The United Arab Emirates has become a hot spot for the crypto industry as clear regulatory frameworks and no tax on crypto profits has driven interest in digital assets. RAK Properties, one of the largest publicly traded real estate company in the Ras Al Khaimah emirate of the United Arab Emirates (UAE), will start accepting cryptocurrency for international property transactions. According to a Monday announcement, RAK Properties will begin accepting payments in Bitcoin (BTC), Ether (ETH) and Tether’s USDt (USDT), among others. The move underscores the growing adoption of digital assets in the UAE, a sector projected to become one of the country’s largest in the coming years. Crypto transactions will be handled by Hubpay, a global payments platform based in the region. Hubpay will convert digital assets into the UAE’s local fiat currency before depositing them into RAK's accounts. Read more
Bitcoin bulls are trying to push the price back above $110,530, but bears continue to sell breakouts and the range highs. Will altcoins catch a bounce? Key points: Bitcoin bulls will have to quickly push the price back above the 20-day EMA to prevent a collapse to $105,000. The shallow pullback in select altcoins suggests that the investors are not hurrying to sell them as they anticipate the up move to continue. Read more
According to some Republican lawmakers, the first crypto-related priority in the Senate will be to pass legislation for market structure. After a monthlong break, the US Senate and House of Representatives are scheduled to return to conducting government business, which includes key policies affecting the cryptocurrency and blockchain industry. Both chambers of the 119th session of the US Congress went on recess weeks ago as part of their schedule established in January. The move effectively paused any work toward passage of a bill to establish digital asset market structure, consider the nomination of Brian Quintenz to become chair of the Commodity Futures Trading Commission (CFTC), and legislation containing a provision for restricting a central bank digital currency (CBDC). One of the first legislative items on Republicans’ agenda upon their return will be to pass a bill establishing crypto market structure out of a committee and for a floor vote. Read more