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UAE To Launch Free Trade Zone for Crypto Firms
Aimed at attracting global crypto firms, the United Arab Emirates is establishing a ‘free zone’ for digital and virtual asset companies. Dubbed the RAK Digital Assets Oasis (RAK DAO), after Emirate Ras Al Khaimah, the free zone will enable innovation in an non-regulated environment.
“As the world’s first free zone solely dedicated to digital and virtual asset companies, we look forward to supporting the ambitions of entrepreneurs from around the world,” said Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, chairman of the RAK International Corporate Centre, the operator of the new free zone.
The zone hopes to lure service providers in emerging technologies, like the metaverse, blockchain, NFTs and Web3 businesses. Entrepreneurs have 100% ownership of their businesses and have separate taxing and regulatory frameworks.
The RAK DAO is the latest effort by the UAE to compete with Dubai and Abu Dhabi in attracting global crypto and NFT firms.
Binance Chief Claps Back at Forbes
In the wake of FTX’s collapse, Forbes magazine published an article accusing Binance of “shuffling funds.” Yesterday, Binance CEO Changpeng “CZ” Zhao pushed back on Twitter, saying:
“They seem to not understand the basics of how an exchange works. Our users are free to withdraw their assets any time they want.”
Last Feburary, Forbes announced that Binance was making a $200 million investment in the company, saying: “Binance to Help Advise Forbes’ Digital Assets and Web3 Strategy.”
Then in June, CZ told Bloomberg that Binance’s investment is “changing” since Forbes’ public offering fell through.
Urged on Twitter to buy Forbes and “delete it”, CZ responded, “not worth it.”
Metaverse Token, Gamium Up 340%
In just the last 24 hours, after announcing its partnership with Telefonica, Metaverse’s Gamium token (GMM) surged 340%, with a market capitalization of $29 million.
According to an announcement Monday, Gamium will work with Meta and Telefónica on a Metaverse Activation Program to help and scale web3 startups. The startup will be given access to Meta AI’s proprietary technologies and commercial support by Meta and Telefonica.
Meta had previously worked in the web3 space with its subsidiary, Diem, after rebranding its failed Libra Association cryptocurrency.
Last year, Telefonica, Spain’s largest telcom, invested in Bit2Me and enabled crypto payments through the crypto exchange. It also has its own NFT marketplace on the Polygon blockchain.
Market ‘Whale’ Dumps 1,060 NFTs — Largest Ever
A ‘whale’ is a player with a large enough stake to manipulate a market with their trades.
In the last 48 hours, NFT ‘whale’ Machi Big Brother, dumped 1,060 NFTs. The dump totaled $18.6 million and is believed to be the biggest in NFT history.
Then, in a development that left traders stunned, Machi Big Brother bought back 991 NFTs.
Andrew Thurman said he believes Machi Big Brother’s dump reflects “naked market manipulation”, “degeneracy” and even “mental illness”. Thruman believes the dump is linked to the ‘whale’s’ involvement with the Blur marketplace and its free token airdrops and rewards schemes.
To qualify for free tokens, Blur users need to show lots of activity and loyalty by not listing NFTs on other marketplaces. As Blur prepares to airdrop another 300 million $BLUR tokens, you can expect more whale activity to disrupt the NFT market.
Blur’s programs are believed to be a strategy to overtake NFT marketplace leader, Opensea.