The United Arab Emirates’ Financial Services Regulatory Authority (FSRA) has recently updated its Anti-Money Laundering (AML) and sanctions rules to include provisions for digital assets. This move aligns with the Financial Action Task Force’s (FATF) Travel Rule, which aims to increase transparency and reduce anonymity in cryptocurrency transactions. The updated rules require Virtual Asset Service […]
The Financial Services Regulatory Authority (FSRA) in the United Arab Emirates has made updates to its Anti-Money Laundering and sanctions rules, specifically related to digital assets. The revisions, announced on December 21, include changes to provisions regarding digital assets within the Financial Action Task Force’s (FATF) Travel Rule. The updates aim to enforce the FATF’s […]
In recent years, there has been a significant shift in the global economic ecosystem as emerging powers challenge the dominance of the US dollar in international trade. China and Saudi Arabia, key players in the BRICS alliance, are leading this movement. They have signed a currency swap agreement valued at $6.93 billion, conducted entirely in […]
El Salvador has become the first country to adopt bitcoin as legal tender, using it as a means to boost its economy. President Nayib Bukele has received regulatory approval to launch a bitcoin-backed “volcano bond” in 2024. This move has garnered attention and support from other leaders, such as Javier Milei, the libertarian president of […]
Tether, the stablecoin issuer, is intensifying its efforts to combat illicit crypto activities through enhanced collaboration with law enforcement agencies. The company has shared letters sent to members of the U.S. House Financial Services Committee and the U.S. Senate Committee on Banking, Housing, and Urban Affairs, outlining its commitment to fighting the illicit use of […]
LGT Private Banking has appointed Dushyant Bhatia as the head of key clients and family offices in Dubai. Bhatia, who previously worked as the managing director at Bank of Singapore (BoS) in Dubai for over eight years, brings with him more than 20 years of experience in the banking industry.During his career, Bhatia has worked […]
The upcoming United Nations Climate Change Conference, COP28, in Dubai is set to address the goals of the Paris Agreement and accelerate progress towards achieving them. Christopher Greenwald, Head of Sustainable Investing at LGT, a global private bank based in Liechtenstein, believes that discussions at the conference will emphasize the need for sustainability and inclusivity […]
CoinW, the world’s pioneering cryptocurrency exchange, has recently strengthened its presence in the Middle East and North Africa (MENA) region. The company participated in two industry events, the DATE Fintech Show in Saudi Arabia and the Global Blockchain Congress in Dubai, UAE, as part of its strategic move to expand globally into MENA.During the Global […]
The recent Israel-Gaza war has sparked a renewed push for stricter regulation of the crypto market in the United States. Senator Elizabeth Warren and her colleague Roger Marshall have written a letter to the president, urging for stronger measures to combat the alleged use of crypto by groups like Hamas to raise funds and evade […]
Dubai-based cryptocurrency exchange CoinMENA has been awarded a virtual asset service provider (VASP) license by Dubai’s Virtual Assets Regulatory Authority (VARA). The license allows CoinMENA to operate and offer services in and from Dubai. CoinMENA can now provide virtual asset broker-dealer services to retail and institutional customers in the United Arab Emirates (UAE), allowing them […]
