a retailer’s shelf, consumers can scan a QR code on the food package with their mobile phones to receive food safety information about the product, including details as to what is in the box and its origin.

Expected Outcome

The aim of the Suning project is counterfeit prevention in China. The innovative technology will improve control over the supply chain by empowering customers to verify products before consumption.

It will improve customer relations and retention, as various brands can provide a higher level of essential data that boosts customer trust. The quality, unique characteristics, and sustainability of a brand can be documented. It also promotes stock control, to prevent stockpiling of unsold items by allowing real-time audits.

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Author: Daniel W