GALA token update, UAE Coinbase’s new headquarters, Russia | Weekly Updates

Major businesses like Tesla and PayPal are already accepting Bitcoin as payment, demonstrating how widely cryptocurrencies are being used. Regulator ambiguity and the effects of cryptocurrency mining on the environment continue to cause worry.

Digital art and collectibles are selling for millions of dollars thanks to NFTs (non-fungible tokens), which are also growing in popularity. As many NFTs are based on the Ethereum network, which at the moment needs a lot of energy for mining, there are worries about the environmental effect of NFTs as well.

Overall, the cryptocurrency market is still unstable yet it still draws widespread attention and adoption.

Russia issued one billion ruble worth of digital assets in one month

Local media reports that platforms authorized by the Russian government delivered digital assets in April valued at one billion rubles. Due to their difficulty obtaining traditional financial backing, Russian enterprises are said to be experimenting with novel financial instruments, which has led to growth in volume.

Seven placements of digital financial assets (DFAs) totaling more than 1 billion rubles ($13 million) were reportedly made in Russia last month, according to The Kommersant. According to specialists quoted by Business Daily, substantial initiatives may be expected by the end of this year, even though this market is now very minor.

UAE is one prospective location for Coinbase’s global headquarters

The United Arab Emirates (UAE) captured the interest of a powerful player in the cryptocurrency sector once more. The CEO of Coinbase, Brian Armstrong, voiced hope for the potential of the nation’s adoption of cryptocurrencies.

In his tweet, Brian identified the UAE as a country with clear cryptocurrency regulations that benefit both users and business suppliers. The leadership team of cryptocurrency exchange Coinbase is in the United Arab Emirates to meet with various “policymakers, regulators, partners, web3/crypto founders, and clients”.

National Blockchain Policy has been adopted in Nigeria

The recent approval of a blockchain adoption plan by the Nigerian government is reportedly a key step that would “add clarity, trust, and confidence in the [blockchain] ecosystem.” An important step has been taken towards “some form of legitimacy” for a technology that many Nigerians still only identify with cryptocurrencies with the publishing of the adoption strategy paper.

Supporters of the technology have lauded the Nigerian government’s recent approval of a blockchain adoption plan as “a significant milestone for the blockchain industry in Nigeria.” Advocates have added that the government’s publication of the strategy paper gives a system that many people still mistake for Bitcoin “some form of legitimacy.”

Coinbase requests that the SEC alter its RIA custody rule

The Securities and Exchange Commission (SEC)’s proposed regulation on registered investment advisers’ (RIAs’) requirements to keep client funds with qualified custodians has been modified in several ways, according to the general counsel of Coinbase.

Although the SEC has designated Coinbase Custody Trust Company as a “qualified custodian,” Coinbase contends that the modified RIA custody regulation unfairly singles out cryptocurrencies and is founded on false assumptions about the custodial practices for securities. The chief legal officer of Coinbase, Paul Grewal, stated on May 8 that other asset classes, such as cryptocurrencies, are not sufficiently protected by the proposed SEC regulation.

Binance intends to move to the UK

Patrick Hillmann, chief strategy officer of Binance, claims that the regulatory environment in the US is now “very difficult” for commercial operations.

Binance asserted that the United Kingdom (UK) is its top goal for cryptocurrencies above the United States (US) since it has grown more challenging to resist the Biden government. Patrick Hillman, the chief strategy officer of Binance, said that the last six months have been perplexing and difficult for US businesses during a digital asset event that was taking place in London.

GALA V2 receives support from Binance while being rejected by Coinbase

There will soon be a huge contract upgrade affecting the whole Gala Games ecosystem, during which holders will get brand-new $GALA V2 tokens in exchange for all current $GALA. While the largest cryptocurrency exchange in the world, Binance, chose to support the $Gala (GALA) contract swap, Coinbase elected not to.

The press release states that Binance will offer contract swapping on the Ethereum (ERC20) network. It also said that deposits and withdrawals of the previous GALA token will no longer be processed by the Ethereum (ERC20) network.

A National Blockchain Research Centre is Established in China

The National Blockchain Technology Innovation Centre in Beijing officially opened its doors on May 10 after being announced in February.

Growing Chinese participation in cryptocurrencies and blockchain technologies has lately attracted considerable attention. China established a national blockchain research center, which went into operation on Wednesday, to further solidify its position.

I am Vishal. I post articles about the cryptocurrency markets. I'm pursuing a BBA degree. My home is in Navi Mumbai, Maharashtra.I'm constantly interested in new advancements in this industry and I learn something new about it every day. I would love to share such information with you all.

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