IN DEPTH: It’s not cheap to set up in the UAE, but crypto firms are thrilled about Dubai’s comprehensive licensing framework. iamsandali breaks down the emirate’s new and extensive crypto rules.
Under Dubai's new rules, all entities planning to offer one or more crypto-related services in the jurisdiction must seek the relevant authorization and licenses. The framework is accompanied by four compulsory rulebooks for service providers and seven activity-based rulebooks that set out requirements by the type of service offered – something Talal Tabbaa, founder of regional crypto exchange CoinMENA praised as being “elegantly designed.
Since the new rules were published, institutional crypto custody provider Hex Trust became one of the first to get an operational go-ahead from the emirate’s watchdog, the Virtual Asset Regulatory Authority . But Dubai’s new rules are a work in progress, its comprehensive nature leaving room for further development over time. The aspiring hub’s new legal framework also sheds light on compliance costs in the region – something that could make it harder for smaller companies to set up in the area.
According to the document, a company looking to offer exchange services must pay an application fee of 100,000 UAE dirham and an annual supervision fee of double that amount. The application fee doesn’t guarantee approval and if the company wants to offer additional services like custody, lending or payments, they have to apply for additional licenses and cover additional supervision fees.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Visa, Mastercard pause crypto push in wake of industry meltdown - sourcesU.S. payment giants Visa and Mastercard are slamming the brakes on plans to forge new partnerships with crypto firms after a string of high-profile collapses shook faith in the industry, people familiar with the matter told Reuters.
Read more »
Visa, Mastercard pause new crypto work after industry suffers collapsesVisa and Mastercard are reportedly pressing pause on new crypto partnerships in the wake of stunning industry collapses
Read more »
Ether climbs 1%, and Robinhood reveals crypto-related subpoena from SEC: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Oliver Linch of Bittrex Global explains what some countries are doing to entice talent in the crypto space.
Read more »
Visa's Crypto Strategy Remains Intact Despite Crypto WinterU.S. payment giants Visa and Mastercard remain committed to investing and partnerships with crypto projects. HeleneBraunn reports.
Read more »
Visa Head of Crypto Pushes Back on Claims of Cutting off Crypto PartnershipsVisa's crypto chief pushes back on false claims of partnership cuts
Read more »
Crypto Exchange LBank Signs With Encryptus for Crypto to Payout Infrastructure – Press release Bitcoin NewsPRESS RELEASE. LBank; a leading token-to-token crypto exchange, has partnered with Encryptus Europe UAB; a licensed crypto and fiat infrastructure
Read more »