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UAE President of the Federation of Banks, UAE Improves the Infrastructure for the Crypto Money Industry

On Monday, March 17, 2019, the Federation of Banks of the Arab Emirates (UBF) and the Abu Dhabi Global Market (ADGM) hosted a joint forum on digital currency assets and financial technology (fintech).

The event brought together industry experts to discuss how blockchain technology and crypto currencies have revolutionized the global financial sector. They also discussed the challenges and opportunities offered by these technologies and the industry.

Developing the necessary libraries for the crypto industry
A number of important issues were discussed in the Forum, including the ADGM's regulations and the approach that oversaw digital assets such as crypto currencies.

This discussion includes how financial regulators and banks work together and develops a robust regulatory framework to address risks for crypto market participants and businesses in the field.

The discussion also included talking about financial surveillance and management methods, including the use of large data and talking about machine learning to improve these procedures.

The Forum also acknowledged how revolutionary it could be for the financial markets of revolutionary block chaining technology, as well as discussing how to properly regulate, manage and manage surveillance on financial markets.

AbdulAziz Al-Ghurair, President of the Federation of Banks of the UAE said:

, Because of the rapid emergence of the new FinTech, such as crypto currencies and other crypto assets, we need to develop frameworks and regulations that govern these technologies and developments. “

UAE to be Blockchain and Fintech Hub?

The UAE is a financially strong and stable country with some of the world's largest and most powerful banks. According to Al-Ghurair, the UAE is an international center for finance and a strong advocate for adopting innovative fintech technology.

In the press release El-Ghurair said:

Anan With the goal of becoming one of the leading international centers for finance, we must keep pace with the rapid technological changes in the sector. Providing a solid monetary and financial market environment is crucial to this, and can only be achieved by protecting consumer rights and preserving market integrity. Sağ

Richard Teng, CEO of ADGM Financial Services Regulatory Authority, who agrees with Al-Ghurair, said they were pleased to be a partner with UBF in this forum and to discuss the future and challenges of changing the banking sector.

In addition, Teng said:

. This event emphasized the importance and strength of cooperation between regulatory authorities and financial institutions to create the trust and commitment needed to securely promote FinTech activities in the financial services sector. “

UAE The Federation of Banks has seen the potential of blockchain technology in the fintech industry and does not plan to stay behind. UBF and ADGM are developing regulatory frameworks for the cryptographic currency and fintech industry.

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Industry News

SEC Accuses 5 Insiders of BitConnect for Illegal Promotion

SEC, Yasadışı Tanıtım’dan BitConnect İçerisinden 5 Kişiyi Suçladı

About the five people at BitConnect SECIt said it “violated Federal Securities laws.”

The SEC's complaint is that “persons who support the BitConnect Program are sold without registering the Securities with the Commission and registering as a broker-dealer with the Commission as required by law.” BitConnect's lending program is said to encourage people to invest in potential investors, including Trevon Brown, Craig Grant, Ryan Maasen, and Michael Noble, by creating promotional-style videos and posting them on YouTube. It is also claimed that some YouTube channels that make promotions are paid on a commission basis in return for their promotional efforts.

Shortly after his release, Trevon Brown (better known as Trevon James) posted a tweet saying he didn't deny the charges and said the community would "rally" around him.

Real crypto OG's will rally around me.

The real ones that know the truth, and what happened from day 1.

Talk to you guys soon.⏳#FreeTrevon

— Trevon James, Founder of our.glass Crypto (@BitcoinTre) May 28, 2021

Lara Shalov Mehraban, Deputy Regional Director of the SEC's New York Regional Office,

“We will try to hold accountable those who make illegal profits by taking advantage of the public's interest in digital assets”

said.

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Bitcoin News

Who Has The Most Bitcoin (BTC) Savings?

Bitcoin Analizi, Bitcoin 5.700 Doları Geçti!

According to the research result, the Winklevoss twins own 150,000 BTC, but there are names that own more Bitcoin than them…

Blockchain Center, which investigates who owns the largest amount of Bitcoin (BTC); From Winklevoss twins to scammers, from hackers to "zombie coins", he laid out all the data.

On the other hand, the most famous hacking case of the cryptocurrency world, Mt. Gox incident allegedly owned 166,000 BTC.

It is claimed that 30,000 BTC seized from the Silk Road scandal is in the hands of Tim Draper.

Plus Token scammers were said to have 200,000 BTC.

On the other hand, “Zombie coins” are surprisingly plentiful. These tokens we are talking about consist of 1.5 million BTC, which will never be used and will not be spent by anyone forever.

Grayscale's Bitcoin Trust is known as the largest institutional Bitcoin investment vehicle and currently holds over 400,000 BTC of liquidity. Lightning Network only holds 1,000 BTC, while Ethereum (ETH) has another 80,000 BTC locked.

Another 2.5 million Bitcoins are expected to enter circulation over time. Time will tell which other names will be included in this list.

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Blockchain News

National Fisheries Institute and IBM's Blockchain Tracking System Food Trust

Ulusal Balıkçılık Enstitüsü ve IBM’in Blockchain Takibi Sistemi Food Trust

The United States seafood trade association, the National Fisheries Institute (NFI), is working with Food Trust, IBM's blockchain supply chain solution, to monitor FoodOnline's reports on June 11 seafood and food-related news.

In the report, they mentioned the new system for monitoring the type of seafood jointly carried out by multiple companies. In addition, NFI members representing harvesters, importers, cold storage, food service restaurants and retail sales were also included in the program.

IBM's Blockchain Tracking System Food TrustSIRF President's Statement

The project is funded by the Seafood Industry Research Fund (SIRF), whose chairman Sean O'Scannlain said in a statement on developments:

“The tracking system is nothing new to the seafood industry, but we'll test how blockchain is a new concept, with IBM's Food Tracking system, helping seafood businesses earn revenue and reduce costs to customers from harvest to distribution.”

The system also states who can access and how long companies can control data, and who will retain control after the chain is loaded. Raj Rao, IBM Food Trust general manager Food Food Trust can change any sector, especially when we have large ecosystems, businesses and organizations ” He said.

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Source: Cointelegraph