Tag: crypto news

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Blockchain Firm Ronin Hit by $615M Crypto Heist – Top Crypto News

Bitcoin cryptocurrency representation is pictured on a keyboard in front of binary code in this illustration taken September 24, 2021. REUTERS/Dado Ruvic/Illustration/file photo

Blockchain firm Ronin hit by $615 million crypto heist

Blockchain company Ronin said hackers stole crypto worth almost $615 million from its systems. It is considered one of the largest cryptocurrency heists on record. On March 23, unidentified hackers stole nearly 173,600 ether tokens and 25.5 million USD Coin tokens. The hacker had used stolen private keys (the passwords needed to access crypto funds) to make off with the funds.

Crypto prices today: Bitcoin down 0.3%, ETH up 0.2%

Bitcoin is currently trading at $47,289.7, a 0.3% decline over the previous day. Ethereum is up 0.16% over the last 24 hours to $3,399.31. Solana rose 1.6% to $111.78, while Cardano is trading lower by 1.5% at $1.19. Meanwhile, Terra (LUNA) rose 2.4% to $105.97. The global crypto market cap stands at $2.14 trillion, a 0.05% decline over the previous day.

Web browser Opera adds support for Bitcoin, Polygon, Solana

Opera, a popular web browser, is adding support for eight new blockchain networks to ease access to decentralized apps (dApps) and services. These include well-known projects like Bitcoin, Solana, Polygon, Nervos, StarkEx, etc. Earlier this year, Opera rolled out the public beta version of its new Crypto Browser Project for mobile and desktop devices.

OpenSea to start listing Solana NFTs in April

Leading NFT marketplace OpenSea has confirmed that it will indeed add support for NFTs minted on the Solana blockchain in April. Solana is the second-largest NFT ecosystem behind Ethereum, with an estimated market cap of $1.5 billion across its collections.

UAE firm BitOasis gets provisional approval from Dubai’s new crypto regulator

Crypto exchange BitOasis has received provisional approval from Dubai’s new crypto regulator. The move comes on the back of the UAE’s push to become a centre for the virtual asset sector. BitOasis will continue operations in Dubai while it applies for a full Virtual Asset Regulatory Authority (VARA) license.

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Ethereum Upgrade To Cut Energy Use By Over 99% – Top Crypto News

Ethereum upgrade to cut energy use by over 99%

Ethereum will soon see a much-anticipated upgrade that could result in more institutional investors investing in the network. The goal is to make Ethereum more scalable, safe, and sustainable.  It would make its crypto (Ether) mining obsolete and decrease the enormous amount of energy necessary to create new currencies. As per reports, this upgrade can cut energy consumption by at least 99.95%.

Crypto prices today: Bitcoin, ETH jumps 5%

Bitcoin is currently trading at $46,967.71, a 5% increase over the previous day. Ethereum is up 5.2% over the last 24 hours to $3,317.42. Solana rose 6.29% to $108.76, while Cardano is trading higher by 3.4% at $1.18. Meanwhile, Polkadot (DOT) jumped 8% to $22.81. The global crypto market cap stands at $2.12 trillion, a 4.73% increase over the previous day.

African Digital Art Network launches Nandi NFT marketplace on Celo

African Digital Art Network, a global collective of Black digital artists, is taking its first steps into Web3 by launching the NFT marketplace Nandi. The new platform allows Black artists and creators to showcase their talent. It is also a place where they can experience the financial benefits of Web3 across the African diaspora.

Crypto for Ukraine provides a flow of war-related assistance

People around the world have donated millions of dollars directly to Ukraine’s war effort via cryptos such as Bitcoin. The Ukrainian government says it has taken in almost $67 million of its $200 million target as of Saturday (March 26). The country has spent ~$34 million of the funds received as of last week. It has converted about 80% to traditional currencies and used the remainder with merchants that already accept crypto.

Govt recovered Rs 95.86 crore from 11 crypto exchanges for GST evasion

The Centre has recovered a total of Rs 95.86 crore, including interest and penalty, from 11 crypto exchanges for evading Goods and Services Tax (GST). The biggest evasion was detected at Zanmai Labs Pvt. Ltd, which operates under the brand WazirX. The quantum of evasion was Rs 40.51 crore. Coin DCX came second on the list with evasion of Rs 15.70 crore.

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FinMin Seeks to Tighten Norms for Crypto Taxation – Top Crypto News

Finanace Ministry seeks to tighten norms for crypto taxation

The Govt has proposed to tighten norms for crypto taxation by disallowing the set-off of losses with any gains from digital assets (crypto, NFT, etc). As per the amendments to the Finance Bill, 2022, the Finance Ministry proposes to remove the word ‘other’ from the section relating to set off of losses from gains in virtual digital assets. From April 1, a 30% income tax plus cess and surcharges will be levied on all crypto transactions. It will be levied in the same manner as it treats winnings from horse races or other speculative transactions.

Crypto prices today: Bitcoin up 2%, ETH rises 2.8%

Bitcoin is currently trading at $44,117.32, a 2.1% increase over the previous day. Ethereum is up 2.8% over the last 24 hours to $3,141.12. Solana surged 7% to $103.74, while Cardano is trading higher by 3.8% at $1.15. Polygon (MATIC) rose 3.6% to $1.64. The global crypto market cap stands at $2 trillion, a 1.94% increase over the previous day.

Bank of England lays out first regulatory approach to crypto

The Bank of England (BoE) has begun sketching out the UK’s first regulatory framework for crypto assets. BoE said the rapid growth of cryptos could pose risks to financial stability in the future if left unregulated. Crypto-assets have come under the regulatory spotlight amid concerns they could be used to bypass financial sanctions imposed on Russia since its invasion of Ukraine.

Solana price gains 10% as gaming adoption accelerates

Solana jumped ~10% in 24 hours, moving from about $96 to $103 at one point today. The move comes shortly after Krafton announced it is partnering with Solana Labs to develop blockchain games on the network. Krafton is the publisher of the popular battle royale game PUBG. Earlier this week, Web3 gaming startup Block Tackle said it is developing a Solana NFT skateboarding game.

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Meta Files Trademarks for Crypto Tokens, Wallets – Top Crypto News

Meta files trademarks for crypto tokens, wallets, exchanges

Meta (formerly Facebook) has filed eight trademark applications for its logo to cover a wide range of digital purposes, including crypto tokens, wallets, and exchanges. Among the 8 trademark filings, six exclusively refer to crypto and blockchain-based technologies. Meta recently announced it’s looking to integrate NFTs on Instagram.

Crypto prices today: Bitcoin up 2.5%, ETH rises 3.4%

Bitcoin is currently trading at $43,122.5, a 2.5% increase over the previous day. Ethereum is up 3.4% over the last 24 hours to $3,054.32. Solana surged 6.3% to $97.11, while Cardano is trading higher by 14% at $1.10. Dogecoin (DOGE) jumped 11.6% to $0.136. The global crypto market cap stands at $1.96 trillion, a 2.77% increase over the previous day.

Fed’s Powell again raises alarms over ‘financial stability’ of cryptos

Federal Reserve Chairman Jerome Powell recently noted that new forms of digital money such as cryptocurrencies and stablecoins presented risks to the US financial system. “Our existing regulatory frameworks were not built with a digital world in mind,” he was quoted as saying. “There are potential financial-stability concerns for some crypto products,” Powell added.

Studio behind PUBG series to make Solana NFT games

South Korean game publisher Krafton, Inc. has revealed a long-term agreement with Solana Labs. Both entities plan to work together to develop and market blockchain and NFT-driven games that run on the Solana network. They also aim to explore co-investment opportunities. Krafton is the company behind PUBG: Battlegrounds, a popular battle royale shooter franchise that spans multiple platforms.

Coinbase adds Cardano staking rewards

Crypto exchange Coinbase now offers staking for ADA, the native cryptocurrency of the Cardano blockchain. In explaining the decision, senior product manager Rupmalini Sahu pointed to ADA’s top-10 market capitalization and its sustainable, flexible blockchain design. The design uses smart contracts to enable decentralized finance (DeFi), NFTs, and other activities on the network.

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Crypto.com Secures FIFA World Cup Sponsorship – Top Crypto News

Crypto.com secures FIFA World Cup sponsorship

Crypto exchange Crypto.com will be an official sponsor of the 2022 FIFA World Cup. The partnership will put the exchange’s branding all around the tournament’s Qatar venue, as well as within the stadium’s broadcast view. The total compensation for the deal was undisclosed.

Crypto prices today: Bitcoin down 0.2%, ETH falls 1.3%

Bitcoin is currently trading at $42,123.49, a 0.2% decline over the previous day. Ethereum is down 1.3% over the last 24 hours to $2,948.6. Solana rose 1.14% to $91.34, while Cardano is trading higher by 3.3% at $0.968. Meanwhile, Polkadot (DOT) rose 3.18% to $20.34. The global crypto market cap stands at $1.91 trillion, a 0.03% decline over the previous day.

El Salvador postpones Bitcoin Bond due to unfavorable crypto market

El Salvador’s Finance Minister, Alejandro Zelaya, announced that the country has postponed the issue of its Bitcoin-backed bond. It is waiting for crypto market conditions to improve. The government initially planned to issue $1 billion in bonds to investors between March 15 and March 20. They intend to convert $500 million into Bitcoin and use the other $500 million for infrastructure and Bitcoin mining.

NFL bans promotions on crypto, token deals

The National Football League (NFL) announced it will allow teams to seek limited three-year sponsorships from blockchain companies. However, the league introduced a ban on promotions featuring a crypto coin or token. The NFL has decided to allow promotional relationships with blockchain companies like Crypto.com, Coinbase, and FTX due to the growing popularity of crypto, NFTs.

Avalanche announces new ‘Core’ wallet at AVAX Summit

Avalanche announced it will launch its own wallet application called Core and add a Bitcoin bridging functionality. The two initiatives aim to simplify the user experience and bring more assets into the Avalanche ecosystem. Core will be a curated Web3 operating system that combines secure wallet architecture with technology not found in any other wallets. The announcements were made at the Avalanche Summit in Barcelona on Tuesday.

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Crypto Losses Can’t be Set Off, Clarifies Govt – Top Crypto News

Crypto losses can’t be set off, clarifies Govt

The Government of India has clarified that losses from virtual digital assets cannot be set off against gains one makes from other such assets. In other words, crypto investors and traders would have to pay a flat 30% tax on income, while losses would not provide any tax benefit. The Centres’ flat 30% tax rate on income from transfer of crypto and other virtual digital currencies will come into effect from April 1, 2022.

Crypto prices today: Bitcoin rises 3%, ETH up 4.2%

Bitcoin is currently trading at $42,238.46, a 3% increase over the previous day. Ethereum is up 4.2% over the last 24 hours to $2,991.86. Solana rose 1.6% to $90.32, while Cardano is trading higher by 5.9% at $0.93. Meanwhile, Polkadot (DOT) rose 4.88% to $19.73. The global crypto market cap stands at $1.91 trillion, a 3.02% increase over the previous day.

Goldman Sachs makes over-the-counter Bitcoin trade

Goldman Sachs has become the first major US bank to make an over-the-counter (OTC) cryptocurrency transaction. The Wall Street giant bought an OTC Bitcoin non-deliverable option (NDO) from Galaxy Digital. The company bought a contract betting on the future price of Bitcoin— rather than actually buying the digital asset itself. 

Malaysia should make Bitcoin, crypto legal tender: Deputy Minister

Malaysia’s Deputy Minister of Communications Zahidi Zainul said the country should recognize Bitcoin and other crypto-assets as legal tender. Like many other countries, Malaysia is researching a central bank digital currency. Currently, its government is not considering an El Salvador-style leap into crypto. El Salvador made Bitcoin legal tender in September 2021.

Coinswitch, CoinDCX to invest up to $200,000 in crypto, Web3 startups

Coinswitch Kuber and CoinDCX are scouting for investment deals, seeking to infuse $100,000-200,000 in crypto and Web3 start-ups that need funding. The crypto exchanges plan to invest the amount in each of the multiple deals they are seeking. Coinbase’s investment arm, Coinbase Ventures, is also entering the Indian market with plans to invest up to $1 million in Web3 start-ups.

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Ethereum 2.0 Coming in Q2 – Top Crypto News

Ethereum 2.0 coming in Q2

ConsenSys CEO and Ethereum co-founder Joe Lubin said the next era of Ethereum is likely to arrive between June and July. The Ethereum 2.0 project will boost the transactions per second (TPS) capability of the top blockchain for centralized, decentralized finance (DeFi) projects, and NFTs. It will also mark a shift away from the energy-intensive mining process followed currently.

Crypto prices today: Bitcoin down 0.4%, ETH up 1.2%

Bitcoin is currently trading at $40,690.4, a 0.41% decline over the previous day. Ethereum is up 1.28% over the last 24 hours to $2,794. Solana fell 1.2% to $86.26, while Cardano is trading lower by 1.6% at $0.829. Avalanche (AVAX) rose 3.62% to $79.41. The global crypto market cap stands at $1.82 trillion, a 0.21% increase over the previous day.

Coinbase hit with $5M lawsuit over ‘unlicensed’ sale of Dogecoin, 78 other crypto assets

Three users have accused Coinbase of selling unlicensed securities. They are seeking at least $5 million on behalf of themselves and everyone else who purchased Dogecoin, Solana, Cardano, and 70 other tokens on the platform. The users claim that since Coinbase is allegedly selling securities, it should have registered with the SEC as a national securities exchange. Such a designation is typically reserved for stock exchanges. It would subject Coinbase to a lot of regulatory and reporting obligations. 

US Crypto Sanctions Bill aims to crack down on Russia, track wallets with foreign ties

US Senator Elizabeth Warren has proposed a new bill that enhances the US government’s ability to crack down on Russian crypto use. The bill also has a provision that requires US taxpayers to report certain types of crypto transactions. It would give US Treasury Secretary Janet Yellen “clear authority” to block US-based crypto exchanges from facilitating transactions with wallets based out of Russia.

GameStop to launch NFT marketplace by end of July

GameStop (GME) intends to launch a non-fungible token (NFT) marketplace by the end of July. It will partner with layer 2 system Immutable X for the launch of its NFT plans. The game retailer had hired dozens of people in Q4 with experience in areas such as blockchain gaming, e-commerce, and technology.

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Ukraine Legalises Crypto – Top Crypto News

Ukraine’s President signs virtual assets bill into law, legalizing crypto

Ukrainian President Volodymyr Zelenskyy has signed a virtual assets bill into law, thus legalizing crypto in the country. Amidst Russia’s invasion, Ukraine has been receiving millions in digital asset donations to support its defense. The new law determines the legal status, classification, ownership, and regulators of virtual assets. It also sets registration requirements for crypto services providers.

The crypto market will be regulated by Ukraine’s National Commission on Securities and the Stock Market.

Crypto prices today: Bitcoin rises 3.2%, ETH up 4%

Bitcoin is currently trading at $40,805.6, a 3.2% increase over the previous day. Ethereum is up 4.2% over the last 24 hours to $2,753.5. Solana rose 5.4% to $87, while Cardano is trading higher by 4.7% at $0.84. Avalanche (AVAX) jumped 9.2% to $75.84. The global crypto market cap stands at $1.81 trillion, a 3.11% increase over the previous day.

Argentina cracks down on crypto with anti-money laundering rules

Argentina is set to include crypto firms in its wider anti-money laundering (AML) regulatory regime. Unidad de Información Financiera (UIF) is the country’s competent authority when it comes to regulating money laundering risks. As per reports, UIF is working on adding crypto firms to the list of entities subject to AML reporting requirements.

The Sandbox Metaverse token jumps 8% amid HSBC, Paris Hilton tie up

Multinational investment bank HSBC has become the latest corporate giant to enter the Metaverse through a partnership with The Sandbox. HSBC will acquire a plot of virtual real estate in the Sandbox metaverse to increase engagement and connect with sports, e-sports, and gaming enthusiasts. Paris Hilton also announced a partnership with The Sandbox, wherein the singer would appear as her voxel avatar.

Dubai grants Virtual Asset Licence to Binance for regional business

Dubai’s Virtual Asset Regulatory Authority (VARA) has granted a Virtual Asset Licence to crypto exchange Binance to conduct regional operations. Binance can extend limited exchange products and services to pre-qualified investors and professional financial service providers. The exchange will also anchor a blockchain technology hub in the Dubai World Trade Centre (DWTC).

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NFTs to Come on Instagram Soon – Top Crypto News

NFTs are coming to Instagram, says Mark Zuckerberg

Mark Zuckerberg, CEO of Meta, confirmed that non-fungible tokens (NFTs) will be coming to Instagram in the “near-term”. Many have predicted that users will be able to mint new NFTs on Instagram and share those already in their collection. Zuckerberg said he hopes one day that users will be able to mint the clothes of their digital avatars as NFTs. However, he admitted there is still a lot of work to do before that can happen. 

Crypto prices today: Bitcoin rises 3%, ETH up 4.7%

Bitcoin is currently trading at $39,501, a 2.99% increase over the previous day. Ethereum is up 4.7% over the last 24 hours to $2,641.5. Solana rose 4% to $82.42, while Cardano is trading higher by 1.4% at $0.8005. Polkadot (DOT) jumped 5.2% to $18.1. The global crypto market cap stands at $1.76 trillion, a 2.82% increase over the previous day.

American Express files trademark applications for Metaverse and NFT logos

American Express has filed seven trademark applications linked to virtual services and its iconic Centurion logo. The company is joining financial peers JP Morgan, Visa, and Mastercard in exploring Web3 applications of its intellectual property (IP). American Express may develop its footprint in the metaverse, a future vision of the Internet that could be more immersive by using virtual reality (VR) and augmented reality (AR) headsets. 

Afghans turn to crypto amid US sanctions

Since the Taliban’s takeover, Afghanistan’s economy has collapsed due to US sanctions, failing banks, and the drying up of foreign aid. However, crypto has come to the rescue of Afghans. Many are now using Binance’s P2P crypto exchange. It allows them to buy and sell their coins directly with other users on the platform. In 2021, data firm Chainalysis gave Afghanistan a rank of 20 out of the 154 countries it evaluated in terms of its crypto adoption.

DeFi lending protocol Agave’s AGVE crashes ~25% amid exploit investigation

AGVE, the token of lending protocol Agave, has fallen over 25% after the company said it is looking into an exploit. Hundred Finance, a multi-chain lending protocol on the Gnosis chain, was also attacked. According to blockchain security researcher Mudit Gupta, the attack vector in both cases was a “re-entrancy attack” (similar to Trojan Horses).

Governments see crypto as an ‘evolving threat’: Edward Snowden

Governments see crypto as an “evolving threat,” according to whistleblower Edward Snowden. Speaking at Camp Ethereal 2022, he discussed how global governments are threatened by crypto disrupting the regulatory status quo. The United States has routinely raised alarm bells about the use of crypto in undermining national security. 

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EU Parliament Approves Crypto Legislative Package – Top Crypto News

EU Parliament approves crypto legislative package

The European Parliament’s Committee on Economic and Monetary Affairs (ECON) has passed the Markets in Crypto Assets Regulation (MiCA) legislative package. It aims to coordinate the EU’s regulatory approach to the crypto industry. The legislation will ensure that the EU financial services regulatory framework is innovation-friendly and does not pose obstacles to the application of new technologies.

Crypto prices today: Bitcoin falls 1.5%, ETH down 2.6%

Bitcoin is currently trading at $38,405.5, a 1.49% decline over the previous day. Ethereum is down 2.6% over the last 24 hours to $2,523.2. Solana fell 2.37% to $79.2, while Cardano is trading lower by 2.47% at $0.78. Avalanche (AVAX) plunged 5% to $66.22. The global crypto market cap stands at $1.89 trillion, a 1.89% decline over the previous day.

Former Walt Disney CEO Bob Iger backs Metaverse startup

Bob Iger, the former CEO of the Walt Disney Company, is joining the board of directors of Genies, a digital avatar platform built on the Flow blockchain. Genies has signed partnerships with Universal Music Group and Warner Music Group. They are the official provider of avatars and NFTs for artists at the music labels. [The Flow blockchain is a protocol for NFT collectibles and large-scale crypto games.]

FTX, Everstake launch crypto fundraising site for Ukraine

The Ukrainian Ministry of Digital Transformation, in partnership with FTX and Everstake, has launched an official crypto fundraising site called Aid for Ukraine. It will help expedite donations to the war-torn nation. Currently, donations to Aid for Ukraine can be made in BTC, ETH, USDT, DOT, SOL, etc. 

FTX is a Bahamian crypto exchange. Everstake is a staking service platform that helps institutional investors and token holders to profit off their digital assets.

ED probing 7 crypto cases, seized assets of 135 crore: Govt

The Enforcement Directorate (ED) is probing seven crypto-related money laundering cases, the govt informed the Parliament on Monday. So far, ED has attached digital assets worth more than Rs 135 crore. Multiple cases have emerged where black money generated in India has been laundered out of the country after converting them into crypto.

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Russians Liquidating Crypto in UAE as They Seek Safe Havens – Top Crypto News

bitcoin crosses $50000

Russians liquidating crypto in UAE as they seek safe havens

According to a Reuters report, crypto firms in the United Arab Emirates (UAE) are being flooded with requests to liquidate billions of dollars of virtual currency as Russians seek a safe haven for their fortunes. Some clients are using crypto to invest in real estate in the UAE. Others want to use firms there to turn their virtual money into hard currency and stash it elsewhere. Russian clients are afraid Switzerland will freeze their assets.

Crypto prices today: Bitcoin falls 1%, ETH down 0.3%

Bitcoin is currently trading at $39,770.6, a 0.97% decline over the previous day. Ethereum is down 0.36% over the last 24 hours to $2,578.12. Solana fell 2.4% to $80.4, while Cardano is up 1% to $0.804. Meanwhile, Terra (LUNA) jumped 3% to $90.13. The global crypto market cap stands at $1.73 trillion, a 1.12% decline over the previous day.

Crypto among Ukraine’s best weapons against Russia: Ethereum co-founder

Crypto has proven a powerful weapon for Ukraine in its battle against Russia, said Ethereum co-founder Joe Lubin. He added that the crisis in Eastern Europe is becoming “a point of no return” for crypto’s steady integration into global markets. Nearly $60 million in cryptocurrency has been channeled into Ukraine as donations so far.

Bored Ape Yacht Club slammed by crypto fans for new KYC project

Creators of Bored Ape Yacht Club (BAYC) have faced backlash from its fans after the company’s latest collaboration with Animoca Brands. The project requires users to undergo know-your-customer (KYC) verification. The ape community will need to reveal their photo identities and government documents to take part in BAYC’s latest project. BAYC had tweeted out a link to a website where fans can apply.

Asking for personal information underlines the whole purpose of crypto that offers anonymity to the collectors. 

Binance discusses crypto license with Dubai WTC

Binance is in discussions with Dubai World Trade Centre free zone for a virtual asset service provider license. The move comes off the back of Bahrain giving Binance an in-principal approval to be a crypto-asset service provider in the country. The global crypto exchange will support Dubai’s ambition to drive economic prosperity through digital innovation.

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eBay Teases ‘Digital Wallet’ in Investor Presentation – Top Crypto News

eBay teases ‘digital wallet’ in investor presentation

Online marketplace eBay flashed a “digital wallet” slide early in its Investor Day presentation. This added to chatter about what the company’s plans might be with respect to crypto. Last month, CEO Jamie Iannone said the company is studying the potential for accepting crypto as it aims to be the go-to marketplace for Gen Z and millennials. eBay already allows the sale of non-fungible tokens (NFTs) on its platform.

Crypto prices today: Bitcoin falls marginally, ETH up 0.5%

Bitcoin is currently trading at $39,177.65, a 0.3% decline over the previous day. Ethereum is up 0.4% over the last 24 hours to $2,606.5. Solana decreased by 0.3% to $82.3, while Cardano is down 0.5% to $0.806. Meanwhile, Polkadot (DOT) jumped 5% to $17.8. The global crypto market cap stands at $1.75 trillion, a 0.04% decline over the previous day.

Crypto brain drain is “absolutely crazy” in India: Polygon co-founder

Dubai-based blockchain platform Polygon’s co-founder Sandeep Nailwal, while discussing India’s crypto sector and its regulations, said “the brain drain is absolutely crazy.” He discussed how developers, investors, and entrepreneurs are leaving for places with more friendly regulations. Nailwal said he wishes to stay in India and promote the Web3 ecosystem but regulatory uncertainty is a hurdle.

Payments giant Stripe launches support for crypto, NFTs

Financial services company Stripe has launched its crypto services, offering businesses the ability to use Stripe as a payment method for crypto and NFT transactions. Stripe is offering payout services for Web3 companies as well as know-your-customer (KYC) and fraud prevention. Currently, Stripe’s crypto services are only available to businesses in the US, UK, and European Union. 

Dubai adopts crypto law; looking to become a hub for Web3.0

Dubai has adopted its first law meant to regulate the operations of cryptocurrencies and digital assets like NFTs. Under the new law, the UAE wants to establish a Dubai Virtual Assets Regulatory Authority (VARA), which would regulate digital assets. The transfer of virtual assets, exchange services, and operating virtual assets platforms is also under the VARA’s domain.