The ranking of the world's most suitable countries and regions for cryptocurrency business in 2024 is released, and Dubai ranks first
the ranking of the top ten countries/regions most suitable for cryptocurrency business in the world in 2024 has been announced. The top ten rankings are: Dubai, Switzerland, South Korea, Singapore, the United States, Estonia, Italy, Russia, Germany, and Brazil. It is reported that Dubai scored the highest in regulatory clarity, exemption from capital gains tax, favorable corporate tax (9%), and affordable licensing fees, making it the number one destination for cryptocurrency. (Socialcapitalmarkets)
Dubai’s head of crypto regulation is leaving
Henson Orser, the head of Dubai's cryptocurrency regulatory agency, is about to leave his post less than a year after taking office. He will be replaced by Matthew White, a partner at PwC who previously served as an advisor to the Dubai Virtual Assets Regulatory Authority (VARA). Sources revealed that Orser resigned for personal reasons.Meanwhile, Dubai authorities are preparing to impose huge fines on non-compliant digital asset companies operating in the emirate.
Dubai International Financial Center approves XRP inclusion in its virtual asset regime
Ripple announced that the Dubai Financial Services Authority (DFSA) has approved the use of digital asset XRP in the Dubai International Financial Center (DIFC). Licensed virtual asset companies within the DIFC can now include XRP in their virtual asset services. Since DFSA opened external applications, XRP is the first virtual asset to receive approval under this system.
Backpack receives license from Dubai Virtual Asset Authority and will launch regulated exchange
Backpack has been awarded a VASP license by the Dubai Virtual Asset Management Authority and will launch a regulated exchange. Testing will begin next month and it will be launched to the public in Q1 2024.
Dubai Multi Commodities Centre Partners With Hacken To Strengthen Web 3.0 Security in Dubai
Hacken, a leading Web 3.0 security auditor, has announced a strategic partnership with the DMCC Crypto Centre in Dubai to strengthen the region's Web 3.0 security landscape. The partnership will involve educational initiatives to raise awareness on Web 3.0 security and mentoring participants of DMCC's Crypto Centre accelerator program. Hacken will also offer an exclusive program tailored for DMCC member companies to make security services more accessible. The partnership underscores a shared vision of advancing cybersecurity best practices and supports Dubai's push to be a leading global hub for Web 3.0 technologies.
Crypto Custodian Komainu Receives Full License in Dubai
On August 22nd, according to Blockworks, Komainu, a crypto custody institution jointly established by Nomura Securities, Ledger, and Coinshares, announced that it has obtained approval from the Dubai Virtual Asset Regulatory Authority (VARA) to provide custody services to Dubai customers.
Laser Digital Middle East FZE Receives Operating License Approval from Dubai's Virtual Asset Regulatory Authority (VARA)
Laser Digital Middle East FZE, a subsidiary of Nomura focused on cryptocurrency, has been granted a full operating license by Dubai's Virtual Asset Regulatory Authority. This license permits Laser Digital to offer crypto broker-dealer and asset management services from its Dubai entity. The company plans to launch over-the-counter crypto trading services and investment products for institutional investors in the near future. Despite the collapse of some cryptocurrencies last year, traditional financial institutions such as Nomura and Societe Generale continue to invest in the sector.
Nomura's Digital Asset Subsidiary Receives Full License for Crypto Business in Dubai
Nomura’s digital assets subsidiary has been fully licensed for cryptocurrency operations in Dubai, Jin Ten reported.
Binance Becomes First Virtual Asset Exchange to Receive Operational MVP License in Dubai
Binance has become the world's first exchange to receive an Operational Minimum Viable Product (MVP) License from Dubai's Virtual Assets Regulatory Authority (VARA). Eligible users can now access regulated virtual asset services in Dubai under VARA’s investor protection and market assurance standards. This achievement confirms Binance's commitment to building a compliant exchange in collaboration with local regulators.
