Abu Dhabi Seeks Comments On NFT Rules; UK’s Tightens Noose On Cryptocurrency Ads

A recent consultation paper by the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) expressed the intention to bring ‘virtual assets’ like non-fungible-tokens (NFTs) under it in the near future. The paper was seeking views on significant enhancements to its capital markets regulatory framework. Read more to know about Dubai, another Emirate in the UAE, taking on virtual asset regulation.

Meanwhile, the UK's Advertising Standards Authority (ASA) has issued an enforcement notice to over 50 companies, including Coinbase, Crypto.com and others that came out with crypto advertisements in the UK. Read here more about India’s crypto advertisement stance.

The global crypto market cap increased by 3.5 per cent to $1.91 trillion at 8.51 am. The global crypto volume too increased by 15.24 per cent to $92.61 billion, as per Coinmarketcap data. 

“Overall, the market is in the green. However, this short-term bullish trend might not persist due to the uncertainties across the globe,” says Gaurav Dahake, CEO and founder, Bitbns.

Cryptocurrency Prices

Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $42,144.19, higher by 3.69 per cent in the last 24 hours.

Ethereum (ETH), the second-largest cryptocurrency by market capitalisation, was also trading higher by 4.62 per cent at $2,973.71.

Among other major coins, Cardano (ADA) was up by 6.93 per cent at $0.9276, Algorand (ALGO) by 10.86 per cent at $0.8189, Binance Coin (BNB) by 4.61 per cent at $404.15, Solana (SOL) rose 4.25 per cent at $91.06, and Polkadot (DOT) was also trading higher by 4.82 per cent at $19.48.

Today’s top gainer was Blockius (BLOS), which was up by 3781.15 per cent at $0.5181. The top loser was Web 3 Development (3WEB), which was down by 87.43 per cent at $0.002379.

Meme Coin And DeFi Prices

Dogecoin (DOGE) was up by 2.51 per cent at $0.1216. Its volume to market cap ratio stands at 0.02869. Rival Shiba Inu (SHIB) also rose by 4.28 per cent at $0.00002351.

Dogelon Mars (ELON) was trading with a gain of 3.25 per cent at $0.0000007216. Floki Inu (FLOKI) was also up by 6.66 per cent at $0.00003013, while Samoyed Coin (SAMO) gained 0.1 per cent at $0.01684.

In the DeFi segment, YFI (yearn.finance) was trading with a gain of 4.98 per cent at $20,892.12. Terra (LUNA) was up by 2.67 per cent at $96.00, Avalanche (AVAX) gained 4.69 per cent to $88.96, Uniswap (UNI) was up 5.96 per cent to trade at $9.78, and Aave (AAVE) lost 6.93 per cent to $159.42.

Latest Updates

The FSRA consultation paper has highlighted that it seeks comments from critical stakeholders and certainly “is not proposing to establish a formal regulatory framework for NFTs” at the moment. Emmanuel Givanakis, CEO of Abu Dhabi Global Market (ADGM), said in an interview with Coindesk, “At this stage, (what) we're trying to do is it to bring them into our ecosystem gradually.”

The UK's ASA notice is regarding companies not following the new crypto advertising regulations. The companies have been given till May 2 to adhere to the new rules. Failing this, the defaulting companies will be reported to the Financial Conduct Authority (FCA) of the UK. “This is a ‘red alert’ priority issue for us, and we’ve recently banned several crypto ads for misleading consumers and for being socially irresponsible,” said ASA, reported Coindesk.