RIYADH: Bitcoin, the leading cryptocurrency internationally, traded lower on Monday, down 0.94 percent to $42,274 as of 09:00 a.m. Riyadh time.
Ether, the second most traded cryptocurrency, was priced at $3,183, down 1.94 percent, according to data from Coindesk.
Football star Messi seals $20m crypto deal: Crypto Moves
Argentine football star, Lionel Messi, has joined digital fan token creator Socios.com as its global brand ambassador, over the next three years under a $20 million deal.
This deal does not include cryptocurrency payments to Messi, according to thenationalnews.com.
Messi, whose move from Barcelona in August included a cryptocurrency payment, will be involved in a publicity and promotion campaign for Socios in the build-up to the Qatar World Cup, which starts in November, Reuters reported.
He becomes the latest athlete to enter the crypto world, after NFL quarterback Tom Brady and NBA star LeBron James.
“Since I played my first professional game, the passion of the fans has been a driving force that has helped inspire me to be my very best. Fans deserve to be recognised for their support. They deserve opportunities to influence the teams they love,” Messi said.
He added: “Socios.com exists to enhance the fan experience, to enable fans to ‘be more’. I’m proud to join its mission to create a more connected and rewarding future for fans around the world.”
Dubai issues digital assests law
Dubai, one of the UAE's seven emirates and the region's trade hub, in March issued its first digital assets law, and formed the Virtual Asset Regulatory Authority.
It recently licensed Binance and fellow global heavyweight FTX Europe, while companies such as crypto.com are setting up offices in the country.
“By introducing this new, crypto-specific, regulatory body, Dubai continues to position itself as one of the most attractive jurisdictions for digital assets related businesses. It will continue to attract talent and investment associated to the industry, Jaime Baeza, CEO of ANB Investments — the crypto hedge fund — said.
Baeza added: “Any individual or company wishing to offer certain services, such as exchange or custody related to virtual assets will require a license granted by VARA, and will be supervised by it. Among others, FTX and Binance have already been granted licenses.”
“This is a very positive step for the overall industry, and Dubai’s progressive leadership will likely pave the way for other jurisdictions such as the US to take a similar approach.”
India to prepare FAQ for crypto taxation
The Government of India is working on an FAQ on the taxation of cryptocurrencies, which is expected to clarify the applicability of income tax and GST on virtual digital assets.
According to a Press Trust of India report, this FAQ is being formulated by the Department of Economic Affairs, Reserve Bank of India, and Revenue Department.
Former Citi executives form crypto-focused investment firm
A trio of former Citi executives has set up Motus Capital Management, a crypto-focused investment firm to help clients bet on digital assets.
The company was established by Alex Kriete, Greg Girasole, and Frank Cavall.
While Kriete and Girasole were previously co-heads of Citi’s digital assets group, Cavallo was a director and investment counselor.