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Bitcoin (BTC), the world’s largest cryptocurrency, was able to recover some of its recent losses and attracted modest bids above the $23,500 level as the crypto market started the month on a positive note. This was attributed to Abu Dhabi’s plan to create a free zone for the crypto industry, which would provide digital and virtual asset firms with zero taxes and 100 percent foreign ownership.
Additionally, France demonstrated its willingness to implement stricter licensing rules related to Anti-Money Laundering (AML) and Know-Your-Customer (KYC) protocols for cryptocurrency companies to prevent money laundering and terrorism financing Is. It was also considered a key factor in reducing losses and restoring some momentum to the cryptocurrency industry.
The prospect of an interest rate hike and possible government crackdown on the cryptocurrency industry could deter investors in the coming weeks. Additionally, the current state of the crypto market and regulatory concerns have prompted Visa and Mastercard to delay their cryptocurrency plans, which could limit any potential momentum in BTC prices.
Abu Dhabi establishes welcoming regulatory environment for crypto industry
As previously reported, the city of Dubai in the United Arab Emirates is promoting the cryptocurrency industry by establishing a free zone that offers zero taxes and 100 percent foreign ownership to digital and virtual asset ventures.
In addition, the international financial hub in the United Arab Emirates capital Abu Dhabi Global Market (ADGM) has introduced a new regulatory framework for digital assets. This includes the creation of a regulatory sandbox to enable developers of digital assets to test their products and services in a secure environment.
In addition, ADGM has launched “SPOT”, a digital asset marketplace that provides users with a secure and regulated environment to trade cryptocurrencies, fiat currencies and other digital assets. The move is part of Abu Dhabi’s wider goal to establish itself as a leading hub for fintech and digital innovation and establish a significant presence in the global cryptocurrency market.
Abu Dhabi is attempting to lure a diverse range of digital asset firms, such as cryptocurrency exchanges, digital wallets and blockchain companies, by offering an inviting regulatory environment and attractive tax benefits. This is considered a significant breakthrough for the cryptocurrency industry, which could potentially spur growth in the sector in the near future.
France to introduce stricter licensing rules for crypto companies
The French National Assembly recently passed a bill aimed at imposing stricter licensing rules for new cryptocurrency businesses to align with upcoming European Union (EU) regulations.
The move demonstrates France’s commitment to combating financial crime and protecting its citizens from illegal activities. By mandating that cryptocurrency companies comply with AML/KYC requirements, France is sending a clear message that it takes financial crime seriously and is taking steps to prevent it.
It is notable that the motion received 109 yes votes against 71 no votes, or 39.5%, by 60.5%. After being approved by the French Senate, the measure will now be submitted to President Emmanuel Macron, who has 15 days to sign it or send it to the legislature.
It will be interesting to see how this new regulation is implemented and how it affects the French cryptocurrency market. While some companies may struggle to comply with the new regulations, others may see this as an opportunity to demonstrate their commitment to transparency and ethical business practices.
value of Bitcoin is currently at $23,796 with a 24-hour trading volume of $22.5 Billion. In the last 24 hours, bitcoin has gained about 1.50%. Ethereum, on the other hand, is currently trading at $1,650 with a 24-hour trading volume of $7.4B, up 1.25% over the past 24-hours.
On the 4-hours chart, bitcoin struggled to break the key $23,750 resistance. A failure to sustain above this level could lead to a bearish correction, which could push BTC price towards the $22,800 support. If this support fails to hold, the next area of support could lie near the $22,150 area.
Although the BTC/USD pair is currently oversold, if the oversold condition persists, a rebound is possible, allowing bitcoin to overcome the $23,500 resistance and potentially leading the price to $24,250.
Investors interested in buying bitcoin may want to explore other options that offer greater growth potential in the short term. Cryptonews conducts a detailed analysis of the top 15 cryptocurrencies investors should consider for 2023. Click below to know more.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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