Bybit, a leading global cryptocurrency exchange, has secured a provisional license from Dubai’s Virtual Asset Regulatory Authority (VARA), marking a significant step towards full licensing as a Virtual Asset Service Provider (VASP) in the region. Since establishing its headquarters in Dubai two years ago, Bybit’s progressive integration into the local market underscores Dubai’s appeal as a burgeoning hub for digital currencies.

Helen Liu, COO of Bybit, praised Dubai’s strategic position and innovation-centric policies for providing vast opportunities for the crypto industry. This development follows Bybit’s acquisition of a preliminary Minimum Viable Product (MVP) license last year, further solidifying its commitment to complying with local regulations and enhancing its service offerings in the Middle East.

Dubai continues to attract major cryptocurrency enterprises with its clear regulatory frameworks, aimed at positioning the city as a global leader in blockchain technology. The recent strengthening of Bybit’s partnership with the Dubai Multi Commodities Centre (DMCC) to an advisory role further demonstrates the city’s dynamic and supportive environment for advancing blockchain and cryptocurrency innovations.

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In the wake of Mi Primer Bitcoin’s three-year anniversary, the El Salvador-based organization announced that it has promoted two of its staff members — Reyna Chicas and Quentin Ehrenmann — to leadership positions.

Chicas, a native Salvadoran who has been with the organization for approximately two years, has quickly ascended through its ranks from teacher to Lead Teacher to a member of the Board of Directors to now the Director of Education. She has shined since the beginning of her time with Mi Primer Bitcoin (MPB), when the organization sent her to Bitcoin Lake in Guatemala for six months to teach in the community. During this past year, she’s been a point person for Mi Primer…

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The closure of a Bitcoin mining facility in the Norwegian town of Hadsel has led to a 20% increase in electricity bills for residents. The mine was shut down after the municipality declined to renew its permit due to noise complaints.

Kryptovault operated the mining facility for 20% of local power company Noranett’s revenue. With the loss of its largest customer, Noranett is raising prices for households to compensate.

Locals had complained for years about noise from the mine’s cooling fans. However, due to the closure, residents are now faced with paying several hundred dollars more per year for electricity.

“When such a large individual customer switches off overnight, it has an impact,”…

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Digital asset investments experienced a significant turnaround, with inflows hitting $436 million after previous outflows of $1.2 billion. This resurgence, spurred by anticipated interest rate cuts hinted by ex-NY Fed President Bill Dudley, marks a shift in investor sentiment. The US led with inflows of $416 million, complemented by substantial investments in Switzerland and Germany, though Canada saw a slight retreat.

Bitcoin dominated the week’s inflows, recouping with $436 million after a series of declines totaling $1.18 billion over 10 days. Conversely, Ethereum faced setbacks, losing $19 million amidst ongoing concerns about its underlying technology’s profitability. Notably, Solana bucked the trend, welcoming a fourth consecutive week of inflows.

Further boosting the sector, blockchain equities garnered $105 million, energized by the launch of new ETFs within the US market. Trading volumes for ETFs remained stable at $8 billion, although this is below the year’s average. This financial rejuvenation reflects a growing confidence in digital currencies as a viable investment amidst evolving economic forecasts.

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