Crypto News Recap: Dubai’s VARA Grants FTX’s Subsidiary FZE MVP License

Published July 31st, 2022 - 06:26 GMT
Crypto News Recap: Dubai’s VARA Grants FTX’s Subsidiary FZE MVP License
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Highlights
Here is your top crypto news from last week without any further ado!

Crypto prices soar like the temperatures in GCC with Bitcoin eyeing $24K and signaling fear sentiment ending and investors unfazed in the face of the US Federal Reserve's decision on Wednesday that interest rates would be increased by an additional 75 basis points to fight inflation, in the steepest hike since 1994.

Elsewhere in the crypto world, FTX subsidiary FZE secures first license from VARA. Also, Dubai Forms Higher Committee for Future Technology and Digital Economy in line with the launch of the Dubai Metaverse Strategy.

Here is your top crypto news from last week without any further ado!

Dubai’s VARA Grants FTX’s Subsidiary FZE MVP License

The first Minimal Viable Product (MVP) license for Dubai was given to FZE, a division of the cryptocurrency exchange FTX, on Friday, enabling full operation of the exchange in the area.

FTX Exchange FZE said that it has been given permission to join Dubai's "Minimum Viable Product" (MVP) program for virtual assets, which is run by the Virtual Asset Regulatory Authority, the only dedicated regulatory body in the world for this industry (VARA). The first Virtual Asset Service Provider (VASP) to get this MVP licence to run its Virtual Asset (VA) Exchange and Clearing House services in Dubai, United Arab Emirates, is FTX Exchange FZE (FTX), a subsidiary of FTX Europe. 

The ‘Merge’ Upgrade Date, Confirmed by Lead Ethereum Developer

Leading Ethereum developer Tim Beiko disclosed on Thursday that the long-awaited Merge and switch to proof-of-stake for Ethereum will take place between August 6 and 12. 

The Ethereum network is currently nearing the end of its major update, which has been on the schedule since late 2020 but has been repeatedly delayed. The official Merge is scheduled for September 19, however if there are problems with the Goerli testnet, it may be postponed further. With the launch of the Beacon chain in December 2020, Phase 0 of the three-phase process began, ushering in the shift to PoS. Phase 1, which is now underway, was supposed to be finished by 2021. But because of various setbacks and unfinished business on the part of the developers, it is anticipated to be concluded by the third week of September. By the end of 2023, the transition's last stage should be finished.

Dubai Forms Higher Committee for Future Technology and Digital Economy

The Dubai Government has established the Higher Committee for Future Technology and Digital Economy in accordance with His Highness Sheikh Mohammed bin Rashid Al Maktoum's directives to transform Dubai into a major international economic hub and in keeping with the unveiling of the Dubai Metaverse Strategy by H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council.

The Higher Committee, presided over by the Crown Prince of Dubai, wants to invest in the metaverse and forge alliances to advance Dubai's digital economy while also influencing the future of artificial intelligence (AI).


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