As the BRICS bloc looked to continue buying the metal, the United Arab Emirates (UAE) has become the second-largest gold hub in the world. Indeed, the country is looking to advance its position and eventually be the top “alternative” to traditional gold trade centers, according to a new report. Throughout 2024, the BRICS bloc has…
M2, a UAE-based crypto exchange, experienced a significant security breach that resulted in the loss of $13.7 million in digital assets. In a Nov. 1 statement, the exchange disclosed that the incident occurred on Oct. 31 at approximately 3:16 A.M., noting that while its team responded swiftly to the attack, the breach still led to…
The United Arab Emirates (UAE) and Saudi Arabia are bolstering strategic ties with Russia, with the UAE seeking a partnership and Saudi Arabia enhancing diplomatic collaboration for regional stability. UAE and Saudi Arabia Strengthen Strategic Ties with Russia During a meeting in Dubai, UAE President Sheikh Mohamed bin Zayed Al Nahyan emphasized his intent to…
The UAE’s new DAO legal framework (DARe) enhances credibility for decentralized organizations, making it easier for DAOs to interact with the traditional financial system. The UAE’s crypto-friendly stance and favorable regulations position it as a global leader in blockchain innovation, attracting both emerging and mature DAOs. The UAE continues to strengthen its position as a…
Brazil pushes for a shift away from the U.S. dollar within the BRICS alliance, advocating for more use of national currencies in trade among member countries. As the group expands, discussions on alternative payment platforms are gaining momentum ahead of the BRICS summit in Kazan. Brazil aims to advance this initiative during its 2025 chairmanship,…
AED Stablecoin LLC has received approval from the Central Bank of the United Arab Emirates (UAE) to launch its stablecoin, AE Coin. This makes AED Stablecoin the first entity in the UAE to issue stablecoins, aligning with the government’s digital strategy. AE Coin is a fiat-backed stablecoin, meaning each coin is backed by the AED…
October 14, 2024 at 02:10 PM GST updated: October 14, 2024 at 02:16 PM 2 mins read News With 4% of the global Bitcoin mining capacity currently possessed by the UAE, nations like the US, China, and Russia face significant competition. To reduce the cost of mining Bitcoin, the UAE is changing to nuclear and…
October 14, 2024 at 12:50 PM GST updated: October 14, 2024 at 11:00 AM 2 mins read News AE Coin is the UAE’s first stablecoin, fully backed by Dirham, offering secure digital transactions. Businesses can use AE Coin for instant payments, reducing costs and improving cash flow in the UAE. AE Coin integrates with DeFi,…
The UAE Central Bank has given in-principle approval for an AED stablecoin. This move marks a big step in crypto adoption for the country. It’s set to change the UAE’s financial landscape and boost blockchain use. Also Read: Solana: Here’s How High SOL Can Peak In October 2024 How The UAE’s Approval of AED Stablecoin…
Russian Finance Minister Anton Siluanov has emphasized the rising influence of BRICS nations during a recent event, noting their projected economic growth of 4.4% in 2024-2025, compared to 1.7% for G7 countries. Siluanov highlighted BRICS’ growing share of global GDP, now at 36.7%, and the addition of new members like Saudi Arabia, Iran, and the…
The United Arab Emirates (UAE) has exempted crypto transactions from the country’s 5% value-added tax (VAT). This exemption is part of an amendment to the Executive Regulation of the Federal Decree Law on VAT. According to a document released on Oct. 4, the amendment will take effect on Nov. 15, 2024. However, the regulation will…
The UAE crypto VAT exemption has just been announced, sending shockwaves through the digital asset world. The Federal Tax Authority (FTA) declared all cryptocurrency transfers and conversions now free from Value Added Tax (VAT). The Federal Tax Authority (FTA) said: “The UAE has exempted cryptocurrency transfers and conversions from value-added tax, positioning itself as a…
October 7, 2024 at 08:20 AM GST updated: October 6, 2024 at 06:45 PM 2 mins read News The UAE eliminates VAT on cryptocurrency transfers, enhancing digital asset appeal and investment. New regulations apply retroactively from January 1, 2018, benefiting businesses and optimizing tax positions. Strengthened regulations support consumer protection and promote responsible marketing for…
The United Arab Emirates has introduced VAT amendments that impact crypto transactions, redefining tax obligations for companies in the digital asset space. Under the new rules, businesses dealing with cryptocurrencies and other digital assets must carefully evaluate their tax positions, especially as some provisions retroactively affect transactions since 2018. UAE’s VAT Amendments Introduce Retroactive Tax…
🚀 Stay Ahead with AltcoinDaily.co! 🌐 The UAE’s Federal Tax Authority (FTA) published amendments to the country’s VAT rules a few days ago. Transfers and conversions of digital assets, including crypto, are now exempt from VAT. According to PwC, another service that received VAT exemption is investment fund management. The business consultancy service provider noted…
October 2, 2024 at 03:30 AM GST updated: October 2, 2024 at 04:25 AM 2 mins read News Ripple secures DFSA in-principle approval, moving closer to full licensing for cross-border payments in Dubai’s DIFC. Ripple plans to use Dubai as a hub, expanding blockchain-powered payment services across the Middle East, Africa, and South Asia. Dubai’s…
Ripple announced the in-principle license from the Dubai Financial Services Authority (DFSA) on Tuesday, Oct. 1. DFSA’s approval could see Ripple unlock its end-to-end payment services in the UAE as well as boost overall Middle East presence. Ripple announced on October 1 that the blockchain company has hit another regulatory milestone in the United Arab…
The MENA region, or Middle East and North Africa is currently witnessing a historical increase in the crypto market. A recent research stated that between July 2023 and June 2024 the MENA region accounted for around 7.5% of the total global volume of crypto transaction with a share of $338.7 billion. This hike depicts the…
According to a Chainalysis report, the Middle East & North Africa (MENA) region has emerged as a significant player in the global crypto market, ranking seventh globally with $338.7 billion in on-chain value received between July 2023 and June 2024. Türkiye leads the region, driven by high consumer engagement and stablecoin adoption amidst inflation, while…
Dubai enhances consumer protection with updated crypto marketing rules, starting October 1, 2024. VARA has released guidelines for VASPs to help them comply with the new marketing standards. The crypto-friendly country of Dubai is stepping up its approach to marketing virtual asset investments as the city’s crypto sector continues to grow. Dubai’s Virtual Asset Regulatory…
To strengthen its regulation of its digital asset market, the Dubai Virtual Assets Regulatory Authority (VARA) has tightened the rules covering the marketing, promotion, and advertisement of investments. These new regulations are designed to protect investors from unsuitable or potentially high-pressure promotion techniques and want promotional information disclosed to the public to be honest and…
BRICS nations are considering adopting the petroyuan for oil trade as part of their ongoing dedollarization efforts, according to economic expert Herbert Poenisch. He noted the BRICS group may discuss alternatives to the petrodollar at their Kazan summit. He highlighted Saudi Arabia’s potential shift towards the petroyuan and Russia’s plans to reduce dollar reliance. However,…
Russian Foreign Minister Sergey Lavrov announced that a report on alternative payment systems for BRICS nations will be presented at an upcoming summit in Kazan. The proposal, led by Brazilian President Lula da Silva, seeks to reduce reliance on traditional financial platforms. Lavrov emphasized the increasing use of national currencies in BRICS trade, particularly with…
September 23, 2024 at 05:28 PM GST updated: September 23, 2024 at 05:04 PM 2 mins read News The UAE leads CBDC innovation with its Digital Dirham and cross-border transactions, setting a global benchmark for adoption. IMF’s REDI Framework emphasizes regulation, education, design, and incentives to overcome challenges in CBDC adoption worldwide. Public-private partnerships and…
Microsoft and G42, a United Arab Emirates-based AI firm, have established two new AI centers in Abu Dhabi. These centers aim to promote responsible AI in the Middle East and the Global South. They will identify best practices, support AI projects for societal goals, and strengthen the relationship between Microsoft and the UAE. G42’s partnership…
The Federal Bureau of Investigation (FBI) has warned of a rising business email compromise (BEC) threat, responsible for $55 billion in global losses over a decade. The scam has affected all 50 U.S. states and 186 countries, with funds frequently routed through banks in the United Kingdom, Hong Kong, China, Mexico, and the United Arab…
Russian President Vladimir Putin revealed that 34 countries have shown interest in joining BRICS activities, highlighting the global appeal of the group. He detailed Russia’s role in facilitating the integration of new members, sharing updates on BRICS activities under Russia’s chairmanship. 34 Countries Show Interest in BRICS, Putin Says Russian President Vladimir Putin said on…
Standard Chartered has received approval from the Dubai Financial Services Authority to offer crypto custodial services for Bitcoin and Ethereum. Executive Bill Winters emphasized the bank’s confidence in the future of digital assets, viewing them as a transformative force in finance. In the latest development, the Dubai Financial Services Authority has given the green flag…
The United Arab Emirates (UAE) has been changing its strategies in order to become one of the leaders in the sphere of cryptocurrency and blockchain. Recent occurrences suggest that the authorities within the country are moving a notch higher in new initiatives aimed at improving the country’s position in the digital asset markets. To enhance…
The VASPs operating in Dubai must secure a VARA license under the UAE’s new agreement. The agreement boosts oversight with shared supervision and penalties to enhance compliance. The United Arab Emirates (UAE) has taken a significant step towards solidifying its position as a global leader in virtual assets. A new cooperation agreement between the Securities…
Ripple renews its $1 million partnership with NYU Abu Dhabi to boost blockchain research and innovation in the UAE. Ripple’s strategic collaborations, including UBRI, help advance blockchain technology and digital finance globally. Ripple has renewed its strategic partnership with NYU Abu Dhabi through the University Blockchain Research Initiative (UBRI). This renewal demonstrates Ripple’s continuous commitment…
Standard Chartered has formally introduced its digital asset custody service in the United Arab Emirates (UAE). Based in the UAE and regulated by the Dubai Financial Services Authority (DFSA), DIFC will offer this new service. To kick-start the service, it will only accommodate Bitcoin and Ethereum due to their dominance in the market. Standard Chartered…
China’s digital yuan initiative has advanced considerably, backed by over a decade of research and four years of pilot experimentation, according to Lu Lei, Deputy Governor of the People’s Bank of China (PBOC). Trials for the Chinese central bank digital currency (CBDC) have been conducted in 17 different areas, accumulating a total transaction value of…
Standard Chartered has launched a digital asset custody service in the United Arab Emirates (UAE), licensed by the Dubai Financial Services Authority. The service aims to provide secure storage for digital assets, initially focusing on bitcoin and ethereum. Brevan Howard Digital is the first client, and the bank plans further expansion into additional digital assets….
The multinational Standard Chartered Bank has officially begun offering Bitcoin and other crypto custodial services to the United Arab Emirates (UAE). The services officially began on Tuesday, according to a press release. Moreover, the offering will be provided through Brevan Howard Digital, a crypto division of the hedge fund, as its very first client. The…
In the past few years, dozens of traditional banks have explored the potential of blockchain-based currencies. Specifically, the UAE and Hong Kong are among the fastest-evolving regions for digital currencies. According to an announcement of September 10, 2024, Standard Chartered, a leading bank, has started offering its digital assets custody services in the United Arab…
September 8, 2024 at 07:40 PM GST updated: September 8, 2024 at 07:04 PM 2 mins read News Analysts are expecting October to be a bullish month for crypto. The UAE is hosting crypto events in October, another bullish factor for Uptober expectations. WadzPay (WTK) could see a major upturn in price due to its…
The United Arab Emirates (UAE) is committed to supporting the economic development of the Global South through its membership in the BRICS group, according to Younis Haji Al Khoori, Under-Secretary of the Ministry of Finance. The UAE aims to foster cooperation among BRICS countries to achieve shared goals like financial stability, sustainable development, and enhanced…
August 31, 2024 at 12:48 PM GST 2 mins read News Crypto.com launched Global Retail Services in over 90 countries, starting in the UAE. Partnership with Standard Chartered enhances Crypto.com’s global transaction capabilities. Dubai’s VARA supports Crypto.com’s secure and compliant service expansion. Crypto.com has announced a new Global Retail Services program which will simplify cryptocurrency…
The United Arab Emirates (UAE) has requested consular services for Telegram CEO Pavel Durov following his arrest in Paris for alleged cybercrimes. France is investigating Durov for enabling illegal activities through Telegram. Russia has similarly sought to protect Durov’s rights, but France has been described as uncooperative. Telegram denies any wrongdoing, defending its moderation practices…
Tether, the major stablecoin issuer, has announced plans to launch a new stablecoin pegged to the United Arab Emirates Dirham (AED). This initiative, in collaboration with the UAE-based Phoenix Group, aims to provide a secure and efficient means of transacting in AED, catering to both businesses and individuals. The new stablecoin will be fully backed…
Market News Its worldwide growth ambition takes a major step forward with this development. The issuer has announced a partnership with the UAE’s tech giant, Phoenix Group. Investors in the cryptocurrency market have taken notice of the latest declaration from top stablecoin issuer Tether. The USDT issuer recently announced plans to create and release a…
August 21, 2024 at 04:50 PM GST updated: August 21, 2024 at 04:36 PM 2 mins read News Tether announces an exciting new venture to launch a new stablecoin in the crypto space. This stablecoin will be for the UAE’s currency Dirham (AED). The AED-pegged stablecoin will certainly help the efficient shift in global trades….
Tether, the issuer of USDT, aims to develop a stablecoin solely backed by the currency of the United Emirates. According to the information, Tether officially launched its stablecoin USDT on the Aptos Network. On August 11, Tether and Xion Global joined hands to advance blockchain education in South Africa. The surged popularity of blockchain-based currencies…
Tether will launch a Dirham-pegged stablecoin in collaboration with Phoenix Group. New stablecoin will join USDT, EURT and other Tether-issued stablecoins. Tether plans to add a new stablecoin pegged to the United Arab Emirates’ Dirham to its suite of stablecoins, according to an announcement on Aug. 21. Per details of the planned launch, Tether will…
Stablecoin issuer Tether plans to launch a new stablecoin pegged to the United Arab Emirates Dirham (AED), marking an expansion in its portfolio of digital assets. Developed in partnership with UAE-based tech conglomerate Phoenix Group PLC and supported by Green Acorn Investments Ltd, this project will leverage the UAE’s regulatory framework for Payment Token Services….
Gate Ventures, the venture capital arm of Gate.io exchange, has partnered with Abu Dhabi’s Blockchain Center to launch Falcon Gate, a $100 million Web3 innovation fund, according to a statement shared with CryptoSlate. The fund aims to support the global Web3 sector, focusing on outreach, economic impact, and regulatory commitment. Falcon Gate Falcon Gate aims…
Market News RAKBANK partners with Bitpanda to bring in a new digital asset management platform. The partnership aligns with RAKBANK’s creation- RAK Digital Assets Oasis (RAKDAO). The National Bank of Ras Al Khaimah (RAKBANK) has announced a strategic partnership with Bitpanda Technology Solutions. The partnership led to the launch of a new digital asset management…
RAKBANK partners with Bitpanda to create a digital asset management platform. The digital asset management platform awaits approval from the Central Bank of the UAE. UAE’s crypto adoption continues to grow with new regulations and direct bank transactions. The National Bank of Ras Al Khaimah (RAKBANK) has announced a strategic partnership with Bitpanda Technology Solutions…
Binance Dubai’s GM, Alex Chehade, predicts the UAE’s emergence as the world’s next prominent crypto hub, citing several compelling factors supporting this projection. Binance shifts focus to the United Arab Emirates as a strategic destination amidst increased enforcement actions in the United States. Binance Dubai’s General Manager, Alex Chehade, highlights the UAE’s appeal to crypto…