The R Roundup: China Claims ALL Crypto Related Activities Are Illegal — Issue #8
Ever since the development of crypto currencies, we have seen many different forms of regulation attempting to clamp down and regulate the way they operate. One of the more anti-crypto countries in the world is China and we have seen on multiple occasions an attempt from China to clamp down on crypto as a whole.
It was reported on the 25th of September that The People’s Bank Of China made a firm announcement that ALL crypto related activities such as; transactions, providing pricing services and launching new tokens, are illegal.
This ban on crypto will affect all Chinese residents as the ban even effects residents from partaking in marketing or ‘technical support’ regarding crypto currencies.
Many people take China banning crypto with a pinch of salt as on many occasions this news has been repeated however official statements from TPBOC has caused fear levels to increase regarding China banning crypto.
More information can be found here — https://news.sky.com/story/china-announces-complete-ban-on-cryptocurrencies-12416476
FTX Partners With MercedesAMG 🏎
Crypto exchange FTX announced a strategic partnership with Mercedes. We have seen many different crypto based partnerships through the sporting industry and one of the largest F1 companies have joined the list with the FTX partnership.
UAE Approves Crypto Trading In ‘Economic-Free Zone’ 🇦🇪
The adoption of crypto currencies continues as regulatory authorities in UAE have allowed and support crypto trading in an economic-free zone in Dubai.
The Dubai World Trade Centre Authority (DWTCA) made an announcement on Wednesday that they came to an agreement with the UAE Securities and Commodities authority which eventually concluded in the support for crypto trading.
The acting CEO of the movement Maryam Al Suwaidi added —
“As Dubai continues its drive towards an innovation and digital-led economy, DWTCA is looking to support businesses underpinned by blockchain and cryptographic technologies”
Gary Vaynerchuk Launches NFT Platform🖼
As crypto continues to develop we see more mainstream media and high networth individuals explore the possibilities which NFTs can unlock.
One of the more prolific NFT bulls in the space is Gary Vaynerchuk who is known for his bullish outlook on crypto and NFTs. On many occasions we have seen Vaynerchuk mention how he is working in the NFT space and he once gave his opinion on NFTs saying —
“(NFTs are) A digital asset that converts to fiat is different from a currency that doesn’t have utility. An NFT has more utility than cryptocurrency because you’re getting an asset that you want as a collectible, which is a status symbol.”
It was recently announced that Gary Vaynerchuk and Vito Schnabel have collaborated to create an independent online NFT platform called ‘ARTOFFICIAL’.
The platform created by Vaynerchuk and Schnabel is billed to be the first independent online auction platform providing artists a new platform to create art.
As a reminder this is not a trading signal, it is an opinion and each trader/investor should know and understand the risks attached with trading. At no point should this be regarded as financial advice.
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