Cryptocurrencies have become more and more prominent in recent years, slowly developing from small, unpopular currencies to virtual currencies that now have an important impact on the world's financial development. Currently, investments in cryptocurrencies are not only made by individual investors or corporate institutions, but some countries are already considering listing cryptocurrencies as alternate currencies.
Cryptocurrency Usage Rising in The Middle East
The Middle East region such as the UAE has recognized the use of cryptocurrencies within its borders and has a public school in Dubai that accepts cryptocurrency as a payment method. According to the data survey, about 72% of cryptocurrency holders in the Middle East are bullish on the industry and believe in long-term investment, with 56% of them choosing to buy cryptocurrencies regularly to earn profits from their investments.
Among the cryptocurrencies in circulation are not only the current mainstream Bitcoin, ETH, or USDT, but also smaller cryptocurrencies such as Shiba Inu and SafeMoon. One of the smaller currencies SafeMoon price rose considerably at the start of 2022.
Singapore to Strengthen Regulation of Cryptocurrencies
The Monetary Authority of Singapore (MAS) has established a new bill in March 2022, the Financial Services and Markets Act, to regulate the crypto-related regime and strengthen the regulation of the cryptocurrency sector.
This new bill will not control virtual token service providers who do not provide any virtual token services in Singapore.
The Boom of Virtual Currencies in Norway
According to data research, about 420,000 Norwegians are currently investing in and following cryptocurrencies, and most of them are young people. This means that 10% of Norway's population is researching cryptocurrencies, an increase of 120,000 people or 7% relative to 2021. 6% of the new confidential cryptocurrency investors in 2022 are women, double the number from last year.
The UK to Develop Global Crypto Asset Hub
The UK government announced on April 4 that it will treat stable cryptocurrencies as valid forms of payment under a local act that will provide conditions and opportunities for stable cryptocurrency issuers and service providers to operate and invest in the UK. This will be reflected in the "Financial Markets Infrastructure Sandbox" legislation, which will be jointly developed by the Financial Conduct Authority and the Crypto Group.
In the summer of 2022, the UK will also create a new "Royal Mint NFT" to promote and increase the market activity of cryptocurrencies in the UK.
Currently, cryptocurrencies have an unmistakable impact on financial investments in various countries. Many people are choosing to pay attention and invest in virtual currencies because the country recognizes them. Whether it is a mainstream currency or a small currency such as SafeMoon, it is important to choose a trustworthy international digital currency exchange such as Gate.io before choosing to invest to better protect the holder's assets from attacks and to maximize the benefits of cryptocurrency.
However, cryptocurrencies are also risky to invest in, so please consider them carefully before investing.