XRP, TON win approval in Dubai International Financial Centre free trade zone

November 2, 2023 Coin Telegraph

The new tokens join the ranks of BTC, ETH and LTC for use by the 4,000-plus companies located in the zone, which is considering new legal measures as well.

The Dubai Financial Services Authority (DFSA) recognized two more tokens on Nov. 2, adding XRP (XRP) and Toncoin (TON) to its list of recognized tokens. They join Bitcoin (BTC), Ether (ETH) and Litecoin (LTC) as coins recognized in the Dubai International Financial Centre (DIFC).

The tokens’ new status will allow financial institutions in the DIFC to carry out transactions with them. There are over 4,000 companies located in the special economic zone. Ripple opened its MENA headquarters in the DIFC in 2020.

About 20% of Ripple customers are in that region, the company said in a statement. Ripple CEO Brad Garlinghouse said:

“It’s refreshing to see the DFSA encourage the adoption and use of digital assets such as XRP to position Dubai as a leading financial services hub intent on attracting foreign investment and accelerating economic growth.”

The DFSA regulates the DIFC alone. It instituted regulations on cryptocurrency in October 2021 and augmented those regulations in November 2022. In late September, the DIFC announced a proposed Digital Assets Law. It also proposed repealing the 2005 Law of Security and the Financial Collateral Regulations and then passing an updated Law of Security that encompassed collateral regulations as well.

The proposed digital assets law “sets out the legal characteristics of a digital asset, its proprietary nature, how it may be controlled, transferred, and dealt with by interested parties.”

The new Security Law would be based on the United Nations Commission on International Trade Law secured transactions model, with adaptations. Those laws are in their consultation period through Nov. 5.

Dubai’s regulators have consistently demonstrated their pro-innovation approach, with this announcement as the latest example. @Ripple will continue doubling down in regions where there is regulatory clarity for crypto – a key reason we’re hosting #RippleSwell in Dubai this… https://t.co/PlIj7ubTcg
— Brad Garlinghouse (@bgarlinghouse) November 2, 2023

This comes on the heels of the Abu Dhabi Global Market’s passage of Distributed Ledger Technology (DLT) Foundations Regulations, which took effect on Nov. 1.

In Dubai proper, the Dubai Virtual Asset Regulatory Authority was established in March 2022 and given authority over all the emirate and its free trade zones except the DIFC. A virtual assets law was instituted in the emirate at the same time.

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Dubai VARA grants ‘initial approval’ to crypto firm WadzPay

November 2, 2023 Coin Telegraph

Coin Telegraph

The license allows WadzPay to begin preparing to provide virtual asset services and activities under the VASP License for Transfer and Settlement and Broker/Dealer activities.

The Dubai Virtual Assets Regulatory Authority (VARA) has issued an “Initial Approval” license to the crypto firm WadzPay, marking a pivotal step in the company’s journey toward obtaining a Virtual Asset Service Provider (VASP) license for virtual asset services and activities.

According to the announcement, Wadzpay’s VARA license allows it to commence preparations to provide virtual asset services and activities under the VASP License for Transfer and Settlement and Broker/Dealer activities. The VARA license does not allow the company to offer any other of its virtual asset products and services. The company’s platform offers services catering to businesses (B2B) and individual users (B2B2C).

Dubai’s regulator has issued operational licenses of various stages to crypto exchanges and firms over the past few months, strengthening its position as a crypto-friendly jurisdiction with its regulatory body and comprehensive rulebooks for Virtual Asset Service Providers (VASPs). Attaining a VARA license in Dubai is a three-step process requiring crypto exchanges to qualify for provisional approval, a minimal viable product (MVP) license and a total market product license.

WadzPay takes a giant leap with Initial Approval from Dubai Virtual Assets Regulatory Authority (VARA)!#WadzPay #blockchain #virtualassets #VARA #license #Dubai #UAE #regulatory #technology pic.twitter.com/0lDFCsUVHo
— WadzPay (@WadzPay) November 1, 2023

The cryptocurrency wallet Backpack was granted a Virtual Asset Service Provider (VASP) license at the end of October, leading to the debut of Backpack Exchange. Backpack’s VARA license restricts its operations to crypto exchange services within Dubai, excluding its other virtual asset offerings. The newly unveiled Backpack Exchange incorporates zero-knowledge (ZK) proof-of-reserves, multi-party computation (MPC) for custody, and high-speed order execution.

Komainu, a joint venture between Nomura and crypto firms CoinShares and Ledger, also received a full operating license from Dubai’s VARA. Komainu completed the final step in VARA’s licensing process nearly 10 months after securing its MVP license in November 2022.

Laser Digital, the cryptocurrency division of financial giant Nomura, secured an operating license from Dubai’s Virtual Asset Regulatory Authority (VARA) in August. This move is part of Nomura’s efforts to establish a presence in the digital asset sector. Through its subsidiary, Laser Digital Middle East FZE, based in Dubai, the company unveiled its Virtual Asset Service Provider (VASP) license, permitting it to provide brokerage, virtual asset management, and investment services in the emirate.

Laser Digital’s new license comes from Binance obtaining an operational minimum viable product (MVP) from VARA to operate cryptocurrency exchange and virtual asset broker-dealer services locally.

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Web3 wallet Backpack to launch VASP-licensed crypto exchange in Dubai

October 31, 2023 Coin Telegraph

Coin Telegraph

The Backpack crypto wallet has bagged operational licenses across several jurisdictions worldwide over the past five months, according to the company announcement.

The Dubai Virtual Assets Regulatory Authority (VARA) has issued a Virtual Asset Service Provider (VASP) license to the crypto wallet Backpack, resulting in the launch of Backpack Exchange.

Backpack’s VARA license is limited to crypto exchange services in Dubai and does not allow the company to offer any other of its virtual asset products and services. According to the announcement, Backpack Exchange incorporates zero-knowledge (ZK) proof-of-reserves, multi-party computation (MPC) for custody and low-latency order execution, among other features.

The announcement also revealed that Backpack Exchange had bagged operational licenses across several jurisdictions worldwide over the past five months.

Sign up for the waitlist https://t.co/44tITBLJSA https://t.co/Wy5zQQLLum pic.twitter.com/aTE9FqmyJ3
— Backpack (@xNFT_Backpack) October 31, 2023

The flagship Backpack Wallet currently stands as an unregulated product; however, it is designed to help users transition from fiat to on-chain applications in the future. Backpack CEO and co-founder Armani Ferrante shared his intent to “put an end” to the opacity of crypto exchanges.

Speaking against the norm of running full-fledged crypto exchanges with a single point of failure and without proof-of-reserves or auditability, Ferrante stated:

“Using cryptographic techniques like zk-proofs, MPC, and state machine replication, Backpack Exchange hopes to raise the bar for transparency and compliance to demonstrate the best this technology has to offer. Don’t trust, verify.”

Existing Backpack and Mad Lads users will gain initial access to Backpack Exchange from November 2023 and will be made public in Q1 2024. During this time, Backpack plans to add various trading functionalities, such as derivatives, margin and cross-collateral into its offerings.

Backpack has not yet responded to Cointelegraph’s request for comment.

Dubai VARA regulator issued various degrees of operational licenses to numerous crypto exchanges over the past year, further strengthening its position as a crypto-friendly jurisdiction.

⚠️Dubai News

Dubai's Vurtual Assets and Regulatory Authority issued the long-awaited Full Market Regulations for Vurtual Assets Services Providers (VASPs).
— Irina ₿. Heaver (@IrinaHeaver) February 7, 2023

In February 2023, the regulator issued new guidelines for VASPs operating within the emirate. All crypto exchanges must adhere to marketing, advertising and promotion regulations. Violators will be fined between 20,000 UAE dirhams ($5,500) and 200,000 dirhams ($55,000), and repeat offenders could see fines as high as 500,000 dirhams ($135,000).

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OpenAI partners with G42 in Dubai eyeing Middle East expansion

October 18, 2023 Coin Telegraph

chatGPT

The two companies said they plan to use OpenAI’s models in industries in which G42 has connections and experience, such as energy, finance, healthcare and public services.

OpenAI, the maker of popular artificial intelligence (AI) chatbot ChatGPT, and Dubai-based technology holding group G42 announced a new partnership on Oct. 18 to expand AI capabilities in the Middle East region.

The two companies plan to leverage OpenAI’s generative AI models in sectors of G42’s expertise, including financial services, energy, healthcare and public services.

G42 said that organizations in the United Arab Emirates (UAE) and other regions using its business solutions should now have a more simplified process of integrating advanced AI capabilities into existing businesses.

It said it plans to “prioritize its substantial AI infrastructure capacity to support OpenAI's local and regional inferencing on Microsoft Azure data centers.”

Sam Altman, co-founder and CEO of OpenAI, said that G42’s connections in the industry can help bring AI solutions that “resonate with the nuances of the region.” He said the collaboration will help advance generative AI across the globe.

This development follows another from neighboring Middle Eastern country Saudi Arabia, which recently announced a collaboration between a local university and universities in China around developing an Arabic-based AI system.

The large language model (LLM), called AceGPT, is built on Meta’s Llama 2. According to the project’s GitHub page, it is designed to be an AI assistant for Arabic speakers and answer queries in Arabic.

Both of these developments come as regulators in the United States grow increasingly weary over the destination of AI semiconductor chip exports, including the Middle East.

In August, U.S. officials reportedly added “some Middle Eastern countries” to its list of areas where AI chip maker Nvidia and its rival AMD need to curb exports of their high-level semiconductor chips.

A few weeks later, U.S. regulators denied blocking said exports to the Middle East. However, in its most recent expansion of export controls of AI semiconductor chips, one new rule was to expand licensing requirements for the export of advanced chips to “all 22 countries to which the United States maintains an arms embargo.” Aside from its main target being China, this includes Middle Eastern countries of Iraq, Iran and Lebanon.

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Middle East regulatory clarity drives crypto industry growth — Binance FZE head

October 18, 2023 Coin Telegraph

Alex Chehade

UAE, Dubai and Bahrain continue to attract major cryptocurrency exchanges and businesses due to their progressive regulatory approaches.

Major cryptocurrency exchanges and businesses are being lured to a proverbial crypto oasis around the Persian Gulf, according to Binance FZE’s general manager.

Alex Chehade, who heads Binance's local operation in Dubai, tells Cointelegraph reporter Ezra Reguerra that progressive regulatory frameworks in the region are a major drawcard for startups and established industry players:

“What stands out in the Middle East is regulatory certainty and clarity. We have a virtual-asset-specific regulator here in Dubai, VARA. We have ADGM with its virtual asset framework, we have Bahrain’s central bank being accepting of cryptocurrencies.”

Chehade believes that regulators in other jurisdictions have not quite figured out or taken the time to learn the ins and outs of the cryptocurrency landscape, or simply lack the “bandwidth” to begin regulatory the sector:

“So you’re seeing events like GITEX and Future Blockchain Summit as well as global companies coming here because it’s easy to do business.”

The Binance FZE general manager adds that businesses need certainty in order to create long-term plans and the regulatory parameters that exist in these specific jurisdictions are facilitating that process.

Cointelegraph's Ezra Reguerra in conversation with Chehade at Future Blockchain Summit in Dubai.

Chehade also highlighted Binance’s role as a catalyst of sorts for Web3 companies and startups to become established in the region.

“We’re an ecosystem enabler, we’re the biggest Web3 company in the world. You often see network effects with size and we’re seeing a healthy environment with big and small players.”

Chehade stated that Binance now employs around 600 people in its Dubai-based operation and will continue to play its part in fostering the industry. He adds that Binance FZE has been operating as a regulated exchange in Dubai for a year and a half and is segregated from the rest of its global operations with ring-fenced custody and operations.

In a prior interview with Cointelegraph at the Blockchain Economy Dubai Summit, Akshay Chopra, Visa’s vice president, and head of innovation and design, echoed Chehade’s sentiments regarding the region's progressive regulatory outlook.

As a board member of the MENA Fintech Association, Chopra highlighted the “forward-looking and inclusive view of blockchain and crypto solutions” as a key driver of growth for the sector in the region:

“Regulators are actually looking forward and working with the local blockchain community, institutions, startups, entrepreneurs to come up with a very inclusive perspective on what is the future and how can we be best positioned both as a market and as a regulator.”

Research from blockchain analysis firm Chainalysis indicates that the MENA region is the fastest growing cryptocurrency market in the world. Transaction volume in the region reveals users received $566 billion in crypto between July 2021 and June 2022.

Additional reporting by Ezra Reguerra.

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Solana becomes ecosystem partner of Dubai free zone

October 16, 2023 Coin Telegraph

Coin Telegraph

The Solana Foundation became an ecosystem partner for the Dubai Multi Commodities Centre, one of the free economic zones within the UAE.

The Solana Foundation became an ecosystem partner for the Dubai Multi Commodities Centre (DMCC), one of the free economic zones within the United Arab Emirates.

According to the announcement from Oct. 15, with its blockchain platform, Solana will provide technical and business development support to any DMCC Crypto Centre member. The company will also deliver webinars and educational courses on various Web3 topics and extend its already operating grant program in DMCC.

Solana’s existing partners will, in turn, get the privileged treatment in the DMCC, according to the Centre’s CEO, Ahmed Bin Sulayem:

“We will provide complimentary setup and business licensing for Solana ecosystem projects whilst our members can access a world-class blockchain platform and dedicated Solana engineering teams that can take their businesses to new heights.”

The list of DMCC’s ecosystem partners also includes the crypto exchange ByBit, the digital asset market maker DWF Labs, a Web3 incubator TDeFi, a venture capital fund Brinc, and several other entities, while the total number of the Centre’s members officially accounts for 23,000 companies.

Along with the Abu Dhabi Global Market (ADGM) and Dubai Silicon Oasis Authority (DSOA), the DMCC is one of the three initial economic free zones established in the UAE to boost its investment climate. This trio will soon be joined by the Ras Al Khaimah Digital Assets Oasis (RAK DAO), unveiled during Blockchain Life 2023.

By September 2023, Solana network has occupied the global tenth spot in terms of the total value locked (TVL) with an equivalent of roughly $359 million.

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Nomura’s Laser Digital receives in-principal approval for operations in Abu Dhabi

September 26, 2023 Coin Telegraph

Coin Telegraph

The Japanese bank joins a rapidly growing number of digital asset firms operating in Abu Dhabi and the rest of the United Arab Emirates.

The Abu Dhabi Global Market (ADGM) has granted Laser Digital, the digital assets arm of Japan’s Nomura Bank, in-principal approval to provide broker-dealer services and asset/fund management services with both digital and traditional assets, according to an ADGM communication on Sept. 26.

Laser Digital can receive full Financial Services Permission to operate after fulfilling conditions specified in the current approval. Those conditions were not specified in the communication. Laser Digital CEO Jez Mohideen said of the ADGM in the communication:

“Their comprehensive and clear regulatory framework is creating a global hub for digital assets that we are delighted to be joining.”

The ADGM is an international financial free zone within Abu Dhabi, capital of the United Arab Emirates (UAE). The ADGM occupies nearly 15 square kilometers across two islands and consists of a registration authority, regulatory authority and a court that applies common law.

Binance received in-principal approval to operate in the ADGM in April 2022 and received Financial Services Permission in November. Kraken also received permission to operate in the ADGM in 2022. This year, the ADGM licensed two smaller virtual asset firms – UAE-based M2 and Bahrain-based Rain.

Another emirate, Ras Al Khaimah, created a free zone for digital and virtual asset companies called RAK Digital Assets Oasis (RAK DAO) earlier this year.

#ADGM is proud to announce that @LaserDigital_ has received an In-Principle Approval (IPA) from the ADGM Financial Services Regulatory Authority (FSRA) for its virtual asset management services, further establishing it as a leading global hub for digital assets.… pic.twitter.com/CmvkP4wumO
— Abu Dhabi Global Market (@ADGlobalMarket) September 26, 2023

The preliminary approval in Abu Dhabi comes just over a month after Laser Digital received an operating license from Dubai’s Virtual Asset Regulatory Authority (VARA). It also launched a Bitcoin (BTC) Adoption Fund in August. Laser Digital was created in September 2022.

Nomura is also part of the Komainu joint venture, along with cryptocurrency exchanges CoinShares and Ledger. Koimanu received an operating license from Dubai’s VARA in August, joining several other crypto exchanges.

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How to buy Bitcoin in Dubai

September 24, 2023 Coin Telegraph

Buy Bitcoin

Experience zero tax on crypto trades — find out how to buy Bitcoin in Dubai.

Dubai is a magnificent city to live and work in. But how can someone buy Bitcoin in Dubai? Is it legal to buy Bitcoin in Dubai? Is Dubai crypto-friendly?

Here’s a quick guide with the answers. The great news is that, yes, buying Bitcoin (BTC) in the United Arab Emirates is permitted, and the country is actually one of the most welcoming to cryptocurrency exchanges and investors.

Is Dubai crypto-friendly?

The thriving metropolis of Dubai in the UAE has long been deemed a crypto-friendly city. Some describe the UAE as the most crypto-friendly country.

What’s more, there is zero tax to pay on cryptocurrency trading in the UAE, as well as zero income or capital gains tax. This combination has made the Middle Eastern country massively attractive to cryptocurrency and blockchain companies and the users of these technologies. There are many UAE crypto traders and plenty of crypto investment options in the UAE.

But is it legal to buy Bitcoin in Dubai? Dubai and the UAE have some regulations on cryptocurrencies, including policies to protect investors. Cryptocurrencies are not licensed or recognized as legal tender; however, there are no laws against buying Bitcoin in the UAE or owning or trading Bitcoin or other crypto.

How to buy cryptocurrency in Dubai

Buying Bitcoin in Dubai and anywhere in the UAE is quite straightforward; it starts with choosing a crypto exchange, registering and creating an account, and then adding the funds needed to buy the cryptocurrency of choice.

Bitcoin is available on any exchange, and other leading cryptocurrencies are available on most major exchanges. Investors who plan to hold on to Bitcoin usually want to move their Bitcoin away from an exchange into a Bitcoin wallet or to more secure Bitcoin storage like a hardware wallet. Let’s look at the steps to buying Bitcoin in the United Arab Emirates:

1. Choose an exchange

The first priority when choosing an exchange is security; crypto buyers should always research the exchange and check online reviews, then review the coins, the exchange lists and the fees.

2. Register

Registering with an exchange starts with an email, a password and any other security authentication available. Cryptocurrency exchange users should always make full use of any additional security options. New exchange users will usually need to provide the exchange with an image of a piece of photo ID to complete its Know Your Customer (KYC) checks.

3. Fund and buy

Once an account has been created, funds can be added from fiat accounts. After that, it’s possible to buy BTC with UAE dirhams easily this way or to select another trading pair.

Which crypto exchanges operate in Dubai and the UAE?

The intriguing thing is that there are many leading exchanges that operate in the UAE; investors can pick from the most well-known, the best-reviewed, those thought of as the safest, and those with the highest availability of leading cryptocurrencies.

Some of the crypto exchanges and Bitcoin trading platforms in Dubai and the UAE are eToro, OKX, HTX (formerly Huobi) and Binance. Bitcoin brokers in the UAE, such as Rain, OKX, Uphold, Bybit and Binance, are regulated by the UAE Financial Services Regulatory Authority (FSRA) or the Abu Dhabi Global Market (ADGM).

How to choose Bitcoin wallets in Dubai

Just like Bitcoin trading platforms in Dubai, there are lots of options for Bitcoin wallets in Dubai to store crypto safely. The first step is to choose a Bitcoin wallet suitable for investor plans or behavior.

Online wallets or wallet applications aren’t as safe as hardware wallets, but they can be more suitable for investors planning to move their cryptocurrency holdings or use them on a regular basis. Hot wallets to choose from include Trust Wallet or Electrum.

More valuable Bitcoin holdings or funds left idle for some time are best stored in safer hardware wallets, such as Trezor or Ledger Nano.

Can you buy Bitcoin in Dubai with cash?

It’s possible to buy Bitcoin in Dubai with cash straight from an account or by using a credit card. After an account has been set up with an exchange, the next step is to add fiat money funds to the account and then go on to purchase Bitcoin.

Does Dubai have Bitcoin ATMs?

The UAE is so welcoming to crypto that it is one of the countries to have Bitcoin ATMs, and Dubai’s first Bitcoin ATM was installed at the five-star Rixos Premium Dubai Hotel in 2019. At the kiosk, visitors can insert cash and buy Bitcoin instantly.

Is buying Bitcoin via P2P in Dubai common?

Peer-to-peer (P2P) cryptocurrency exchanges allow users to trade Bitcoin directly with one another, unlike centralized or decentralized exchanges. On a P2P exchange, it’s possible to look at a seller’s list of assets for sale and choose accordingly. Buyers and sellers agree on the price of the cryptocurrency for sale before the sale is made.

P2P exchanges can be more common in countries with greater restrictions on cryptocurrency exchanges; in Dubai, that’s not the case. The major exchanges operating in Dubai often have P2P functionality as well as standard trading options, which provides the best of both worlds. The exchanges offering P2P trading in Dubai include Binance, Paxful, OKX, HTX, Bybit and KuCoin.

Are there crypto-friendly banks in the UAE?

It is interesting to know how banks in Dubai and the UAE view cryptocurrencies and crypto users. The UAE doesn’t fail the crypto entrepreneur, and there are a number of crypto-friendly banks in the UAE that will allow crypto businesses to open and use fiat accounts.

First Abu Dhabi Bank (FAB) has no policies restricting its customers from buying and selling crypto. Although it doesn’t offer crypto trading, it’s possible to link an FAB account with a crypto exchange to fund Bitcoin purchases. FAB also has future plans to leverage Web3 and digital assets for its users.

Exercise caution while dealing with cryptocurrencies

It is fortunate for Dubai residents to have access to a vibrant financial environment that enables them to engage with the world of cryptocurrencies.

However, it is important to remember that the value of Bitcoin and many other cryptocurrencies is extremely volatile and subject to significant price swings in either direction. Therefore, before entering the cryptocurrency market, careful research and knowledge of the risks involved are crucial.

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Nomura, CoinShares, Ledger joint venture Komainu wins Dubai crypto license

August 22, 2023 Coin Telegraph

Coin Telegraph

Komainu completed the final step in VARA’s licensing process nearly 10 months after securing its MVP license in November 2022.

Komainu, a joint venture between Nomura and crypto firms CoinShares and Ledger, has received a full operating license from Dubai’s Virtual Asset Regulatory Authority (VARA).

The United Arab Emirates (UAE) has opened its door to crypto innovations, supported by federal grants and pro-crypto regulations aiming to nurture entrepreneurs. Attaining a VARA license in Dubai is a three-step process requiring crypto exchanges to qualify for provisional approval, a minimal viable product (MVP) license and a full market product (FMP) license.

Komainu completed the final step in VARA’s licensing process nearly 10 months after securing its MVP license in November 2022. Other prominent crypto exchanges that have previously gained similar operational status include Binance, Bybit, Laser Digital Middle East, BitOasis (suspended), OKX, Crypto.com, FTX (revoked) and Huobi.

Komainu’s Head of Strategy, Sebastian Widmann, stressed the importance of a desirable regulatory status for growth in business. Komainu has not yet responded to Cointelegraph’s request for comment at the time of writing.

Komainu is also regulated by the Jersey Financial Services Commission (JFSC), where it remains headquartered. VARA’s licensing allows Komainu to offer its full suite of custody services, including institutional staking and collateral management via its collateral management service, Komainu Connect.

Dubai recently decided to heavily subsidize commercial licenses to artificial intelligence (AI) and Web3 businesses.

*DIFC’s newly-launched Innovation One building has physical offices and co-working spaces for registered AI and Web3 enterprises. Source: dubaiaicampus.com*

The Dubai AI and Web 3.0 Campus — an aspiring tech hub — announced the decision to subsidize the licenses for companies willing to set up a base in the city. The licenses will be issued by Dubai International Financial Centre (DIFC) as the city eyes an influx of global talent and diversified investors.

Dubai

Is Dubai crypto-friendly?

How to buy cryptocurrency in Dubai

1. Choose an exchange

2. Register

3. Fund and buy

Which crypto exchanges operate in Dubai and the UAE?

How to choose Bitcoin wallets in Dubai

Can you buy Bitcoin in Dubai with cash?

Does Dubai have Bitcoin ATMs?

Is buying Bitcoin via P2P in Dubai common?

Are there crypto-friendly banks in the UAE?

Exercise caution while dealing with cryptocurrencies

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