Distributed Technologies Research has launched DRAM, a Dirham-backed stablecoin that aims to tap into the performance of the United Arab Emirates fiat currency.
SBI works with UAE’s TradeFinex to set up joint crypto venture in Japan
SBI Holdings will work with UAE firm TradeFinex on a Japanese joint venture to boost the adoption of its enterprise blockchain platform on the XDC Network.
SBI works with UAE’s TradeFinex to set up joint crypto venture in Japan
SBI Holdings will work with UAE firm TradeFinex on a Japanese joint venture to boost the adoption of its enterprise blockchain platform on the XDC Network.
SBI works with UAE’s TradeFinex to set up joint crypto venture in Japan
SBI Holdings will work with UAE firm TradeFinex on a Japanese joint venture to boost the adoption of its enterprise blockchain platform on the XDC Network.
Nomura’s Laser Digital receives in-principal approval for operations in Abu Dhabi
The Japanese bank joins a rapidly growing number of digital asset firms operating in Abu Dhabi and the rest of the United Arab Emirates.
mBridge CBDC project preparing for new members, launch of minimum viable product
The project now includes central and commercial banks from China, Hong Kong, Thailand and the UAE. Future new members were not identified.
Saudi Arabia looks to blockchain gaming and Web3 to diversify economy
The kingdom is currently diversifying its economy away from oil and turning to new opportunities, such as gaming and Web3.
Bitcoin may hit $100K by capturing ‘even 2 to 5% of gold’s market cap’ — Hut 8 VP Sue Ennis
New developments in the Bitcoin mining space have Hut 8 vice president Sue Ennis convinced that well-positioned miners will thrive after the next BTC halving.
Nomura, CoinShares, Ledger joint venture Komainu wins Dubai crypto license
Komainu completed the final step in VARA’s licensing process nearly 10 months after securing its MVP license in November 2022.
Abu Dhabi grants virtual asset firm M2 permission to offer crypto services
M2 platform will launch later in 2023, allowing UAE-based retail and institutional clients to buy, sell and custody virtual assets.
Dubai lures AI, Web3 enterprises with 90% subsidized commercial licenses
In addition to attracting talent, Dubai has also given out operational licenses to crypto exchanges over the past several months.
UAE signs deal to develop carbon credit system on Venom Foundation blockchain
The UAE recently announced that it intends to reduce carbon emissions by 40% by 2030, a marked increase over its previous pledge.
FTX files motion to exclude its Dubai unit from bankruptcy proceedings
FTX filed for bankruptcy in November 2022, with 102 of its units worldwide entering Chapter 11 proceedings.
FTX Wants Dubai Unit Removed From U.S. Bankruptcy Proceedings
Liquidating FTX Dubai under UAE law would help timely distribution of any outstanding liabilities, the bankrupt estate argued in court filings.
Ahead Of The Pack: Binance Moves Forward With New License in Dubai
Binance, the world’s largest crypto exchange by trading volume, recently announced that it had secured a license to operate in Dubai after meeting the conditions needed for the grant of an Operational Minimum Viable Product (MVP) license. The firm has emerged as the premier platform to secure the highly coveted accreditation from Dubai’s Virtual Asset Regulatory Authority (VARA).
Binance Is Blazing The Trail In The Cryptocurrency Ecosystem
Last year, Binance was granted a Provincial License by Dubai’s Virtual Assets Regulatory Authority (VARA), enabling it to establish domestic bank accounts to preserve clients’ funds, offer custody and payment services, and run a crypto exchange.
However, the newly acquired Operational MVP license allows the crypto exchange to legally conduct two more activities which are virtual asset broker-dealer services and virtual asset exchange services. Although these activities are only limited to qualified institutional and retail investors.
Obtaining the Operational MVP license is not only an outstanding milestone but evidence of Binance’s dedication to becoming a regulatory-compliant exchange platform. According to the firm, they are working with local regulators to ensure that their operations are designed to meet the country’s unique framework for Virtual Asset Service Providers (VASPs).
Improving Service Delivery and Ensuring Security
In recent years, the United Arab Emirates has emerged as the bastion of blockchain technology, building an ecosystem that allows innovation and security to thrive alongside the other. The pivot from Provisional to Operational MVP license will provide users in Dubai with improved access to services. Participants can now convert their virtual assets to fiat currency by following the guidelines laid down by VARA.
Institutions and individuals who are eligible for these services can utilize the market assurance standards and protections crafted especially for the virtual asset sector. According to Binance, the license signifies the creation of the first fully regulated exchange in Dubai after meeting the compliance requirements of FATF, thereby establishing the framework for unwavering user assurance and global growth.
The licensing procedure in Dubai is a four-stage process, and with the recent license granted to Binance, it means the platform has now cleared three of these stages. The only outstanding license is the Full Market Product (FMP), however; this is expected to be granted after the latest demonstration of compliance with all the rules of VARA.
This recent win comes as Binance prepares to re-enter Japan amidst regulatory challenges with the United States Securities and Exchange Commission this year.
Binance to offer crypto broker-dealer services in Dubai with new license
Binance is now officially allowed to offer crypto services to institutional and qualified retail investors in Dubai.
Crypto Mining Retailer Phoenix Looks at IPO in UAE: Bloomberg
The UAE-based firm is developing one of the region’s largest mining facilities.
Abu Dhabi regulator grants trading firm Rain permission to offer crypto services
The announcement followed crypto exchange Binance receiving similar permission from the Abu Dhabi regulator in November 2022.
Crypto Exchange Rain Obtains License to Operate Virtual Asset Brokerage, Custody Service in UAE
Rain’s Abu Dhabi-based entity can now offer institutional clients and some retail clients in the UAE the ability to buy, sell and store virtual assets, Reuters reported.