Multi-asset investment platform eToro announced that it has obtained a Financial Services Permission (FSP) from the Abu Dhabi Global Market Financial Services Regulatory Authority, allowing it to engage in brokerage services for securities, derivatives, and crypto assets in the United Arab Emirates.

Abu Dhabi's financial regulator has granted permission to crypto firm Rain to operate as a virtual asset brokerage and custody service provider. The platform will allow institutional and retail clients in the UAE to buy, sell, and store virtual assets, as well as on- and off-ramp to the UAE dirham. Rain CEO Joseph Dallago stated that the license will offer customers a greater level of security and trust. The Abu Dhabi Global Market had previously given Rain an in-principle approval for an FSP in 2022, and the company markets itself as "the simplest way to trade crypto across the Middle East."

Cerebras Systems has secured a deal with UAE-based technology group G42 worth approximately $100m. The agreement will see Cerebras provide an initial artificial intelligence (AI) supercomputer, with the potential for up to nine more units. G42 has committed to acquiring three Condor Galaxy systems, which comprise nine interconnected supercomputers.

June 26 (Cointime) - An investigation by Cryptopolitan has revealed concerning information about the UAE's largest cryptocurrency project, the Venom Network, which is owned by a Russian with a criminal past who is currently under arrest in the UAE. The platform, which raised over $100 million, is facing potential blocking and global regulators are being alerted to its potential downfall.

Gemini, the cryptocurrency exchange founded by the Winklevoss twins, has announced its plans to expand into the United Arab Emirates (UAE). The decision was influenced by the increasing interest in cryptocurrencies among UAE citizens and favorable conversations with regulators. Gemini plans to acquire a crypto service license to operate within a regulated framework. The UAE market offers potential for growth, with more than 35% of surveyed individuals in the UAE already owning cryptocurrencies and a willingness to use them for in-person purchases. Gemini's commitment to complying with regulations and operating transparently is expected to bring greater accessibility and opportunities for individuals in the UAE to engage with cryptocurrencies.

The Central Bank of the UAE has issued new guidance on anti-money laundering (AML) and countering the financing of terrorism (CFT) measures for crypto businesses. The guidance highlights the risks associated with dealing with virtual assets and virtual asset service providers (VASPs), in line with the recommendations of the Financial Action Task Force (FATF). The new rules will be effective in one month and will impact Licensed Financial Institutions in the UAE, including banks, finance companies, exchange houses, payment service providers, registered hawala providers, and insurance companies. The move is aimed at strengthening the supervisory and regulatory frameworks of the Central Bank to combat financial crime activities and reduce potential risks to protect the financial and monetary system.

Tranglo, a partner of Ripple, has formed a strategic collaboration with Al Ansari Exchange, the largest outward personal remittance platform in the UAE. This partnership will expand Tranglo's presence in the Middle East and improve the remittance experiences of both companies' customers. The COO of Al Ansari Exchange noted that this collaboration is a significant step in transforming UAE's cross-border remittance landscape. While it remains uncertain how Ripple's products will fit into this partnership, both Tranglo and Al Ansari Exchange have previously partnered with Ripple on different initiatives.

The United Arab Emirates (UAE) is undergoing a transformation into a thriving, globalized economy with impressive infrastructure. The nation's financial centers, Abu Dhabi Global Market (ADGM) and Dubai International Financial Center (DIFC), are hubs of businesses, luxury living, and a world-class workforce.

IOTA's Co-founder and Chairman, Dominik Schiener, has met with representatives of the United Arab Emirates Ministry of Economy to discuss potential partnerships.

Coinbase executives, including CEO Brian Armstrong, are in the United Arab Emirates to discuss the potential for the country to become a strategic hub for the crypto exchange. The company is working with regulators in Abu Dhabi and Dubai to potentially expand into the region. Armstrong spoke at the Dubai Fintech Summit and praised the UAE's regulatory clarity, stating that the US is currently behind in this area. Despite potential SEC charges, Coinbase has launched its global derivatives platform and has no plans to move operations outside the US. The UAE has been steadily opening up opportunities for crypto firms and established a legal framework for cryptocurrencies in March 2022.