UAE – Page 3 – Ƀitsell X

UAE Records $25B in Crypto Transactions, Promotes Further Investment With Regulatory Flexibility

April 16, 2024

The United Arab Emirates (UAE) recorded $25b in crypto transactions in 2022. Now, it is adopting accommodative regulatory policies to pursue further investment, according to a report published Monday. The Dubai Multi Commodities Centre’s (DMCC) report explored the market potential and opportunities associated with Web3 applications. These applications leverage blockchain to create decentralized digital infrastructure,…
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Nexo Secures Preliminary VARA Approval to Launch Crypto Lending and Brokerage Services in Dubai

March 6, 2024

On Tuesday, Nexo announced its Dubai entity, Nexo DWTC, had secured preliminary approval from Dubai’s Virtual Assets Regulatory Authority (VARA) to engage in virtual asset lending, borrowing, and broker-dealer activities within the UAE’s most populous city. Nexo Gains Initial VARA Approval for Dubai Crypto Operations The crypto lender Nexo received a provisional “Initial Approval [IA]”…
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Crypto Miner Phoenix Group Reports 50% Jump in Net Income

February 15, 2024

UAE-based blockchain mining firm Phoenix Group said it has seen a 50% growth in net income and a “substantial increase” in year-on-year sales following its initial public offering (IPO) on the Abu Dhabi Stock Exchange. In an announcement, Phoenix Group said sales experienced a surge of 20% year-on-year. The firm’s core hosting business saw year-on-year…
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Project Mbridge Reaches Milestone: First Digital Dirham Cross-Border Settlement Goes Through

February 3, 2024

The first cross-border digital dirham payment was completed by Sheikh Mansour Bin Zayed Al Nahyan, Chairman of the Board of the Central Bank of the UAE, using the Mbridge platform, a central bank digital currency (CBDC) liquidity and interconnection tool. The settlement involved sending 50 million dirhams ($13.6 million) directly to China. UAE Completes First…
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UAE and China Complete First $13.6M Cross-Border CBDC Transaction

February 2, 2024

The United Arab Emirates and China have executed their first cross-border central bank digital currency (CBDC) transaction valued at $13.6 million using digital dirham and digital yuan. According to People.cn, the 50-million-dirham ($13.6 million) transaction occurred via the m-CBDC Bridge platform during the Central Bank of UAE’s 50th anniversary celebration in Abu Dhabi. This payment…
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US Senator Marco Rubio Warns BRICS Expansion Threatens Western Sanctions’ Effectiveness

January 23, 2024

Florida Senator Marco Rubio expressed his worries about the increasing influence of BRICS, the international group, in the world’s economic system. According to Rubio, if the group keeps expanding, it will be a valid alternative to the current system, allowing nations to sway away from the U.S. dollar and unilateral sanctions. Senator Marco Rubio Alerts…
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Binance Founder CZ Remanded to Remain in Continental US, Travel to UAE Prohibited

December 8, 2023

Changpeng Zhao, better known as CZ, the founder of Binance, has recently grappled with significant legal hurdles in the U.S. His guilty plea in a notable case led a Seattle federal judge to impose movement restrictions on him. Former Binance Boss CZ Restricted to U.S. Soil As the pivotal figure of Binance, CZ admitted guilt…
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Binance Withdraws Application for Abu Dhabi License, Reassessing Compliance Needs

December 8, 2023

Source: Pixabay / satheeshsankaran Binance has officially withdrawn its application for a financial license in Abu Dhabi, according to Reuters. This move is indicative of the exchange’s ongoing reassessment of its global operations and licensing requirements. The application, submitted by BV Investment Management, a Binance unit, aimed to manage collective investment funds as per the…
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Ethereum-Based Fasset Secures Operational License in Dubai for Tokenized Offerings

December 1, 2023

Source: fasset.ae Digital asset brokerage Fasset FZE has received a Virtual Asset Service Provider (VASP) license from the Virtual Asset Regulatory Authority (VARA) in Dubai, UAE. According to the press release, the operational license is the final stage in VARA’s approval process. It authorizes the company to provide digital asset broker-dealer services to retail and institutional investors, in…
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Paxos Secures In Principle Approvals for Stablecoin Issuance and Crypto Services in Abu Dhabi

November 30, 2023

Paxos, a provider of blockchain and tokenization infrastructure, has recently received preliminary approvals from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi. The company stated that these endorsements are crucial steps for Paxos, enabling it to issue stablecoins pegged to the U.S. dollar and introduce crypto brokerage and custodial services in the Abu Dhabi…
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Category: UAE