Crypto Round-up: BTC soars past $35K, UAE’s Digital Oasis, and Europe’s norms for crypto suitability

Bitcoin (BTC) surged past $35,000 on Monday, hitting its highest price since May 2022. The sudden uptick for BTC comes amid a fresh wave of interest in potential spot exchange-traded fund (ETF) approvals by the US SEC and a significant increase in overall trading volumes across spot markets.

Apart from that, here are some of the top stories from the crypto industry
this week.

In a First, Chinese CBDC Yuan Used To Settle Cross-Border Oil Deal

China has marked a historic moment in the crypto world as it utilised its digital Yuan central bank digital currency (CBDC) to settle a significant cross-border oil deal. On October 19, PetroChina International purchased one million barrels of crude oil.

The successful implementation of the digital Yuan in a major commercial transaction is expected to open new avenues for the adoption of CBDCs worldwide.

The deal also marks an overall major step in the use of the Yuan on the international market and in the global movement toward de-dollarization.

Finland’s Instant Payments Embrace Digital Euro

Finland has made a significant stride toward embracing the digital Euro as its instant payments system incorporates the use of the digital currency.

According to Tuomas Välimäki, Bank of Finland (BOF) board member and member of the Governing Council of the European Central Bank (ECB), the BOF and the European Payments Council are also involved in creating a Finnish instant payment solution.

The (ECB) announced that this is only the starting of a ‘preparation phase’ for the digital Euro project. The preparation phase will last two years and focus on finalising rules for the digital currency and selecting possible issuers.

UAE Launches Digital Assets Oasis — Free Zone to Foster Web3, AI

The United Arab Emirates (UAE) has established a new free zone, RAK Digital Assets Oasis (RAK DAO) dedicated to fostering the development of Web3 technologies, digital assets, and artificial intelligence (AI).

The free zone will be dedicated to emerging areas like metaverse, blockchain, utility tokens, virtual asset wallets, non-fungible tokens, decentralised autonomous organisations (DAOs), decentralised applications, and other Web3-related businesses.

RAK DAO and its ecosystem partners will also run grant programs and provide specialised support in various areas of technology, marketing, and business development.

The initiative aims to position the emirate as a global hub for innovation and technological advancement, encouraging the growth of blockchain-based solutions and digital infrastructure.

European Banking Authority, ESMA Issue Crypto Entity Suitability Guidelines

The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) have jointly issued comprehensive guidelines on the suitability of crypto entities.

The drafts encompass the assessment of the suitability of management body members and shareholders or members holding qualifying stakes in issuers of asset-referenced tokens (ARTs) and crypto asset service providers (CASPs).

This move aims to establish a robust regulatory framework for crypto businesses, ensuring compliance with established standards and promoting responsible practices within the industry.

The guidelines are expected to bolster investor protection and enhance the overall stability and transparency of the crypto market in the European Union.

Israel Raises $185,000 to Provide Aid

Crypto Aid Israel has successfully raised $185,000 to extend crypto aid and distribute relief to those in need, underscoring the growing trend of leveraging crypto assets for charitable initiatives.

The funds raised will be used to support various humanitarian projects and provide aid to vulnerable communities. Nongovernmental organisations that will benefit from its efforts include the Foundation for Advancing Citizens of Eshkol Regional Council, which has provided transportation and shelter to people living close to Gaza.

The use of crypto aid highlights the potential of digital assets in promoting social welfare and addressing pressing humanitarian challenges, reflecting a broader shift toward using blockchain technology for the greater good.

That’s all for this edition of our crypto newsletter. Stay tuned for more exciting news and updates from the world of blockchain and crypto!