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The UAE continues its involvement in the field of digital currencies as a local company is set to launch the very first cryptocurrency exchange compliant with Shariah legislation. Moving Forward ADAB Solutions, a UAE-based company, is reportedly going to launch the very first cryptocurrency exchange compliant with Shariah law. The project is conveniently called the First Islamic Crypto Exchange (FICE). The cryptocurrency exchange will operate globally, and it intends to further the involvement of Muslims and users of Islamic finance in the cryptocurrency market. Supposedly, this will become the first digital asset exchange which will be carrying out the transactions in accordance with the regulations of Islamic finance. Timur Turzhan, founder and CEO at ADAB solutions, said: Ideas that correspond to the norms of the Shariah are based on the understandable material value, have a clear business strategy, and this allows us to confidently assert that halal projects are incom...

The BlockShow Americas 2018 conference kicked off Monday, Aug. 20 in Las Vegas. The first panel discussion involved a heated debate between proponents of two opposite views of how — and if — blockchain should be regulated and adopted by institutions around the globe. BlockShow is a series of fintech and crypto events, usually held in Singapore and Europe; the previous BlockShow took place in Berlin in the spring of this year. The opening panel, titled “Wall Street vs Crypto,” brought together a number of industry experts to discuss the future potential of cryptocurrencies like Bitcoin ( BTC ), and the importance of regulatory involvement in the crypto sphere. Panelists debated the role of governments and financial institutions in paving the way for a “tsunami of innovation” enabled by blockchain. Moderated by TechCrunch ’s editor-at-large Mike Butcher, the panel was comprised of five experts from the finance and crypto industries, including leading IT analyst and Forbes c...

The interest of Wall Street firms towards opportunities in crypto custody and asset management has continued to increase despite the 80 percent correction the market experienced in 2018. Sanford C. Bernstein & Co. analysts refuted recent reports about the struggle of cryptocurrency exchanges and stated that digital asset trading platforms have been recording solid volumes, generating large revenues. The analysts added that the strong performance of cryptocurrency trading platforms in a bear market or a downtrend led the demand for crypto from Wall Street firms to increase. “As the crypto-asset class seasons and institutional demand builds, there are a plethora of opportunities for traditional firms,” the analysts told Bloomberg. Will Banks Join the Crypto Sector? Already, some of the world’s largest banks including Goldman Sachs and JPMorgan have disclosed their ongoing initiatives to serve clients interested in cryptocurrencies as an asset class. In June, David Solomon, th...

While investors entered this past week expecting for the crypto market to fall further, it has become apparent that the market has temporarily staved off a move lower. Whether this recovery was a result of positive fundamentals or just a “dead cat bounce” remains to be seen. Nonetheless, this week has had its fair share of positive news that will only better this nascent industry’s fundamentals. Network Hashrates Continue To Rise , Despite Questionable Market Conditions Since the start of 2018, the cryptocurrency market has undergone a strong pullback. Contrary to what one may think, the Bitcoin network’s hashrate has continued to see a monumental rise even amidst a bearish market. In fact, Bitcoin’s hashrate has nearly quadrupled in the past eight months, even as Bitcoin fell by upwards of 65% and investors exited the market en-masse. Not only was Bitcoin affected by a runaway influx of hashing power, but the amount of computational power allocated to altcoin networks have ...

New research from Sanford C. Bernstein & Co. suggests that revenue generated by cryptocurrency exchanges could more than double to hit $4 billion in 2018, Bloomberg reports August 17. The report, titled “Crypto Trading — the Next Big Thing is Here?,” argues that the protracted crypto bear market is unlikely to impact the burgeoning revenue generated by exchanges. Moreover, “as the crypto-asset class seasons and institutional demand builds,” traditional financial sector firms — including custodians and asset managers — will find “a plethora of opportunities,” the analysts suggest. Bernstein found that in 2017, the buying and selling of cryptocurrencies generated $1.8 billion in transaction fees alone — equivalent to eight percent of the revenue of traditional exchanges. On the basis of the analysts’ findings, Bloomberg notes that “in terms of segments, only the global cash equities business surpassed crypto trading.” How cryptocurrencies’ average daily traded volume over 3...

Cryptocurrency exchange Coinbase CEO Brian Armstrong said in an August 14 interview with Bloomberg that it was signing up 50,000 users per day in 2017. Speaking at the Bloomberg Players Technology Summit in San Francisco on Tuesday, Armstrong said that the “technology [ Bitcoin ] is going through a series of bubbles and corrections, and each time it does that, it’s at a new plateau.” He added that “people’s expectations are all over the map, but real-world adoption has been going up,” stating that he sees “real world adoption pretty steadily increasing each year.” When asked about his expectations for Initial Coin Offerings (ICOs), Armstrong said that ICOs are “an important innovation in the world” as they provide an opportunity for people around the world to raise funds for new ventures without relying on personal networks of angel investors.  “It’s a huge breakthrough,” he said. While there are legal questions to consider, Armstrong said that he expects the ICO trend to...

Japan’s financial watchdog, the Financial Services Agency (FSA), has published the results of its on-site inspections of cryptocurrency exchange operators, Cointelegraph Japan reports August 10. Based on its findings, the watchdog has decided to apply more rigorous oversight into new applications from exchanges hoping to receive an official operating license . Newly registered exchanges will be required to undergo on-site inspections at an early stage and the agency plans to closely examine the effectiveness of their business models. According to the agency, there are currently “hundreds” of companies awaiting its review. The FSA probe revealed that exchange operators’ maintenance of their internal control systems has failed to keep pace with the rapid growth of transaction volumes, which it partly attributed to the “renaissance” of the crypto markets in fall 2017. According to the investigations, the total digital assets of domestic exchanges surged to 792.8 billion yen ($7.1 ...