Virtual assets included in UAE terrorist financing and proliferation red flag list guidance
In September 2023, the UAE Executive office for Control and Nonproliferation published a guidance providing consolidated list of terrorist financing (TF) and proliferation financing (PF) red flags that include provisions related to virtual assets. According to the published document, the purpose is to provide a consolidated list1 of Terrorist Financing (TF) and Proliferation Financing (PF) […]
Latin American currencies over the week: Brazil’s inflation increases less than expected
In Brazil, the real saw a 0.1% increase against the dollar as inflation came in lower than expected in August. Meanwhile, Latin American currencies experienced a decline to a three-week low this week in a volatile trading session, primarily influenced by losses in the Mexican peso. Simultaneously, the dollar maintained its six-month peak, influenced by […]
UAE third highest country globally in terms of crypto adoption beating Hong Kong and USA
According to Henley & Partners Crypto Wealth report 2023, in terms of crypto adoption the UAE comes in third globally after Singapore and Switzerland, scoring more than Hong Kong and USA. As per the report the UAE’s public adoption score was 7.1 out of 10, equal to that of Singapore which topped the list. In […]
UAE makes oil trade history as it joins BRICS – Details
The United Arab Emirates, commonly known as the UAE, has been the talk of the global economic circuit lately. Not only has it marked its membership in the BRICS alliance, but it’s also rewriting trade history books. In a remarkable achievement, the UAE touched a staggering $340 billion in its non-oil trade during the initial […]
BRICS approves six countries to join January 1st
The BRICS coalition is about to change its face and increase its global influence. The prominent bloc, consisting of Brazil, Russia, India, China, and South Africa, is preparing to welcome six additional nations into its fold, marking a significant expansion for the emerging market group. Come the start of the next year, Argentina, Egypt, Ethiopia, […]
Bitget expands its horizons and enters the Middle East with a Dubai office to foster crypto adoption
Bitget, a renowned global crypto exchange, has launched an office in Dubai, a daring move that reflects the region’s rising importance in the industry. The exchange has its sights set on the expanding market in the area, where it hopes to become a dominant force in the bitcoin sector. Established firms like Bitget are paying […]
India and UAE sign agreements for trade settlement in national currencies
India and the United Arab Emirates (UAE) have solidified their commitment to enhanced economic cooperation with the signing of agreements on trade settlement in national currencies. The Memoranda of Understanding (MoUs) aims to facilitate seamless cross-border transactions and payments between the two countries, promoting greater economic collaboration. Prime Minister Narendra Modi and the Reserve Bank […]
UAE is becoming the leading destination for Bitcoin miners: Reports
The United Arab Emirates (UAE) is quickly emerging as a leading destination for Bitcoin mining in the Middle East. With over 30 free trade zones and a growing contribution to the Bitcoin mining hash rate, the country has established itself as a pro-Web3 and crypto-friendly environment. In May, the country’s foray into Bitcoin mining began […]
Binance targets UAE as key hub for expansion
The world’s largest cryptocurrency exchange, Binance, has its eyes set on the United Arab Emirates (UAE) as a critical pivot for its expansion strategy. As the crypto behemoth grapples with regulatory challenges in various international jurisdictions, the promising regulatory clarity in the UAE presents a potentially fertile ground for Binance’s growth. Binance turning a new […]
Hong Kong and UAE set to transform cryptocurrency landscape
The Hong Kong Monetary Authority (HKMA) and the Central Bank of the United Arab Emirates (CBUAE) have announced their plans to collaborate on cryptocurrency regulations and financial technology development. In a meeting held on May 30, the two central banks agreed to strengthen cooperation in the areas of virtual asset regulations and advancements. The collaboration […]
How the UAE is redefining global finance and innovation
In the sweeping expanses of the United Arab Emirates (UAE), a novel vision is taking shape, one of a thriving, globalized economy with an infrastructural prowess to match. Much like Switzerland in the 20th century, the UAE is poised to be a beacon of stability, wealth, and innovation in the 21st century. Infrastructure and innovation: […]
Why UAE is much better for crypto businesses than the U.S.
The United Arab Emirates (UAE) has become a burgeoning hotspot for crypto businesses, as they find the region to offer a more attractive and accommodating environment for growth compared to the United States. As the UAE sees a surge in crypto-related activities, experts and executives argue that it is the ideal destination for companies looking […]
UAE regulator opens licensing application for virtual asset service providers amid growing market
As the global digital asset market continues to flourish, the United Arab Emirates (UAE) is taking proactive steps to enhance the regulatory landscape for virtual asset service providers. The country’s financial regulatory agency, the Securities and Commodities Authority (SCA), has recently announced its plan to accept licensing applications for firms in this rapidly evolving sector. […]
UAE Central Bank launches CBDC strategy: The Digital Dirham
The Central Bank of the UAE (CBUAE) has taken a significant step to launch its Central Bank Digital Currency (CBDC) strategy titled ‘The Digital Dirham’ through a joint signing ceremony with G42 Cloud and R3. These two entities will serve as infrastructure and technology providers for CBUAE’s CBDC implementation, one of the nine initiatives of […]
UAE sets the stage for blockchain giants with free zone launch
The United Arab Emirates (UAE) continues to attract global crypto players with its friendly regulations towards the digital asset industry. The latest development is the launch of a free zone in Ras Al Khaimah dedicated to digital and virtual asset companies. Named the RAK Digital Assets Oasis (RAK DAO), the free zone will accept applications […]
UAE unveils plan to power financial services with FIT program
The Central Bank of the United Arab Emirates (CBUAE) recently announced its Financial Infrastructure Transformation Program, which seeks to foster digital transactions and bolster the UAE’s status as a financial technology hub. To support this mission, they are launching their central bank digital currency for domestic and cross-border use. The CBDC will provide an improved […]
UAE foreign trade minister announces crypto will shape country’s global trade
Thani Al-Zeyoudi, Minister of State for Foreign Trade in the United Arab Emirates (UAE), recently announced that cryptocurrency would significantly influence global trade within his country’s borders in years to come. At the 2023 World Economic Forum in Davos, Switzerland, he spoke with Bloomberg about this statement and revealed details about the UAE’s trade deals […]
United Arab Emirates will launch a stablecoin for payments
According to a new PWC Crypto regulatory report that was released on Dec. 19 for 2023, the United Arab Emirates (UAE) has completed its crypto regulation. This regulation comprises AML/CTF Money laundering and counter-terrorism financing standards, as well as its travel rule. Furthermore, the UAE has already created the stablecoin regulation for payments, which is […]
UAE’s new virtual assets law puts it on global investor’s radar
The UAE is poised to emerge as the first choice for global companies in the digital asset industry for their global expansion, following the Gulf country approving a new regulation to govern virtual assets in the country. The UAE Cabinet has recently revised a number of its laws, including those relating to virtual firms and […]
Breakthrough: Future XB Payment Summit 2022 Fast-tracks Cross Border Payments Innovation and Collaboration in Dubai, UAE
The most-awaited Future XB Payment Summit 2022 unfolds on Tuesday, the 15th, and continues up to 16 November 2022 at The Address Hotel, Dubai Mall, Dubai, United Arab Emirates with a full cast of thought leaders, decision-makers, stakeholders, and expert practitioners in the global financial industry. The timely Summit goal of “Transforming Cross Border Payments […]
