For Fidelity Investments, the bear market experienced by cryptocurrencies in 2022 will allow the industry to renew itself, refocus and develop new fundamentals for digital assets. This and more news in this handy daily summary so that you are always informed with the most recent events that occur within the crypto world.
Cryptocurrencies may refocus and develop new fundamentals this year
📍According to investment firm Fidelity Investments, the cryptocurrency industry has great opportunities in 2023. In its “2023 Look Ahead” report, Fidelity Investments discussed the major developments and developments that the cryptocurrency industry experienced last year and how it can channel these events into new opportunities to boost its growth and development.
Jack Neureuter, a research analyst at the firm, highlighted the most important points included in the aforementioned report on his Twitter account. Among them, Neureuter pointed out that despite losing a significant part of their capitalization, cryptocurrencies such as Bitcoin continued to transfer billions of dollars in a decentralized and transparent way around the world.
Likewise, Ethereum achieved an important milestone by migrating its network to the Proof of Stake protocol and is taking important steps to consolidate the arrival of the Shanghai update and, with it, the withdrawals of validator ether.
Genesis and Gemini establish an agreement
📍Genesis Global and Gemini have reached an agreement in bankruptcy court. According to Gemini co-founder Cameron Winklevoss, the two companies have reached an agreement on the terms of Genesis' restructuring, which is intended to repair the damage caused to its customers and creditors.
The liquidation of its loan book and the sale of bankrupt entities by Genesis Global, a subsidiary of Digital Currency Group (DCG), are part of the agreement announced. Also the refinancing of two of the loans generated by Genesis Global to its parent company DCG and the liquidation of the 10-year promissory note that the company gave to Genesis after the collapse of Three Arrows Capital.
Winklevoss reported that Gemini will also add $100 million to its Gemini Earn rewards program. The new funds will be used to compensate losses incurred by users and investors who participate in this program.
It should be noted that Genesis Global and Gemini entered into dispute last year. Winklevoss claims Genesis owes more than $760 million, while Gemini claims Genesis owes more than $XNUMX million. Genesis declared bankruptcy last month with a debt of nearly $3.000 billion.
New regulations coming for the crypto industry in Dubai
📍Dubai's Virtual Asset Regulatory Authority (VARA) has issued new regulations for cryptocurrency service providers. According to local media reports, Dubai will require cryptocurrency service providers to have a license issued by the financial authority to legally operate within its territory.
Among the new regulations, the ban on the issuance of cryptocurrencies or privacy coins is also announced, as well as the establishment of new marketing and advertising regulations for crypto assets. All these measures seek to ensure that the crypto industry in Dubai develops responsibly to guarantee the safety and protection of its investors and participants.
On Twitter, cryptocurrency and Web3 lawyer Irina Heaver highlighted that overall the new regulations announced are positive for the crypto ecosystem. “Regulatory certainty is a good thing for entrepreneurs, consumers, and Dubai,” said Heaver.
Continue reading: Sberbank's DeFi platform will start open operations at the end of April
IMPORTANT: The content of this article is for informational purposes only and, in no case, what is written here should be taken as investment advice or recommendations. Bit2Me News reminds you that before making any investment you should educate yourself and know where you invest your money, as well as the pros and cons of the system. We separate ourselves from the actions and consequences that ignorance may entail. If you decide to invest in this or another asset class, you are solely responsible for the consequences that your decisions and actions may have.
