Although the markets showed some growth this week, Bitcoin and Ethereum remained relatively unchanged. Bitcoin increased by 1.8% and briefly reached $28,000 after U.S. lawmakers reached a tentative deal over the debt ceiling. Ethereum outpaced Bitcoin with a 4.1% growth to reach $1,903. Other leading cryptocurrencies did not experience significant losses, but XRP, Solana, Litecoin, and TRON saw gains. Gemini announced its plans to acquire a license to operate in the United Arab Emirates, following its recent expansion to Dublin.
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Crypto Market Update: Bitcoin and Ethereum Remain Flat as Other Coins Rally, Tether Hits All-Time High Market Cap, Regulatory Talk in Bali, U.S., and Hong Kong, Gemini Expands to UAE, CFTC Proposes Revised Risk Management Rules.
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UAE to introduce legal framework for DAOs
The United Arab Emirates is focusing on introducing a legal framework for decentralized autonomous organizations (DAOs) in the Ras Al Khaimah Digital Asset Oasis (RAK DAO), a free economic zone dedicated to digital assets. Law firm NeosLegal and RAK DAO announced that the new system will be launched and discussed at the DAO Legal Clinic on October 25th. Irina Heaver, a partner at NeosLegal, said that the framework is expected to clarify how DAOs can remain legally compliant, and she believes this will have a significant impact on decentralized governance in the UAE and the wider Web3 ecosystem. The announcement emphasizes that the legal structure will clarify tax obligations and benefits. It will also establish property rights for on-chain and off-chain assets and provide legal protection for the founders, members, and contributors of the DAO from personal liability. The legal framework will also enable DAOs to enter into legally binding contracts and establish guidelines for resolving internal and external disputes. -
Deutsche Börse Clearstream: D7 platform has issued over 10 billion euros in digital bonds
Deutsche Börse's Clearstream announced that its digital securities platform D7 has issued over 10 billion euros (11 billion US dollars) in digital bonds. Currently, D7 is mainly used for two types of issuance, namely large digital bonds and structured products. From a technical perspective, the D7 platform uses DAML smart contracts, and the latest version of DAML supports the Canton blockchain. Previously, Clearstream also participated in a practical experiment using the French wholesale central bank digital currency CBDC for settlement. -
The European Central Bank cut interest rates by another 25 basis points, in line with expectations
The European Central Bank has lowered the deposit facility rate from 3.5% to 3.25%, in line with market expectations. At the same time, the main refinancing rate and the marginal lending rate were adjusted from 3.65% and 3.9% to 3.4% and 3.65%, respectively. -
Ireland urgently drafts cryptocurrency law ahead of EU anti-money laundering rules
Irish Finance Minister Paschal Donohoe has informed the Cabinet that emergency legislation will be drafted to update cryptocurrency regulations before EU laws take effect on December 30. No details were disclosed regarding the new cryptocurrency legislation or its specific effective date. The EU's Anti-Money Laundering and Counter-Terrorism Financing Directive will take effect in December, enhancing the power of financial intelligence units to suspend transactions. -
Italy Plans to Increase Capital Gains Tax on Bitcoin from 26% to 42%
According to Bloomberg, Italy plans to raise the capital gains tax on cryptocurrencies such as Bitcoin from 26% to 42%. -
U.S. prosecutors urge five-year prison sentence for $6 billion cryptocurrency heist mastermind
US prosecutors told a judge that the mastermind behind one of the largest cryptocurrency heists ever should be sentenced to five years in prison for a money laundering conspiracy related to the $6 billion hack of Bitfinex exchange. -
Argentine judicial authorities recognize the legal effect of smart contracts for the first time
The Argentine judiciary has recently recognized the legal validity of blockchain-based smart contracts for the first time, marking a major breakthrough for the country in the application of blockchain technology. This decision gives smart contracts legal enforceability in Argentina, paving the way for their use in commercial areas such as leasing agreements and purchase payments. It is reported that the first smart contract to receive legal recognition is a loan agreement based on the Cardano blockchain. The contract was reached by two Argentine Cardano ambassadors, Mauro Andreoli and Lucas Macchia, and involves a four-month loan of 10,000 ADA (approximately $3,430) with an annual interest rate of 10%. -
Hong Kong police's "codeword" arrest operation smashed a local cryptocurrency fraud group, involving a total amount of HK$360 million
Hong Kong police have launched a "code word" arrest operation, and cyber security and technology crime investigation department personnel have assisted in the search for evidence of online and cryptocurrency transactions, and have busted a local fraud group involving cryptocurrency, arresting 27 people and totaling up to HK$360 million in fraudulent funds. Yao Wing-kan, chief inspector of the Criminal Headquarters of the Southern New Territories, said that the fraud group mainly used online romance methods to lure victims into investing in cryptocurrency. The group hired technology experts to support the fraud, including local university graduates who majored in digital media, and collaborated with overseas fraudsters to build a fake cryptocurrency platform. -
Why is Solana's Dogwifhat (WIF) memecoin crashing?
WIF price risks declining by another 48% due to the formation of a classic bearish reversal setup.
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Solana Edge Data Intelligent Network 375ai Completes $5 Million Seed Round of Financing, Led by 6MV
Solana's edge data intelligent network 375ai announced the completion of a $5 million seed round of financing on X platform, with 6MV as the lead investor and participation from Arca, Escap Velocity, Primal Capital, and Auros. Specific valuation information has not been disclosed. 375ai provides decentralized edge data intelligent network nodes and mobile applications based on blockchain for real-time data collection. Users can participate in the network by deploying nodes, using applications, or staking tokens, while also receiving rewards.
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Why is Solana's Dogwifhat (WIF) memecoin crashing?
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