#crypto news in uae

[cryptonewsmeuae]

Landmark Verdict: Faruk ÖÖzer and Siblings Sentenced to a Total of 11,196 Years in Prison:

Faruk ÖÖzer, the founder of the Thodex cryptocurrency exchange, and his siblings have been handed an astonishing combined prison sentence of 11,196 years, as reported by trusted sources. This historic verdict marks a significant moment in the ongoing investigation into Thodex's operations and the alleged financial misconduct surrounding the cryptocurrency platform.

[srkshaju]

Abu Dhabi: Emerging as a Global Cryptocurrency Hub

The United Arab Emirates' capital, Abu Dhabi, is rapidly establishing itself as a premier destination for cryptocurrency businesses, both regionally and internationally.

This surge in prominence stems from a confluence of factors, including a forward-thinking regulatory framework, a robust economic environment, and strategic positioning.

Regulatory Clarity Drives Growth

Central to Abu Dhabi's appeal is the Abu Dhabi Global Market (ADGM), an autonomous financial center operating under a well-defined legal framework modeled after English common law.

The Financial Services Regulatory Authority (FSRA) within ADGM has been a crucial driving force, pioneering comprehensive crypto asset regulations in the Middle East as early as 2018.

This framework encompasses the entire spectrum of crypto activities, from issuance and trading to custody and brokerage, addressing key risk areas like money laundering and market integrity.

Notably, the FSRA provides clarity on initial coin offerings (ICOs) and stablecoins, aligning itself with international best practices.

This clear and comprehensive approach has resonated with the crypto community, fostering an environment conducive to innovation and responsible growth.

Attracting Industry Leaders

The combination of a robust regulatory framework and a supportive business environment has attracted prominent crypto players to Abu Dhabi.

Kraken, a leading cryptocurrency exchange, established its regional headquarters in ADGM in 2022, becoming the first international virtual asset exchange group to be granted a comprehensive financial license in the UAE.

Similarly, Paxos, a renowned blockchain infrastructure platform, has received in-principle approvals from the FSRA, highlighting the growing acceptance of diverse crypto businesses within the emirate.

Beyond Regulation: A Compelling Business Ecosystem

Abu Dhabi's allure extends beyond its regulatory landscape.

The emirate boasts a diversified economy with significant strengths in sectors like energy, aerospace, tourism, and healthcare, contributing to a GDP of $508 billion and a per capital income of $87,729.

This economic stability positions Abu Dhabi as a secure and lucrative base for crypto businesses.

Furthermore, the emirate offers an array of incentives, including a tax-friendly regime, 100% foreign ownership with unrestricted capital movement, world-class infrastructure, and a strategic location for accessing markets across Asia, Africa, and Europe.

Coupled with a high quality of life and cosmopolitan culture, Abu Dhabi presents a compelling proposition for crypto companies seeking to expand their global footprint.

Challenges and the Road Ahead

While Abu Dhabi's progress is commendable, challenges remain. The inherent volatility of the crypto market poses potential risks for both businesses and investors.

Additionally, competition from other jurisdictions with varying regulatory approaches, such as Dubai, necessitates a vigilant and adaptable stance from both industry players and regulators.

Continued focus on transparency, regulatory agility, and fostering a collaborative environment will be crucial for building a resilient and sustainable crypto ecosystem within the emirate.

Conclusion: A Promising Trajectory with Measured Optimism

Abu Dhabi's emergence as a global cryptocurrency hub is a testament to its proactive approach to regulation, supportive economic environment, and strategic positioning.

Its commitment to innovation and its attraction for leading industry players are clear indicators of its ambitious aspirations.

However, navigating the inherent uncertainties of the crypto market and maintaining a competitive edge will require sustained efforts and a willingness to adapt.

Nonetheless, Abu Dhabi's trajectory is undeniably promising, positioning it to play a significant role in shaping the future of the global crypto landscape.

[velvetsainz]

okay i gotta say it: foisting alphatauri's renaming as a great tragedy of capitalism upon formula 1 racing & motorsport in general is...a bit much. especially in a sport that has been a very frequent and early adopter of sportswashing? baby, they happily race in places that have less-than-stellar current human rights records BECAUSE OF THE MONEY. it has nothing to do with attendance. you think bahrain and qatar are major ticket sellers and people were truly clamoring for races there? NO, OF COURSE NOT. it's b/c their governments poured hundreds of millions of dollars (if not more) of government money into f1 and the FIA in the name of sanitizing their nation's image in light of ongoing reports of abhorrent treatment of migrant workers and violent action against other groups inside and outside of their countries. (does really no one remember the 2022 saudia arabian gp? the fact the drivers HAD to race—despite close proximity of the track to a recent missile strike site—for fear that they wouldn't have been allowed to leave by the saudi government? no one? just me?) saudi arabia, bahrain, qatar, the uae, and azerbijan are important current examples, but this is by no means new for the sport; india, malaysia, apartheid south africa, china (which may be returning to the calendar this year—it remains to be seen if the race will actually happen), russia, peronist argentina, and turkey have all held races previously with similar intentions.

and if you want to talk about sponsors, let's actually go after the sponsors that are truly problematic. aston martin ARAMCO. mercedes-amg PETRONAS. camel, marlboro (and philip morris, in general, including their "mission winnow" shell project), orlen, shell, agip, uralkali, ftx (along with other crypto companies), among a plethora of historic sponsors.

listen: i'm not saying that the "visa cashapp racing bulls" (or "stake f1 team kick sauber", for that matter) is a great name for a team—or even a good one—but there are much bigger, much worse issues in the sport that need more attention and more concern than a shitty team name or two.

[astiacademy-dwc]

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[sa7abnews]

Standard Chartered Bank Launches Bitcoin and Crypto Custody Service in UAE

New Post has been published on Sa7ab News

Standard Chartered Bank Launches Bitcoin and Crypto Custody Service in UAE

The international banking group has been granted a licence by the Dubai Financial Services Authority, allowing it to custody its clients’ digital assets.

... read more !

[3acesnews]

UAE Strengthens Crypto Regulations with New Framework

[zhangsanhzgb]

In August 2024, the cryptocurrency market valuation fell back and the financial market experienced brief fluctuations. Bitcoin outperformed the overall crypto market, while Ethereum underperformed and underperformed the overall market.

Federal Reserve Chairman Jerome Powell hinted that a rate cut is imminent, which could be a boon for Bitcoin and other assets competing against the U.S. dollar, such as gold.

Ethereum’s scaling strategy has led to uncertainty among some investors about its long-term prospects, despite a significant increase in activity on its Layer 2 (L2) network.

In August, the market value of stablecoins increased, multiple key protocols were upgraded, and discussions around digital privacy intensified.

The market experienced significant volatility in August. A weaker dollar and lower interest rates could be good for Bitcoin. Global stock markets did not change much overall in August, but there were significant intra-month fluctuations. The employment report in early August was lower than expected, which led to a fall in risk asset prices and a surge in stock volatility, with the VIX index exceeding 65% at one point. However, subsequent economic data did not show further signs of deterioration, and some market sectors rebounded, with the VIX quickly falling back below 20%.

News of a weakening labor market may have influenced the Fed's decision. Powell said at the Jackson Hole conference on August 23 that "the time has come to cut interest rates," reflecting "increased downside risks to employment." Interest rate futures show that the central bank may cut interest rates by 100 basis points in the remaining three Federal Open Market Committee (FOMC) meetings. Short-term volatility and rate cut signals have had an impact on the market. Returns on strategies such as short-term volatility strategies and foreign exchange carry trades have fallen sharply, the US dollar has weakened, gold prices have risen, and high-quality bonds and consumer staples stocks have performed well. Bitcoin fell slightly (-8.5%), while Ethereum fell more (-21.8%) and performed poorly.

If dollar weakness and falling interest rates persist, Bitcoin could benefit. Similar to gold, Bitcoin, as an alternative monetary system, could benefit from a decline in the competitiveness of the dollar. Over the past few years, Bitcoin has been negatively correlated with real interest rates and the dollar, so investors who are concerned about a weaker dollar may consider allocating funds to Bitcoin for diversification.

The short-term outlook for Ethereum remains pessimistic. In early August, the price of Ethereum dropped significantly and failed to rebound. Excess long positions in CME-listed futures and perpetual futures caused Ethereum prices to retreat. What’s more, Ethereum is undergoing a major transformation, moving more transactions to the Layer 2 network, which may increase market uncertainty.

On the privacy front, ZCash (ZEC) rose 29.5% in mid-August but has since retreated. ZCash founder joined Shielded Labs to develop the "Crosslink" hybrid consensus mechanism to enhance network security and allow ZEC holders to stake. ZEC’s second halving event is scheduled for November this year, sparking investor interest.

The Aave protocol was also a highlight of August. The number of active borrowers hit an all-time high and the Aave governance token gained 21%. The Aave community has put forward a proposal for a new "buy and distribute" model, which is planned to be launched by the end of 2024, but it still needs community approval.

Stablecoin market capitalization is close to an all-time high. Apple software updates may bring more stablecoin payment adoption, and Circle's USDC stablecoin will soon be able to "tap to pay" on the iPhone. In addition, Mercado Libre launched a dollar-pegged stablecoin, and Tether will also launch a token pegged to the UAE dirham. With the arrest of Telegram founder Pavel Durov in France, people are increasingly concerned about the connection between blockchain technology and digital privacy.

Looking ahead, Bitcoin may hit new highs after the selling pressure ends. Grayscale Research believes that the selling pressure has basically subsided, and if the US labor market stabilizes, the Fed's interest rate cuts and changes in crypto policies may push Bitcoin prices to break through previous highs. The main downside risks are rising unemployment and economic recession, but even in the face of recession risks, policymakers may respond by printing money and spending, further strengthening the investment logic of Bitcoin.

How to buy ETH ({tokenCode})

How to buy cryptocurrency on an exchange

Investing in ETH ({tokenCode}) has never been easier! Registering on an exchange, verifying your account, and paying by bank transfer, debit or credit card, with a secure cryptocurrency wallet, are the most widely accepted methods of acquiring cryptocurrencies. Below is a step-by-step guide on how to buy cryptocurrency on an exchange.

Step 1: Register OKX (click the link to register)

You can register by email or phone number, then set a password and complete the verification to pass the registration.

Step 2: Identity verification - Submit KYC information to verify your identity

Please verify your identity to ensure full compliance and enhance your experience with full identity verification. You can go to the identity verification page, fill in your country, upload your ID, and submit your selfie. You will receive a notification once your ID has been successfully verified, bind your bank card or credit card and start trading.

How to exchange USDT with a credit card and then convert it to ETH ({tokenCode})

Step 1: Click Buy Coins, first select your country , then click Card

Step 2: Click My Profile in the upper right corner

Step 3: Select Add Payment Method in the lower right corner and select a credit card that is suitable for you to fill in the information and bind, such as Wise, Visa, etc.

Step 4: Click P2P transaction again, select the corresponding payment method and choose the appropriate merchant to complete the transaction.

Step 5: After the transaction is completed, your amount will be converted into USDT (USDT is a stable currency of US dollar, pegged at 1:1 with US dollar) and stored in your account. Click on the transaction, search for ETH ({tokenCode}) and buy its tokens.

How to buy USDT with a debit card and convert it to ETH ({tokenCode})

Step 1: Click Buy Coins, click P2P

Step 2: Select My Profile in the upper right corner

Step 3: Select Add Payment Method in the lower right corner, and select the savings card that applies to you to fill in the information and bind it, such as: Payeer, ABA bank, TowerBank, etc.

Step 4: Click P2P transaction again, select the corresponding payment method and choose the appropriate merchant to complete the transaction.

Step 5: After the transaction is completed, your amount will be converted into USDT (USDT is a stable currency of US dollar, pegged at 1:1 with US dollar) and stored in your account. Click on the transaction, search for ETH ({tokenCode}) and buy its tokens.

Use the shortcut to buy USDT and then convert it to ETH ({tokenCode})

Step 1: Click [Buy Coins]-[Quick Buy Coins] in the top navigation bar to place your order.

Step 2: Enter the amount of ETH ({tokenCode}) you want

Step 3: Select your payment method, click Next and complete the purchase

Step 4: Click on Trade, search for ETH ({tokenCode}) and buy its tokens.

[newsheadlinesnow]

Cregis Launches New Regional Office in Dubai to Enhance Crypto Infrastructure in UAE

http://dlvr.it/TCldns

[thealphareporter]

Cregis Launches New Regional Office in Dubai to Enhance Crypto Infrastructure in UAE

http://dlvr.it/TCldbh

[cryptonewsmeuae]

Revving Up Crypto Adoption: A Deep Dive into UAE's MVP Licences and Their Influence on Cryptocurrency Traders:

Uncover the transformative potential of the UAE's MVP (Virtual Asset Service Provider) licenses and their significant implications for cryptocurrency traders and enthusiasts. In this comprehensive exploration, we delve into the innovative approach adopted by the UAE in regulating digital assets

[hopetribune]

Cregis Launches New Regional Office in Dubai to Enhance Crypto Infrastructure in UAE

http://dlvr.it/TCldJ9

[columbianewsupdates]

Cregis Launches New Regional Office in Dubai to Enhance Crypto Infrastructure in UAE

http://dlvr.it/TCldCV

[thesunshinereporter]

Cregis Launches New Regional Office in Dubai to Enhance Crypto Infrastructure in UAE

http://dlvr.it/TClcC1

[sa7abnews]

Standard Chartered Bank Launches Bitcoin and Crypto Custody Service in UAE

New Post has been published on Sa7ab News

Standard Chartered Bank Launches Bitcoin and Crypto Custody Service in UAE

The international banking group has been granted a licence by the Dubai Financial Services Authority, allowing it to custody its clients’ digital assets.

... read more !

[osiztechnologiesblog]

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