Wisly Wednesday Industry News — 11 May 2022
May is rolling along quite nicely, and with all the Mother’s Day celebrations done and dusted, it’s been another eventful week in the world of crypto. Indian crypto firms consider moving to UAE; Madonna launches new NFT; Ukraine government launches new crypto trading platform; and El Salvador buys 500 Bitcoin amid market slump.
Indian crypto firms consider moving to UAE
Reports from the UAE have revealed that a whole host of Indian blockchain startups are planning to shift operations to the Middle East region — due to its favourable laws and innovation with blockchain technology.
Crypto policies in India have become increasingly restrictive, and crypto entrepreneurs now want to set up shop in the UAE, where the environment is more conducive to their activities. It is said that at least three crypto firms from India — including DigitX, CGCX, and PCEX — are looking to move their operations to Dubai.
Both Dubai and Abu Dhabi are spearheading efforts to make the UAE the crypto capital of the world — easily offering trading licences to crypto firms like Binance, FTX and Bybit in recent times. Aside from the clear crypto regulations, Dubai also has a zero tax policy for personal income — something that appeals to crypto enthusiasts globally.
Leading Indian crypto analyst — Jitendra Kale — was enthusiastic about the move saying, “Indian crypto community plans to expand its footprint in the Middle East as Dubai is at [the] forefront of crypto-related activities. Dubai has been encouraging the growth of the crypto sector by creating a regulatory environment to attract crypto businesses and talent to the city. Additionally, Dubai has no personal income tax. There is zero tax on any gains, including gains on Cryptocurrency. It also means there is no need for extensive record keeping and filing. Entrepreneurs say it has advantages such as networking opportunities, no restrictions on innovation, access to global opportunities, and resources that outweigh the cost of living in Dubai.”
This is fantastic news for crypto exchanges globally who are finding local crypto laws restrictive and want to operate freely. Wisly will keep you in the loop with the latest news on this.
Madonna launches NFT collection
Evergreen music icon Madonna has collaborated with the world-renowned digital artist Beeple to launch a three-NFT collection dubbed Mother of Creation. Madonna is no stranger to the world of NFTs, with her Twitter profile picture featuring an image of the Bored Ape Yacht Club NFT.
Madonna joins other famous artists like Nirvana, Ice Cube, David Bowie, and Snoop Dogg, who have all entered the highly-lucrative NFT space in recent times. In an announcement on Twitter, Madonna revealed the new NFT collection that will be up for auction on the SuperRare NFT marketplace today, 11 May, at 15.00 PST.
Madonna also revealed that all proceeds from the auction with benefit The Voices of Children Foundation, The City of Joy, and Black Mama’s Bail Out. Madonna said that she has been working with Beeple on the project for the past year and created something “utterly connected to the idea of creation and motherhood.”
A proud Madonna said, “Using the opening of each video is essentially me giving birth, whether I’m sitting on a tank in a post-apocalyptic city or I’m in a hospital bed in a very sterile laboratory environment, I’m doing what women have been doing since the beginning of time, which is giving birth.”
Wisly will keep you updated on the latest with this story.
Ukraine government launches new crypto trading platform
On Monday, the President of Ukraine — Volodymyr Zelenskyy — announced that the country had launched a new crypto fundraising platform called United24, with donations from over 100 cryptocurrencies being accepted.
The usual suspects like Bitcoin, Ethereum, and Binance Coin are on the list as well as a string of popular altcoins. Amidst the conflict in the country, this new initiative will allow donors to choose where to allocate their donations — much different from other fundraising efforts since the Russian military came to the scene.
There are currently three focus areas for the donations — defence and demining, humanitarian medical care, and reconstruction of damaged property and assets. A defiant Zelenskyy said, “Everyone can donate in one click from any country. Anybody may participate: concerned individuals, entrepreneurs, and large technology corporations. We fight with the enemy every day for the values of freedom and democracy. United24 is to become a digital service that will unite the entire civilized world in supporting Ukraine.”
This new platform will make crypto donations to Ukraine’s cause much easier and help the country to stabilise economically. Donors will receive weekly reports on how the donations have been spent — enhancing efficiency and transparency in the distribution of donations.
Wisly will keep you informed of the latest developments on this story.
El Salvador buys 500 Bitcoin amid market slump
With Bitcoin slumping to dramatic lows in the last week, El Salvador has decided to buy the dip again. President of El Salvador — Nayib Bukele — announced on Twitter that the nation had got its hands on 500 Bitcoin at an average price of $30,744.
El Salvador became the first country in history to adopt Bitcoin as legal tender and has taken full advantage of the sharp drop in BTC’s price. This is the lowest price that the country has bought Bitcoin for and marks the biggest single purchase of BTC by El Salvador.
The nation’s current holdings stand at 2,301 Bitcoin, with a value of around $72 million at today’s price. Since making BTC legal in the country, El Salvador had continually bought BTC when its value was favourable — with this being the tenth crypto purchase. The country previously bought 410 BTC in January at an average price of $36,585 — making the most recent purchase even more enticing.
While organisations like the International Monetary Fund (IMF) have lambasted El Salvador for its adoption of BTC as legal tender, officials in the country are confident that they will have the last laugh.
It remains to be seen whether this latest purchase will bear fruit, and Wisly will keep you posted on the latest on this story.