RIYADH (Parliament Politics Magazine) – As of 8:00 a.m. Riyadh time on Monday, Bitcoin, the most popular cryptocurrency globally, was down 2.26 percent at $21,890.45.
The data from Coindesk states the price of Ethereum, which is the second most traded cryptocurrency, was $1,522.03 after falling 2.49 percent.
Financial watchdog in Taiwan issued a warning against using credit cards for crypto transactions.
According to a post on UDN’s website, Bitcoin.com, the Taiwanese Financial Supervisory Commission has instructed banks and credit card providers to forbid the use of credit cards to purchase cryptocurrency.
Due to the most recent decline in the value of cryptocurrencies, the financial authority also labels virtual assets as being highly speculative, exceedingly volatile, and a source of money laundering risks.
Earlier in July, the FSC made the request in a letter to the Taiwanese Bankers Association, according to sources within the sector.
The story also stated that the authorities at first neither confirmed nor denied the news. The company acknowledged to Forkast that it had requested that credit card companies remove cryptocurrency service providers from their merchant lists.
The commission mandated credit cards be used for consumption rather than investing and speculation and demanded card acquirers to comply with the new regulations within three months.
The FSC also reminded individuals of an earlier requirement that prohibits using credit cards to pay for stock, futures, and option transactions.
Taiwan’s cryptocurrency industry is still largely uncontrolled despite the implementation of new anti-money laundering legislation for service providers last summer. According to Bitcoin.com, the country’s central bank has not yet finalised a project involving digital currency.
VARA grants provisional approval to Huobi
The Dubai Virtual Assets Regulatory Authority has granted Huobi, an Asian cryptocurrency-exchange provisional approval to conduct business in Dubai, Houbi announced. The statement said that Huobi’s entity in the UAE can now provide the entire spectrum of virtual asset exchange goods and services because of this approval.
A cryptocurrency exchange, meanwhile, announced it will cater to what it refers to as professional investors. There will be a limited fraction of pre-qualified investors and financial service providers who can access spot and over-the-counter trading services.
Huobi added that receiving the temporary licence will open the door for the exchange to set up regional headquarters in Dubai.
