By allowing virtual banks, Thailand seeks to boost competition and economic growth.
Virtual Currencies News
A virtual currency is an unregulated currency that is stored in and exchanged across networks, software and apps specifically designed for it. Virtual currency’s value is mainly influenced by the sentiment of market participants.
There are many types of virtual currencies, and they can be categorized as centralized or decentralized. Centralized virtual currencies are those made by governments or entities that fully control the ecosystem and the economy. For instance, the form of centralized digital currency known as central bank digital currency (CBDC) and the XRP cryptocurrency are centralized virtual currencies.
On the other hand, a decentralized currency mainly refers to cryptocurrencies that lack a central administrator or third-party intermediary. Instead, the transactions of a decentralized virtual currency are authenticated by a distributed system called a blockchain network. For example, Bitcoin, Litecoin and Dai are decentralized blockchain systems allowing more transparency between parties over the peer-to-peer network.
FIFA Points is an example of gaming currencies and is a virtual currency used in the FIFA Ultimate Team game mode of FIFA video games to buy FUT Packs and FUT Draft tickets and to trade players. Similarly, flight points such as air miles can be a form of virtual currency that may be used to pay for flights and travel-related extras. Additionally, gambling tokens used in the place of money for coin-operated arcade games, which generally have no value outside the slot machines, may also be considered virtual currencies. So, not all virtual currencies are cryptocurrencies, but all cryptocurrencies are digital currencies.
Starting in 2023, the companies will have to obtain a new type of license to operate with crypto in the state.4143
The new legislation will bring a licensing regime for the virtual asset service providers requiring them to pass strict AML and money laundering guidelines.4723
Those looking to earn passive income in the metaverse have several available options, but how profitable and durable these are isn’t yet clear.46027
Financial Secretary Paul Chan highlighted the importance of being “steady and cautious” when promoting the development of the virtual asset industry in Hong Kong.12294
Crypto can act as protection against inflation, but not until it establishes its fundamentals and achieves mass adoption.11919
Crypto adoption should be about more than speculative trading outside of your regular bank account.11187
Crypto service providers must fulfill seven conditions that include being constituted in the form of a company with a minimum capital of roughly $52,725, or 50,000 euros.5858
The Sheikh said the regulator will have authority in Dubai's special development zones and free zones with the exception of the Dubai International Financial Centre.7511
The new policy change aims to mitigate risks arising from digital currency fundraising and the absorption of funds from the public.2747
The world’s sixth-largest cryptocurrency exchange by volume is making its move into the metaverse.11544
As a part of the 2023-2026 strategy, CBUAE intends to be among the world's top 10 regulators.6272
Students in a South Korean college are earning crypto mined from the energy generated from their excrement.4812
A business that aims to accelerate the adoption of Bitcoin has become the first publicly listed Lightning Network company.7524
Three associations outlined four issues related to crypto investment, beginning with a call for their members to understand the nature of digital currencies.29272