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Bahrain wins hearts of crypto users, becomes first Muslim state to allow Binance set up

World's biggest cryptocurrency exchange by trading volume, Binance said the in-principle approval came after the company applied for a licence as part of its plans to become a fully regulated centralised cryptocurrency exchange.

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Binance has received in-principle approval from the Central Bank of Bahrain (CBB) to become a crypto-asset service provider in the kingdom, the company said on Monday.

Binance, the world’s biggest cryptocurrency exchange by trading volume, said the in-principle approval came after the company applied for a licence from the CBB as part of its plans to become a fully regulated centralised cryptocurrency exchange.

Binance still had to complete the full application process, the company said in a statement, which it said it expected to happen in due course.

The crypto world has been in the spotlight since the U.S. government’s approval of the first Bitcoin ETF, with a myriad of trendy concepts blowing people’s mind and vying for more users and funds. As the overall industry escalates to new heights in terms of its size and clout, stablecoin, the “holy grail in the crypto world” known for its role in value benchmark, traffic inflow, and risk avoidance, has also embraced unprecedented growth this year.

Russia’s Hermitage to sell digital art as NFT tokens

Russia’s Hermitage Museum, the largest art collection in the world, announced Tuesday it will sell several masterpieces, including a work of Leonardo da Vinci, in the form of non-fungible tokens (NFT).

The Saint Petersburg-based museum in partnership with the Binance NFT marketplace will run the auction starting Tuesday and until September 7, the Hermitage said in a statement.

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An NFT is a digital object with a certificate of authenticity created by blockchain technology that underlies cryptocurrency. It cannot be forged or otherwise manipulated.

In recent years, NFTs have been sought after by art collectors, with some selling for millions of dollars.

The Hermitage will bring out a limited series of NFTs, including a digital copy of Leonardo da Vinci’s “Madonna Litta”, as well as works by Vincent Van Gogh, Claude Monet and Wassily Kandinsky.

The starting price for each lot has been set at 10,000 BUSD, a cryptocurrency that tracks the US dollar. All proceeds will go to the museum.

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Each NFT will be issued in two copies, one held by the museum and one going to the buyer. The NFT’s metadata will include the signature of Hermitage director Mikhail Piotrovsky.

Reuters with additional input by GVS News Desk