IlluMyFi

Dubai preparing for a web3 future with new regulatory frameworks for digital assets and issuance of commercial licenses for web3 projects. Wednesday, 22 September 2023: World Blockchain Summit, an event by Trescon, returns to Dubai on 1-2 November 2023 at the Address Dubai Marina, with strategic partners like Dubai AI & Web3 Campus by DIFC, the largest cluster of Artificial Intelligence and Web3 companies in MENA. World Blockchain Summit serves as the nucleus of blockchain and Web3 innovation, bringing together leading investors, innovators, enterprises, thought leaders, founders, and influencers under one roof to discuss the latest innovations and technologies that are reshaping the blockchain and Web3 ecosystem. With an established digital landscape, fertile investment ecosystem and innovative workforce, Dubai offers the perfect foundation for blockchain innovators and founders as we look past the 2022 crypto winter. The UAE government is also taking significant steps with initiatives like, Central Bank Digital Currency Strategy - the Digital Dirham, establishment of Virtual Assets Regulatory Authority (VARA) Dubai, Dubai Blockchain Strategy and Dubai AI & Web3 Campus by DIFC, which announced specialised commercial licenses for AI and Web3 projects, that further boost the implementation of blockchain-based solutions and digital asset proliferation in the economy. The summit is bringing together 2,000+ web3 decision makers and also features the regional finale of the Startup World Cup organised by globally renowned US-based venture capital firm Pegasus Ventures, giving the winner the opportunity to pitch at the global finals hosted in San Francisco and a chance to win US$ 1 million in funding. #WBSDubai boasts engaging keynote speeches, use-case presentations by leading blockchain visionaries and experts, and insightful panel discussions on critical topics that dominate the space today. The key pillars of discussion at the summit include Web3 regulations, NFTs in music and entertainment, Web3 gaming, privacy in blockchain, tokenomics and more. Amongst the notable speakers at the event are: "Dubai has proven itself as a global hub of innovation and technology, and the encouragement and implementation of key blockchain-based solutions are set to drive the national economy forward. At Trescon, we are committed to supporting our global cohort of founders, startups and innovators and facilitating their access to qualified investors, enterprise stakeholders and regulators though initiatives like the World Blockchain Summit. This summit is the perfect opportunity for top blockchain leaders and experts to share their insights and latest innovations that can redefine the blockchain landscape." notes Sharath Ravi, CMO, Trescon. The registration for the World Blockchain Summit Dubai is now open. Don't miss the opportunity to book the early bird tickets today and gear up for yet another exciting blockchain and crypto event of the year. About World Blockchain Summit (WBS) World Blockchain Summit (WBS) is an event by Trescon that supports the growth of the blockchain, crypto and Web3 ecosystem globally. WBS is the world's longest-running blockchain, crypto, and web 3-focused summit series. Since our inception in 2017, we have hosted more than 20 editions in 11 countries as we strived to create the ultimate networking and deal flow platform for the Web3 ecosystem. Each edition brings together global leaders and emerging startups in the space, including investors, developers, IT leaders, entrepreneurs, government authorities, and others. About Trescon Trescon is a pioneering force in the global business events and services sector, driving the adoption of emerging technologies while promoting sustainability and inclusive leadership. With a deep understanding of the realities and requirements of the growth markets we operate in - we strive to deliver innovative and high-quality business platforms for our clients. To book your tickets, visit: https://bit.ly/special-access-wbs-dxb-pr1 For inquiries, Contact: [email protected] For media inquiries and further information, please contact: Shadi Dawi Director, Public Relations & Partnerships - MENA [email protected]

Sentiment

Bearish/Bullish

01.01.24 07:24

by bitcoinist.com

The Biggest Spot Bitcoin ETF Myths Debunked

With just days left before a spot Bitcoin ETF is expected to be approved by the US Securities and Exchange Commission (SEC), Alistair Milne, Chief Investment Officer (CIO) of Altana Digital Currency Fund, addressed several myths surrounding the Spot Bitcoin Exchange-Traded Funds (ETFs). In recent weeks and months, several shockingly false rumors have persisted, painting a false picture of the future with a spot ETF. Milne emphasized the stringent legal and operational frameworks governing spot ETFs. With this, he addressed the common myth that spot ETF could water down the 21 million supply of BTC by injecting "paper Bitcoin". He stated, "Spot ETFs are legally obliged to invest net inflows in BTC, which will be held by a custodian, fully audited, etc." Moreover, ETF providers like BlackRock, Fidelity and Bitwise are 'seeding' their ETFs with cash on exchanges to be ready to buy Bitcoin when inflows occur. This is a proactive measure to manage liquidity and maintain the ETF's performance in line with Bitcoin's market movements - - but again, no manipulation is taking place. Also, the spot ETFs actions are dictated by inflows and outflows, not by discretionary decisions of the fund managers like BlackRock's Larry Fink. This means the buying and selling of Bitcoin by the ETF are purely transactional, based on the fund's need to balance inflows and outflows. "ETF providers have no discretion with regards to buying or not buying, only inflows/outflows may dictate their trading," Milne clarified. In the same vein, unlike derivative ETFs, spot Bitcoin ETFs involve actual BTC, which underscores their direct link to the cryptocurrency's market dynamics. "Bitcoin spot ETFs will dramatically increase the proportion of spot BTC traded vs derivative (unbacked) volumes ... reducing the influence of the latter BTC's price will be more difficult to suppress, not easier," Milne explained. Market Makers (MMs) and others will trade or arbitrage the ETF's stock versus spot Bitcoin. This is done to ensure that the ETF is priced as close to the actual market value of BTC as possible, thereby exploiting any inefficiencies for profit. Milne further elaborated that a spot ETF that underperforms Bitcoin (before fees) will likely go out of business, as its value is expected to mirror that of Bitcoin's market performance. The discussion on X also ventured into the dynamics of investor movement between different ETF providers. In response to a query about potential shifts from Grayscale Bitcoin Trust (GBTC) to other ETFs, Milne clarified, "GBTC will instantly be at par value, so the only sellers are likely those who bought at a discount and want to rotate back to self-custody (like me). Net effect after 1-2 working days would be zero. Someone selling GBTC and buying, for example, IBTC the same hour should have no effect either." Another myth revolves around the trustworthiness of ETFs. A user expressed skepticism about reliance on traditional auditing methods, suggesting that on-chain signed messages from t...