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

Iran’s Vice President Orders Licensed Crypto Miners To Suspend Operations

Iran’s Vice President Orders Licensed Crypto Miners To Suspend Operations

As Iran’s electricity disruptions continue, the country’s Vice President has now charged all Bitcoin miners to stop operations altogether.

Electricity Crisis May Continue Until August

The Vice President, Eshaq Jahangiri, said that the current electricity situation for Iranians is likely to continue until early August.

Jahangiri made this known in a meeting with officials of the Ministry of Energy according to a local news outlet, Tasnim News Agency.

Jahangiri said the Iranian government is working on improving the power issues to reduce the blackouts in the country.

“We will ensure that the electricity will not be cut off in essential and important places; licensed miners must also stop production altogether.”

He added that increasing electricity production is not the solution due to its feasibility. The VP believes it’s impossible because the country’s power plants were already working at full capacity.

Jahangiri’s comments come after Iranian President Hassan Rouhani apologized to citizens for the frequent blackouts caused by the electricity issues. This came after videos went viral on social media of citizens staging protests in multiple cities.

Rouhani blamed the blackouts on cryptocurrency mining and technical faults in Iran’s sole nuclear reactor.

Citizens continue to complain about power outages, including the country’s minister of cooperatives, labor, and social welfare, Mohammad Shariatmadari. The minister had also reported electrical disruptions to his home on Tuesday.

Iran’s Crackdown On Crypto Miners

In May, the Iranian president banned crypto mining operations until September in a bid to conserve power and relieve the national power grid.

Although crypto mining has been legal in the country since 2019, miners in the country were required to be licensed in order to operate. However, many miners have been operating illegally.

The Iranian authorities had warned illegal crypto miners using household energy to power rigs to stop or risk paying fines or having their equipment seized.

So far, many machines have already been seized. Last month, the Iranian police seized 7,000 computer miners at an illegal cryptocurrency farm. Also, in June, the authorities confiscated more than 3,000 unauthorized crypto mining hardware.

The Central Bank of Iran has previously moved to ban trading or the use of payments with cryptocurrencies that were not mined in Iran.

The latest crackdown on cryptocurrencies by the Iranian government came last week through a proposed bill. The Iranian Parliament Commission on Economy proposed a bill that stipulates that the Iranian central bank would be in charge of cryptocurrencies in the country.

The bill also stated that crypto mining would officially be placed under the regulatory purview of the Ministry of Industry, Mine, and Trade.

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Author: Jimmy Aki to Debut in Australia Following the Acquisition of a Locally Licensed Entity is set to roll out its services for the Australian market following the acquisition of a licensed entity dubbed ‘The Card Group Pty Ltd’; this automatically grants the crypto exchange and debit card provider an Australian Financial Service License (ASFL).

The acquisition of an ASFL license means that will offer its blockchain services, including a DeFi wallet and derivative products. Australia’s AML and Counter-Terrorism Financing Act 2006 requires particular financial services to acquire an ASFL license before kick-starting operations.

The Card Group Pty Ltd, which is the company that was acquired by, specializes in providing solutions to organizations that seek to grow engagement with cardholders. According to the background information on Crunchbase, some of its services include ‘prepaid cards, mobile, and wearable solutions.’ Expansion into Australia

This milestone by has given them the green light to debut their crypto services in Australia within the legalities provided. Consequently, the firm will expand its market share and stakeholder network within Australia’s financial services ecosystem. The firm had already started preparations, having recently enabled the transfer of Aussi dollars from bank accounts via BPAY; users can also opt for deposits via NPP (PayID).

Notably, Australia has been touted as one of the most legal certain jurisdictions by crypto stakeholders looking to debut their innovations or idea. The country began formulating its crypto oversight as early as 2014 before crypto got all the hype followed three years later., which is domiciled in Hong Kong, also recently acquired a provisional license to operate in Malta, popularly referred to as the ‘blockchain island.’

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Author: Edwin Munyui

Crypto Asset Broker, Voyager Digital, Reports An Impressive 1,159% YoY Revenue Jump

  • Voyager Digital Limited, a licensed Canadian crypto-asset broker, announced a preliminary unaudited revenue figure of $1.1 million after a sharp growth through the fiscal year ending June 30th, 2020.
  • The strong revenue growth is greatly attributed to a strong Q4 where the revenues grew 701% year-on-year to $700,000.

The preliminary report, released by Voyager, showed that the unaudited revenues by the firm jumped an impressive 1,159% over the year to $1.1 million. The company registered over 230,000 customers in the past fiscal year as the brokerage accounts increased 750% year-on-year to 86,000 accounts.

The results show exceptional performance in the operational and financial milestones set by the firm. Stephen Ehrlich, CEO, and Co-founder of the brokerage firm said the company had increased its customers’ assets by 1,959% to $35 million, and the principal value traded grew to $165 million, representing a 725% YoY growth. Ehrlich said,

“Our exceptional business momentum carried over into the fourth quarter, where we saw strong revenue growth both sequentially and year-over-year. […] These results reflect our evolution this past year into a fully integrated digital asset agency broker.”

The rapid growth in Voyager follows a rapid expansion in its business capabilities, including the addition of 39 crypto assets on its platform, including XRP, Compound (COMP), Kyber Network (KNC), Multi-Collateral Dai (DAI) and Celo (CELO) among others.

Over the past fiscal year, the company has completed several partnerships and acquisitions, including Avant-Garde and Circle’s crypto investing app.

Read more: Voyager Raises $2.1 Million in Private Placement to Expand User Base

In the remaining part of 2020 (first half of 2021 fiscal year), Voyager aims at integrating USDC stablecoin as one of the assets, obtain a BitLicense from the New York State Department of Financial Services (NYSDFS) and extend their interest program to other assets.

“Looking ahead, we continue to take steps to strengthen the Voyager Platform, and grow both our retail and institutional customer base,” Ehrlich added.

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Author: Lujan Odera

TokenSoft Debuts New Wallet Enabling Investors to Self-Custody Security Token Investments

TokenSoft, a US licensed security token platform, has launched a new wallet that will make it easier for investors to self-manage their security tokens accounts, CoinDesk reports.

The new offering, which was revealed on Thursday, provides the platform users with an easy to use and highly secure wallet where they can hold as well as control their investments. The new product also comes with an automated dividend distribution as well as an in-built reporting mechanism for the token issuers. If a client has more than $1 billion worth of investments, they can use the multi-signature security tool. Mason Borda, TokenSoft CEO, expressed his gratitude for the new product. He said:

“We’re excited to bring a multi-signature wallet security packaged in a self-controlled, easy to manage brokerage-style experience to the over 100,000 investors using our platform.”

The new product by TokenSoft supports different security tokens which adhere to the set regulatory requirements such as Tezos’ FA1.2and ERC-1404.

According to the firm’s head of business development, Jordan Davis, the TokenSoft Investment Accounts wallet will add more pressure on financial companies to provide investors with improved services as well as management tools. He said:

“People will be able to add or remove service providers from accessing their assets the same way you can add or remove profiles from your Netflix subscription.”

Tokensoft’s subsidiary, DTAC LLC, obtained a transfer agent’s license from the U.S. Securities and Exchange Commission (SEC) which is an imperative step on the firm’s quest to introducing tokenization in the conventional securities and finance industry.

Borda has previously explained that TokenSoft is gearing to offer the technology necessary for companies to go for an IPO through putting the shares within a blockchain network or platform. Borda also explained that TokenSoft is developing the requisite aspects required for a virtual investment bank.

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Author: Joseph Kibe

Kraken Futures Pushes Into The Under-Appreciated Cryptocurrency Market In Russia

The licensed futures provider that was bought off by Kraken late last year known as Crypto Facilities, has announced the hiring of Aleksey Bragin to expand its operations in Russia. The firm intends to intensify in-person visits as well as operate various social media groups using the Russian language.

According to CoinDesk, the subsidiary currently provides XRP, Litecoin, Bitcoin, Bitcoin Cash and Ether futures contracts. The company rakes in $17 million per day in volume coming from Bitcoin futures only.

According to Kraken Futures overall in charge of business development, Kevin Beardsley, Russia ranks top among the under-appreciated crypto markets today. He explained that the presence of well-trained tech developers dealing with the crypto industry makes Russia a highly lucrative crypto market.

Beardsley went ahead to say that the US and China and to a lesser extent Korea and Japan dominate the crypto conversation. However, Russia has proved itself as a leader, especially in the development of infrastructure and ranks high in terms of crypto community but gets much less coverage. Beardsley gave examples of Telegram as well as TradingView whose teams are made up of Russians and surrounding countries.

Bragin has a vast experience in the Russian crypto industry and in 2011 he started ICBIT, a crypto futures exchange which was later bought out by Safello, a Swedish crypto exchange, in 2016. He explained that Russian traders have highly adopted cryptos and take them like other currencies or commodities.

According to Bragin the number of persons trading cryptos is growing at a fast rate and there is a high crypto trading acceptance which makes Russia attractive destination for futures trading. He however admitted that Russian derivative market is still at its nascent stages but it’s quickly becoming a critical market. He explained that crypto derivatives began to attract traders in 2018 and developed rapidly in 2019 and analysts have predicted the trend will be maintained this year.

The Russian market is fast becoming an attraction to many renowned exchanges such as Huobi that launched its operations there in November 2018.

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Author: Joseph Kibe

Nickel Arbitrage Fund Raises $50M To Profit On Crypto Volatility Using An Automated Trading System

Nickel Asset Management, a licensed fund from the United Kingdom, has recently been able to raise $50 million USD in order to create a fund that will be focused on profiting from the volatility of the crypto market.

The company, which opened up shop two months ago, has already closed the door to new investors for the moment, as many family offices and funds from both Europe and America were quick to enter this new market.

According to the company, so many clients showed up because they wanted to use the company’s strategies to get money from the extreme price swings which are so common to the market. They are hard to use if you are not very well-equipped or talented, so it makes sense to look for a company if you want to exploit the system.

Nickel Asset Management is regulated by the Financial Conduct Authority, the U. K. regulator for this type of business. Because of this, the company has a fully regulated method to explore this niche.

This company has created a set of automated trading tools that can be used by investors. These tools will expose them to the market with low risk and high rewards.

Alex Kloda, the portfolio manager at the company, affirmed that digital assets and derivatives if they are traded with the right tools and enough speed, can generate rewards that will be higher than the ones offered by many other kinds of investments.

The CEO of the company, Anatoly Crachilov, affirmed that the company’s vision is that digital assets will become an important part of portfolios all around the world, so creating a good solution for institutional traders is a way to be open for the future.

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Author: Gabriel Machado

BitPunter: Safe Transaction Mining Sports Book and Casino Blockchain?


What Is BitPunter?

BitPunter is the world’s first licensed transaction mining sports book and casino. The world-class digital sportsbook and casino is licensed and regulated by the Government of Curacao under gaming license 365/JAZ. Transaction Mining has created a paradigm shift in the cryptocurrency industry, leading the creation of new exchanges that are a few months old above established market leaders in terms of trading volume.

BitPunter aims to multiply the success of transaction mining in the flourishing iGaming space through its proprietary gaming platform while capitalizing on blockchain solutions to provide an environment for transparent and fair gaming.

Transforming Online Gaming Ecosystem

Aside from offering the lowest transaction and gaming spreads in the market, BitPunter aims to reward users with BitPunter Tokens (BPTT) of value according to the average expected house advantage whenever users play on the platform.

  • BPTT will be mined as an outcome of game play on BitPunter, whether there is a profit or loss. This will incentivize game play on BitPunter by providing players with a token that accords Net Gaming Revenue allocation, and which can be bought or sold on the crypto exchange.
  • BitPunter will allocate a half its Net Gaming Revenue before the start of the transaction mining program to buy back tokens after the initial exchange listing and redistribute the tokens towards marketing and competition initiatives.
  • On the post-launch of the transaction mining program, 80% Net Gaming Revenue of the business will be allocated for holders of BitPunter tokens.

BitPunter Proposition

Transaction Mining Business Model

  • Rewarding users for active gameplay with tokens based on their turnover volume.
  • BitPunter will distribute back 80% of net gaming revenue to token holders.

Trustless, Borderless and Secure

High Liquidity and Lowest Spreads

  • Horizontal Integration with leading game operators in the world
  • High betting liquidity
  • Lowest spreads possible

Empowered Payment and Settlements

  • Market leading cost of crypto deposits and withdrawals
  • Instantaneous settlement of winnings to native Bit Punter blockchain wallet
  • Multiple traditional payment methods such as bank transfer, credit cards, Neteller, and Skrill

BitPunter BPTT Token Sale Details

  • Start Date: June 1, 2019
  • End Date: July 15, 2019
  • Total Pre-Transmining Supply: 500 million BPTT
  • Pre-Transmining Token Sale: 400 million BPTT
  • Incentives for Pre-Transmining competitions: 100 million BPTT
  • Token Sale Price: 0.06 USD
  • Accepted Currencies: ETH, BTC, USDT
  • Minimal Transaction Amount: 1000 BPTT

Post Launch of Transaction Mining

As users participate in the BitPunter gaming platform, BitPunter tokens will be mined up to a maximum token supply limit of 5 billion BPTT tokens. Users will receive awards daily according to their contribution amount in relation to the total unlocked token pool at any given day.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Bitcoin Exchange Guide News Team