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UAE Financial Watchdog Set To Regulate Crypto By 2022

UAE Financial Watchdog Set To Regulate Crypto By 2022

The Dubai Financial Services Authority (DFSA) has announced plans to implement new regulations for cryptocurrencies in its business plan brochure for the years 2021 to 2022.

“We will build upon recent achievements in this space over the business planning period through developing a regulatory regime for digital assets (such as tokenized securities and crypto-currencies), having already implemented regulations supporting various innovative business models,” the financial watchdog said.

“In doing so, we intend to take a regulatory approach that facilitates innovation while requiring strict adherence to the DFSA’s licensing, prudential and conduct requirements,” according to the DFSA which regulates the Dubai International Financial Centre (DIFC).

While the shape of the designed regulations is not known at this point, the past few years have brought a number of steps by the watchdog which signalled its highly cautious stance on cryptocurrencies. In September 2017, the regulator issued its General Investor Statement on Cryptocurrencies in which the DFSA said it viewed Initial Coin Offerings (ICOs) as high risk investments.

“They have their own unique risks, which may not be easy to identify or understand; such risks may increase where offerings are made on a cross-border basis. These offerings should be regarded as high-risk investments,” according to the watchdog.

“The DFSA would like to make it clear that it does not currently regulate these types of product offerings or license firms” in the DIFC “to undertake such activities,” the statement said. “Accordingly, before engaging with any persons promoting such offerings in the DIFC, or making any financial contribution toward such offerings, the DFSA urges potential investors to exercise caution and undertake due diligence to understand the risks involved.”

With close to 2,600 registered companies and about 25,600 employees, the DIFC claims to be the leading financial hub in the Middle East, Africa and South Asia region.


Learn more: Crypto Regulation in 2021: The Piecemeal Approach & New Winds


Author: By Jaroslaw Adamowski

Bitcoin miner’s stocks hammered as crypto prices skid lower Wednesday

Bitcoin miner’s stocks hammered as crypto prices skid lower Wednesday

The shares of bitcoin mining companies on Wednesday got slammed, and are on track to post a third straight decline as prices of the most prominent cryptocurrency and the broader virtual-asset market slumps.

The slump in bitcoins comes as incoming President Joe Biden’s nominee for Treasury Secretary, Janet Yellen, during a Senate confirmation hearing on Tuesday suggested curtailing the use of cryptos, which she said are prone to be used for malfeasance.

“And I think we really need to examine ways in which we can curtail their use and make sure that money laundering doesn’t occur through those channels,” Yellen said.

Bitcoin miners are particularly sensitive to swings in the price of the crypto.

Miners like Marathon and Riot Blockchain, play a key role in maintaining bitcoin’s self-sustaining network, running the decentralized software that verifies transactions.

Digital mining refers to the use of high-powered computers to generate new units of the cryptocurrency, by solving complex problems that have become harder over the years by virtue of how bitcoins were originally encoded.

Shares of those companies can be even more volatile than bitcoin by some measures.

Marathon Patent Group shares are up 1,715% over the past 12 months, while those for Riot have surged 1,414%, according to FactSet data. Bitcoin prices, comparatively, are up 287% over the past 12-month period.

Higher prices for bitcoins can justify the high cost of mining for new coins but when prices retreat mining stocks tend to see outsize moves lower as well. Currently the daily profit from one bitcoin miner is $10.68, according to mining-calculator site

Wild swings in prices for bitcoin and other cryptos make miners particularly risky investments.


Author: Mark DeCambre

Pornhub Now Accepts DOGE Payments

Pornhub Now Accepts DOGE Payments

  • Pornhub has added support for payments in BNB, DOGE, USDC and XRP.
  • The website also accepts Bitcoin, Ethereum, Monero and Zcash, among other cryptocurrencies.
  • The move to accept crypto followed a ban from Visa and Mastercard, following allegations of abhorrent content on the site.
  • Dogecoin can now be used to pay for premium pornographic content. The crypto coin has been added as a payment option on Pornhub alongside several other currencies. 

    Pornhub, one of the world’s most visited websites, now accepts payments in BNB, DOGE, USDC, and XRP. 

    The four crypto coins have been added to Pornhub’s list of supported coins, including tokens like Bitcoin, Ethereum, Litecoin, Monero, and Zcash. Changpeng Zhao, the founder of the leading cryptocurrency exchange Binance, applauded the move to add his platform’s BNB token. 

    Fk it, I am buying a year of premium porn subscription just for the cause, nothing personal, of course. YOLO. 😆

    2 #BNB

    — CZ 🔶 Binance (@cz_binance) January 20, 2021

    What cryptocurrency will become the main one in a year?

    Pornhub is arguably the world’s most popular adult entertainment platform. It pulls in around 3.6 billion visitors monthly. While much of the content is freely available, access to the premium videos involves paying a subscription fee. 

    Previously, that fee was payable with Visa and Mastercard. But when The New York Times ran a feature alleging that Pornhub had published videos of child abuse and rape last month, both payments giants cut ties. 

    Pornhub then began listing cryptocurrencies as a payment option. Though the privacy-preserving coins Dash and PumaPay were added as support and delisted, the website now supports payments in 16 cryptocurrencies, including Dogecoin.

    Interestingly, Ripple’s XRP token is among the latest additions, despite the company’s widely-documented downfall.

    Adding Dogecoin is something of an outlier—Dogecoin is generally seen as a meme by crypto insiders. It’s recently received more attention outside crypto, partly due to Elon Musk’s humored attempts to popularize the project. 

    The crypto payment options are supported in the U.S., and many other countries. For some EU nations, the site requires a bank wire. 

    Disclosure: At the time of writing, the author of this feature owned ETH, among a number of other cryptocurrencies. 

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    $2,000 Ethereum Coming Soon! $115,000 Bitcoin Price by August 1! AMAZING Cryptocurrency PREDICTION! | Coin Crypto News

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    Author: Post Author: CoinCryptoNews

    UAE Financial Watchdog Set To Regulate Crypto By 2022

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