As the crypto scene in Europe has taken a more gloomy turn with the European Parliament, legislative arm of the European Union, has fired back at ”unhosted” private wallets, voting in favor of harsh rigid regulations. On the other hand, adoption levels on the MENA front are growing strongly and steadily as Dubai is intending to regulate crypto mining.
EU Reversed Decision on Crypto
The legislative arm of the European Union, the European Parliament, decides against ”unhosted” private wallets. If approved, the new legislation will see stricter Know Your Customer (KYC) and Anti-Money Laundering (AML) rules for ”unhosted” private wallets, Cointelegraph. Also, any transaction with more than 1,000 euros ($1,100) must be reported to authorities. This move was faced with widespread backlash from the crypto community:
Today, the ?? EU Parliament chose fear over freedom.
— Pascal Gauthier (@_pgauthier) March 31, 2022
A new regulation was just voted on that paves the way for a massive surveillance regime over Europe's financial landscape.
? #thread to understand what lies before us. #Crypto #Bitcoin #blockchain
CoinMENA partners with Beyon Money
Bahrain’s CoinMENA, MENA’s fastest growing crypto exchange, has teamed up with Beyon Money, financial service super app launched in January 2022 by Batelco Financial Services, to provide consumers in Bahrain up to 5% cashback when putting funds into their CoinMENA crypto assets wallets.
With this offer, Beyon Money Classic and Platinum cardholders can receive 3% and 5% cashback, respectively, for using their cards to deposit into their crypto wallets on CoinMENA, according to a statement released by the platform.
Dubai to Regulate Crypto Mining
Dubai World Trade Center Authority has announced that it is legislating the crypto mining sector. Khalifa AlJaziri AlShehhi, Commercial Affairs Regulatory Sector Projects Advisor at the UAE Ministry of Economy and Co-Founder of Dubai Blockchain Centre spoke at the UAE Binance Week event saying:
“We are also developing the guidelines and rules needed to regulate crypto mining within this crypto framework. We are planning on building and regulating the crypto mining industry. Much of the work has been done through Dubai World Trade center Authority as we turn it into a zone for crypto and blockchain regulation.”
BSV Blockchain Establishes Incubator for Saudi Startups
In collaboration with Saudi firm Expert Vision Consulting, BSV Blockchain establishes an incubator for Saudi Arabian companies. In the previous few months, BSV has been expanding its footprint in the MENA region. As lately, UAE Ministry of Human Resources and Emiratization has announced a new partnership with Bitcoin association and BSV Ecosystem aiming to achieve Blockchain integration vision into UAE’s government systems. The Ministry goal is to understand the transformational revolutionary power of blockchain technology.
MetaMask Integrates with ApplePay
In a very essential upgrade, MetaMask, the pioneer crypto wallet which is owned by ConsenSys, released key improvements for iPhone and Apple Pay users that allow people to purchase cryptocurrencies directly through the app using debit or credit cards, eliminating the need to send Ether from a third party to add cash. This of course, this would result in lowering gas fees.
