Dubai Approves Virtual Assets Law, South Korea Gets Crypto-Friendly President; Bitcoin, Ethereum Slip

On Wednesday, Dubai introduced its first virtual asset regulations. With this, Dubai has joined the list of regions-- such as Singapore, the US, the UK, and El Salvador, where regulations on cryptocurrencies have been rolled out. Sheikh Mohammed Bin Rashid, the ruler of Dubai, announced on Twitter that the emirate has enacted its first law governing virtual assets and has also formed an independent regulator to regulate the cryptocurrency sector. 

"Today, we approved the virtual assets law and established the Dubai Virtual Assets Regulatory Authority. a step that establishes the UAE’s position in this sector. The Authority will cooperate with all related entities to ensure maximum transparency and security for investors," he tweeted. 

Meanwhile, in South Korea, Conservative Party candidate Yoon Suk-Yeol has won the presidential election and will become the country's next president. According to the Associated Press (AP), Yoon is a former prosecutor who promised to deregulate the crypto industry. In the very closely fought election, Yoon beat his opponent, Lee Jae-myung of the ruling Liberal Party, by less than one percentage point. Both candidates have made crypto-friendly announcements to woo young voters. 

In the cryptocurrency market, the price of Bitcoin (BTC) was down by 7.09 per cent in the last 24 hours, while it was trading at $39,173.35 at 3:00 pm IST. At present, it is dominating the crypto market by 42.58 per cent, which is down by 0.71 per cent in the last 24 hours, according to Coinmarketcap.com.

In the last 24 hours, Ethereum (ETH) fell 6.03 per cent and was trading at $2,594.01, whereas Binance Coin (BNB) fell 4.51 per cent over the same period and was trading at $376.48. Solana (SOL) was down by 6.91 per cent at $82.73 and Cardano (ADA) was down by 4.93 per cent at $0.8066. 

Coins Of Meme

Among meme coins, Dogecoin was down 5.81 per cent and was trading at $0.1164 at 3:00 pm on Coinmarketcap.com. Rival Shiba Inu was down 6.28 percent in the last 24 hours and was trading at $0.00002284. Dogelon Mars was down 5.30 per cent and was trading at $0.0000007087, while Samoyedcoin fell 4.80 per cent in the last 24 hours and was trading at $0.01889.

Overall Scenario

In the last 24 hours, the global crypto market decreased 5.36 per cent with a market capitalization at $1.75 trillion, while the total crypto market volume was $93.88 billion, up by 2.41 percent.

Kawakami (KAWA) became the biggest gainer, recording a rise of 743.1 percent. It was trading at $0.00000181 at 3:00 pm, as per Coinmarketcap data. In contrast, The Spook Inu (SINU) witnessed maximum loss, falling 100 per cent and was trading at $0.0000000002758, shows Coinmarketcap data.