Hilton will open 59 more hotels in Saudi Arabia in the next 10 years

Crypto Moves – Bitcoin, Ether up; Binance registers with Italian regulator; Russia allows crypto for international payments

RIYADH: Bitcoin, the leading cryptocurrency internationally, was trading higher on Sunday, down 0.60% to $29,016 at 10:04 a.m. Riyadh time.

Ether, the second most traded cryptocurrency, was priced at $1,781, up 0.88%, according to data from Coindesk.

Binance registers with Italian regulator

Binance said Friday that its legal entity in Italy has registered with the country’s regulator, as the leading cryptocurrency exchange seeks to gain traction in Europe.

Binance Italy’s registration, which was established in recent months, could potentially make the company more responsible and reduce money laundering risks.

Binance said it could now open offices in Italy and expand the local team. The company is one of 14 virtual asset operators to be registered with the Organismo degli Agenti e dei Mediatori, also known as OAM, which regulates the crypto industry in Italy.

The move comes nearly a year after Binance was forced to rollback its product offerings across Europe after being scrutinized by regulators. In Italy, the company had to put an end to its futures and derivatives activities.

Earlier this month, Binance CEO Changpeng Zhao said the company had also registered with the French market regulator. Binance is also looking to register in Switzerland, Sweden, Spain, the Netherlands, Portugal, and Austria.

Russia plans to allow cryptocurrency for international payments

Russia is considering allowing the use of cryptocurrency for international payments, the Interfax news agency said Friday citing a government official.

“The idea of ​​using digital currencies in transactions for international settlements is actively being discussed,” said Ivan Chebeskov, head of the finance ministry’s financial policy department.

Russian officials are wrestling with how to regulate the country’s crypto market and the use of digital currencies, with the finance ministry opposing central bank calls for a blanket ban.

Discussions have been going on for months and although the government expects cryptocurrencies to be legalized sooner or later as a means of payment, no consensus has yet been reached.

The finance ministry plans to add the latest proposal on international payments to an updated version of a bill, the Vedomosti newspaper reported on Friday, citing government officials.

Allowing crypto as a means of settlement for international trade would help counter the impact of Western sanctions, which have seen Russia’s access to traditional cross-border payment mechanisms “limited”, Chebeskov said.

(Contributed by Reuters)

Source link

About Raul T. Casey

Check Also

Zimbabwe: the African sun to beautify hotels

The listed hotel group, African Sun Limited will commit a significant amount of capital in …