Subscribe To Our Newsletter

    Get the latest crypto news right into your email box. No spamming. We hate it too. Only pertinent news you need to know

    Latest News

    Coinbase Fixing Problem That Halted Payments From US Banks

    October 9, 2022

    Binance May Spend Over $1 Billion This Year on Deals, CZ Says

    October 9, 2022

    Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

    May 1, 2022
    Facebook Twitter Pinterest LinkedIn
    RareHippo – Crypto, Bitcoin, Blockchain News & Views
    Facebook Twitter Pinterest LinkedIn
    • Home
    • Bitcoin
    • NewsWire
      1. Latest News
      2. Top Stories
      3. Features
      4. What’s Hot
      5. Must Read
      6. Trending
      7. Spotlight
      8. Editors’ Picks
      9. View All

      Coinbase Fixing Problem That Halted Payments From US Banks

      October 9, 2022

      Binance May Spend Over $1 Billion This Year on Deals, CZ Says

      October 9, 2022

      El Salvador’s Companies Barely Bother With Bitcoin

      March 19, 2022

      New Jersey legislation aims to prevent public officials from being gifted NFTs

      March 18, 2022

      Coinbase Fixing Problem That Halted Payments From US Banks

      October 9, 2022

      Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

      May 1, 2022

      Crypto’s Preferred Currency for Political Donations Isn’t Bitcoin. It’s Dollars

      March 19, 2022

      Meta Sued by Australian Watchdog Over Scam Crypto Advertisements

      March 18, 2022

      Binance May Spend Over $1 Billion This Year on Deals, CZ Says

      October 9, 2022

      Two Senators propose crypto legislation for tax exemption on capital gains

      May 1, 2022

      Wall Street Reluctantly Embraces Crypto

      May 1, 2022

      Warren bill draws outcry over broad terms, but seems unlikely to pass

      March 20, 2022

      Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

      May 1, 2022

      Russia-Ukraine War Is Bringing Out the Good, Bad, & Ugly of Cryptocurrencies

      March 18, 2022

      The ‘world’s most advanced’ digital human wants you to buy her NFT art

      March 15, 2022

      FTX crypto exchange wins license in Dubai to open regional headquarters

      March 15, 2022

      Crypto Startup Founded by Ex-Meta Employees Raises $200 Million

      March 16, 2022

      U.K. Crime Agency Wants to Regulate Crypto Transaction Mixers

      March 15, 2022

      A Wall Street Quant Turns His Crypto Firm Into a Unicorn

      March 14, 2022

      Standard Chartered’s crypto custodian to help clients earn yield on token holdings

      March 14, 2022

      Man passing as UN affiliate convicted for crypto scheme

      March 18, 2022

      The Future of Crypto Is Boring — and Bright

      March 15, 2022

      Investors turn to crypto funds, companies as Russia-Ukraine crisis escalates

      March 15, 2022

      Binance Wins Crypto Licenses From Dubai, Bahrain

      March 15, 2022

      Why Bitcoin’s Environmental Problems Are So Hard to Fix

      March 16, 2022

      Americans Want Crypto From Their Banks

      March 15, 2022

      Why Decentralized Exchanges Are Important in the Crypto Economy

      March 10, 2022

      Binance plots M&A spree as regulators scrutinize crypto trading unit

      March 10, 2022

      Amid New Executive Order, White House Director Sheds Light On Crypto Policy

      March 16, 2022

      Bitcoin Evangelist Saylor Tells Economists Why They’re Wrong

      March 15, 2022

      Crypto Mania in Texas Risks New Costs and Strains on Shaky Grid

      March 15, 2022

      Bitcoin’s scared of commitment, Mr. Biden

      March 15, 2022

      Coinbase Fixing Problem That Halted Payments From US Banks

      October 9, 2022

      Binance May Spend Over $1 Billion This Year on Deals, CZ Says

      October 9, 2022

      Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

      May 1, 2022

      Two Senators propose crypto legislation for tax exemption on capital gains

      May 1, 2022
    • Altcoins
      • Ethereum
      • XRP-Ripple
      • Solana
      • Dogecoin
      • Cardano
      • Shiba Inu
    • Topics
      • Cryptocurrencies
      • Investments
      • Markets
      • NFTs
      • DeFi
      • ETFs
      • DAOs
      • Crypto Regulation
      • Metaverse
      • Blockchain & Web3
      • Blockchain Gaming
      • Crypto Exchanges
      • Crypto Mining
      • Stablecoins
      • Cybersecurity
      • Digital Currencies – CBDC
      • Crypto Book Reviews
      • Technology
      • Internet of Things
    • Opinions
    • Explainers
    • Press Releases

      Former Uber LatAm Head of Policy Leads Crypto Ride-Hailer Drife Toward Planned Global Expansion

      March 7, 2022

      European index provider for crypto assets Vinter raises $3.4m funding

      February 22, 2022

      PR – British crypto processor brings in $60 million for expansion in Europe

      January 25, 2022

      PR – CoinMENA obtains 2nd crypt0 license from European Union

      January 25, 2022

      NFT investment specialist looks to acquire Pluto Digital for £96m

      January 24, 2022
    RareHippo – Crypto, Bitcoin, Blockchain News & Views
    Home»Adoption News»UAE Readies National Crypto Licensing in Push to Embrace Fintech
    Adoption News

    UAE Readies National Crypto Licensing in Push to Embrace Fintech

    By Ben Bartenstein and Abeer Abu Omar
    February 17, 2022By Bloomberg4 Mins ReadNo Comments
    Facebook Twitter LinkedIn Pinterest Reddit WhatsApp Email Tumblr VKontakte Telegram
    Share
    Facebook Twitter Pinterest Reddit WhatsApp Email LinkedIn Tumblr Telegram

    The United Arab Emirates is poised to issue federal licenses for virtual asset service providers by the end of the first quarter in an effort to attract some of the world’s biggest crypto companies, according to a government official. 

    The Securities and Commodities Authority is in the final stage of amending legislation to allow VASPs to set up, said the official, who requested anonymity due to government policy.

    Donate to RareHippo Now!

    Binance Holdings Ltd., the world’s largest cryptocurrency exchange by trading volume, is among those considering a bigger presence in the country.

    A nationwide licensing system for virtual-asset firms could help the UAE better compete with rival financial centers like Singapore and Hong Kong, which are also in the midst of creating fully regulated environments for crypto trading. 

    Some of the nation’s financial free zones have already issued permits for VASPs. Dubai Multi Commodities Centre has licensed 22, while Abu Dhabi Global Market has six and Dubai Silicon Oasis Authority has at least one, according to a government report seen by Bloomberg.

    Dubai International Financial Centre, which is the Middle East hub for most Wall Street banks, has none for now.

    In an effort to lure more business, the UAE completed a risk assessment on virtual assets late last year, involving 14 public-sector agencies and 16 private-sector actors. While there’s a “high risk” that VASPs may be used to engage in illicit finance schemes, the government concluded proper regulation, rather than an outright ban, can mitigate those threats, the report said.

    The UAE official told Bloomberg News that Abu Dhabi considered the latest guidance from the Paris-based Financial Action Task Force as well as the strategies employed in the U.S., the U.K. and Singapore. Opening the door to the sector reflects how the UAE embraces technology, the official said. 

    The country is taking a hybrid approach to oversight. SCA will handle regulation with input from the central bank, while local financial centers can establish their own day-to-day procedures around licensing, the official said.

    That involves an application process and due diligence by the government, though the details depend on whether an entity is looking to set up on the mainland or within a commercial free zone.

    Crypto Mining 

    Emirati authorities are trying to strike a delicate balance as they promote the business-friendly environment that’s made Dubai an attractive regional base for many of the world’s biggest financial firms and tech companies — while also seeking to navigate concerns about volatility and financial crime that keep dogging the crypto industry.

    In a matter of weeks, the FATF is set to decide whether to include the UAE on its so-called gray list of countries subject to more oversight for shortcomings in combating money laundering and terrorist financing.

    The UAE official said the government also wants to build an ecosystem for crypto mining, an industry that’s drawn scrutiny from environmentalists and lawmakers globally due to its high electricity consumption and ensuing impact on greenhouse-gas emissions. The sector would be regulated, the official said.

    Dubai-based crypto exchange BitOasis is the largest UAE VASP, according to the government’s report, yet the competition is picking up. 

    Binance has built up a local team, with Chief Executive Officer Changpeng “CZ” Zhao quickly becoming a fixture in the city. Regional players including CoinMENA BSC and Rain Financial Inc. also have a presence.

    Meantime, San Francisco-based exchange Kraken is currently recruiting for a Middle East North Africa CEO based in Abu Dhabi, according to LinkedIn. 

    The UAE is the Middle East’s third-largest crypto market, trailing Turkey and Lebanon, with a transaction volume of about $26 billion, according to data compiled by Chainalysis from July 2020 to June 2021. 

    While the region’s crypto footprint is relatively small in global terms, it grew by about 1,500% from the prior year, the data showed.

    Read full story on Bloomberg

    Adoption News Crypto Regulation
    Previous ArticleBlockchain lenders blow cobwebs from ancient IOU system
    Next Article Unlocking the Potential Between Blockchain and Antitrust

    Related Posts

    Coinbase Fixing Problem That Halted Payments From US Banks

    October 9, 20221 Min Read

    Binance May Spend Over $1 Billion This Year on Deals, CZ Says

    October 9, 20223 Mins Read

    Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

    May 1, 20224 Mins Read

    Two Senators propose crypto legislation for tax exemption on capital gains

    May 1, 20225 Mins Read

    Wall Street Reluctantly Embraces Crypto

    May 1, 20225 Mins Read

    Warren bill draws outcry over broad terms, but seems unlikely to pass

    March 20, 20225 Mins Read
    Add A Comment

    Leave A Reply Cancel Reply

    Donate to RareHippo Now!
    Latest News

    Coinbase Fixing Problem That Halted Payments From US Banks

    October 9, 2022

    Binance May Spend Over $1 Billion This Year on Deals, CZ Says

    October 9, 2022

    Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

    May 1, 2022

    Two Senators propose crypto legislation for tax exemption on capital gains

    May 1, 2022

    Wall Street Reluctantly Embraces Crypto

    May 1, 2022
    Follow US & Win Prizes
    • Facebook
    • Twitter
    • LinkedIn
    • Pinterest
    Don't Miss
    DAOs

    DeFi Platform BadgerDAO Says Cloudflare Flaw Led to $130 Million Heist

    December 11, 20213 Mins Read

    Decentralized finance platform BadgerDAO said a flaw in the account creation process of the software…

    Wild Crypto Leverage Is On Offer for Pros in 20-Times Bitcoin Bet

    January 26, 2022

    Neobank Lunar raises $77 million as it rolls out crypto tools

    March 10, 2022

    Texas is becoming the world capital for Bitcoin mining—and 7 companies are fighting for territory

    February 11, 2022

    Subscribe to Our Newsletter

    Get the latest crypto news right into your email box. No spamming. We hate it too. Only pertinent news you need to know

    Crypto news & Views
    Facebook Twitter Pinterest LinkedIn
    • Home
    • Privacy Policy
    • About Us
    • Donate to RareHippo
    • Get In Touch
    • NewsWire
    © 2023 RareHippo. Powered by 8 Dimensions

    The content of this website is for informational purposes only and is not intended as a substitute for investment or financial advice.

    Type above and press Enter to search. Press Esc to cancel.