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Dubai tightens inspections of cryptocurrency companies

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auditing of cryptocompanies

Authorities in Dubai are tightening checks on cryptocurrency companies that want to get a license to operate in the region. This is reported by Bloomberg.

According to the agency, the Dubai government is asking for more information from cryptocurrency firms about their operations to create a robust regulatory framework and increase stability in the cryptocurrency market.

“VARA wants to turn Dubai into the capital of the digital asset economy while maintaining its business ties with Western jurisdictions like Europe that are adopting stricter cryptocurrency regulations,” said Sam Blatteis, CEO of The MENA Catalysts.

Changpeng Zhao, founder and head of cryptocurrency exchange Binance, supported Dubai’s decision to tighten cryptocurrency licensing rules despite the platform being asked for more information about its operations. In his view, the responsible development of the cryptocurrency industry will help Binance work closely with Dubai’s authorities and use its expertise and ideas to help develop a regulatory environment that promotes innovation and protects investors.

As part of the collaboration with Binance, the Dubai government will hold a series of workshops and roundtables with key players in the crypto industry, including Zhao. According to Dubai authorities, the events will help the government better understand market dynamics and develop regulations that strike the right balance between encouraging innovation and providing investor protection.

Dubai introduced mandatory licensing for cryptocurrency companies in early February. The new rules require crypto firms to obtain a permit to operate in the city. All activities of such companies fall under the supervision of VARA, established specifically to watch the cryptocurrency sector. Meanwhile, as of the end of February, not a single company had a license from the supervisory authority.

However, the idea of issuing cryptocurrency licenses appeared a year ago. Thus, the Dubai authorities were going to accelerate the inflow of foreign cryptocurrency companies, creating a so-called “hybrid approach” to regulation.

Earlier, we reported that the media learned about Binance’s VIP clients in the United States.


Trakx Solutions: Crypto Indices & Advanced Crypto Trading Strategies

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If you’re looking for more advanced crypto trading strategies, you’re in the right place, fortunately! Trakx, the leading provider of crypto index strategies, has just announced its new Trakx Solutions program. Institutional investors, DAOs, communities, influencers, retail traders, and investors are invited to create new advanced crypto trading strategies with their tech and scalable infrastructure, managing the whole lifecycle of the index. So, what are Trakx Solutions? And what do they allow for?

Trakx Solutions allows you to create customized baskets of cryptocurrencies, and you can choose the components, their weighting, and the automated rebalancing strategy. It allows for easy diversification, passive control, sound risk management, and, most importantly, peace of mind. That’s not all. Institutional crypto investors, exchanges, and financial brokers can create the most advanced strategies (alpha, beta, and smart beta strategies) based on momentum, sector rotation, or similar advanced strategies. The possibilities are endless with Trakx Solutions.

Trakx Solutions: Providing Advanced Crypto Index Strategies

Trakx already provides a wide range of crypto indices called Crypto Tradable Indices (CTIs). Each crypto basket is made of components selected by theme, specific crypto, or investment strategy. For example, some of the most traded are the AI, the RWA, the Memes, and the BTC Momentum CTIs. But how do you create a custom crypto index fund with Trakx Solutions? First, let’s understand how a crypto index works.

1. Select the Components of the Crypto Tradable Index

The first step is to select the cryptocurrencies of the crypto index. Also here, the possibilities are unlimited, as for some strategies you might prefer single cryptocurrencies, like the BTC Momentum CTI, while for others you might prefer multiple cryptocurrencies, for example with a possible Top 20 Crypto Index.

2. Choose the Weight of Each Component

The second step is to choose the crypto index fund’s weighting. Basically, you have to select the percentage of each component. There are various weighting models. For example, you can choose an equal weighting, a market cap weighting, a custom weighting, and more.

3. Choose the Rebalancing Model

The third and final step is to decide on a rebalancing strategy. Generally, most of Trakx’s Crypto Tradable Indices (CTIs) are rebalanced on the last day of the month, but you can choose whatever rebalancing method you prefer. In fact, the BTC Momentum Crypto Index, for example, is based on smart beta investing strategies and created to limit risks and seize market opportunities. It means that it automatically increases and decreases exposure to Bitcoin based on market trends.

A Practical Example

Let’s imagine your company wants to invest in crypto, creating a portfolio composed of Bitcoin (50%), Ethereum (30%), and Solana (20%). It’s an example, but you would need to create various wallets, make multiple transactions, pay fees, open an account also on a traditional exchange, rebalance the portfolio periodically (the standard is once a month), and more. With Trakx Solutions, the only thing you need to do is to answer the following questions:

1) What are the components of the crypto index fund?

2) What is the percentage of each component?

3) How would you like to rebalance the assets?

How to Start with Trakx Solutions?

The Trakx Team is always available to create new crypto index funds for various partners, so let’s examine in more detail how to proceed with Trakx Solutions.

1. Institutional & Businesses – Customized Crypto Index Solutions

Specifically for institutional and financial brokers that already have their own advanced crypto investing strategy, Trakx provides customized solutions. Some strategies, as they do in their partnerships with Martial Eagle and OpenTrade, are recreated by copying the NAV through API. You can choose to keep the crypto index private only for your clients or make it public and tradable also on the Trakx platform. Contact Trakx to start collaborating together.

2. Influencers & Communities – Crypto Index Manager Tool

If you are an Influencer, a DAO, or a Community, and you don’t already have an advanced strategy, Trakx can help you to build your first one, allowing you to create your own non-discretionary advanced crypto trading strategy available to your followers or community members. With their Crypto Index Manager Tool, you can create a new customized crypto index fund, implementing an advanced crypto index trading strategy and sound risk management. In this case, you can contact the Trakx Team through their website and create crypto index funds for your community.

What are the Benefits of Crypto Indices?

Trakx’s crypto indices, called Crypto Tradable Indices, have various competitive advantages compared to traditional single investments in specific cryptocurrencies with multiple crypto wallets and intermediaries or compared to the new Bitcoin and Ethereum ETFs. What are the competitive advantages of crypto index trading?

  • Easy diversification: Buy a basket of cryptocurrencies with a single click and a single wallet
  • Sound risk management: Decrease the risks of potential collapses of single cryptocurrencies. In Web3, they are sadly common.
  • Highly Compliant: Trakx is registered with the French AMF & ACPR, and it is one of the highest-compliant platforms in Europe.
  • Best Practices in Security: The underlying assets are stored in the best custodians, such as Fireblock and Coinbase.
  • Tradable 24/7: Unlike crypto ETFs, Crypto Tradable Indices are available at all times, anywhere, and without interruption.
  • Passive Management: Deciding on an automatic rebalancing strategy can give you peace of mind and rational management.
  • Advanced Crypto Trading Strategies: Implement the most sophisticated crypto investing strategies with Trakx Solutions.

About Trakx

Trakx is a global Fintech company that is setting new standards for crypto investing. With Trakx Solutions, they can provide both Institutional investors and communities with the most advanced crypto investment strategies, creating a more inclusive and fair industry. Crypto Tradable Indices are the ultimate frontier in investing, and Trakx Solutions allows everyone to create their own non-discretionary advanced crypto trading strategies. In this way, they’re bridging the gap between Institutional brokers and communities, between traditional finance and DeFi.

Disclaimer: The above article is sponsored content; it’s written by a third party. CryptoPotato doesn’t endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company or project mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.

Readers are also advised to read CryptoPotato’s full disclaimer.

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SKALE Labs to Join Unity’s Exclusive Publisher Support Program

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[PRESS RELEASE – San Francisco, California, June 18th, 2024]

Developers on SKALE Can Now Leverage Unity’s World-Class Services for Premier Web3 Game Development

Today, SKALE Labs, the gas-less EVM-compatible blockchain designed for secure Ethereum scaling, has announced they have joined Unity’s publisher support program. Unity is the world’s leading platform of tools for creators to build and grow real-time games, apps, and experiences across multiple platforms. The program will empower gaming developers with enhanced support services, enabling them to leverage Unity’s game development platform to the fullest extent while unleashing the full power of web3 gaming on SKALE’s gas-less blockchain architecture.

“The games and development that have come out of Unity over the years are second to none, and we’re thrilled to be the first blockchain partner to participate in the Publisher Support Program,” said Jack O’Holleran, Co-Founder and CEO of SKALE Labs. “We believe our developers deserve the best, and Unity gives our ecosystem access to unmatched gaming resources. With this collaboration, SKALE Labs asserts its dedication to gaming and gamers.”

With 1.2M monthly active users on its platform, Unity has defined the standard of gaming development. The Publisher Support Program provides unparalleled support to SKALE developers which includes:

  • Deploying success plans to development studios with dedicated project managers who will act as strategic advisors.
  • Providing guidance and best practices to accelerate project development.
  • Assisting with bug handling and project reviews while supporting technical art and architecture, coding, and performance.

“We are thrilled that Unity’s publisher support services will now empower SKALE developers to confidently build secure and immersive gaming experiences, reducing game development costs and time to market,” said Andrew Boushie, Client Partnerships at Unity. “We look forward to supporting and providing resources to the next generation of game developers.”

The flexible programs will enable SKALE Labs to strategically support development studios by efficiently providing the assistance they require to overcome obstacles and stay on track. Each SKALE project will be given a success plan with allocated points for different services. Each success plan is custom-built for each project with one Project Review and one Accelerator sprint among other services.

For more information, users can visit


SKALE Labs is the foundation behind SKALE Network, a gas-less EVM-compatible modular blockchain, which is designed to provide a world-class experience for builders of games, AI, SocialFi, and web3 applications. As of Q1 2024, SKALE Network serves over 10 million monthly active users and saves billions in monthly gas fees with its innovative modular architecture. SKALE Chains feature high performance, zero gas fees, enhanced security, and instant finality, making them ideal for a wide range of decentralized applications. With a commitment to driving the mass adoption of Web3 technologies, SKALE empowers developers and businesses to build scalable, efficient, and user-centric blockchain applications. On the SKALE network, developers can deploy their own EVM-compatible blockchain by unlocking advanced features such as AI/ML smart contracts, on-chain file storage, interchain messaging, and zero-cost minting. Harmonizing speed, security, and decentralization, SKALE Labs was founded in 2018 by Jack O’Holleran and Stan Kladko, PhD.

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Here is How Much Bitcoin (BTC) Drake Lost Betting on the NBA’s Final

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  • Drake suffered a substantial crypto loss after betting on the Dallas Mavericks to win the NBA finals.
  • Additionally, he placed another $500,000 BTC bet on the Edmonton Oilers to win the NHL Stanley Cup Finals, continuing his risky wagering streak.

Not Picking the Right Horse

The popular Canadian rapper and actor Aubrey Drake Graham (better known as Drake) parted with $500,000 worth of Bitcoin (BTC) after betting on the Dallas Mavericks to win the NBA final against the Boston Celtics.

Unfortunately for him, the team from Massachusetts emerged victorious after a final score of 106-88 in the last game on June 18. Thus, the Celtics won the series 4-1, securing their league-record 18th title.

It is worth mentioning that a Mavericks victory would have brought Drake a substantial profit of $875,000 worth of the primary cryptocurrency. 

The rapper has a chance to restore some of his losses since he made another substantial BTC bet. He wagered another half a million in the digital asset betting on the Edmonton Oilers to win the NHL Stanley Cup Finals against the Florida Panthers. A win for the Oilers will result in a profit of a little over $500,000 worth of BTC for Drake. The game is scheduled for later today (June 18).

‘The Drake Curse’

The Canadian is a huge fan of betting on various sports events. However, his forecasts are often wrong while many teams and athletes have suffered losses after he put money in them, which prompted the creation of the phrase “the Drake curse.”

Earlier this year, he wagered $700,000 worth of BTC on a UFC fight, predicting that Sean Strickland would beat Dricus du Plessis (the bet carried an estimated profit of over $650,000 in BTC). The fighter, though, lost after a split decision from the judges. 

In 2022, he bet $234,000 worth of BTC on Ferrari’s driver – Charles Leclerc – to finish first in the Spanish Grand Prix only to see Max Verstappen winning the race. Later that year, Drake wagered $600K in the cryptocurrency on FC Barcelona to win its biggest derby against Real Madrid. Unfortunately for him, the team from the Spanish capital emerged victorious in the match known as “El Clasico.”

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