BitOasis said it’s working closely with the Virtual Assets Regulatory Authority to fulfil the conditions. Source
Dubai Regulator Suspends Crypto Exchange BitOasis' Conditional License
Day: July 11, 2023
China to tighten rules around releasing generative AI tools
The Chinese government is considering additional regulations on artificial intelligence (AI) development that emphasize content control and licensing. According to a July 11 report from the Financial Times, the Cyberspace Administration of China (CAC) wants to impose a system requiring local companies to obtain a license before releasing generative AI systems. This move signals a tightening of initial draft regulations released in April, which gave companies 10 working days after the product launch to register it with authorities. The new licensing scheme is expected to be included as a part of…
China to require a license to release generative AI tools
The Chinese government is now considering additional regulations on artificial intelligence (AI) development that emphasize content control and licensing. A July 11 report from the Financial Times revealed that China’s Cyberspace Administration (CAC) wants to impose a system that would require local companies to obtain a license prior to releasing generative AI systems, according to sources close to regulators. This move signals a tightening of initial draft regulations that Chinese officials released in April, which gave companies 10 working days after the product launch to register it with authorities. The…
Midday Mover: BNB, SOL Outperform as Bitcoin Clings to $30K
PLUS: Mantle Network is mulling a $200 million ecosystem fund for its new layer-2 blockchain. Source
How to actually spend your Bitcoin, Explained
Bitcoin is accepted by various online merchants, travel companies, gift card retailers, food establishments and online service providers, offering diverse options for using cryptocurrency in transactions. While physical stores accepting Bitcoin are less common, they can be found in cryptocurrency-friendly locations. Online merchants Bitcoin is a common payment option accepted by many online merchants. Electronics, apparel, home goods and many other products are among the many things you can buy with Bitcoin. Major retailers that accept Bitcoin include Microsoft, Overstock and Newegg. Travel and lodging A number of travel companies,…
Crypto Can’t Be Used as Money Due to ‘Inherent Flaws,’ the Bank for International Settlements (BIS) Said After the FTX and Terra Collapses
Despite the millions of retail and institutional investors getting involved in the growing sector, “crypto has so far failed to harness innovation to the benefit of society,” said the report, prepared for a meeting of G20 finance ministers and central bank governors due to take place in Gandhinagar, India this weekend. Source
Dubai Bitcoin Exchange BitOasis Faces Regulatory Setbacks as License Revoked
BitOasis, a prominent Bitcoin exchange based in Dubai, has recently faced regulatory setbacks as its license was revoked by the Virtual Assets Regulatory Authority (VARA). The company failed to meet the necessary regulatory requirements within the specified timeframe, leading to enforcement action being initiated against it. BitOasis had received a conditional license on April 12, but VARA stated that the company was unable to commence operations unless certain key conditions were fulfilled within 30-60 days. Despite this opportunity, BitOasis fell short of meeting the undisclosed standards set by VARA, media reports…
Crypto custody market reached $448 billion in 2022: Report
The digital asset industry reached over $3 trillion at its peak in November 2021. The custodial part of the market, however, remained at the more modest mark of $447.9 billion in 2022. These numbers are cited from a joint report on the state of digital asset custody, conducted by the consulting firm PricewaterhouseCoopers (PwC) and wealth tech platform Aspen Digital. The 39-page document was published on July 11. The report puts the number of custody service providers at 120 as of April 2023, dividing them into two broad categories —…
Bitcoin ‘Burj Khalifa’ fakeout repeats as BTC price spikes to $31K
Bitcoin (BTC) staged a fresh breakout attempt into July 11 as the battle for yearly highs stayed hot. BTC/USD 1-hour chart. Source: TradingView $31,000 reappears in BTC price “leverage crunch” Data from Cointelegraph Markets Pro and TradingView showed BTC price briefly passing $31,000 before the July 10 daily close. In a copycat move, seemingly with last week’s snap higher for inspiration, BTC/USD managed to approach resistance before momentum waned, subsequently falling back over $800. Some form of continuation did set in thereafter, and at the time of writing, Bitcoin traded…
DeFi borrower uses luxury watch-backed NFT as collateral for a loan
A nonfungible token (NFT) collector shared the story of how a decentralized finance (DeFi) loan was collateralized through a luxury watch and was facilitated with an NFT representing the asset. On July 11, pseudonymous DeFi project adviser CirrusNFT explained how a user was able to borrow $35,000 from another user by using an NFT that represented a physical item as collateral for the loan. According to the exec, a user sent a Patek Phillipe luxury watch to 4K Protocol, an escrow firm that deals with NFTs backed by physical items.…