Bybit, the world’s second-largest crypto exchange by derivatives volume, has secured a provisional license in Dubai two years after setting up its headquarters in the city. The centralized crypto exchange (CEX) has received a non-operational license from the Virtual Asset Regulatory Authority (VARA), according to an announcement shared with Cointelegraph. According to Helen Liu, Bybit’s Chief Operating Officer, the new license represents a major milestone in the company’s global expansion strategy, driven by Dubai’s ambition to become a leading blockchain hub. An increasing number of crypto companies are relocating to…

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Although complex trading strategies can generate significant profits for investors, a recent example from an Ether whale demonstrates that a straightforward buy-and-hold approach can also deliver impressive results. traded at around $5 per token. Back then, an investor bought 16,636 ETH on the crypto exchange ShapeShift. Chinese crypto data account EmberCN said the tokens were acquired at $5.23 per token, putting the total cost at $87,006. The blockchain analytics account said that after holding for over eight years, the account started selling some of its holdings. On Sept. 16, the…

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Chinese lawmakers are considering revising an earlier anti-money laundering law to enhance capabilities to “monitor” and analyze money laundering risks through emerging financial technologies — including cryptocurrencies. According to a translated statement from the South China Morning Post, Legislative Affairs Commission spokesperson Wang Xiang announced the revisions on Sept. 9—citing the need to improve detection methods amid the “rapid development of new technologies.” The newly proposed legal provisions also call on the central bank and financial regulators to collaborate on guidelines to manage the risks posed by perceived money laundering…

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onsumers’ Research, a consumer protection group, published a Sept. 12 report warning about stablecoin issuer Tether. It called the company out for a lack of transparency surrounding its US dollar reserves. The consumer protection group claimed that Tether has yet to produce a full audit of the dollar reserves purportedly backing the USDT stablecoin from a reputable accounting firm, despite numerous promises by the stablecoin issuer to audit its reserves. This lack of transparency is similar to the situation that precipitated the collapse of FTX and Alameda Research, the authors of the Consumers’…

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The Bank of Russia and the country’s Ministry of Finance have reportedly reached an agreement allowing cross-border settlements in cryptocurrencies. According to a Thursday report from the Russia-based publication Kommersant, Russia’s Deputy Finance Minister Alexei Moiseev said the government department has agreed “on the whole” with the central bank over a rule that would let residents send cross-border payments using cryptocurrencies. The proposed policy change was reportedly aimed at allowing Russian nationals access to digital wallets. “[The policy] generally describes how to acquire cryptocurrency, what can be done with it,…

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Bitpanda and Deutsche Bank have formed a partnership aimed at facilitating real-time inbound and outbound cash payments for German crypto traders. Through this collaboration, Bitpanda users in Germany will gain the ability to conduct real-time payments on the platform. This initiative is expected to enhance transaction efficiency and security while bolstering liquidity for Bitpanda’s clientele in the region. The partnership entails Bitpanda using an application programming interface (API)-based account solution provided by Deutsche Bank, enabling access to German International Bank Account Numbers (IBANs). These IBANs are internationally recognised codes crucial…

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Türkiye’s rapid strides towards taxing cryptocurrency gains signify a pivotal shift in its economic regulation policies. Key Developments in Türkiye’s Cryptocurrency Regulation In recent days, Turkey has made significant progress in the regulation and taxation of crypto assets. Finance Minister Mehmet Şimşek delivered crucial insights on the subject during his economic presentation, suggesting that comprehensive measures are on the horizon. Major Tax Reforms Underway Finance Minister Şimşek announced that several tax exemptions, reductions, incentives, and exceptions would be revoked. He also mentioned that the tax on fund incomes would be…

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April 2024 stood out significantly due to the Bitcoin Halving event and the introduction of BTC Spot ETF, which contributed to a surge in fund inflows. As the market navigated this momentum, Bitget witnessed growth in its futures trading volume, while its Bitget Wallet community eagerly anticipated the highly anticipated BWB airdrop. Furthermore, in terms of ecosystem expansion, Bitget launched PoolX and Pre-market for token listings and actively participated in events like BlockchainLife and Token2049 in Dubai. Notably, Bitget’s spot trading volume surged by over 30%, accompanied by a remarkable…

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Polkadot is expecting to overhaul its Relay Chain protocol in the near future; however, before that happens, it has made a very important upgrade. The protocol called the latest upgrade “Asynchronous Backing,” an optimized approach for how parachain blocks are validated by the Relay Chain. How will Polkadot benefit? Upgrades on Polkadot are not new as several referendums are being voted on regularly. With Asynchronous Backing, the Relay Chain becomes 2x faster in block production. Additionally, it now becomes 3-5x more extrinsic per block, with a 6-10x boost in blockspace…

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For the second month in a row, venture capital investment in the cryptocurrency sector has exceeded $1 billion, indicating the market’s continuous expansion. April saw a total of $1.02 billion raised over 161 investment rounds, somewhat less than the previous month’s $1.09 billion from 186 deals. This achievement is a significant milestone, matching the highs achieved in October-November 2022. This accomplishment was made possible by notable fundraising efforts. Securitize, a real-world asset tokenization company, has received a $47 million investment headed by BlackRock. Monad, called the “Solana killer,” got a…

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