Search Results for: United Arab Emirates

FTX has requested to exclude its Dubai entity from its ongoing U.S. bankruptcy proceedings, citing that it had not begun operating until after the bankruptcy. The company also highlighted the need to settle pre-bankruptcy wages and protective measures for debtors. FTX Dubai, which is solvent and planning system overhaul and exchange relaunch, believes a voluntary liquidation following UAE law would best serve its interests.

The bankrupt cryptocurrency exchange FTX seeks to exclude its Dubai affiliate from U.S.-based bankruptcy proceedings. The Dubai unit, though financially stable, appears inactive before the bankruptcy and has no prospects of recovery. Its dismissal would protect creditors and expedite cash distribution, raising questions about companies protecting employees during bankruptcy. The global crypto community watches, wondering if such operations are reliable in crisis.

“Binance, the world’s largest crypto exchange, acquired an Operational MVP License to function in Dubai, allowing them to hold client funds, operate a crypto exchange and provide payment and custody solutions. However, this service currently only extends to institutional and qualified retail investors in the area. Despite this, Dubai’s aim to become a global center for blockchain and crypto activities has received industry approval. Navigating Dubai’s licensing procedure and achieving full regulatory compliance remains a challenge for Binance.”

“The crypto industry in Abu Dhabi receives a boost with Bahrain-based exchange Rain getting a license to operate a virtual asset brokerage and custody service. This strengthens the position of Rain to offer services to institutional and retail clients, marking a promising outlook for the crypto industry in an already renowned crypto hub.”

“Dubai’s Virtual Assets Regulatory Authority has demonstrated a novel regulatory approach to digital assets, offering a clearer and more proactive regulation environment than the U.S, emphasizing the benefits of a flexible regulatory framework for digital assets that supports innovation and preserves regulatory power.”

Galaxy Digital CEO Mike Novogratz suggests the crypto industry’s flourishing future requires the US’s active participation. However, the current unfavorable regulatory environment is forcing crypto firms to consider operations overseas, seeking a balance between compliance and business growth. Key companies like Coinbase are expanding services globally, highlighting the need for clearer US crypto regulations.

“Binance’s struggles with securing a crypto custody license from Germany’s financial watchdog highlight the increasing importance of regulatory compliance for cryptocurrency firms. Despite setbacks, Binance remains dedicated to achieving compliance, signaling a critical future trend for blockchain-based companies operating within international legal frameworks.”

Dubai’s Virtual Assets Regulatory Authority grants Bybit a restricted MVP license, enabling service to a limited set of accredited investors. The exchange aims to obtain a full market product license to expand its services across the UAE.

The UAE’s friendly stance toward digital assets, regulatory clarity, and eagerness to diversify from fossil fuels make it an appealing global crypto hub. Despite potential regulatory shifts, Binance’s focus on predictability, planning, and budgeting helps it navigate the UAE’s early-stage ecosystem.

Without bipartisan support for digital asset-focused legislation, investors and companies may turn to crypto-friendly jurisdictions, warns Moody’s. Key differences include stablecoin regulation and consumer protection, with many crypto firms already exploring options outside the US.

OKX Middle East receives an MVP Preparatory license from Dubai Virtual Assets Regulatory Authority, preparing for its license to become operational. The exchange plans to offer spot, derivatives, and fiat services, and recognizes Dubai’s comprehensive regulation standards as crucial to their regional strategy.

Bybit and the American University of Sharjah (AUS) have signed an MOU to enhance crypto adoption in the UAE. Bybit contributes AED 1,000,000 for a scholarship fund for computer science and engineering students, fostering collaboration and addressing demand for blockchain talent. As the UAE aims to become a global epicenter for cryptocurrency, balancing growth and stability is crucial.

Bitcoin’s recent breakout highlights the importance of regulatory clarity for its continued success. Strict US crypto regulations push innovation elsewhere, while countries like the UK, UAE, Brazil, Japan, EU, Australia, and Singapore establish their own cryptocurrency centers. Achieving regulatory clarity can support innovation, industry growth, and mitigate risks, maintaining the US as a global leader in cryptocurrency innovation.

The UAE Central Bank introduces new anti-money laundering and counter-terrorism financing guidelines for crypto businesses and financial institutions handling digital assets, reinforcing supervisory frameworks and mitigating risks. These measures support UAE’s push to become a global hub for the crypto industry while adhering to international standards.

Gemini crypto exchange, founded by the Winklevoss twins, aims to acquire a crypto license to serve customers in the fast-emerging UAE crypto hub. Meanwhile, the New York-based company establishes its European headquarters in Ireland, working on common sense regulation for the crypto market.

A study commissioned by the European Parliament suggests that crypto assets may soon be treated as securities by default, based on the EU’s existing financial regulation framework. This move could lead to a more stringent regulatory environment for cryptocurrencies in the EU. Meanwhile, cross-compatibility of blockchain addresses gains momentum, and Gemini plans to acquire a crypto license in the UAE.

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