Matt Hougan von Bitwise meint, dass die Kryptobranche wieder äußerst optimistisch sein darf, nachdem die US-Politik Bitcoin zuletzt vollumfänglich begrüßt hat.
M2 crypto exchange to allow UAE residents to trade crypto using bank accounts
- M2 enables UAE residents to trade BTC and ETH directly with bank accounts.
- Integration supports dirham deposits, withdrawals, and market-responsive trading.
- UAE has strict regulations to ensure consumer protection and market transparency.
In a significant development for the digital asset market in the United Arab Emirates (UAE), M2, a prominent crypto exchange, has announced that UAE residents can now buy and sell Bitcoin (BTC) and Ethereum (ETH) directly using their bank accounts.
This new integration facilitates the direct conversion of UAE dirhams into BTC and ETH through M2’s spot market, marking a milestone in the accessibility of virtual assets in the region.
M2 users can seamlessly convert dirhams into BTC and ETH and vice versa
In an announcement shared with Cointelegraph, the M2 exchange highlighted that the new feature will enable users to convert dirhams into Bitcoin and Ether seamlessly through the trading pairs listed on M2’s spot markets.
Additionally, the platform supports the deposit and withdrawal of dirhams, offering users greater flexibility in managing their assets.
The M2 team emphasized that this integration would enable users to “swiftly adapt to market changes,” allowing them to easily convert their local currency into crypto.
This is particularly beneficial for everyday investors who may not be fully immersed in the complexities of the trading environment.
According to M2, the higher levels of familiarity and significant trading volumes of BTC and ETH make these cryptocurrencies ideal entry points for new investors looking to enter the digital asset space.
UAE has the strictest regulatory framework globally
Regulated by the UAE government, which is known for its stringent consumer protection measures, this move reflects the country’s commitment to safeguarding its residents in the evolving crypto landscape.
The UAE has established a reputation for having one of the strictest regulatory frameworks globally, prioritizing consumer protection. In 2022, Dubai’s Virtual Asset Regulatory Authority (VARA) mandated greater transparency in crypto advertisements to better protect consumers.
Moreover, in 2023, the UAE introduced a federal law aimed at preventing fraud in the crypto market, imposing fines of up to 10 million AED ($2.7 million) for violations.
Commenting on the integration, Kimmel, an executive at M2, noted that the ADGM’s licensing process was demanding due to its high standards for multilateral trading facility permits. However, he affirmed that this rigorous due diligence ensures that licensed platforms meet the country’s security and transparency standards, thereby fostering trust among UAE users.
Despite the challenges associated with the licensing process, the UAE continues to be a strategic region for the crypto industry.
Favourable tax policies, access to global markets, and a safe environment for innovation make the UAE an attractive destination for crypto businesses.
This new development by M2 is set to further enhance the accessibility and appeal of virtual assets in the UAE, making it easier for residents to participate in the burgeoning crypto market.
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OpenEden launches tokenized T-Bills on XRP Ledger with $10M investment from Ripple
- OpenEden launches tokenized T-bills on XRP Ledger with Ripple’s $10 million investment.
- TBILL tokens are backed by US T-bills and require KYC and AML compliance.
- $1.5 billion in tokens, including $609 million XRP, are set to unlock in August.
In a groundbreaking move for the intersection of traditional finance (TradFi) and decentralized finance (DeFi), OpenEden, a prominent tokenization platform, has introduced tokenized United States Treasury bills (T-bills) on the XRP Ledger (XRPL).
This initiative, supported by a significant $10 million investment from Ripple, marks a significant milestone in the integration of real-world financial instruments with blockchain technology.
OpenEden’s TBILL tokens
OpenEden’s TBILL tokens are backed by short-term US government T-bills and reverse repurchase agreements, which are collateralized by US Treasurys.
These tokens offer a secure and regulated way for investors to access T-bills via a decentralized platform.
To ensure compliance with regulatory standards, minters of these tokens will undergo rigorous Know Your Customer (KYC) and Anti-Money Laundering (AML) screening processes.
Growing trend of institutional access to DeFi through tokenization RWAs
The launch of tokenized T-bills on the XRPL and Ripple’s strategic investment in OpenEden signify a major advancement in the integration of traditional finance with blockchain technology, paving the way for increased institutional participation in decentralized finance.
The tokenized T-bills on the XRPL highlight the growing trend of institutional access to DeFi, driven by the tokenization of real-world assets (RWAs).
Markus Infanger, senior vice president of RippleX, emphasized the significance of this development, stating that the tokenized T-bills exemplify how RWAs are being utilized to create new opportunities and drive utility within the financial ecosystem.
Ripple has invested in OpenEden
Ripple’s investment in OpenEden is part of a broader strategy to support the tokenization of TradFi assets on the XRPL.
The XRPL is designed to power institutional-grade financial use cases, reinforcing its role as a robust and decentralized layer-1 blockchain.
Ripple’s commitment to OpenEden’s initiative underscores its belief in the potential of tokenized assets to transform traditional finance.
$609M worth of XRP tokens to be unlocked in August
In addition to the launch of tokenized T-bills, the crypto community is also anticipating the unlocking of a substantial amount of tokens in August.
A total of $1.5 billion in tokens are set to be released, including $609 million worth of Ripple’s XRP tokens. Historically, Ripple has unlocked 1 billion tokens on the first day of each month since 2017.
However, there are indications that Ripple may re-lock a significant portion of these newly released tokens, as evidenced by the re-locking of 800 million XRP from its June 1 unlock.
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Krypto-Miner Riot Platforms meldet ersten Quartalsverlust seit 2022
Trotz einem starken Bitcoin-Kurs konnte der Krypto-Miner Riot Platforms im Q2 2024 erstmals seit 2022 kein positives Quartal erzielen.
Online casinos will generate more revenue in the UK this year than in the US, new data reveals
- UK online casinos forecast to generate $6.468 billion in revenue in 2024, surpassing USA’s $6.29 billion
- UK has higher user penetration (17.4%) and ARPU than the US (9.4%), which offsets smaller population
- The rise of non-GamStop casinos offers flexibility but poses regulatory and safety risks.
In a surprising turn of events, 2024 revenue forecasts from Statista predict that the UK’s online casino market will generate more revenue than the same sector in the USA.
The data projects that the UK’s online casinos will generate $6.468 billion for the British economy, compared to $6.29 billion for the US.
This development underscores a significant shift in the global online gambling landscape, driven by higher user penetration and average revenue per user (ARPU) in the UK.
Why the UK online casino sector is outpacing that of the US
Despite the United States having a population five times larger than the United Kingdom, the UK has managed to outpace the US in the online casino sector.
One key factor is the user penetration rate, which stands at 17.4% in the UK, significantly higher than the US’s 9.4%. This means a larger proportion of the UK population engages in online gambling, contributing to higher revenue.
Furthermore, the ARPU for online casinos in the UK is more than double that of the US. This disparity highlights the intense engagement and spending habits of UK online gamblers.
With an ARPU of approximately $0.63k in the UK compared to $380.50 in the US, it is clear that UK players are investing more heavily in their online gambling experiences.
The cultural acceptance and deep-rooted history of gambling in the UK also play a crucial role in these numbers. The UK has a long-standing tradition of gambling, from betting on horse races to the national lottery.
According to YouGov’s Global Gambling Profiles data, about 49% of UK online gamblers spend more than £5 on fantasy sports and sports bets monthly. Additionally, 25% of online gamblers in the UK opt for slot machines, while 17% choose casino games, and 18% prefer bingo.
Moreover, the convenience of online gambling has significantly contributed to its popularity in the UK. The COVID-19 pandemic accelerated the shift towards online platforms as traditional sports events faced restrictions.
Even as these events returned to normal, the allure of online gambling, with its myriad of games and ease of access from home, persisted. This convenience, combined with tax-free gambling winnings in the UK, incentivizes players to bet higher amounts.
The rise of non-GamStop casinos in the UK
Another trend gaining traction in the UK is the rise of non-GamStop casinos. These platforms operate outside the jurisdiction of the United Kingdom Gambling Commission (UKGC) and provide an alternative for players seeking to bypass the restrictions of GamStop, the UK’s national online self-exclusion scheme.
Non-GamStop casinos offer a loophole for self-excluded players, although they operate in a regulatory grey area, lacking the stringent oversight and player protection measures mandated by the UKGC.
While non-GamStop casinos present opportunities for players seeking more flexibility, they also pose significant risks. These platforms are not bound by the same player protection standards, raising concerns about security, fairness, and responsible gambling practices.
Players engaging with non-GamStop casinos must exercise caution, thoroughly researching the platform’s licensing status, reputation, and security measures.
UK’s regulatory framework for online gambling
The UK’s robust regulatory framework for online gambling, overseen by the UKGC, has also contributed to the market’s growth.
Strengthened gambling regulations have instilled confidence among players, encouraging them to spend more on various online gambling sites. However, the risks associated with online gambling, such as addiction, bankruptcy, and fraud, remain prevalent.
The UK government estimates that up to 2.5% of the adult population has a gambling problem, with significant financial costs associated with harmful gambling.
To mitigate these risks, the UK government has introduced measures such as a levy on individual stakes for online slot machines and increased funding for treatment systems.
Advocates continue to call for additional measures, including slower spin speeds, affordability checks, and public health information about the dangers of gambling.
While non-GamStop casinos offer an alternative for some players, they also highlight the importance of responsible gambling practices and regulatory oversight.
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