UAE
Crypto to play ‘major role’ in UAE trade: foreign trade Minister
Crypto will play a “major role” in the United Arab Emirates’ global trade moving forward, says the UAE’s minister of state for foreign trade Thani Al-Zeyoudi. Speaking with Bloomberg on Jan. 20 in Davos Switzerland — where world leaders are currently gathered for the 2023 World Economic Forum — Al-Zeyoudi provided a host of updates regarding the UAE’s trade partnerships and policies heading into 2023. Minister Thani Al-Zeyoudi: Bloomberg Commenting on the crypto sector, the minister stated that “crypto will play a major role for UAE trade going forward,” as he outlined that “the most important thing is that we ensure global governance when it comes to cryptocurrencies and crypto companies.” Al-Zeyoudi went on to suggest that as the UAE works on its crypto regulatory regime, the...
Crypto makes history in 2022: Five instances of governments embracing digital assets
The year 2022 wasn’t the best one in terms of crypto reputation among regulators and policymakers. However, even amid the market breakdown and repetitive public attacks on the industry, some of the officials found the courage to embrace the innovation. Some of the names are not new, while others showed progress significant enough to include them in this listicle. The United Arab Emirates and El Salvador continued to push their crypto agenda and the United Kingdom showed great effort to lay the regulatory foundation, while Brazil and the Central African Republic legally recognized the cryptocurrencies. Brazil 2021 might have been a year of mass adoption in Brazil, but it was 2022 when the country finally got its own regulatory framework. Before leaving his office, Jair Bolsonaro, the ...
11 best things to do in Ras Al Khaimah, UAE
From the world’s longest zipline to desert bedouin camps, these are the best things to do in Ras Al Khaimah Ras Al Khaimah, one of the seven emirates that make up the UAE, is an intriguing blend of the modern world and old Arabia. Unlike its neighbouring emirates, overdevelopment is yet to engulf Ras Al Khaimah, more commonly known as RAK. This, along with its sandy coast and craggy interior, makes it a beguiling Middle East destination. Meaning ‘headland of the tent’, Ras Al Khaimah is located in the northeastern part of the UAE, bordering Musandam, an exclave of Oman. Its position between the Persian Gulf and the Hajar Mountains reveals a range of landscapes from dramatic hilltop forts and dusty rose-red ridges to wind-hewn deserts and a glittering coastline of sandy beaches and mangrove...
Highlander UAE: hitting rock bottom in the high heat
Kia feels the burn on the Highlander UAE, a 30km two-day trek in the Hajar Mountains When I agreed to do the Highlander UAE, I didn’t know that the entire universe would conspire against me. I’d planned to be fighting fit because I knew that the trek would be challenging, but due to a healing wound for which I needed stitches I wasn’t able to exercise for the three weeks leading up to the trip. This impacted my fitness and, in turn, my ability to deal with the 30°C heat. On top of this, in what felt like a cosmic cruelty, I found myself battling a cold. Add to this the fact that I hate camping and that I’ve never trekked with a heavy pack before and you have a recipe for misery. Still, I was committed. Peter and I set off at 7.30am on the first day. I had done multi-days treks ...
Crypto investment firm Q9 gets provisional approval to operate in Dubai
A Hong Kong-headquartered crypto investment platform, Q9 Capital, received provisional virtual asset approval from Dubai’s Virtual Asset Regulatory Authority (VARA). The company announced its expansion to the UAE and applied for a full operating license as well. According to its press release from Oct. 27, Q9 will establish a regional hub in Dubai and start providing services to qualified investors and financial service providers once it receives a full operating license. The provisional approval from VARA gives the crypto platform the legal possibility to set up offices and provide digital asset exchange services to pre-qualified investors and financial firms. At the moment, Q9 also holds offices in Hong Kong, London and Limassol. James Quinn, a managing partner at Q9, expressed his...
PHOTOS: FG Evacuates 542 Stranded Nigerians From UAE
Tweet Tweet Share Whatsapp reddit The Nigerians in Diaspora Commission has disclosed that the Federal Government has evacuated 542 Nigerians, who are stranded in the United Arab Emirates. They made this known via their Twitter handle on Sunday. “A total of 542 stranded Nigerians in the United Arab Emirates (UAE) evacuated by the Federal Government arrived Nnamdi Azikiwe Int’l Airport Abuja on board the #MaxAirLtd Charted flight. The plane touched down at 4:29 am today 23/10/2022.”, NIDCOM tweeted. .uffb27e6bd5943cefd0c4d14dd139695f { padding:0px; margin: 0; padding-top:1em!important; padding-bottom:1em!important; width:100%; display: block; font-weight:bold; background-color:inherit; border:0!important; border-left:4px solid #16A085!important; box-shadow: 0 1px 2px rgba(0...
Germany leaves the US behind in top crypto economies in Q3: Report
Germany has become the most favorable crypto economy in the world in the third quarter of 2022, according to a new report. The United States, the joint top-rank holder from last quarter, fell six places to rank seventh on the top crypto economy. The crypto economy rankings compiled by Coincub looked into various factors such as favorable crypto outlook, clear crypto tax rules, more transparent regulatory communications and more to rank countries. Germany although not a tax haven, is considered one of the strongest all-around ‘traditional-tax’ crypto economies that reward long-term crypto holders. German law charges zero tax on crypto holdings of over a year. Switzerland ranked second with its positive crypto regulatory stance and is home to some of the top crypto organizations in the ...
Middle East and North Africa are fastest-growing crypto markets: Data
Emerging markets continue to forge their way into the crypto scene finding a plethora of use cases, especially in the combined Middle East and North Africa (MENA) region. A new report from Chainalysis reveals that the crypto market in the MENA region is the fastest growing in the world. Transaction volume in the MENA region reveals users received $566 billion in crypto in the time frame of July 2021 to June 2022. This is 48% more than the previous year. MENA is followed by Latin America and North America with a growth of 40% and 36%, respectively. This region is made up of approximately 22 countries which include emerging markets such as Morocco, Egypt and Turkey. In these countries, the usage of cryptocurrencies finds practical use cases in savings preservation and remittance payments. In...
UAE Ministry of Economy opens up new headquarters in the Metaverse
The United Arab Emirates (UAE) Ministry of Economy has announced a new headquarters located where anyone in the world can visit — the Metaverse. According to Gulf News, the announcement was made on Sept. 28 by UAE Minister of Economy Abdulla bin Touq Al Marri during the Dubai Metaverse Assembly, with the minister stating “this is not a proof of concept, this is our third address” before giving a live tour of the virtual headquarters. The headquarters will feature a multiple story building, each serving a different purpose. Visitors will be able to take a ticket, which will prompt a “customer happiness center employee” to join the Metaverse and interact with the visitor. [embedded content]Footage from the Dubai Metaverse Assembly. Source: Gulf NewsThe new headquarters will comple...
BIS marks CBDC pilot as ‘successful’ with $22M transacted
A multi-jurisdictional central bank digital currency (CBDC) pilot has been marked “successful” by the Bank for International Settlements (BIS) after a month-long test phase that facilitated $22 million worth of real-value cross-border transactions. The central banks of Hong Kong, Thailand, China and the United Arab Emirates took part in the pilot program along with 20 commercial banks from those regions. More than $12 million worth of value was issued onto the test platform, which facilitated 164 foreign exchange transactions and cross-border payments between the participating firms totaling over $22 million worth of value, according to a Tuesday LinkedIn post from the BIS. Graphic from the BIS on the CBDC pilot. Source: LinkedIn Daniel Eidan, an adviser and solution architect at the BIS,&...
Abu Dhabi regulator introduces its ‘guiding principles’ for crypto
The Financial Services Regulatory Authority (FSRA), the financial regulator of Abu Dhabi Global Market free economic zone (ADGM), published its “Guiding Principles” on its approach to digital asset regulation and supervision. Friendly in tone to the crypto industry, the principles pledge to comply with international standards in Anti-Money Laundering (AML), combating the financing of terrorism (CFT) and supporting financial sanctions. Five principles were published without date specification on the official webpage of the ADGM. They go under the titles of Internationally Recognised Regulatory Framework, Dynamic and Market-Oriented Regulations, Risk-focused and Proportionate Approach, Cooperation and Shared Responsibility, Delivering High Standards of Quality & Service. Whil...
Nigeria becomes the most crypto-obsessed nation after April crash: Report
The crypto market crash in April saw most cryptocurrencies lose more than 60% of their valuation from the top, leading to an overall downturn in trading activity, investor interest and venture capital investment. A recent study has highlighted nations’ growing curiosity and interest in crypto after the April crash. The research was based on Google Trends data of popular crypto search terms that often reflect increased interest in the crypto market. The search history of each nation was then compiled to give an overall search score. The countries at the top of the list appear to be most eager to buy the dip. The Coingecko research highlighted a significant rise in curiosity among Nigerians after the crypto market downturn in April. The Nigerian population searched the term ‘cryptocurr...
