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Crypto Salary in Dubai and More

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BeInCrypto’s Asia Crypto Roundup dives into the region’s most crucial updates and developments. Covering key markets like China, South Korea, Japan, and Singapore, our roundup offers insights into Asia’s regulatory shifts, blockchain innovations, major project launches, and market trends. 

Last week’s notable events include Story Protocol’s successful $80 million series B funding round and Dubai’s legal ruling that recognizes cryptocurrency payments for salaries.

Bitpanda and RAKBANK Partner to Boost UAE’s Crypto Access

On August 19, Bitpanda Technology Solutions (BTS) and The National Bank of Ras Al Khaimah (RAKBANK) finalized an agreement to enhance digital asset access in the UAE. This collaboration will enable UAE residents to manage various digital assets securely. The partnership is a strategic move that allows banks to participate in the virtual asset economy without developing in-house capabilities.

In this initiative, Bitpanda Broker MENA DMCC’s operational approval and licensing by the Virtual Assets Regulatory Authority (VARA) are crucial. Similarly, RAKBANK must obtain approval from the Central Bank of the UAE (CBUAE).

Read more: Top 9 Safest Crypto Exchanges in 2024

Korean Founder Secures $80 Million from Andreessen Horowitz

On August 21, venture capitalist Andreessen Horowitz (a16z) announced leading an $80 million series B funding round for PIP Labs, the developer of Story Protocol. The funding also saw participation from Polychain Capital and notable investors like HYBE founder Bang Si-hyuk and Paris Hilton. This investment propels PIP Labs’ valuation at over $2.2 billion.

Story Protocol is a blockchain startup that helps creators protect their intellectual property (IP). It aims to generate sustainable revenue in an era where AI-driven copyright theft is becoming increasingly prevalent.

Furthermore, it provides creators with a platform to register their IP, set usage terms, and receive compensation for their work. These will effectively protect their creations from unauthorized AI usage.

“We believe that all intellectual and creative works can fall under the category of IP, and all of them are going to face dramatic changes in this new age of AI. […] Story is trying to solve a problem of how IP will be monetized when the entire internet is being scraped by these AI models,” Jason Zhao, Chief Protocol Officer and co-founder of the PIP Labs, said.

Zhao, a former product manager at Google’s AI lab DeepMind, co-founded PIP Labs with Lee Seung-Yoon, a South Korean entrepreneur who sold his mobile fiction platform, Radish, for $374 million in 2021. Together, they bring deep expertise in the tech and creative industries to Story Protocol.

The firm has already attracted over 200 entities to register over 20 million intellectual properties on the platform. Story Protocol is gearing up for its mainnet launch to become a cornerstone for future internet content creation and monetization.

Dubai Recognizes Crypto as Legitimate Salary Payment

The Dubai Court of First Instance has recently recognized cryptocurrency payments for salaries under employment contracts. The ruling was based on Article 912 of the UAE Civil Transactions Law and the Federal Decree-Law No. (33) of 2021. It emphasizes the importance of upholding clear contractual agreements, provided they align with public policy and law.

This ruling contrasts with a previous decision in 2023, where a similar claim was denied due to the plaintiff’s failure to provide a precise valuation of the digital currency involved.

The recent case involved a wrongful termination and unpaid wages claim. The plaintiff’s employment contract stipulated a salary in fiat currency and additional payment in EcoWatt tokens, a form of cryptocurrency.

The employer argued that the crypto payments were not legally enforceable. Still, the court ruled in favor of the employee. It validated the payment in EcoWatt tokens rather than converting them into fiat currency.

Malaysia Cracks Down on Illegal Bitcoin Mining

Following a court order, on August 19, Malaysian authorities destroyed 985 Bitcoin mining machines worth approximately $452,500. The machines, seized during enforcement operations from 2022 to April 2023, were crushed with a steamroller in the Perak Tengah district.

This action came after the arrest of seven individuals involved in illegal Bitcoin mining operations that allegedly stole electricity to power their activities. The suspects were detained separately last week, including three local residents and four foreign nationals.

Sepang District Police Chief ACP Wan Kamarul Azran Wan Yusof stated that these individuals had no prior criminal records, but their illegal activities had caused significant losses to the country. The authorities estimate Malaysia lost as much as 3.4 billion Malaysian ringgits ($757 million) between 2018 and 2023 due to electricity theft linked to Bitcoin mining.

Illegal Bitcoin Mining Rigs Seized by Malaysian Authorities.
Illegal Bitcoin Mining Rigs Seized by Malaysian Authorities. Source: MalayMail

Deputy Energy Transition and Water Transformation Minister Akmal Nasrullah Mohd Nasir highlighted the growing prevalence of this issue. He emphasized the detrimental impact of electricity theft for crypto mining on Tenaga Nasional Berhad (TNB) and the country.

“The theft of electricity by those who mine cryptocurrency occurs because they believe this activity cannot be detected due to the absence of meters on their premises. However, energy supply companies have various methods to detect unusual energy consumption in an area,” Nasir said.

Read more: How Much Electricity Does Bitcoin Mining Use?

Tether Unveils UAE’s First Dirham-Pegged Stablecoin

On August 21, Phoenix Group PLC, a holding company listed on the Abu Dhabi Securities Exchange (ADX), unveiled a strategic partnership with Tether, a leading issuer of stablecoins, to introduce a stablecoin linked to the UAE dirham. Green Acorn Investments Ltd. supports this initiative, which aims to revolutionize the digital asset sector.

By merging the UAE dirham’s reliability with blockchain’s technological advantages, this stablecoin provides a reliable digital currency that mirrors one of the world’s most stable currencies. Moreover, it could potentially play a pivotal role in enhancing business operations and expanding growth opportunities in the digital age.

Backed by Phoenix Group and Tether’s financial strength and technical expertise, this stablecoin will be governed by strict regulatory compliance procedures that align with the UAE’s regulatory framework. The introduction of this stablecoin is expected to be globally accessible, with deep roots in the UAE’s economic strength and stability.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Polymarket Faces Ban in France as US Election Betting Ends

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According to a report from The Big Whale, the National Gaming Authority (ANJ), France’s gambling regulator, is preparing to block the prediction markets platform Polymarket.

Polymarket, the decentralized platform that allows users to bet on the outcome of political events, sports, and other occurrences using cryptocurrency, has gained popularity in recent months, especially with bets surrounding the US presidential election. More than $3.2 billion was reportedly wagered on the platform during this high-stakes period, with a record-breaking $294 million in volume on November 5 alone.

France Users May No Longer Access Polymarket

According to The Big Whale, a French website that covers the crypto industry, the ANJ’s impending ban comes after a French trader placed a $30 million bet on a Trump victory, reportedly attracting the regulator’s scrutiny.

The trader’s wager positioned him to make approximately $19 million in profits, a sum that has intensified concerns over Polymarket’s compliance with French gambling laws. A source close to the ANJ stated that despite Polymarket’s use of blockchain and cryptocurrency, its activities are akin to gambling, making it subject to restrictions under French law.

“We are aware of this site and we are currently examining its operation as well as its compliance with French gambling legislation,” The Big Whale reported, citing an ANJ spokesperson.

Read more: What is Polymarket? A Guide to The Popular Prediction Market

 Legal expert William O’Rorke from ORWL Avocats explained that although Polymarket does not specifically target French users, its activities fall squarely under gambling regulations.

“Polymarket involves betting money on uncertain outcomes, which aligns with the legal definition of gambling,” O’Rorke noted.

Against this backdrop, the ANJ is well within its mandate to block the platform’s access in France. Accordingly, the French regulator may enforce the ban by blocking Polymarket’s domain name in France. It amy also pressure third-party players, like media outlets and online directories, to limit access to Polymarket links.

However, French users may still circumvent this by using virtual private networks (VPNs). This is because Polymarket’s crypto-based infrastructure allows for relatively anonymous participation.

France’s looming ban is not the first regulatory roadblock Polymarket has encountered. In 2022, the US Commodity Futures Trading Commission (CFTC) fined Polymarket $1.4 million for failing to register as a designated contract market. The CFTC also challenged Kalshi’s operations due to questions about betting on political events.

Polymarket’s Fate After US Elections

Meanwhile, the US election was a significant catalyst for Polymarket. It drove the platform to new heights in user engagement and bet volume. Polymarket’s election-related markets have been featured on major financial platforms, including Bloomberg, highlighting the platform’s appeal to mainstream finance.

As BeInCrypto reported, Polymarket’s election betting topped $3 billion, reflecting unprecedented participation. The platform, however, faces a crossroads in its path forward. Following the climax of the US election on Wednesday, data from Dune Analytics shows a steep decline in Polymarket’s activity.

Daily active addresses and transaction volumes, which soared in the election lead-up, have notably dwindled as election-related betting winds down. For instance, Polymarket’s open interest, a key indicator of active betting engagement, dropped from $350 million to $268 million after the polls closed. Similarly, monthly new accounts have also dropped by over 41% between October and November.

Polymarket Monthly New Accounts
Polymarket Monthly New Accounts. Source: Dune

Against this backdrop, Polymarket may need to diversify its market offerings or potentially embrace a new model to maintain user interest. This is considering election-related activity comprised the majority of the prediction market’s volume.

Rumors are circulating about a potential move toward a decentralized governance token, which could distribute control over Polymarket’s operations to its community. This shift would reduce the liability of the central authority by decentralizing decision-making, though it remains theoretical, with no clear timeline.

Read More: How To Use Polymarket In The United States: Step-by-Step Guide

Polymarket’s fast ascent and regulatory challenges highlight broader industry tensions between innovation and compliance. With election predictions no longer a draw and an impending ban in France, Polymarket’s future remains uncertain.

Its long-term viability may depend on how well it adapts to evolving regulatory landscapes and whether it can maintain popularity beyond election season peaks.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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XRP Price Ready to Rally? Signs Point to a Bullish Move

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Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.



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Solana (SOL) Rallies Strongly, Setting Sights on $200

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Solana started a fresh increase above the $172 support zone. SOL price is rising and might soon aim for a move toward the $200 level.

  • SOL price started a fresh increase after it settled above the $165 level against the US Dollar.
  • The price is now trading above $172 and the 100-hourly simple moving average.
  • There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
  • The pair could continue to rise if it clears the $192 resistance zone.

Solana Price Starts Fresh Rally

Solana price formed a support base and started a fresh increase above the $162 level like Bitcoin and Ethereum. There was a strong move above the $165 and $172 resistance levels.

There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair. The price even cleared the $185 level. A high is formed at $192 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $155 swing low to the $192 high.

Solana is now trading above $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $192 level. The next major resistance is near the $195 level.

Solana Price

The main resistance could be $200. A successful close above the $200 resistance level could set the pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $220 level.

Another Dip in SOL?

If SOL fails to rise above the $192 resistance, it could start a downside correction. Initial support on the downside is near the $188 level. The first major support is near the $180 level.

A break below the $180 level might send the price toward the $172 zone or the 50% Fib retracement level of the upward move from the $155 swing low to the $192 high. If there is a close below the $172 support, the price could decline toward the $165 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

Major Support Levels – $188 and $185.

Major Resistance Levels – $192 and $200.



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