Bitcoin News and Finance: What You Need to Know

The United Arab Emirates (UAE) is getting ready to start issuing federal licenses to cryptocurrency service providers in the first quarter. The UAE crypto regulation will take a hybrid approach. The government hopes that a nationwide crypto licensing system will attract big companies to the region. UAE Prepares to Regulate Crypto Sector Nationwide The United Arab Emirates (UAE) is getting ready to start issuing federal licenses to virtual asset service providers (VASPs) by the end of the first quarter, Bloomberg reported Thursday, citing an unnamed government official. The UAE’s Securities and Commodities Authority (SCA) is in the final stage of amending legislation to regulate VASPs. The government hopes that a nationwide crypto licensing system will attract big companies to the region. The country completed a risk assessment of crypto assets late last year. The assessment involved 14 public-sector agencies and 16 private-sector entities. The government concluded that proper regu...

The Federal Bureau of Investigation (FBI) has launched a new unit to tackle crypto exploitation. The new team will work with the National Cryptocurrency Enforcement Team of the Department of Justice (DOJ) to combat “the criminal misuse of cryptocurrencies.” FBI Establishes New Crypto Unit; DOJ Appoints First Director for National Cryptocurrency Enforcement Team The Federal Bureau of Investigation (FBI) has launched a new crypto unit. According to an announcement by the U.S. Department of Justice (DOJ): The FBI’s new Virtual Asset Exploitation Unit [is] a specialized team of cryptocurrency experts dedicated to providing analysis, support, and training across the FBI, as well as innovating its cryptocurrency tools to stay ahead of future threats. In addition, the Justice Department announced Thursday the appointment of Eun Young Choi to serve as the first director of its National Cryptocurrency Enforcement Team (NCET). Choi “is an accomplished leader on cyber and cryptocurrency is...

While the Canadian government and Prime Minister Justin Trudeau try to quell the demonstrations in Ottawa by sending police to the encampment on Friday, a United States version of the Canadian trucker’s Freedom Convoy called the “People’s Convoy” is underway. According to the American Foundation for Civil Liberties & Freedom, the U.S. convoy has raised more than $100K so far. As Trudeau Cracks Down on Trucker’s Protest in Ottawa an American Convoy Is Underway For weeks, the entire world has been watching the Freedom Convoy protests in Canada and the hundreds of truckers participating in the effort. The truckers protested in the streets of downtown Ottawa over the Covid-19 vaccine mandates applied to the trucking industry. In recent times, the Canadian government has enacted the Emergencies Act, after Trudeau said he would do “whatever it takes” to end the protest in Ottawa. The national police in Canada also sent letters to crypto exchanges asking them to single out over tw...

A U.S. congressman has introduced the “Keep Your Coins Act” in order to “preserve Americans’ right to privacy in transacting with crypto assets.” The lawmaker says, “this legislation would prohibit any federal agency from promulgating a rule that would impair a person’s ability to act as self-custodian.” US Lawmaker Seeks to Protect Privacy in Crypto Transactions With ‘Keep Your Coins Act’ The office of Congressman Warren Davidson (OH-R) announced Thursday that the lawmaker has introduced the Keep Your Coins Act “to protect transaction privacy.” The announcement explains that the proposed legislation is “designed to preserve Americans’ right to privacy in transacting with crypto assets,” adding: Specifically, this legislation would prohibit any federal agency from promulgating a rule that would impair a person’s ability to act as self-custodian. “A person would then be able to conduct peer-to-peer transactions with their crypto assets without the need to utilize a third-party i...

Binance has reportedly halted services in Israel after the cryptocurrency exchange was approached by the country’s financial regulator inquiring about its activities and the licenses under which it operates. A growing number of regulators have been scrutinizing Binance for operating without a license in their jurisdictions. Binance Halts Crypto Services in Israel Israel’s Capital Market, Insurance, and Savings Authority has reportedly approached Binance regarding the crypto exchange’s activities in the country. The authority, which is responsible for licensing crypto businesses in Israel, has asked Binance for clarification about the services it offers to Israelis and the licenses under which it operates, according to Globes publication. Companies offering crypto services in Israel are required to obtain a license. Binance has not submitted an application to the authority for approval to operate in the country. However, the crypto exchange has activities in Hebrew and it is estim...

On Friday, the National Association for Stock Car Auto Racing (NASCAR) announced the firm launched digital collectibles for this year’s Daytona 500. NASCAR’s series of limited-edition Daytona 500 NFT drops is part of a partnership with the Wax blockchain team. NASCAR Reveals 2022 Daytona 500 NFT Collection NASCAR plans to issue Daytona 500 non-fungible token (NFT) collectibles and 500 ticket holders can get one NFT per wallet. The stock car racing company emailed 25,000 Daytona 500 ticket holders about the event prior to the launch. According to the announcement sent to Bitcoin.com News, ticket holders had 24-hour notice to sign up for a Wax blockchain wallet in order to enter the contest. “500 NFT winners were automatically entered into a draw to win one of five autographed NASCAR driver helmets,” a representative told Bitcoin.com News. The stock car racing company announced the official digital collectibles launch on February 16. NASCAR explained that it chose Wax because it w...

The Pakistani central bank governor, Reza Baqir, recently revealed that his organization has determined the risks posed by cryptocurrencies “far outweigh the benefits.” The governor, however, suggested that if solutions that address these potential risks emerge, the central bank “is open to looking at them.” Crypto Said to Have No ‘Real Economic Benefits’ for Pakistan The governor of the State Bank of Pakistan (SBP), Reza Baqir, recently said his institution had concluded that the potential risks that are associated with cryptocurrencies “far outweigh the benefits.” According to Baqir, Pakistan, just like other jurisdictions that have banned or restricted the use of cryptocurrencies, needs more time to “fully understand these technologies not only from the perspective of risk-response.” In his speech at the 2022 MASIC Annual Investment Forum, Baqir defended the SBP’s conclusion, which he said is similar to the ones reached by “large emerging markets including China, India and Russ...