Connect with us

Business

UAE regulations may lead to crypto payment ban

Announced by the UAE’s Central Bank, the prohibition affects all transactions involving cryptocurrencies as a means of payment for goods and services within the country. This move aims to regulate and mitigate risks associated with digital currencies, citing concerns over consumer protection, money laundering, and the potential for illicit activities.

Published

on

Announced by the UAE’s Central Bank, the prohibition affects all transactions involving cryptocurrencies as a means of payment for goods and services within the country. This move aims to regulate and mitigate risks associated with digital currencies, citing concerns over consumer protection, money laundering, and the potential for illicit activities.

The decision underscores the UAE’s cautious approach towards cryptocurrencies, contrasting with its earlier stance of fostering blockchain innovation and attracting fintech investments. While the country has been supportive of blockchain technology, the Central Bank’s directive reflects growing global scrutiny and regulatory measures aimed at digital currencies.

In response to the ban, businesses and consumers in the UAE are expected to adjust their operations and financial strategies accordingly. The prohibition on crypto payments aligns with broader efforts to safeguard financial stability and maintain regulatory oversight in the face of evolving digital financial landscapes.

The UAE’s regulatory stance on cryptocurrencies is part of a broader trend where governments worldwide grapple with balancing innovation and regulation in the fintech sector. Authorities continue to monitor developments in digital currencies closely, with an emphasis on protecting investors and maintaining the integrity of financial systems.

As the regulatory landscape evolves, stakeholders in the UAE’s financial sector await further guidance and clarification on how the ban will impact existing cryptocurrency holdings and trading activities. The decision is likely to prompt discussions among industry players regarding compliance, risk management, and the future trajectory of digital finance in the region.

In conclusion, the UAE’s implementation of a ban on cryptocurrency payments represents a pivotal regulatory step aimed at addressing emerging challenges in the digital financial ecosystem. The move underscores the country’s commitment to prudently navigating the complexities of digital currencies while fostering a secure and sustainable financial environment.

Business

Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

Published

on

Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

Continue Reading

Business

Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

Published

on

Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

Continue Reading

Business

Hackers are selling counterfeit phones with crypto-stealing malware

Published

on

Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

Continue Reading

Trending

Copyright © 2025 cryptonews.lk