DFSA Releases a Detailed Explainer on the Regulation of Crypto Tokens
The Dubai Financial Services Authority (DFSA) has released a detailed explainer on the Regulation of Crypto Tokens, originally established in 2022. The DFSA set out to regulate crypto businesses with the intention of fostering innovation in a measured, responsible, and transparent manner, all while meeting regulatory objectives. The DFSA’s Crypto Token regime provides a clear […]
UAE Emerges as AI Hub Amid U.S.-China Tech Race
As the competition between U.S. and Chinese tech giants heats up in the field of artificial intelligence (AI), Arab nations, particularly the UAE and Saudi Arabia, are positioning themselves to attract these companies and benefit from their advanced expertise in this critical sector. The technology landscape is evolving rapidly, with global companies racing to develop […]
Ripple Secures In-Principle Approval as First Blockchain-Powered Payment Provider Licensed by DFSA
Leading provider of digital asset infrastructure,Ripple, has received in-principle approval from the Dubai Financial Services Authority (DFSA) to expand its operations in the Dubai International Financial Centre (DIFC). This remarkable milestone strengthens Ripple’s position as a regulated entity and enables the launch of its cross-border payment service, Ripple Payments Direct (RPD), in the United Arab […]
Matthew White on VARA’s Approach to Crypto Regulation
In a recent interview with Henri Arslanian and May Ben Khadra on CNBC Arabia TV, Matthew White, CEO of Dubai’s Virtual Assets Regulatory Authority (VARA), provided insights into VARA’s approach to crypto regulation and its unique role as the world’s first independent regulator dedicated to virtual assets. VARA’s framework has quickly gained global attention for […]
Turkey Drops Plans for Crypto Gains Taxation
Turkey has no plans for an additional tax package this year, according to Vice President Cevdet Yilmaz, who ruled out any levies on stock trading or cryptocurrency profits. “We don’t have a stocks tax on our agenda. It was discussed previously and fell from our agenda,” Yilmaz told Bloomberg. He added that officials are focusing […]
Crypto Growth in MENA: Saudi Arabia and UAE Lead the Charge, Stablecoins Dominate
The cryptocurrency market in the Middle East and North Africa (MENA) region has continued its robust growth, with Saudi Arabia and the United Arab Emirates (UAE) at the forefront. According to a recent report by Chainalysis, MENA’s crypto market received a staggering $338.7 billion in value between July 2023 and June 2024. This represents a […]
DeFa: InvoiceMate’s New DeFi Primitive for Decentralized Factoring
InvoiceMate, a well-established leader in blockchain-based invoice management solutions, has launched DeFa (Decentralized Factoring), a new Web3 product aimed at bringing real-world invoice financing to the decentralized finance (DeFi) space. DeFa is designed to connect investors with businesses in need of short-term financing, offering a stable and secure alternative to traditional speculative DeFi platforms. By […]
Enforcing Digital Asset Regulations: Insights from Our Interview with Vara’s Nicholas McNicholas
Dubai continues to solidify its status as a global leader in the digital asset space. The Virtual Assets Regulatory Authority (VARA) plays a key role in regulating the expanding blockchain and virtual asset industries. In this exclusive interview, Nicholas McNicholas, Head of Regulatory Affairs and Enforcement at VARA, shares insights into the Authority’s enforcement priorities, […]
UAE Surges Ahead: A Comparative Look at the IMF’s CBDC Adoption Framework
On September 20, 2024, the International Monetary Fund (IMF) released a pivotal report on Central Bank Digital Currency (CBDC) adoption, emphasizing strategies to promote financial inclusion through digital currencies. As the global economy shifts toward digital financial systems, CBDCs are emerging as key tools to transform payments and broaden access to financial services. The IMF’s […]
BitOasis Joins Zand Bank Amidst a Growing Trend: Is Consolidation Risky for the Crypto Sector?
BitOasis has officially announced its transition from Ajman Bank to Zand Bank for AED and other currency transactions, effective September 23rd, 2024. This move reflects a broader trend in the UAE’s crypto sector, where many Virtual Asset Service Providers (VASPs) are consolidating their banking operations with Zand Bank. However, the growing reliance on a single […]