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Abu Dhabi Exchange Releases Cryptocurrency Thought Paper

  • Antony Koroid
    📰 News

    ADX presented a technical document that defines the standards for the crypto and distributed ledger infrastructure


Abu Dhabi Exchange Releases Cryptocurrency Thought Paper
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Abu Dhabi Securities Exchange (ADX), with a turnover of $135 billion, presented a technical document that defines the standards for the crypto and distributed ledger infrastructure.

The exchange’s “thought paper” defines technical and operational standards for the issuance of crypto assets. It can greatly facilitate the financial institutions’ operations that are moving from the issuance of ordinary assets to the issuance of more encrypted ones.


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According to ADX’s Executive Director Rashed Al Blooshi, their latest development emerged as a response to the growing Blockchain infrastructure development in the region. He acknowledged that as the transition will move from old to new finance, their regulatory practices would have to be accelerated.

“Financial market infrastructure plays a pivotal role in supporting crypto markets, offering investor protection, preventing market fragmentation, as well as making it possible for financial institutions to provide advanced services in the field of crypto-assets. At ADX, we embrace new and innovative technology and are always looking to capitalize on advances in FinTech; particularly in crypto-assets to optimize the benefits we offer to our investors and stakeholders,” the financier noted.

Digital ledger project’s growth

In Abu Dhabi, there is an increasing number of public and private digital ledger projects in the field of international trade, transport, energy, health, and education. Similar pilot projects are likely to launch their own tokens to attract new investors and prove voting and property rights. At the same time, many of them may be weak and fail after some time. Numerous fallings of such digital projects were the reason for local regulators to pay attention for updating rules since the given unique ways of assets issuing can’t be used in FinTech and DLT areas.

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ADX exchange’s “thought paper” was released in cooperation with Central Securities Depositories. It may be the first important step to ensure maximum protection of investors in the regional crypto assets sector developing.

Emirates Securities and Commodities Authority (ESCA), the area’s local regulator, develops its own ICO regulation rules with the support of an unnamed international organization, which is rumored to be the International Securities Service Association, ISSA.

Earlier in October, the regulator spoke about an interest towards introducing initial coin offering (ICO) for capital markets. ADX is currently developing an ICO trading platform for this initiative.

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Crypto Wonders: Binance Coin (BNB) Hits Its New ATH, Surpassing Its January 2018's Peak

  • Alex Morris
    📰 News

    Binance Coin is so far the second cryptocurrency (after EOS) that managed to rebound after January 2018's drawdown


Crypto Wonders: Binance Coin (BNB) Hits Its New ATH, Surpassing Its January 2018's Peak
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Contents

After surging by more than 14 percent over the last 24 hours, Binance Coin has managed to surpass its previous ATH that was recorded during the peak of the bull market in January 2018, according to the data provided by CoinMarketCap (CMC). The historic rally was triggered by numerous recent developments inside the exchange’s ecosystem.  

Binance Coin, CoinMarketCap
Binance Coin continues to register double-digit gains, image by CoinMarketCap

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BNB makes history

At the time of writing this article, the price of the BNB token is at $24.65, rising above its previous ATH of $24.46 that was recorded on Jan. 12. Hence, Binance Coin, the seventh largest cryptocurrency by market capitalization, becomes only the second asset to reach a new price peak after the crash of the speculation-driven bull market. EOS, which is sitting one spot above BNB on CMC, achieved a similar feat in May 2018.

‘Binance Coin is outpacing the overall crypto market. While Bitcoin is off 75% from its all-time-high, Binance Coin has recovered. There is fundamental growth and synergy taking place that is contributing to the rising price of Binance Coin,’ says BitBull Capital CEO Joe DiPasquale.

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Pumping other coins

On Apr. 18, Binance launched the mainnet of its custom Blockchain Binance Chain. The migration of BNB tokens from Ethereum to Binance Chain is scheduled to take place on Apr. 23. This is going to be the second largest token swap in history.

Binance, which is now completed with Ethereum, has already on-boarded some Blockchain projects, including Mithril (MITH) that experienced a 70 percent price pump after its launch on Binance Chain.

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