Dubai’s WTCA And UAE’s Financial Regulator Enter A Pro-Crypto Agreement
The agreement between them will make crypto trading possible in any place around the Dubai world trade center.
Securities And Commodities Authority (SCA) Takes Charge
The Dubai World Trade Center Authority (DWTCA) has agreed that the SCA would be responsible for all activities related to digital assets in the country. Also, the SCA will be in charge of regulating all financial market trades within the DWTCA zone. Part of the agreement involves the SCA inspecting all firms running their operations in this zone.
Then, the SCA is expected to create the framework that will enable the DWTCA to grant essential licenses and approvals. Thus, crypto-related operations are run via official channels. A top-level executive with the DWTCA, Helal Saeed, disclosed that “the DWTCA plans to be future-ready for the crucial role NFTs will play the future of commerce.”
The Dubai government’s support for digital assets comes when most authorities now understand the enormous opportunities in the digital asset space. For instance, El Salvador completed its adoption of BTC as an official currency despite facing public criticism in various quarters. Similarly, top figures in India are drumming support for the crypto industry by suggesting that the government does not block a technology that may likely define the future of the world economy.
AVAX Rebounds Over 31%
AVAX has started recovering part of its losses which affected the entire digital asset space earlier in the week, which many attributed to the china Evergrande debt issues. Before Monday’s loss, AVAX set a new peak price of $77.38 based on Binance data a day earlier following the successful completion of its latest funding round, where it raised almost $240m with three arrows capital and Polychain leading this funding round.
One reason for avalanche’s excellent success in this funding round was the technical issues and increased transaction fees that Solana (a leading Ethereum competitor) was facing during that period. Despite being relatively new to the crypto industry, the Avalanche blockchain boasts over 260 projects built on it.
A top-level executive at the popular n.exchanged opined that AVAX’s aim of exceeding $100 in the medium term could be achieved. It is backed by a basic utility, making it a smart contract hub and a strong Ethereum competition. AVAX gained 12.1% on the day to trade at $66.1 despite losing 18.2% and declining to $57.35 on September 20.
Some analytic tools (particularly Cointelegraph’s VORTECS index) identified the bullishness before the AVAX token rally. However, the AVAX may not be sustained for long as its price indicates a common bearish sign known as the rising wedge.
The rising wedge occurs when a price steadies between resistance trendlines and rising sloping support to converge later. This pattern usually indicates bearishness, and the asset’s price often coincides with the length of the pattern’s maximum. The AVAX price remains within this pattern, and if it fails to surge past it after multiple retests, it will find support between the $42.35 and $58.71 levels.
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.
