Tag: UAE

The United State crypto ecosystem is facing a “void” of well-established and credible institutions, according to an analyst from ARK Invest. The United States risks losing its position as a leader in the cryptocurrency race against countries including the United Arab Emirates, Korea, Australia and Switzerland, warns ARK Invest analyst Yassine Elmandjra. ▪️Regulatory Uncertainty Around…

Companies that have already acquired licenses from the country’s financial free zones are exempted from the requirement of registering with the regulator. The federal financial regulatory agency of the United Arab Emirates (UAE) has announced that it will start receiving licensing applications for firms that want to provide virtual asset services within the country. The…

Abu Dhabi’s technology ecosystem, Hub71, has announced a new initiative called “Hub71+ Digital Assets,” with a capital backing of over US$2 billion. This project aims to advance Web3-based innovations, such as blockchain technology and metaverse applications. The initiative aspires to provide Web3 startups with access to a range of programs, and initiatives, as well as, corporate, government,…

The issuance of a CBDC aims to address inefficiencies in cross-border payments and drive innovation for domestic payments. The Central Bank of the United Arab Emirates (CBUAE) is planning to launch a central bank digital currency (CBDC) for cross-border and domestic use as part of the first of its newly-launched financial infrastructure transformation (FIT) program….

The laws apply to market participants within the Emirate of Dubai, with the exception of those under the Dubai International Financial Centre. The Virtual Asset Regulatory Authority (VARA), the regulator in charge of overseeing cryptocurrency laws within Dubai, has issued new guidelines for virtual asset service providers (VASPs) operating within the emirate. According to Irina Heaver, a…

UAE’s minister of state for foreign trade Thani Al-Zeyoudi noted that as the country has attracted a lot of talent from the crypto sector, the UAE now needs to roll out the correct regulation to support further growth. Crypto will play a “major role” in the United Arab Emirates’ global trade moving forward, says the…