Market
Dubai’s New Ads Rule and More
This week’s roundup highlights regulatory tightening and innovations in the crypto sector across Asia and MENA. Dubai’s regulator implements new crypto marketing rules, which will be effective as of October 1, 2024. Meanwhile, in South Korea, Worldcoin was fined $830,000 for breaching data privacy laws, particularly by collecting sensitive biometric data.
With regulatory authorities stepping up oversight across the region, the crypto industry is experiencing a period of transformation that is reshaping its future.
As of October 1, 2024, companies promoting virtual assets in Dubai must comply with new marketing regulations introduced by the Virtual Asset Regulatory Authority (VARA). Under these guidelines, crypto advertisements must include a prominent disclaimer highlighting the risks of crypto investments. The disclaimer must clearly state that virtual assets can lose value in full or in part and are subject to significant volatility.
In addition to the new disclaimer requirements, VARA has introduced penalties for non-compliance. Firms violating these marketing guidelines could face fines of up to AED 10 million (approximately $2.7 million).
Read more: How Does Regulation Impact Crypto Marketing? A Complete Guide
The size of the fine will depend on the severity of the infraction. If the company repeatedly violates the regulations, it may also face increased fines.
Additionally, virtual asset service providers (VASPs) offering incentives related to virtual assets must now obtain compliance approval from VARA. This ensures that promotional materials do not obscure the risks investors may face when entering the highly volatile crypto market.
This regulatory update is part of Dubai’s ongoing efforts to balance crypto innovation with consumer protection. With the region positioning itself as a global hub for blockchain and digital assets, the new rules aim to safeguard retail and institutional investors from misleading promotional content.
Worldcoin and TFH Hit with $800,000 Fine for Data Breaches in South Korea
South Korea’s Personal Information Protection Commission (PIPC) has fined Worldcoin and its development company, Tools for Humanity (TFH), 1.14 billion Korean won ($830,000). This penalty was for violating the country’s data protection laws.
The fine stems from Worldcoin’s unauthorized collection of sensitive biometric information, including iris scans, from Korean users without proper consent. Moreover, the data was transferred abroad to Germany without notifying users. This action further breaches South Korean data privacy laws.
The PIPC ordered Worldcoin to implement corrective measures, including obtaining explicit user consent for sensitive data collection. The agency also demanded improvements in data storage and use transparency. Furthermore, the firm must introduce an effective data deletion mechanism for users who wish to opt out of the Worldcoin service.
Hong Kong’s Project e-HKD+ Explores Tokenized Assets and Digital Money
Hong Kong’s Monetary Authority (HKMA) recently launched the second phase of its digital currency project, now rebranded as Project e-HKD+. This phase aims to explore more advanced use cases for digital money, including tokenized deposits, as well as broader applications in both retail and corporate settings.
Project e-HKD+ brings together 11 firms that will conduct real-world trials on the settlement of tokenized assets, programmable payments, and offline transactions. These pilot programs are crucial for evaluating the feasibility and benefits of implementing digital currencies within the broader economy.
The outcome of Phase 2 will help shape the future design and regulatory framework for digital currencies in Hong Kong. Authorities will share key learnings with the public by the end of 2025.
Eddie Yue, Chief Executive of the HKMA, emphasized that the initiative is essential for positioning Hong Kong at the forefront of financial technology.
“The e-HKD Pilot Programme has provided a valuable opportunity for the HKMA to explore with the industry how new forms of digital money can add unique value to the general public. The HKMA will continue to adopt a use-case-driven approach in its exploration of digital money. We look forward to working closely with industry participants in Phase 2 to co-create various innovative use cases,” Yue stated.
The authority also plans to establish the e-HKD Industry Forum. This forum will be a collaborative platform where industry leaders can discuss the broader adoption of digital currencies.
Indonesia’s Largest Bank Launches Blockchain-Based Pilot Project
Indonesia’s largest state-owned bank, Bank Rakyat Indonesia (BRI), is launching a blockchain-based pilot project to improve transparency and security in financial transactions. Announced during the Indonesia Blockchain Conference (IBC), the project is designed to streamline supply chains and secure business transactions for BRI’s extensive customer base of 82 million.
Nitia Rahmi, Head of BRI’s Digital Banking Development Department, highlighted that this initiative is part of the bank’s broader commitment to embracing Web3 technologies. Rahmi explained that the project would improve BRI’s digital infrastructure and position the bank as a leader in blockchain adoption within the Indonesian financial sector.
As blockchain technology gains momentum in Southeast Asia, BRI’s move aligns with a growing regional trend of integrating decentralized technologies into traditional banking systems. The bank’s adoption of blockchain is expected to set a precedent for other institutions looking to innovate and improve financial processes.
WazirX Secures Court Moratorium to Restructure After $230 Million Hack
On September 26, Singapore’s High Court granted a four-month moratorium to Zettai Pte Ltd, the parent company of the Indian crypto exchange WazirX. This decision follows the platform’s $230 million exploit in July.
This moratorium allows WazirX to restructure its liabilities and address users’ outstanding cryptocurrency balances. Initially, the exchange requested a six-month moratorium. However, the court decided on a four-month moratorium, factoring in the automatic 30-day moratorium that started with the initial filing.
Nischal Shetty, Director of Zettai and Founder of WazirX, expressed gratitude for the court’s decision. He described it as a critical step toward recovery and resolution. Shetty also emphasized that this breathing space is necessary for developing a fair, creditor-approved restructuring plan that maximizes recovery potential for affected users.
As part of the court’s conditions, WazirX has committed to full transparency. The exchange will make its wallet addresses public, release financial data, and address user concerns raised during the legal proceedings. Additionally, future voting on restructuring plans will be supervised by independent parties to ensure impartiality.
Read more: Crypto Project Security: A Guide to Early Threat Detection
In parallel with these legal proceedings, blockchain data from Arkham Intelligence revealed that the hacker responsible for the exploit has almost entirely laundered the stolen assets. Of the $230 million, only $6 million of cryptocurrencies remains unlaundered. The hacker funneled the majority of the funds through the crypto mixer Tornado Cash.
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 Conditions, Privacy Policy, and Disclaimers have been updated.
Market
GOAT Price Sees Slower Growth After Reaching $1B Market Cap
GOAT price has skyrocketed 214.29% in one month, recently breaking into the $1 billion market cap and securing its place as the 10th largest meme coin. It now stands just ahead of MOG, which closely trails its position in the rankings.
However, recent indicators suggest that GOAT’s uptrend may be weakening, raising questions about whether it can sustain its rally or face a potential correction.
GOAT BBTrend Is Negative For The First Time In 4 Days
GOAT BBTrend has turned negative for the first time since November 17, now sitting at -0.54. This shift suggests that bearish momentum is beginning to take hold, with the asset’s recent upward trajectory starting to weaken potentially.
BBTrend measures the strength and direction of price trends using Bollinger Bands, with positive values indicating an uptrend and negative values signaling a downtrend. A negative BBTrend reflects increased downward pressure, which could indicate the start of a broader market shift.
GOAT has had an impressive November, gaining 61% and reaching a new all-time high on November 17.
However, the current negative BBTrend, if it persists and grows, could signal the potential for further bearish momentum.
GOAT Is In A Neutral Zone
GOAT’s RSI has dropped to 52, down from over 70 a few days ago when it reached its all-time high. This decline indicates that buying momentum has cooled off, and the market has moved out of the overbought zone.
The drop suggests a shift toward a more neutral sentiment as traders consolidate gains and the strong bullish pressure seen earlier subsides.
RSI measures the strength and velocity of price changes, with values above 70 indicating overbought conditions and below 30 signaling oversold levels. At 52, GOAT’s RSI is in a neutral zone, neither signaling strong bullish nor bearish momentum.
This could mean the current uptrend is losing strength, and the price may consolidate or move sideways unless renewed buying pressure reignites upward momentum.
GOAT Price Prediction: A New Surge Until $1.50?
If GOAT current uptrend regains strength, it could retest its all-time high of $1.37, establishing its market cap above $1 billion, a fundamental threshold for being among the biggest meme coins in the market today.
Breaking above this level could pave the way for further gains, potentially reaching the next thresholds at $1.40 or even $1.50, signaling renewed bullish momentum and market confidence.
However, as shown by indicators like RSI and BBTrend, the uptrend may be losing steam. If a downtrend emerges, GOAT price could test its nearest support zones at $0.80 and $0.69.
Should these levels fail to hold, the price could fall further, potentially reaching $0.419, putting its position in the top 10 ranking of biggest meme coins at risk.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Ripple (XRP) Price Hits 109% Monthly Gain as Indicators Weaken
Ripple (XRP) price has experienced a significant rally, rising 51.33% in the last seven days and an impressive 109.09% over the past month. This strong momentum has propelled XRP into a bullish phase, with key indicators like EMA lines supporting its upward trajectory.
However, signs of weakening momentum, such as a declining RSI and negative CMF, suggest that caution may be warranted. Whether XRP continues to push higher or faces a steep correction will depend on how the market reacts to these shifting dynamics.
XRP RSI Is Below The Overbought Zone
XRP’s RSI has dropped to 60 after nearly hitting 90 on November 16 and staying above 70 between November 15 and November 17.
This decline indicates that Ripple has moved out of the overbought zone, where intense buying pressure previously drove its price higher. The drop suggests that the market is cooling off, with traders potentially taking profits after the strong rally.
The RSI measures the speed and magnitude of price changes, with values above 70 indicating overbought conditions and below 30 signaling oversold levels. At 60, XRP’s RSI reflects a still-positive momentum but shows a more balanced sentiment compared to the previous surge.
While the uptrend remains intact, the lower RSI could indicate a slower pace of gains, with the possibility of consolidation as the market stabilizes. If buying pressure returns, XRP price could extend its upward movement, but a further decline in RSI might signal a weakening bullish momentum.
Ripple CMF Is Now Negative After Staying Positive For 14 Days
XRP Chaikin Money Flow (CMF) is currently at -0.12, after showing positive levels between November 5 and November 19. That is also its lowest level since October 31. This shift into negative territory reflects increased selling pressure and a potential outflow of capital from the asset.
The transition from positive CMF values earlier this month signals a weakening in bullish momentum as more market participants reduce exposure to Ripple.
The CMF measures the volume and flow of money into or out of an asset, with positive values indicating capital inflow (bullish) and negative values showing capital outflow (bearish).
XRP’s CMF at -0.12 suggests that bearish sentiment is beginning to gain traction, potentially putting pressure on its price despite the recent uptrend. If the CMF remains negative or declines further, it could indicate sustained selling pressure, challenging Ripple’s ability to continue its upward movement.
Ripple Price Prediction: Biggest Price Since 2021?
XRP’s EMA lines currently display a bullish setup, with short-term lines positioned above the long-term lines and the price trading above all of them.
However, the narrowing distance between the price and some of these lines suggests a potential slowdown in bullish momentum. This could signal that the uptrend is weakening, leaving XRP price vulnerable to a shift in market sentiment.
If a downtrend emerges, as indicated by the weakening RSI and negative CMF, Ripple price could face significant pressure and potentially drop to its support at $0.49, representing a substantial 56% correction.
On the other hand, if the uptrend regains strength, XRP could climb to test the $1.27 level and potentially break through to $1.30, which would mark its highest price since May 2021.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Trump Media Files Trademark for Crypto Platform TruthFi
Trump Media & Technology Group is exploring the development of a crypto payment platform, as revealed by a recent trademark filing.
The application, submitted by Donald Trump’s social media company on Monday, outlines plans for a service named TruthFi. The proposed platform aims to offer crypto payments, financial custody, and digital asset trading.
Following the trademark announcement, Trump Media’s stock rose approximately 2%. At the time of writing, the stock was trading at $30.44, up by nearly 75% this year.
However, details about TruthFi remain scarce, including its timeline or operational specifics. This initiative suggests an effort by Trump Media to expand its business model beyond Truth Social.
The social media platform was established back in 2022, after Trump was banned from Facebook and X (formerly Twitter).
Nevertheless, launching a large-scale cryptocurrency platform could require Trump Media to acquire additional resources or partner with an established firm. This is because the firm currently has a small workforce of less than 40 employees.
“The filing, made with the USPTO on Monday, indicates that Trump Media plans to offer: Digital wallets, Cryptocurrency payment processing services, and A digital asset trading platform,” US Trademark Attorney Josh Gerben wrote on X (formerly Twitter).
As reported by BeInCrypto earlier, Trump Media is also in discussions to purchase the b2b crypto trading platform Bakkt. Shares in Bakkt surged by nearly 140% since the news earlier this week.
Meanwhile, the President-elect’s crypto plans seem to be in full swing even before he takes office in January. He is also reportedly considering the first-ever crypto advisor role for the White House, and interviewing several potential candidates.
Earlier today, the current SEC chair Gary Gensler announced his resignation before Trump’s term begins. Gensler’s resignation boosted the crypto market, as it signals a major change in the SEC’s regulatory stance.
Notably, XRP surged 7% to its highest value in three years. Bitcoin also neared $99,000, as the overall crypto market cap reached $3.4 trillion.
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 Conditions, Privacy Policy, and Disclaimers have been updated.
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