Dubai Mandates Licensing for Crypto Companies

[Husires]

About cryptocurrency and taxes in Dubai
https://cointelegraph.com/learn/cryptocurrency-regulation-in-the-uae-and-the-dubai-virtual-assets-law

I have read the entire article, but it is a journalistic article of the development of legislation related to cryptocurrencies in Dubai, and it cannot be relied upon as a reference for those who want to know the regulatory framework in that country. Even talking about some laws was very superficial, but from what I understood, laws within the country differ from one emirate to another. And that the non-strict laws are of the Dubai Financial Services Authority (DFSA), which is the regulator in the Dubai International Financial Center (DIFC) region, while 6 Emirates do not have clear legislation.

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[1714649100]

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[zasad@]

About cryptocurrency and taxes in Dubai
https://cointelegraph.com/learn/cryptocurrency-regulation-in-the-uae-and-the-dubai-virtual-assets-law

I have read the entire article, but it is a journalistic article of the development of legislation related to cryptocurrencies in Dubai, and it cannot be relied upon as a reference for those who want to know the regulatory framework in that country. Even talking about some laws was very superficial, but from what I understood, laws within the country differ from one emirate to another. And that the non-strict laws are of the Dubai Financial Services Authority (DFSA), which is the regulator in the Dubai International Financial Center (DIFC) region, while 6 Emirates do not have clear legislation.

I agree with you because Experience and Practice can only be found in Dubai. And then you will figure out how to proceed further. Legislation is changing, but Dubai has proven to be the most progressive in the crypto industry.
https://www.thenationalnews.com/business/cryptocurrencies/2023/05/08/coinbase-considering-uae-as-potential-international-hub-says-ceo/
Coinbase considering UAE as potential international hub, says CEO
Emirates' approach has been more forward thinking than the US, Brian Armstrong says

[safar1980]

BITCOIN TOWER, the first one in the world, will be built in Dubai
The commitment to celebrating the importance, notoriety, and values of Bitcoin has led to the creation of a new hotel chain in the shape of the king of cryptocurrencies. The hotel chain also embraces new technologies of blockchain and artificial intelligence with attention to material sustainability and zero CO2 consumption, inspired by the upcoming COP28 summit in Dubai.

The hotel chain has taken a unique approach to rewarding its guests by offering NFTs, which also provide exclusive utilities to the holders. Moreover, the rental price will be considered as staking of crypto and will produce an APY that guests can redeem. Salvatore Leggiero, the developer of the project, states, ‘It will be the first hotel that gives you back the money you paid, plus interest.’

[Husires]

BITCOIN TOWER, the first one in the world, will be built in Dubai
The commitment to celebrating the importance, notoriety, and values of Bitcoin has led to the creation of a new hotel chain in the shape of the king of cryptocurrencies.

I searched for a reliable source for this news and did not find it. All the articles appear from Bitcoin-related sites and almost all of them have the same format as the above news, but there is no indication of the design of the tower, the financier or the developer company, the place of implementation or any reliable data.
the name of Salvatore Leggiero was mentioned, and I searched for him, and I did not find any news about building a Bitcoin project or an experimental model for it.
Unless accurate data appears, I do not think it is true news.

BITCOIN TOWER, the first one in the world, will be built in Dubai
The commitment to celebrating the importance, notoriety, and values of Bitcoin has led to the creation of a new hotel chain in the shape of the king of cryptocurrencies.

All the above response is quoted, I hope you attach the quotation mark, otherwise you will be banned.

[zasad@]

BITCOIN TOWER, the first one in the world, will be built in Dubai
The commitment to celebrating the importance, notoriety, and values of Bitcoin has led to the creation of a new hotel chain in the shape of the king of cryptocurrencies.

All the above response is quoted, I hope you attach the quotation mark, otherwise you will be banned.

Are you sure that you need to put quotes along with the link?
If I haven't forgotten, quotes should be used when there is no link.
If the user posted a link, then such a post should not be considered plagiarism.
There are many posts on the forum without quotes if a link is provided.

[Husires]

Are you sure that you need to put quotes along with the link?
If I haven't forgotten, quotes should be used when there is no link.
If the user posted a link, then such a post should not be considered plagiarism.
There are many posts on the forum without quotes if a link is provided.

This seems a little off topic, but since we wear paid signatures, the above text does not contain any personal effort from the user. If you put it inside quotes, you will not be paid because it is less than 150 words.
It is true that mods do not ban accounts, but it is better to avoid that.
So in any case, it is better to quote the text away from your words, or to separate the quote from personal effort.

Plagiarism is copying with the intent of passing the work off as your own. In essentially all cases, plagiarism deserves a permaban because it usually proves definitively that the person is here for the wrong reasons: to fill up space in order to get paid, not to actually discuss or contribute.

More https://bitcointalk.org/index.php?topic=5133485.0


I hold nothing against @safar1980. My comment above does not refer to his behavior. I respect him. The above disclaimer is general and does not mean him or anyone.

[zasad@]

https://www.reuters.com/article/idUSL8N37S1OO
"DUBAI (Reuters) - The UAE Central Bank has issued new anti-money laundering and counter-terrorism financing guidance for financial institutions when dealing with virtual assets, such as cryptocurrencies and non-fungible tokens, it said on Wednesday.

The new guidance discusses the risks arising from dealing with virtual assets and virtual asset service providers, including on due diligence for licensed financial institutions when dealing with these customers and counterparties, the statement said.

The guidance, which will come into effect within a month, applies to banks, finance companies, exchange houses, payment service providers, registered hawala providers and insurance companies, agents and brokers."

[Bushdark]

https://www.reuters.com/article/idUSL8N37S1OO
"DUBAI (Reuters) - The UAE Central Bank has issued new anti-money laundering and counter-terrorism financing guidance for financial institutions when dealing with virtual assets, such as cryptocurrencies and non-fungible tokens, it said on Wednesday.

The new guidance discusses the risks arising from dealing with virtual assets and virtual asset service providers, including on due diligence for licensed financial institutions when dealing with these customers and counterparties, the statement said.

The guidance, which will come into effect within a month, applies to banks, finance companies, exchange houses, payment service providers, registered hawala providers and insurance companies, agents and brokers."

This is one of the major reasons why we see investor and crypto lovers going to dubia to have a nice time there. There government knows  how to attract tourists to the country and investors that will come to develop there state. If other countries would establish something similar to what the UAE is doing, the world of cryptocurrency world be safe and friendly to everyone, not like the SEC that was trying to send Binance out of the United States for no reason with aggressive sanction.
 I am very happy that we have countries that have plan for cryptocurrency investors with a friendly environment for everyone.

[zasad@]

https://in.investing.com/news/bitoasis-license-revoked-by-dubais-crypto-regulator-3719206
"Two notices were issued on July 10 by the Virtual Assets Regulatory Authority (VARA).
The regulator did not specify which requirements BitOasis had not met.
Due to BitOasis’s failure to comply with regulatory requirements within the allotted time limit, the crypto regulator in Dubai has suspended the exchange’s operating license.

Two notices were issued on July 10 by the Virtual Assets Regulatory Authority (VARA). Stating that enforcement action had been taken against BitOasis and that the Dubai-based company was under review."

[zasad@]

https://www.prnewswire.com/in/news-releases/adgm-introduces-the-worlds-first-dlt-foundations-regime-301975937.html
ADGM introduces the world's first DLT Foundations Regime
   
"An innovative, purpose-built regime that addresses the unique legal requirements of Blockchain Foundations, Decentralised Autonomous Organisations (DAOs), and the broader crypto industry.
The new regime is set to enable positive transformation across the blockchain and Web3 landscape, fostering a more transparent and efficient future."

[zasad@]

https://www.msn.com/en-us/money/companies/dubai-s-top-crypto-official-set-to-leave-after-less-than-a-year/ar-AA1k1iBQ
"(Bloomberg) -- The head of Dubai’s crypto regulator is poised to depart after less than a year on the job, just as authorities prepare to impose sweeping fines on non-compliant digital-asset firms operating in the emirate.

Henson Orser, who’s run the Virtual Assets Regulatory Authority since January, will be replaced by Matthew White, a partner at PwC who has worked with VARA as a consultant, the regulator said in a statement to Bloomberg News on Thursday. A leadership transition will take place “over the coming months,” VARA said. "

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Sorry for the cynicism, but in order to shave hamsters, they first need to be replaced in a convenient place.

[safar1980]

The Financial Services Regulatory Authority (“FSRA”) has announced revisions to its Anti-Money Laundering and Sanctions Rules and Guidance (“the AML Rulebook”).

The FSRA has made revisions that clarify the requirements that previously appeared in the AML Rulebook, reflecting the federal regulatory framework the UAE has put in place to combat money-laundering, the financing of terrorism and proliferation financing and ensure compliance with targeted financial sanctions. In particular, minor drafting changes have been made to the provisions relating to wire transfers in order to provide greater clarity that the FATF “Travel Rule” applies to Virtual Assets.

[zasad@]

https://www.theblock.co/post/282811/dubai-difc-digital-assets-law
Dubai’s tax-free economic zone DIFC enacts new Digital Assets Law
"The Dubai International Financial Centre has announced the enactment of its new Digital Assets Law.
The legislation aims to ensure the DIFC keeps pace with technological developments and to provide legal clarity for investors and users of digital assets."

[Manlikefrank1]

https://www.coindesk.com/policy/2023/02/07/dubai-mandates-licensing-for-crypto-companies-as-it-sets-out-regulatory-requirements/
Dubai Mandates Licensing for Crypto Companies as It Sets Out Regulatory Requirements
A new set of rulebooks from the Virtual Assets Regulatory Authority lays out requirements for crypto firms covering everything from issuance and exchange services to advertising.
"With bespoke rules and guidelines designed to provide clarity, assure certainty, and mitigate market risks, VARA seeks to develop a model framework for global economic sustainability within an innovation-centric environment that is truly borderless, technology agnostic, and future-focused," the regulator said on Tuesday.


https://www.coindesk.com/policy/2023/02/08/dubai-prohibits-privacy-coins-under-new-crypto-rules/
Dubai Prohibits Privacy Coins Like Monero Under New Crypto Rules
The issuance of anonymity-enhancing crypto are banned under the Emirate's new regulations for digital assets.

The mandate of licensing for crypto companies in Dubai is made  for several reason and for me it’s make sure there is continuous and reliability. This policies help to ensures compliance with regulatory standards, fostering trust and stability in the crypto market. it helps prevent fraud and illegal activities, safeguarding investors and the financial system.when you talk about financial systems cases of fraud are very crucial and important to handle with the of country Dubai practice it system of governance and accountability.

[zasad@]

https://www.coindesk.com/policy/2024/04/11/dubai-regulator-wants-to-lower-the-cost-of-compliance-for-small-crypto-firms/
Dubai Regulator Wants to Lower the Cost of Compliance for Small Crypto Firms
"While Dubai's regulatory rules were broadly welcomed, some firms worried about the expense.
Dubai's Virtual Assets Regulatory Authority is investigating ways to lower the cost for firms to comply with its rules.
Dubai unveiled a regulatory regime for crypto last year."