News Roundup — Middle East Regulatory Clarity Drives Crypto Industry Growth

Major news stories this week;

1. Middle East regulatory clarity drives crypto industry growth — Binance FZE head
2. Stablecoins on Bitcoin? Lightning Labs Aims to 'Bitcoinize the Dollar'
3. Attorney General James Sues Cryptocurrency Companies Gemini, Genesis, and DCG for Defrauding Investors
4. Saudi Central Bank urges IMF to address crypto-related risks
5. ECB officials move to ‘preparation phase’ for digital euro

Story Summaries;

1. Major cryptocurrency exchanges and businesses are being lured to a proverbial crypto oasis around the Persian Gulf, according to Binance FZE’s general manager. Alex Chehade, who heads Binance’s local operation in Dubai, tells Cointelegraph reporter Ezra Reguerra that progressive regulatory frameworks in the region are a major drawcard for startups and established industry players
2. Lightning Labs, one of the main companies working on Bitcoin’s layer-2 Lightning Network, released “Taproot Assets” on mainnet Wednesday, allowing for the issuance of stablecoins and other financial assets on the Bitcoin blockchain. According to the press release, the new set of developer tools will allow for Bitcoin to become a multi-asset network, taking the protocol to the next financial level.
3. The lawsuit also charges Genesis, its former CEO Soichiro Moro, its parent company, DCG, and DCG’s CEO Barry Silbert with defrauding investors and the public by trying to conceal more than $1.1 billion in losses, which were borne by investors. As a result of these misleading claims and deceptions, thousands of investors lost millions of dollars and, in some instances, lost their lifesavings.
4. Ayman Alsayari, the governor of the Saudi Central Bank (SAMA), is encouraging the International Monetary Fund (IMF) to regulate cryptocurrency. According to Saudi Gazette, the G20 Roadmap — unveiled at the G20 Finance Ministers and Central Bank Governors (FMCBG) — includes enhanced regulation of cryptocurrency activities.
5. The governing council of the European Central Bank (ECB) has announced it will begin the ”preparation phase” for the digital euro project following a two-year investigation. The preparation phase, as the ECB refers to it, will last two years and focus on finalizing rules for the digital currency, as well as selecting possible issuers.

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And that’s all for last week’s news! Wishing you a great week ahead!

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