This week in the Crypto News Recap, The Central Bank of Bahrain, known for rapid modernization of regulations, has blessed new crypto cooperation that will enable stores to accept Bitcoin and cryptocurrency payments in the region!
Speaking of adoption in the region, Binance receives the green light for crypto services in Dubai and celebrates it with Burj Khalifa light show.
Without any further ado, let’s spill the beans!
Bahrain: EazyPay Teams Up with Binance Pay to Accept & Enable Crypto Payments
According to EazyPay CEO and founder Nayef Tawfiq Al Alawi, the company has teamed with Binance Pay to facilitate cryptocurrency payments in Bahrain using its online payment platform, EazyPay, which is governed by the Central Bank of Bahrain (CBB).
Local retailers and firms such as Lulu Hypermarket, Sharaf DG, Al Zain Jewelry, and Jasmi's will be able to accept more than 70 cryptocurrencies as payment. Customers can utilize bitcoin as payment through the partnership with Binance, which can be prompted via a QR code from EazyPay's terminal. The codes are then scanned using the Binance App, allowing for near-instant payments in the currency of choice.
Binance Gets Approval for Crypto Services in Dubai
Binance has secured a Minimal Viable Product (MVP) license from Dubai's Virtual Asset Regulatory Authority (VARA), allowing it to provide a variety of virtual asset services to eligible retail and institutional clients. To celebrate that The renowned Burj Khalifa, the world's tallest building, hosted two magnificent Binance light shows. The presentation will involve amazing animation that will illuminate the entire structure, sending thousands of viewers on a voyage via Web3.
This license is a significant step forward after a number of registrations for Binance's local organizations in the MENA region as well as across Europe in Italy, France, and Spain. Furthermore, it demonstrates Binance's ambition to be a regulation-led platform with strong compliance and security standards that prioritize consumer protection and market integrity.
84% of All Blockchain Patent Applications are From China
According to data from China's Ministry of Industry and Information Technology, 84% of all blockchain patent applications worldwide originate there. In 2019, President Xi Jinping urged China to concentrate on blockchain technology, which sparked a surge in patent activity.
As Cointelegraph previously reported, within a year of President Xi Jinping's promotion of the sector, Chinese enterprises have submitted 4,435 blockchain patent applications. From 2015 to June 2021, China submitted around 60% of all blockchain patent applications worldwide, followed by the United States and South Korea. However, China has only approved 19% of the blockchain patents submitted.
Israel Grants First Ever Approval for First Crypto Exchange
According to corporate posts on social media on Sunday, Israeli-based cryptocurrency exchange Bits of Gold became the first cryptocurrency business in the nation to be granted a license by the Capital Markets Authority.
Bits of Gold LTD is a company based in Tel Aviv, specializing in Bitcoin services to the Israeli market. It’s worth mentioning that Israeli authorities have been limiting the use of cash for payments as they work to curb criminal activities and promote the country's shift to digital payments.
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