UAE central bank to penalize unlicensed virtual asset service providers
    09 Nov 2023

    The Central Bank of the United Arab Emirates (CBUAE), along with other regulators in the country, has recently published new joint guidance for virtual asset service providers (VASPs) operating within the country. The new guidelines include penalties for VASPs operating without proper licenses within the jurisdiction. أصدرت اللجنة الوطنية لمواجهة غسل الأموال ومكافحة تمويل الارهاب…

    Stablecoins ‘not a safe store of value’ — BIS
    09 Nov 2023

    The Bank of International Settlements (BIS), a coalition of the world’s central banks, criticized stablecoins as being “not a safe store of value” in its latest research report dated Nov. 8. In outlining its reasons, the BIS explained that from January 2019 to September 2023, fiat-backed stablecoins maintained their peg ratio only 94% of the time, less…