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Weekly Crypto Update

Payments giant Stripe now supports crypto businesses, including cryptocurrency exchanges, digital wallets, and NFT marketplaces.

This is a huge step toward combating one of the biggest problems in the crypto market today, the risk of fraud and hacks. As the industry has become more mainstream, scammers have multiplied rapidly in hopes of taking advantage of new commers and inexperienced users. According to data from blockchain analytics firm Chainalysis, crypto-criminals bagged a record $14 billion in 2021, as losses from scams and theft grew 79% from the year before.

Stripes clients already include, Nifty Gateway, Just Mining, and the $32 billion-valued FTX,. Stripe’s automated identity verification greatly increases the speed of KYC processing, it also has a higher rates of automated approvals, and a smoother user experience for its customers.

Biden’s crypto executive order hailed by sector

The Biden administration’s long-awaited executive order for government agencies to take a closer look at issues surrounding the crypto market is being celebrated by industry participants despite it lacking a clear path on possible regulation.

Although the order is quiet vague the order still talks a lot about the need to keep restrictions on this asset class. Although most investors see this as a signal that the US is becoming more comfortable with cryptos and that is bullish.

The market still expects further volatility as they seek clarity from the regulators and the effects from the Ukraine and Russian conflict continues.

The adoption of cryptocurrency is expanding, and the perception of cryptocurrency is gradually changing. Running on blockchain technology, more businesses and individuals now understand and accept crypto as a great potential asset for the future. As a result, it’s no longer a surprise that many brands are using crypto as a means for payment and settlements for that exchange of products and services.

The recent move from Ken Griffin, the founder of Citadel, on his past stance against cryptocurrency. The billionaire in the past has always been against cryptocurrencies as he told people to stop buying them. However he now discussed Citadel’s engagement in the crypto markets in a few coming months.

Ken Griffin owned his wrong perceptions on digital assets. He changed his mind by acknowledging cryptocurrency’s spectacular rise in the financial sector within the past 15 years. He stated that they intend to assist investors and institutions with their portfolio allocations, and that they should inevitably be a crypto market maker.

Aiming to be a "major player" globally in digital assets, Dubai's ruler announced the creation of a regulatory and licensing authority.

"The future belongs to whoever designs it," tweeted Sheikh Mohammed bin Rashid Al Maktoum. "Today, through the virtual assets law, we seek to participate in the design of this new and rapidly growing global sector."

The independent authority, he continued, will "oversee the development of the best business environment in the world for virtual assets in terms of regulation, licensing, governance, and in line with local and global financial systems." The Emirate of Dubai is one of seven emirates forming the nation of the United Arab Emirates (UAE). Another emirate, Abu Dhabi, has also been aggressive in its aim to become a crypto hub.

The Securities and Commodities Authority of the UAE issued a statement Tuesday saying it was nearing the issuance of a regulatory framework related to digital assets.

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