Latest news in the crypto space
This blog highlights the latest news in the crypto space
Dubai has so far positioned itself as a haven for the global crypto space owing to its offering of tailored regulations. The newly established Dubai’s Virtual Asset Regulatory Authority (VARA) has already issued Binance a license to operate. The move by Binance, the world’s largest crypto exchange by trading volume, affirms Dubai’s adoption of virtual assets. PWC’s crypto head has recently left the firm to set up a $75 million digital asset fund in Dubai. Other countries should borrow a leaf and set a regulatory framework that promotes the growth and adoption of digital assets.
Crypto winter has seen layoffs by several crypto firms. Coinbase, OpenSea, Blockchain.com, and Gemini are among the firms that have reduced their workforce. Crypto.com, a Singapore-based crypto exchange has seen a second-round layoff in less than three months. However, Binance has on the contrary been hiring during the crypto winter and intends to increase its headcount by 15% this year.
Banks are warming up to crypto. Commerzbank of Germany has applied for licensing to offer exchange and crypto-asset services. Commerzbank is the second largest listed bank in Germany and is partly owned by the government. We shall keep our eyes open to other developments in finance and other sectors in light of crypto adoption.
It is good news for the crypto industry as scams have now reduced. According to Chainalysis, total scam revenue for 2022 is at $1.6 billion, 65% lower than where it was in July 2021. People are increasingly becoming aware and learning the ins and outs of the crypto burgeoning space. Adbank has been at the forefront of sharing information through its medium blog, YouTube channel, and TikTok account.
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Stay tuned for upcoming developments.
