Daily Crypto News 24 September
The Dubai World Trade Centre Authority (DWTCA) announced the signing of an agreement with the Securities and Commodities Authority (SCA) of the United Arab Emirates to facilitate the regulation and trading of crypto assets within the DWTCA free zone. The new effort creates a structure that allows the DWTCA to provide the appropriate approvals and licenses for cryptocurrencies-related financial activity. The SCA will also oversee important crypto-related initiatives as part of the accord. The new project, according to Al Suwaidi, is in accordance with the DWTCA's goal to expand its services as a free zone and embrace emerging technologies like nonfungible tokens. “As Dubai pursues an innovation-driven and digital-led economy, the DWTCA is eager to assist enterprises that are based on blockchain and cryptography technologies,” he added.
In reaction to the Basel Committee on Banking Supervision's (BCBS) proposal to impose strict capital requirements for banks holding crypto assets on their books, nine banking industry organisations have written to the BCBS. The BCBS produced a consultation document in June this year that assigned Bitcoin a 1,250% risk weight (BTC). The derivatives groups ISDA and FIA, the Institute of International Finance, AFME, and the Chamber of Digital Commerce warned that the BCBS' proposed prudential framework would create "substantial barriers to regulated bank participation in cryptoasset markets." They claimed that "some parts of the proposal render bank participation in the cryptoasset market cost prohibitive from a capital standpoint."
Kayvon Thibodeaux, a probable first-round choice in the 2022 NFL draft, has partnered with Rally, a social token platform, to establish his own cryptocurrency. Thibodeax follows UCLA basketballer Jaylen Clark, who is also partnering with Rally, as the second college athlete to establish their own cryptocurrency. Thibodeax previously partnered with Nike founder Phil Knight and legendary sneaker designer Tinker Hatfield in a non-fungible token (NFT) transaction in July. Thibodeax is especially enthusiastic about the partnership's community component, describing it as "more of an investment in my fans and our community rather than just putting money into cryptocurrency.”
TIME magazine debuted in the NFT industry, with a collection that did not go as planned on Thursday. Not only did the collection of 4,676 NFTs sell out in under a minute, but users also had to pay 9,000 gwei in gas for a quick transaction. There were approximately 700 NFT holders when the minting was completed. Anish Agnihotri, a Paradigm researcher, claimed that bots were involved. On Twitter, Agnihotri stated, “Any NFT drop that is First Come First Serve is sure that bots will join and drive the auctions gas fees in high levels.” “Adding more on-chain or off-chain data only makes botting easier.”