Last week in review: Dubai launches new crypto regulatory framework

From East to West, regulation seems to be on everyone’s lips. Dubai has launched a crypto regulatory framework, the US is on the precipice of its own crypto legislation, and India looks into creating a digital rupee. Meanwhile, US banking giants aim to give clients extra crypto exposure and Intel could change BTC mining forever.

A lot happened last week. Here are our top picks to come from it.

Dubai launches new regulatory framework to govern crypto sector

What

The UAE’s Prime Minister has signed a new law for virtual assets alongside the launch of an independent body to oversee crypto governance in the region

Why

The new regulatory framework is intended to create “much-warranted international standards” to improve the up-and-coming industry, according to an official statement

What next

The law now requires Dubai citizens to register first before engaging in crypto-related activities

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Watershed moment as President Biden signs executive order on cryptocurrency and digital assets

What

Proponents of cryptocurrencies are calling President Joe Biden’s signing of the executive order on cryptocurrencies a pivotal moment for the industry

Why

In broad terms, the executive order seeks to embrace the US’s role in the global cryptocurrency space, labelling it “an opportunity to reinforce American leadership in the global financial system and at the technological frontier”

What next

The order lays out a national policy for digital assets across six key priorities, including consumer and investor protection, financial stability, illicit finance, US leadership in the global financial system and economic competitiveness, financial inclusion, and responsible innovation.

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JP Morgan to fulfil client demand for crypto

What

One of America’s largest banks, JP Morgan, aims to provide crypto offerings to keep up with client demand

Why

Crypto has proliferated throughout institutions thanks to an uptick in adoption and client demand

What next

Clients of JP Morgan can expect more crypto products, despite CEO Jamie Dimon’s critical opinion of cryptocurrency

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India to launch digital rupee in 2022 via central bank says finance minister

What

Finance minister, Nirmala Sitharaman, has said that consultations with the Reserve Bank of India (RBI) are continuing regarding the launch of an Indian digital currency, or CBDC, later this year

Why

India will be joining several countries looking to introduce their own central bank issued digital currency (CBDC). China has already showcased its digital yuan at the Olympics, the US is making headway on a digital dollar and the ECB is also considering a digital euro to launch by early 2023

What next

According to the minister, the RBI will lead the design and launch of India’s digital rupee, while stressing that the government and central bank are aligned in their thinking

Read the full story here

To catch up on other big stories from last week, be sure to check these headlines

Intel announces new crypto mining FPGA chip
“Stateless Ethereum” may help to achieve true decentralisation
The Woz singles out Bitcoin as pure mathematical gold
WalletConnect raises $11M in funding from investors
Bain Capital launches Bain Capital Crypto fund worth $560 million