News list for "United arab emirates"
MANTRA has reached an agreement with UAE-based real estate group DAMAC Group to tokenize at least $1 billion of assets. DAMAC, which covers real estate development, hotels and data centers, has accepted bitcoin and ethereum payments since 2022. Details of the specific tokenization project will be announced in the coming weeks.
Binance founder CZ revealed on Twitter that the United Arab Emirates (UAE) holds $40 billion worth of Bitcoin.
The Ministry of Interior of the United Arab Emirates (UAE) and the Financial Services Regulatory Authority (FSRA) of Abu Dhabi International Financial Centre (ADGM) have signed a Memorandum of Understanding to enhance coordination in combating virtual asset-related crimes. The agreement requires both parties to share information and strengthen risk mitigation frameworks. The agreement is also reportedly designed to support the UAE's strategy to protect its financial system from evolving threats ...
The Ras Al Khaimah Digital Asset Oasis (RAK DAO), a free economic zone focused on digital assets in the United Arab Emirates, is about to introduce a legal framework for decentralized autonomous organizations (DAOs). Law firms NeosLegal and RAK DAO said the new regime will be launched and discussed at the DAO Legal Clinic on October 25. Irina Heaver, a partner at NeosLegal, said the framework is expected to shed light on how DAOs maintain legal compliance.
The Dubai Virtual Assets Regulatory Authority (VARA), one of the regulators of the cryptocurrency industry in the United Arab Emirates, said it has fined seven cryptocurrency entities for operating without the required licenses and violating marketing regulations. VARA did not name the entities and said it was investigating them with the local government. The fines for each entity ranged from 50,000 dirhams (about $13,600) to 100,000 dirhams.
Amendments to the United Arab Emirates' Value Added Tax (VAT) regulations will exempt the transfer and conversion of virtual assets, including cryptocurrencies. PwC said the new regulations include VAT exemptions for additional services, including managing investment funds and transferring and converting virtual assets.
Standard Chartered said it will begin offering cryptocurrency custody services in the United Arab Emirates, currently supporting custody of BTC and ETH. It is reported that the related custody services launched in partnership with Brevan Howard Digital, the cryptocurrency arm of hedge fund Brevan Howard, have now been licensed by the Dubai Financial Services Authority (DFSA), the specialized financial regulator of the DIFC.
UAE-based investment firms Hodler Investments and Gewan Holding have announced plans to launch a $500 million Digital Energy Infrastructure (DEI) fund. The fund aims to invest in energy infrastructure projects that support the growth of the digital economy, including power generation, data mining, blockchain, decentralized physical infrastructure and artificial intelligence. It will also support startups and software development related to these sectors. According to a statement, the...
The United Arab Emirates (UAE) state-owned bank Ras Al Khaimah National Bank (RAKBANK) has partnered with crypto infrastructure provider Bitpanda Technology Solutions to create a digital asset management platform for UAE residents. "We believe digital assets are one of the ways our customers can manage their finances more efficiently and securely in the future," says Dongjun Choi, chief client officer at RAKBANK Group. While the partnership has been announced, the team also clarified that the pl...
The United Arab Emirates (UAE) Commercial Bank of Dubai (CBD) has launched a Virtual Asset Service Provider (VASP) dedicated account to manage client funds and meet regulatory prudential requirements. CBD launched the dedicated account to comply with the regulations of the UAE Central Bank and the Dubai Virtual Asset Regulatory Authority (VARA). Chief Executive Officer Bernd van Linder said the move is in line with Commercial Bank of Dubai's core banking services and supports the bank's plans to...
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