Market

Dubai’s New Ads Rule and More

Published

6 months ago

September 28, 2024

Coin2049 Newsletter

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).

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.

WazirX Hacker's Wallet Balance. — WazirX Hacker’s Wallet Balance. Source: Arkham Intelligence

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.

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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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Market

XRP Price Reversal Toward $3.5 In The Works With Short And Long-Term Targets Revealed

Published

2 hours ago

April 3, 2025

Coin2049 Newsletter

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The XRP price is showing signs of a strong bullish reversal, with a crypto analyst predicting a potential rebound toward $3.5 and even higher. After experiencing significant volatility and undergoing a consolidation due to recent price declines, technical indicators now show support for XRP’s bullish outlook. As a result, the analyst has provided a short—and long-term price target for the cryptocurrency.

XRP Price Projected To Reverse To $3.5

According to ‘Setupsfx’, a crypto analyst on TradingView, XRP is now in a bullish reversal phase, meaning its price is expected to break out of its recent downturn and rise to new highs. Based on the expert’s chart analysis of XRP, the cryptocurrency is predicted to see an explosive increase to $3.5 following the end of its consolidation phase.

Technical Elements Supporting Bullish Reversal

In his chart analysis, Setupsfx highlights XRP’s price action in a 12-hour time frame, showcasing key movements, trends, and technical elements that support his bullish projection. These elements include liquidity and IMB zones, which are areas where price action is expected due to pending orders.

BNB Price Faces More Downside—Can Bulls Step In?

Published

19 hours ago

April 2, 2025

Coin2049 Newsletter

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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Market

VanEck Sets Stage for BNB ETF with Official Trust Filing

Published

20 hours ago

April 2, 2025

Coin2049 Newsletter

Global investment management firm VanEck has officially registered a statutory trust in Delaware for Binance’s BNB (BNB) exchange-traded fund (ETF).

This move marks the first attempt to launch a spot BNB ETF in the United States. It could potentially open new avenues for institutional and retail investors to gain exposure to the asset through a regulated investment vehicle.

VanEck Moves Forward with BNB ETF

The trust was registered on March 31 under the name “VanEck BNB ETF” with filing number 10148820. It was recorded on Delaware’s official state website.

VanEck BNB ETF Filing. Source: State of Delaware Official Website

The proposed BNB ETF would track the price of BNB. It is the native cryptocurrency of the BNB Chain ecosystem, developed by the cryptocurrency exchange Binance.

As per the latest data, BNB ranks as the fifth-largest cryptocurrency by market capitalization at $87.1 billion. Despite its significant market position, both BNB’s price and the broader cryptocurrency market have faced some challenges recently.

Over the past month, the altcoin’s value has declined 2.2%. At the time of writing, BNB was trading at $598. This represented a 1.7% dip in the last 24 hours, according to data from BeInCrypto.

BNB Price Performance. Source: BeInCrypto

While the trust filing hasn’t yet led to a price uptick, the community remains optimistic about the prospects of BNB, especially with this new development.

“Send BNB to the moon now,” an analyst posted on X (formerly Twitter).

The filing comes just weeks after VanEck made a similar move for Avalanche (AVAX). On March 10, VanEck registered a trust for an AVAX-focused ETF.

This was quickly followed by the filing of an S-1 registration statement with the US Securities and Exchange Commission (SEC). Given this precedent, a similar S-1 filing for a BNB ETF could follow soon.

“A big step toward bringing BNB to US institutional investors!” another analyst wrote.

Meanwhile, the industry has seen an influx of crypto fund applications at the SEC following the election of a pro-crypto administration. In fact, a recent survey revealed that 71% of ETF investors are bullish on crypto and plan to increase their allocations to cryptocurrency ETFs in the next 12 months.

“Three-quarters of allocators expect to increase their investment in cryptocurrency-focused ETFs over the next 12 months, with demand highest in Asia (80%), and the US (76%), in contrast to Europe (59%),” the survey revealed.

This growing interest in crypto ETFs could drive further demand for assets like BNB, making the VanEck BNB ETF a potentially significant product in the market.

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