By Kapil Rajyaguru
UAE Central Bank Approves AED Stablecoin.
The UAE Central Bank approved an AED stablecoin in concept. This is a major crypto acceptance step for the nation. It will transform UAE finance and encourage blockchain adoption.
AED Stablecoin LLC received clearance to produce AE Coin. Under the “Payment Token Services Regulation” circular. First regulated stablecoin in UAE is AE Coin.
AE Coin uses fast blockchain and reliable fiat money. Each coin has UAE Dirham backing. This makes paying secure and fast. It will increase UAE crypto adoption.
South Africa’s Tax Agency Adds Crypto to Compliance Programs.
Crypto assets will be included in SARS’ tax compliance programmes. SARS wants crypto user data and is more aggressively auditing non-compliant taxpayers.
The revenue collector advised taxpayers worried about compliance to join the Voluntary Disclosure Program, although those under audit are disqualified. SARS has warned against deliberate tax avoidance and pledged to pursue all non-compliant taxpayers.
Australia’s First Spot Ether ETF to Go Live on Tuesday.
On Tuesday, Monochrome will launch Australia’s first spot ether (ETH) ETF. IETH, the Monochrome Ethereum ETF, will launch at 10:00 local time.
Australian crypto investing business Monochrome launched its spot bitcoin ETF in August and its ether fund. On October 10, the bitcoin ETF fund owned 165 BTC valued over $10 million.
Investors may purchase and sell IETH using ether, like Hong Kong spot crypto ETFs.
Avalanche Foundation To Buy Back Nearly 2 mn AVAX Sold To Terra In 2022.
The Avalanche Foundation will acquire 1.97 million tokens supplied to the Luna Foundation Guard (LFG) in April 2022, a month before its Terra blockchain ecosystem crashed.
The Avalanche Foundation will buy 1.97 million AVAX tokens from Terraform Labs’ bankruptcy estate for $45.5 million, valued $57.4 million.
1.97 million Avalanche tokens are 42% worth less than the $100 million LFG purchased in April 2022. Terraform Labs said in the petition that the settlement would lower litigation expenses and diminish creditors’ assets.
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