FTX subsidiary FZE gets first MVP licence to operate in Dubai; BTC rises 7.80% to $23,000

FZE receives approval to enter Dubai’s ‘Minimum Viable Product’ (MVP) programme for virtual assets from the Virtual Asset Regulatory Authority (VARA) of UAE. The Bahamas-based company will now offer regulated crypto products and trading services to retail investor and serve as a platform for the Non-fungible token(NFT) marketplace. 

FTX CEO Sam Bankman-Fried said in a press release, “The approval for FTX to receive the first MVP VASP licence from Dubai’s prudential supervision regime to fully operate our exchange is a tremendous honor and landmark achievement for our team. Our mission is to lead the way in growing the digital asset industry in countries and jurisdictions that possess a robust digital asset framework.”

In other news, speaking at the TechLaw Fest, Singapore’s Second Minister for Law Edwin Tong argued that marriages and court cases can be held in the Metaverse. “It would not be unthinkable that, besides registration of marriages, other government services can soon be accessed online via the Metaverse,” said the law minister. 

Cryptocurrency Prices

The global crypto market capitalisation went up by 1.38 per cent to $1.10 trillion as of 5:50 pm. However, the global crypto volume was down by 21.63 per cent to $88.27 billion, according to Coinmarketcap data.

Bitcoin, the world’s oldest cryptocurrency, was trading at $23,014.22, higher by 7.80 per cent in the last 24 hours. Ethereum (ETH) was up by 12.19 per cent to $1,706.02. 

Among other significant coins, Cardano (ADA) was up by 10.71 per cent at $0.5299, Algorand (ALGO) was trading with a profit of 4 per cent at $0.3446, Solana (SOL) was trading with a profit of 6.24 per cent at $42.49, Polkadot (DOT) rose 9.65 per cent at $8.66 and Binance Coin (BNB) was up by 1.68 per cent at $289.27.

Today’s top gainer was yearn.finance (YFI), which was up by 31.92 per cent at $11814.17. The top loser was Uniswap, which was down by 8.76 per cent at $8.76. 

Meme Coin And DeFi Prices

Dogecoin (DOGE) was down by 4.57 per cent at $0.07182. Rival Shiba Inu (SHIB) rose 5.14 per cent to $0.00001223. Dogelon Mars (ELON) was down by 1.16 per cent to trade at $0.000000363, Floki Inu (FLOKI) rose 7.51 per cent at $0.00001177, and Samoyed Coin (SAMO) rose 2.09 per cent to $0.0115. 

In the DeFi segment, YFI (yearn.finance) was up by 31.92 per cent at $11814.17. , However, others in the same segment saw losses. 

Terra Classic (LUNC) gained 0.29 per cent to reach $0.000099, Avalanche (AVAX) was up by 3.03 per cent at $24.62, Uniswap (UNI) was trading with a loss of 0.28 per cent at $8.72, and Aave (AAVE) rose by 0.52 per cent at $96.09.