UAE and China Complete Landmark Transaction Using Digital Dirhams

Animoca Brands has secured in-principle approval from the Financial Services Regulatory Authority (FSRA) in Abu Dhabi to establish a fund management business, marking a significant advancement in its regulatory strategy within the UAE's cryptocurrency sector. This approval allows the company to pursue a fund management license, enhancing its operational capabilities in the region.

Recent insights from Versan Aljarrah, founder of Black Swan Capitalist, suggest that China's involvement with Ripple's XRP may be more significant than previously understood, as the country has indirect exposure to the token through various financial channels. This indicates that Ripple's payment infrastructure has been facilitating international transactions, potentially enhancing China's financial operations.

Bitcoin has experienced a significant price drop of over $40,000 in the past six weeks, leading to a negative shift in market structure, according to Jeff Park, CIO at ProCap BTC. He emphasizes that the focus should be on the volatility markets rather than just spot prices, noting a resurgence in implied volatility that resembles earlier Bitcoin market conditions.

Animoca Brands has received in-principle approval from the Financial Services Regulatory Authority in Abu Dhabi to establish a fund management business, marking a significant step in enhancing its regulated operations within the UAE's digital asset sector.

China has re-emerged as the third largest Bitcoin mining hub, capturing a 14% share of the global market, according to a report by Reuters. This resurgence follows a period of regulatory crackdowns that had previously diminished the country's mining activities.