Dubai Announces Metaverse Strategy; Aims to Create 40K Jobs in Five Years

After positioning itself as a crypto hub with its virtual asset law, Dubai is now eyeing the metaverse. Dubai’s Crown Prince, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, announced this news through a tweet on July 18. His tweet read: [embed]https://twitter.com/HamdanMohammed/status/1548987283310878722[/embed]   Under its metaverse strategy, Dubai plans to become the leading metaverse destination in the MENA region. On the global scene, Dubai seeks to become a top 10 metaverse economy. Additionally, the emirate plans to quintuple the number…

Dubai-Based Delivery Service Now Receives Crypto Payments, Pays Salary in USDT

Amidst a general rise in crypto adoption across the UAE, YallaMarket, a local delivery company in Dubai has incorporated cryptocurrency as a payment method. The major delivery service also claims it will soon offer its staff salary payment options in USDT and USDC. YallaMarket To Pursue Crypto-Based Development The firm whose services entail grocery delivery has allowed customers to make crypto payments for its products via their mobile app. Additionally, the company supposedly has plans to facilitate investments from partners…

Binance Pushes for Middle East Expansion, Obtains Dubai License

Earlier today, Binance shared the news that it had received a Virtual Asset License permitting operations within Dubai.  Virtual Asset Regulatory Authority to Monitor Affairs The exchange platform can now offer limited exchange goods and services to eligible investors and establishments in the UAE. However, this will be done in accordance with the Virtual Asset Regulatory Authority’s (VARA) initial regulatory stage. The permit grants Binance the opportunity to function within Dubai’s digital asset market model which runs under the “test-adapt-scale”…

The UAE Ready to Become the Middle East’s Crypto Oasis

While everyone is discussing crypto regulations in the U.S., Russia, or China, other countries are tip-toeing towards total crypto adoption. For instance, the United Arab Emirates (UAE) is preparing to issue federal licenses of virtual asset service providers (VASPs). The new legislation should come into effect by the end of Q1 2022. Above all, it should transform the country into a crypto oasis in the Middle East. A Surprisingly Friendly Approach to Crypto According to a Bloomberg report, the UAE’s…

Dubai Approves Crypto Trading to Push for Digital Currencies’ Adoption

The United Arab Emirates financial regulators have allowed crypto trading in an economic-free zone in Dubai. The Dubai World Trade Centre Authority (DWTCA) signed an agreement with UAE's SCA to support the regulation and trading of cryptocurrencies. The deal advances the UAE's commitment to becoming a crypto-friendly global hub. Allowing Crypto Trading in Dubai The latest effort creates a structure that will allow the DWTCA to provide the appropriate approvals. Also, they will get to offer licenses for financial activity…

Lulu Exchange UAE Airs Its Partnership With Ripple and Federal Bank

Lulu Exchange UAE announced a partnership between Ripple and the Federal Bank of India to increase faster and cheaper real-time payments from the UAE to India. Since Ripple’s lawsuit led to big losses, these newsstands as a good shot for the company’s progress, the UAE is one of the world's leading countries in integrated communications technology. It is constantly advancing its telecommunication infrastructure to allow for greater Internet penetration, closing the gap between physical and digital solutions. UAE Is Innovating…

Dubai’s Regulatory agency draws framework to Regulate Crypto-assets

Asian financial hub Dubai is set to have robust regulations governing the use of cryptocurrencies within its region. This was revealed by the Dubai Financial Services Authority (DFSA), the financial regulator for the emirate’s financial free zone. A legal framework for crypto-assets This latest development was revealed in the DFSA business plan released on Monday. According to the report, the DFSA will also regulate different digital assets, including security tokens and payment tokens. These regulations will cover crypto-assets and firms…

Singapore, Dubai and the Philippines Pilot Crypto Industry Expansion

On the 28th of January, the Payment Services Act of Singapore allowed crypto-related firms to apply for operating licenses. Additionally, the Act provides a regulatory framework for dealing with crypto-trading and digital payments operations. The Monetary Authority of Singapore, MAS, is in charge of regulation for crypto payments services, domestic transactions, and merchant regulation, which outlines the Act. Similarly, the MAS is also in charge of mitigating cyber-security risks and establishing controls to deal with the funding of terrorism and…