#cryptocurrency regulation in the UAE

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Dubai Virtual Assets Law And Regulation In UAE

Let's know how the technical and financial markets will benefit from the new Dubai Virtual Assets Law and Crypto Regulation in the UAE.

[coinatory]

Swiss Crypto Firm Taurus Expands into UAE, Targeting Real Estate Tokenization

The Swiss-based cryptocurrency firm Taurus plans to expand into the United Arab Emirates (UAE), specifically targeting the real estate sector as the trend of asset tokenization gains worldwide momentum. Taurus recently announced the opening of a new office in the UAE. This move is part of their strategy to capitalize on the increasing interest in tokenizing real-world assets (RWAs) and to take advantage of the anticipated surge in Dubai's real estate market. According to Taurus managing director Bashir Kazour, Dubai is not only a global investment hub but is also expected to see a 15% growth in its housing market in 2024. Kazour highlighted Dubai's attraction of foreign investment and its clear cryptocurrency regulations as key reasons why the region is ideal for the growth of tokenization. The establishment of Taurus' UAE office

Read more on Swiss Crypto Firm Taurus Expands into UAE, Targeting Real Estate Tokenization

[toptrendingforexbrokers]

ATFX Review 2024: Pros, Cons, and Key Features

Overview of ATFX

ATFX is a leading Forex and CFD broker regulated by several reputable financial authorities. Established in 2014, the company has grown significantly, now serving clients in over 30 countries. ATFX’s offerings include forex pairs, commodities, indices, shares, and cryptocurrencies, giving traders a broad spectrum of instruments to trade. With its competitive spreads, fast execution, and user-friendly platforms, ATFX caters to both beginner and professional traders.

Key Features of ATFX

Regulation and Safety

One of the most critical aspects of any broker is its regulatory status. ATFX is regulated by several reputable financial authorities, including:

FCA (Financial Conduct Authority) in the UK

CySEC (Cyprus Securities and Exchange Commission)

FSRA (Financial Services Regulatory Authority) in the UAE

These regulations ensure that ATFX adheres to strict financial guidelines, safeguarding clients’ funds and ensuring fair trading conditions. The broker also provides negative balance protection, ensuring that traders cannot lose more than their initial deposit, an essential feature for minimizing risk.

Trading Platforms

ATFX offers the world-renowned MetaTrader 4 (MT4) platform, which is known for its user-friendly interface, robust charting tools, and the ability to run automated trading strategies using Expert Advisors (EAs). MT4 is available for desktop, mobile, and web, making it accessible to traders on the go.

In addition to MT4, ATFX provides its clients with WebTrader, a browser-based platform that offers real-time market data, advanced charting, and instant trade execution. Both platforms are equipped with a wide range of technical analysis tools, making them ideal for both novice and professional traders.

Account Types

ATFX offers a variety of account types to cater to different types of traders. The available accounts are:

Standard Account: Best suited for beginners and retail traders, this account type offers competitive spreads starting from 1.0 pips, with no commission on trades.

Edge Account: Designed for more experienced traders, this account features lower spreads starting from 0.6 pips but with a commission charged on each trade.

Professional Account: Available to those who meet specific eligibility criteria, offering the best spreads starting from 0.0 pips and lower trading costs overall.

Islamic Account: For traders who require swap-free trading in accordance with Islamic finance principles.

Each account type offers leverage up to 1:30 for retail clients and up to 1:400 for professional clients, providing a significant range of options for different trading strategies.

Pros of ATFX

1. Wide Range of Trading Instruments

ATFX offers an impressive selection of over 100 trading instruments, including Forex, CFDs on commodities, indices, shares, and cryptocurrencies. This variety allows traders to diversify their portfolios and take advantage of different market conditions.

2. Regulated and Trusted Broker

With oversight from multiple financial regulators, ATFX is a trusted and reliable broker. The fact that the broker is regulated by the FCA adds an additional layer of confidence for UK traders, ensuring that the company operates with transparency and accountability.

3. Excellent Customer Support

ATFX provides 24/5 multilingual customer support, ensuring that traders can get assistance whenever they need it. Whether you need help with technical issues, platform navigation, or trading advice, ATFX’s dedicated support team is there to help. They also offer live chat, email, and phone support.

4. Low Fees and Competitive Spreads

ATFX is known for its tight spreads, particularly on major currency pairs such as EUR/USD and GBP/USD. For example, spreads on a Standard Account can start as low as 1.0 pips, while on an Edge Account, they can go even lower. Additionally, ATFX charges no deposit or withdrawal fees, which further reduces trading costs.

5. User-Friendly Platforms

The availability of MetaTrader 4 and WebTrader means traders can access the market using platforms that are intuitive and reliable. The MT4 platform is particularly popular for its customizable interface, automated trading capabilities, and extensive charting tools.

Cons of ATFX

1. Limited Educational Resources

While ATFX offers some educational resources, they are somewhat limited compared to other brokers in the market. Traders looking for extensive tutorials, webinars, or advanced trading courses might find the educational offering lacking.

2. High Minimum Deposit for Premium Accounts

The minimum deposit for the Edge and Professional accounts can be relatively high, making these account types less accessible to small retail traders. This might be a drawback for those looking to start with a smaller investment.

3. Limited Asset Coverage for Cryptocurrencies

Although ATFX offers cryptocurrency trading, the selection is somewhat limited compared to specialized crypto exchanges. This might be a disadvantage for traders looking to focus specifically on crypto assets.

Deposits and Withdrawals

ATFX offers several convenient methods for deposits and withdrawals, including bank transfers, credit/debit cards, and e-wallets such as Skrill and Neteller. The broker does not charge any fees for deposits or withdrawals, making it an attractive option for traders who are cost-conscious.

Withdrawal requests are processed quickly, with most being completed within 24 hours. However, it is essential to note that withdrawal times can vary depending on the payment method used.

Trading Costs and Commissions

As mentioned earlier, ATFX offers competitive spreads, with zero commission on most accounts, except the Edge Account. Traders using the Edge Account can expect a small commission per trade, but this is balanced by the tighter spreads.

Swap fees are charged for holding positions overnight, although Islamic accounts are available for those who wish to trade without interest. These accounts are designed in line with Shariah principles, offering traders a swap-free experience.

Conclusion

ATFX has positioned itself as a top-tier broker in the online trading industry. With a wide range of trading instruments, strong regulatory oversight, and user-friendly platforms, it is a suitable choice for both beginners and experienced traders alike. The broker’s competitive spreads, low fees, and excellent customer support are major selling points, although there are a few areas for improvement, such as their educational resources and cryptocurrency offerings.

If you’re looking for a reliable broker with competitive trading conditions and strong regulatory backing, ATFX is certainly worth considering for your trading journey in 2024.

[supdubaibusiness2024]

Why the UAE is the Ultimate Destination for Your Crypto Business: Uncovering the Nation’s Hidden Treasure!

Introduction:

In recent years, the UAE has emerged as a global powerhouse for innovation and business, with Dubai at the forefront of the crypto revolution. From its progressive regulatory environment to its strategic location as a business hub, the UAE offers unparalleled opportunities for entrepreneurs looking to dive into the world of cryptocurrency. This article will explore why the UAE is the ultimate destination for your crypto business and how setting up a business in Dubai can unlock endless possibilities for growth and success.

1. Progressive Regulations Supporting Crypto Businesses

The UAE has established itself as one of the most crypto-friendly countries in the world. With regulatory bodies like the Dubai Multi Commodities Centre (DMCC) and Abu Dhabi Global Market (ADGM) introducing clear guidelines for cryptocurrency trading and blockchain development, entrepreneurs can operate with confidence. These forward-thinking regulations provide a solid foundation for business setup in the UAE, making it easier to obtain licenses, stay compliant, and scale operations.

2. Strategic Location and Global Connectivity

Dubai’s prime geographic location offers crypto entrepreneurs access to major global markets across Asia, Europe, and Africa. Its world-class infrastructure, international airports, and free trade zones position the UAE as a strategic hub for international trade. Setting up a Dubai business allows entrepreneurs to tap into an extensive network of global investors and partners, propelling their crypto ventures forward.

3. A Thriving Financial and Blockchain Ecosystem

The UAE is home to a rapidly growing blockchain ecosystem, with numerous blockchain events, conferences, and startup incubators regularly held in Dubai. The government’s focus on becoming a leading blockchain-powered city has attracted investors, developers, and innovators from around the world. Business setup in Dubai gives entrepreneurs access to this thriving ecosystem, fostering collaboration and accelerating growth in the competitive crypto space.

4. Tax Advantages and Financial Incentives

One of the key reasons why the UAE attracts entrepreneurs and investors from all over the world is its favorable tax environment. With no personal income tax and attractive corporate tax rates in free zones, setting up a business in Dubai can be highly profitable for crypto startups. These financial incentives allow businesses to reinvest their profits into growth, innovation, and global expansion.

5. Government Support for Innovation

The UAE government’s commitment to technological advancement and innovation is evident in its ambitious initiatives, such as the Dubai Blockchain Strategy. These initiatives provide a strong framework for crypto businesses to thrive. By establishing a business setup in the UAE, entrepreneurs can benefit from government support, innovation grants, and access to blockchain-related infrastructure, positioning themselves at the cutting edge of the industry.

6. Access to Talented Workforce and Resources

Dubai offers a diverse and highly skilled talent pool of developers, engineers, and blockchain experts. The UAE’s commitment to education and innovation has resulted in an ecosystem where talent thrives, providing businesses with the resources needed to build and scale successfully. Additionally, the country’s attractive lifestyle and world-class living standards make it a prime destination for global talent, giving your Dubai business setup a competitive advantage in recruiting top professionals.

7. Safe, Stable, and Business-Friendly Environment

The UAE is known for its political and economic stability, offering a safe and secure environment for businesses to grow. Its business-friendly policies, coupled with an advanced legal framework, make it one of the most attractive destinations for entrepreneurs worldwide. For crypto businesses, this stability translates to long-term security and confidence in investing and expanding in the region. Whether you’re establishing a startup or scaling a mature crypto enterprise, setting up a business in Dubai offers a solid foundation for success.

Conclusion:

The UAE’s dynamic blend of innovation, favorable regulations, strategic location, and thriving business ecosystem makes it the ultimate destination for your crypto business. Entrepreneurs looking to capitalize on the global crypto boom will find Dubai’s business-friendly environment, access to top talent, and financial incentives to be the hidden treasures that fuel their success.

By choosing a business setup in Dubai or elsewhere in the UAE, you’re not only unlocking new opportunities but also positioning your venture at the forefront of the global crypto movement. Now is the time to embrace the future — set up your crypto business in the UAE and discover the immense potential of this progressive nation.

As a trusted business setup consultancy, we are here to help you unlock the full potential of the UAE for your crypto venture. From navigating the regulatory landscape to securing licenses and providing expert guidance every step of the way, we make the process seamless so you can focus on growing your business. The UAE’s progressive crypto-friendly environment, strategic location, and world-class infrastructure offer a unique opportunity to thrive in the global market. Let us be your partner in setting up a successful crypto business in Dubai or anywhere in the UAE, and together, we’ll uncover the hidden treasures that await your business. Contact us today to get started on your journey to success!

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[ad_1] The adoption of cryptocurrency is a sophisticated topic within the Center East. Nations such because the United Arab Emirates (UAE) have opened their arms to the concept of incorporating digital currencies and blockchain expertise of their finance sector.  Against this, Kuwait have vehemently prohibited crypto-related actions. This divergence in strategy might have a telling influence on the profitable iGaming sector. Kuwait’s Reluctance & Regulatory Issues Kuwait is amongst quite a lot of Gulf States that has adopted a extra conservative stance on crypto. Whereas a few of their neighbours are throwing their weight behind the thriving sector, Kuwait has constantly proven they're below no stress to comply with of their footsteps. The nation banned Bitcoin mining and strengthened their present restrictions on crypto and all its associated actions final yr, warning that the digital foreign money is not going to be accepted as a authorized tender inside its borders. Kuwait’s specific disapproval of crypto funds stems from a deep-rooted concern that it could possibly be used for unlawful actions comparable to cash laundering. Bitcoin had beforehand been working in a regulatory gray space, however the brand new ban on the foreign money additional proves that the Kuwaiti authorities is severe about cracking down on crypto. Kuwait's low cost electrical energy made it some of the standard and inexpensive locations to mine Bitcoin. However the Ministry of Electrical energy and Water has taken measures to clamp down on people who exploit these low tariffs for crypto mining. Regulators have made it clear that they won't situation licences to platforms providing crypto providers as a business enterprise.  They’ve gone so far as asserting that anybody caught mining Bitcoin within the nation might face cash laundering and terrorist financing expenses. The ban on crypto can also be inflicting complications for the playing business, as on-line gaming platforms typically favor digital currencies for his or her pace, safety and anonymity. For actual cash on-line casinos in Kuwait, the crackdown creates operational challenges, particularly in fee processing. Now that crypto is off the desk, gamers who beforehand used Bitcoin or different cryptocurrencies to fund their accounts or withdraw winnings will face limitations.  This might deter tech-savvy customers and excessive rollers preferring to make use of digital currencies for his or her transactions. The UAE’s Proactive Stance on Crypto The UAE is famend as a world sizzling spot for tech and finance.  They've established particular financial zones such because the Dubai Worldwide Monetary Centre (DIFC) to draw tech corporations and make it straightforward for them to arrange store within the nation. The plan has already caught a giant fish, with Ripple now working intently with the DIFC. As a world fee and monetary options powerhouse, Ripple’s collaboration with DIFC is a testomony to the UAE’s dedication to strengthening their place within the digital economic system. Ripple is all about utilizing blockchain expertise to become profitable transfer sooner and simpler, and the partnership with Dubai is anticipated to deliver much more companies to the area. Dubai has additionally sweetened the deal for Ripple, providing the fee firm a 50-year assure of zero taxes on company revenue and income.  The town’s beneficial financial insurance policies and clear guidelines for enterprise dealings with digital currencies have made it a magnet for tech corporations, and the cope with Ripple might open the floodgates for extra to arrange store within the UAE. The partnership between the DIFC and Ripple can also be a giant deal as a result of it's going to contribute to the expansion of fintech corporations inside the nation. Ripple has chosen the DIFC as the bottom for its Center East and Africa operations, additional proving simply how vital Dubai is for the corporate’s world plans.

This atmosphere encourages the event of recent monetary options, which might have far-reaching implications for numerous sectors, together with banking, finance and digital funds.  What Does This Divergence Imply for the iGaming Sector? The topic of crypto adoption has cut up the Center East down the center, with some nations wanting to embrace the potential of digital property and blockchain expertise. The UAE has lengthy been eager to cut back their dependence on the oil and fuel sector and diversify their economic system. They see crypto as a viable strategy to arrange one other worthwhile income stream. Nonetheless, others like Kuwait are nonetheless reluctant to open their arms to the concept of leveraging crypto property as a result of they’re extra scared concerning the potential draw back, leaving them fully blind to the financial advantages it might deliver to their finance sector. The contrasting strategy might have a telling impact on numerous sectors, together with iGaming. The business depends closely on digital funds and would thrive in jurisdictions such because the UAE, given their extra liberal strategy in direction of crypto. The iGaming sector in locations like Dubai may gain advantage from integrating blockchain tech and digital currencies, providing elevated safety and effectivity in solely gaming transactions. Nonetheless, extra restrictive environments like Kuwait will undoubtedly stifle the expansion of iGaming. It would restrict innovation, scale back participant engagement and doubtlessly drive operators and customers to hunt extra beneficial jurisdictions the place digital property and cryptocurrencies are embraced. [ad_2] Supply hyperlink

[smartfx]

Dubai: The Bustling Financial Hub of the Middle East and a Haven for Traders

Dubai has acquired its reputation as a thriving, quickly expanding trading city. It is frequently referred to as the financial center of the Middle East. Due to its advantageous geographic position, first-rate infrastructure, and forward-thinking legal system, the city attracts both domestic and foreign companies. Dubai has been a popular destination for traders from all over the world as a result of the growth in trading platforms that coincides with the expansion of global trade.

We’ll look at a few of the best trading platforms in Dubai that have become popular in this post. We’ll examine the features, costs, and user experiences of online brokerages and forex platforms in order to assist traders — whether seasoned pros or novices — in making wise choices.

Why Traders Love Dubai as a Destination

Dubai’s trading industry is supported by a number of important advantages:

A favorable business environment is provided by Dubai, which attracts merchants and firms with its zero capital gains tax, low import taxes, and tax-free income.

Strategic Location: Dubai’s location at the intersection of Europe, Asia, and Africa makes it simple to reach important markets. Modern trading facilities, a dependable banking system, and cutting-edge technology are all features of the city’s advanced infrastructure.

Encouraging Regulatory Environment: The industry is governed by the UAE Securities and Commodities Authority (SCA) and the Dubai Financial Services Authority (DFSA), which guarantee openness and safeguard investors. These elements provide the ideal setting for traders and companies to prosper, especially when paired with Dubai’s standing as a major international financial center.

Important Things to Think About in Dubai Trading Platform Choosing It can be difficult to choose the best trading platform due to the abundance of options. The following are important things to think about:

Regulation: Verify whether respectable organizations such as the DFSA or SCA are licensing and overseeing the platform.

Fees: Keep an eye out for charge structures that are clear, including spreads, commissions, and withdrawal costs.

User Experience: Both novice and seasoned traders should have an easy time using a platform that is clear and easy to use.

Asset Availability: Cryptocurrencies, equities, currency, and commodities are just a few of the many assets that certain platforms provide. Pick one based on the type of trading you enjoy.

Customer support: In particular, when problems emerge, excellent customer service can make all the difference.

Resources for Education: A few platforms offer webinars, market analysis, and instructional materials that are especially helpful for new users.

Dubai Trading Regulations and Legal Considerations

Due to strict regulations surrounding trading, investors are protected in Dubai. The Securities and Commodities Authority (SCA) is in charge of the larger UAE market, whereas the Dubai Financial Services Authority (DFSA) governs trading platforms within the Dubai International Financial Centre (DIFC). Strict control is maintained by these regulators in order to guard against fraud, enforce compliance, and guarantee openness.

Make sure the platform has a valid license from the appropriate regulatory agency before you trade. This guarantees defense against con artists and dubious service suppliers.

How to Register for a Trading Platform Account in Dubai

Select a Platform: Choose one of the regulated platforms mentioned above based on your trading objectives and requirements.

Publish the Documentation: Usually, you’ll have to provide confirmation of residency (bank statement or utility bill) as well as proof of identity (passport or national ID).

Put Money Into Your Account: The majority of platforms provide a variety of funding choices, such as e-wallets, credit cards, and bank transfers.

Get Trading: You can begin trading as soon as you have funded your account.

Resources and Tools for Traders in Dubai

Dubai’s trading community has access to numerous resources, including:

Trading Education: Many platforms offer free webinars, tutorials, and market analyses.

Financial News: Stay up-to-date with global and regional news via financial news outlets such as Bloomberg Middle East and Gulf News.

Trading Tools: Leverage platforms with advanced charting tools, market analysis, and automated trading options.

Whatever your level of experience, choosing the correct trading platform is essential to your success. To make an informed choice, take into account the platform’s regulation, costs, usability, and asset availability. Dubai’s cutting-edge infrastructure, regulatory frameworks, and friendly business climate will put you in a strong position to prosper in the rapidly expanding trading market of this thriving financial center.

[biblenewsprophecy]

Russia, USA, & Bitcoin

On July 30, 2024, Russian lawmakers passed a bill that will allow businesses to use cryptocurrencies, like Bitcoin, to skirt Western sanctions imposed after Russia's Special Military Operation into Ukraine. This is to go into force in September 2024. This is hoped to help with trade between Russia, China, India, the United Arab Emirates, and others. What are several advantages to Russia in doing so? Could there be "unintentional consequences" in dealing with Bitcoin? Is Bitcoin "as good as gold" or silver? What does the Bible teach about gold? Does the Bible allow for the '666' power to use unregulated Bitcoin? Has a bill been introduced in the US Congress for its Treasury to purchase 1 million Bitcoin? Has Donald Trump made statements about the USA stockpiling Bitcoin should he again become President of the United States? Does the Bible warn against debt accumulation, show that the USA dollar will one day be worthless, and prophesy that the strongest military on the earth will be conquered? Should you rely on any nation, gold, or cryptocurrency? What should Christians rely on? Dr. Thiel and Steve Dupuie address these issues.

A written article of related interest is available titled 'Reuters: Russia to allow crypto payments in international trade to counter sanctions; Bloomberg: Trump Likes the Idea of a Federal Bitcoin Reserve’

Youtube video link: Russia, USA, & Bitcoin

Reuters: Russia to allow crypto payments in international trade to counter sanctions; Bloomberg: Trump Likes the Idea of a Federal Bitcoin Reserve

COGwriter

Reuters reported the following:

Russia to allow crypto payments in international trade to counter sanctions

MOSCOW, July 30 (Reuters) – Russian lawmakers passed a bill on Tuesday that will allow businesses to use crypto currencies in international trade, as part of efforts to skirt Western sanctions imposed after Russia’s invasion of Ukraine.

The law is expected to go into force in September, and Russian central bank Governor Elvira Nabiullina, one of the backers of the new law, said the first transactions in cryptocurrencies will take place before the end of the year.

Russia has faced significant delays in international payments with major trading partners such as China, India and the United Arab Emirates after banks in those countries, under pressure from Western regulators, became more cautious.

“We are taking a historic decision in the financial sphere,” the head of the Duma lower house of parliament, Anatoly Aksakov, told lawmakers. https://www.reuters.com/technology/russia-launch-international-payments-crypto-before-end-2024-2024-07-30/

Here is some more about that:

Russia Legalizes Bitcoin And Crypto for International Trade To Bypass Sanctions

In a significant legislative move, Russian lawmakers have passed a bill permitting businesses to use Bitcoin and other cryptocurrencies in international trade, according to a report by Retuers. This development is part of Russia’s strategy to circumvent Western sanctions imposed following the invasion of Ukraine. The new law, expected to take effect in September, aims to address delays in international payments, particularly with key trading partners like China, India, and the UAE. …

Despite efforts to shift to trading partners’ currencies and develop an alternative BRICS payment system, many transactions still rely on dollars and euros via the SWIFT system, risking secondary sanctions. Nabiullina emphasized that these sanctions have complicated import payments, extending supply chains and increasing costs.

This decision by Russian lawmakers aims to mitigate the economic challenges posed by sanctions and ensure smoother international trade operations. 07/30/24 https://bitcoinmagazine.com/business/russia-legalizes-bitcoin-and-crypto-for-international-trade-to-bypass-sanctions

While the BRICS nations may or may not end up with their own currency, Bitcoin is something that many of them are willing to deal in.

This helps Russia in many ways as 1) It has accumulated more Indian rupees than it has reasons to spend, 2) bypasses the USA dollar, and 3) gives Russia a lot more flexibility in buying from non-BRICS aligned nations as well.

Plus, Russia likely realizes that anything it can do to bypass the USA dollar hurts the USA which is trying to hurt Russia with its sanctions policies.

I have long warned of “unintended consequences” of USA sanctions policies against Russia.

Six years ago, we put out the following video on our Bible News Prophecy YouTube channel:

15:19

US Sanctions and Tariffs leading to New World Order?

Russian Prime Minister Dmitry Medvedev said new US sanctions would be a declaration of economic war. Iran, North Korea, China, Europe, and Turkey are also upset about USA sanctions and tariffs. A Turk asserted “Somebody must find a solution and stop the USA.” The BRICS nations see US sanctions and tariffs as helpful to their objectives to trade without the USA. Are “unintended consequences” of USA policies threatening the current Anglo-American world order and leading to a New World Order? What has ‘Lord’ Jacob Rothschild and Russian President Vladimir Putin stated? Does Bible prophecy show that a confederation of Turks, Arabs, and Europeans pose a real threat to the USA and UK? Is the final time of the Gentiles coming? Will it be worse than people imagine? Dr. Thiel addresses these issues and more.

Here is a link to our video: US Sanctions and Tariffs leading to New World Order?

As far as cryptocurrencies go, ZeroHedge posted the following in 2022:

The Bitcoin is ‘as-good-as-gold’ myth is over

November 17, 2022

When you invest in gold or buy silver coins … you are choosing to invest in an asset that has no counterparty risk.

Sadly those who have been holding their bitcoin on the crypto exchange FTX, have not experienced the same level of reassurance and service from the exchange’s management.

This time last year, cryptocurrency enthusiasts were still touting “Crypto as the new gold”– crypto touted as having the same ‘safe’ attributes as gold.

The main attribute is that it is a currency that government doesn’t control. Also, it is without counterparty risk. The latest debacle has once more proved this is not always the case for cryptocurrencies.

The news that the crypto exchange FTX was filing for bankruptcy on November 5 sent Bitcoin plunging down a further 25%.

This is on top of the more than 60% Bitcoin has already declined since its November 2021 peak. …

The FTX collapse has brought to light that the CEO, Sam Bankman-Fried, had authorized billions of dollars worth of customer assets to be lent to its affiliated trading firm Alameda Research to fund risky bets.

According to news reports Alameda Research owes FTX upwards of US$10 billion. This is more than half of its US$16 billion in customer assets!

The bankruptcy case is likely to take years to unravel. There could be more than one million creditors, and more than 100 other related corporate entities involved.

Everyone who thought they owned Bitcoin held by FTX became an unsecured bankruptcy creditor. These are the ones who must now rely upon some Court to confirm just how much, or any Bitcoin they will receive. …

Only time will tell if the timing of the test (on the heels of the FTX collapse) is simply ‘bad timing’ or an omen of a system building in even more risk. Investing in physical gold and silver are still the tried-and-true alternative!  https://www.zerohedge.com/news/2022-11-17/bitcoin-good-gold-myth-over

The reason crypto can never replace gold lies in physics: Gold cannot be destroyed

Everything else can. Computers. Exchanges. Mining Pools. Wallets. Powergrids. Internets. Nations. You name it. If you blew up the planet earth, the gold atoms would still be there.

Unlike anything else you can invest or store money in, gold doesn’t rely on any external force for this to continue to be true over time. It is sort of like a battery with no expiration date.

Gold exists as atomic number 79 on the periodic table. It is chemically inert and does not interact with oxygen. It is the only element with properties that make it completely immune to the forces of entropy. The only way to destroy it would be to fire it into the sun, or somehow put it in the middle of an equivalent fusion reaction that took the atoms apart at a subatomic level. (Stanczyk A. A Gold Guys View of Crypto, Bitcoin, and Blockchain. Medium.com, December 10, 2017 https://medium.com/@alex.stanczyk/a-gold-guys-view-of-crypto-bitcoin-and-blockchain-26e42eeab6b7)

Yes, gold and silver have been safer than being with FTX.

Cryptocurrencies, like Bitcoin, have never been backed by anything other than the desire of many to use it to trade or speculate with. (Note: that although currencies like the USA dollar were once backed by gold, currently it, and nearly all currencies of the world, are backed by nothing either–so in that respect are not much different than cryptocurrencies.)

As long time reader of this COGwriter Church of God News page are aware, I never bought into the myth that Bitcoin was “as good as gold” and have long warned about it–here is a link to something posted here over 8 years ago: Bitcoin seller ‘goes dark’–Bitcoins are not the answer.

Yet, for nations under sanctions such as Russia, Iran, and North Korea, they have different needs and interests which cryptocurrencies may assist.

It remains my view that once governments get involved enough with their own digital currencies, steps to eliminate Bitcoin will take place.

As far as governments being involved, former US President and Republican party candidate Donald Trump has brought it up.  Notice the following:

Trump Likes the Idea of a Federal Bitcoin Reserve. Don’t Laugh.

The idea of a government fund invested in cryptocurrency may sound foolish, but there are reasons for the US Treasury to consider adding Bitcoin to its portfolio.

July 31, 2024

Which financial assets a central bank should buy and sell is hardly a novel question. Historically, the US Federal Reserve has focused on shorter-term Treasury securities, but quantitative easing had the Fed buying mortgage securities and quality commercial paper in significant quantities. More generally, central banks often hold gold and foreign currencies. https://www.bloomberg.com/opinion/articles/2024-07-31/trump-likes-the-idea-of-a-federal-bitcoin-reserve-don-t-laugh

‘Absolute Game Changer’—Congress Introduces Radical Bitcoin Bill As Trump Primes Price For A $100 Trillion Surge To Replace Gold

The bitcoin price has climbed almost 20% since Trump was revealed to be the headline speaker at the Bitcoin 2024 conference in Nashville, Tennessee, with billionaire investor Mark Cuban issuing a “crazy” bitcoin price prediction.

Now, after Trump promised to create a “strategic national bitcoin reserve” and predicted bitcoin could eclipse gold’s $16 trillion market capitalization, U.S. senator Cynthia Lummis (R-WY) has introduced a bill to direct the U.S. Treasury to purchase 1 million bitcoins worth almost $70 billion—while MicroStrategy’s Michael Saylor has upped his huge bitcoin price prediction. …

“If I am elected, it will be the policy of my administration, United States of America, to keep 100% of all the bitcoin the U.S. government currently holds or acquires into the future, we’ll keep 100%,” Trump said during his Saturday speech at Bitcoin 2024. “This will serve, in effect, as the core of the strategic national bitcoin stockpile.” https://www.forbes.com/sites/digital-assets/2024/07/28/absolute-game-changer-congress-introduces-radical-bitcoin-bill-as-trump-primes-price-for-a-100-trillion-surge-to-replace-gold/

The Bible teaches that the coming Beast power will control buying and selling (Revelation 13:16-18)–hence the Bible makes no provision for something like Bitcoin being able to operate like it has.

A couple of years ago, the European Union has stated that it will be the “sheriff” of Bitcoin. Related to that, the Continuing Church of God (CCOG) put out the following video on our Bible News Prophecy YouTube channel:

9:03

EU to be ‘Sheriff’ of BitCoin & Digital Currencies

Will Bitcoin remain unregulated? The European Union does not think it should be and it released a paper titled “Proposal for EU Regulation on Markets in Crypto-Assets.” Christine Lagarde, president of the European Central Bank, earlier endorsed EU regulation of crypto and digital currencies. A Belgian declared that the EU was the “new Sheriff in town” to deal with the “wild west” of Bitcoin, blockchain, and other cryptocurrencies. The European Union now also has the European Public Prosecutor’s Office in operation, mainly to deal with financial matters? Will the Europeans end up controlling buying and selling associated with 666 in Revelation 13:16-18? Is Europe taking preliminary steps to do so now? Dr. Thiel address these issues.

Here is a link to our video: EU to be ‘Sheriff’ of BitCoin & Digital Currencies.

As far as gold goes, it is mentioned 453 times in the NKJV Protestant translation of the Bible and 464 times in the Roman Catholic Douay-Rheims Bible–hence it is something that the Bible refers to. Furthermore, gold is prophesied to have worth into the time of the Great Tribulation (cf. Revelation 18:12,16), but that will not last either. For more on gold and prophecy go, check out the article: The Plain Truth About Gold in Prophecy. How Should a Christian View Gold?

As far Bitcoin itself goes, unless adopted and controlled by the Beast, it will become worthless.

The time is also coming when the USA dollar will be worthless. And yes, the Bible tells that for a time gold will be worthless, but that does not happen to gold until years after the demise of the US dollar. But placing too much confidence in gold, currencies, or alternatives like Bitcoin will not truly save anyone (cf. 1 Peter 1:7). Yet, true repentance and turning to the Jesus of the Bible can.

UPDATE 08/04/24: We just uploaded the following related video:

14:59

Russia, USA, & Bitcoin

On July 30, 2024, Russian lawmakers passed a bill that will allow businesses to use cryptocurrencies, like Bitcoin, to skirt Western sanctions imposed after Russia’s Special Military Operation into Ukraine. This is to come to force in September 2024. This is hoped to help with trade between Russia, China, India, the United Arab Emirates, and others. What are several advantages to Russia in doing so? Could there be “unintentional consequences” in dealing with Bitcoin? Is Bitcoin “as good as good” or silver? What does the Bible teach about gold? Does the Bible allow for the ‘666’ power to use unregulated Bitcoin? Was a bill been introduced in the US Congress for its Treasury to purchase 1 million Bitcoin? Has Donald Trump made statements about the USA stockpiling Bitcoin should he again become President of the United States? Does the Bible warn against debt accumulation, show that the USA dollar will one day be worthless, and prophesy that the strongest military on the earth will be conquered? Should you rely on any nation, gold, or cryptocurrency? What should Christians rely on? Dr. Thiel and Steve Dupuie address these issues.

Here is a link to our video: Russia, USA, & Bitcoin.

Although the USA is not likely to repent nationally to prevent its prophesied demise (c. Habakkuk 2:6-8; Daniel 11:39; Isaiah 10:5-11), nor can Bitcoin prevent it, personally you can repent, as well as physically take steps, before the dollar-based economic system collapses.

Do NOT place your confidence in Bitcoin, FTX, the US dollar, or gold, but “seek first the Kingdom of God” (Matthew 6:33).

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LATEST BIBLE PROPHECY INTERVIEWS

LATEST NEWS REPORTS

[coineagle]

Unveiling Russia’s Crypto Strategy to Bypass Global Sanctions

Key Points

Russia is set to adopt cryptocurrency for international payments by September.

The new bill also contains regulations for cryptocurrency mining, including energy limitations.

Russia is moving towards formalizing the use of cryptocurrency for international payments by September. The first international transactions using digital currencies could be expected by the end of the year, according to a report by Reuters, citing Elvira Nabiullina, the Governor of the Russian Central Bank.

The development is based on the passage of a key bill that enables the use of cryptocurrencies in cross-border trade. The head of the Duma reacted to the bill’s passage by stating, “We are taking a historic decision in the financial sphere.”

Implications of the Crypto Plan

The report suggests that Russia’s progress in the crypto field is linked to its plans to alleviate financial pressures arising from Western sanctions. Payment delays have been experienced, particularly with key trading partners such as China, India, and the UAE.

A large portion of international transfers from these partners passed through the SWIFT system, placing them under pressure to comply with Western sanctions against Russia. Despite Russia’s efforts to encourage trade partners to use local currencies, secondary sanctions have posed challenges to the Russian economy.

Cryptocurrency Mining Regulations

The new bill also stipulates regulations for cryptocurrency mining. Companies interested in mining digital assets in Russia must adhere to regulatory requirements and the set energy limit. Russian President Vladimir Putin has previously expressed concerns that cryptocurrency mining could lead to energy shortages.

The market is now waiting to see how the Russian law will be implemented from September and whether more Russian trade partners will accept international cryptocurrency payments.

[dubiz]

How to Get Cryptocurrency License in Dubai, UAE

As the world shifts to digital solutions, the finance sector has undergone significant revolutions, one being the rise of digital currencies. The cryptocurrency industry is gaining popularity worldwide. This trend is also evident in the advanced landscape of the UAE. In fact, revenue in the UAE’s crypto sector is projected to grow by 7.89% annually, reaching $395.8 million by 2028. Factors such as high internet penetration, a tech-savvy population, and the government’s commitment to digitization make Dubai an ideal location for setting up a crypto business. Therefore, obtaining a crypto license in Dubai has become highly sought after for many foreign entrepreneurs.

However, to navigate the industry smoothly, it is essential to have a fundamental understanding of the crypto business setup in Dubai, including its regulations, licenses, processes, requirements, and the intricacies involved. This comprehensive guide by DUBIZ will guide you through it all. Without further delay, let us begin by first understanding what cryptocurrency means.

[coinatory]

VARA Intensifies Actions Against OPNX Exchange

On August 16, VARA, the Virtual Assets Regulatory Authority in Dubai, UAE, intensified its measures against the cryptocurrency exchange, Open Technology Markets Ltd. (OPNX). This comes after prior alerts from April 2023 about the exchange's behavior. Furthermore, the authority imposed fines on both the exchange and its leaders. On May 2, the exchange faced a penalty of $2.7 million for neglecting Dubai's regulations on virtual assets, especially concerning marketing and advertisement. However, OPNX has not cleared this fine. VARA's involvement arises from claims hinting at a potential bankruptcy. The Grievance Committee of the regulator reviews all such fines, ensuring that they abide by the law. Their support for the actions taken against OPNX reinforces the legitimacy of the fines. Since the fine remains unpaid, VARA is

Read more on VARA Intensifies Actions Against OPNX Exchange

[todaynftnews]

The ongoing lack of clear cryptocurrency regulations in the United States has sparked a prolonged conflict between the Securities and Exchange Commission (SEC) and leading web3 companies, such as Coinbase Global Inc. (NASDAQ: COIN) and Ripple Labs. Despite digital assets being a significant topic in the upcoming US general election, the current administration has yet to establish definitive crypto regulations. Consequently, web3 leaders criticize US officials for lagging behind other significant jurisdictions with clear digital asset frameworks.

[fastrepaircaree]

Middle East Corporate Giants Embrace Blockchain and Crypto Innovations

The Middle East has been making significant strides in the realm of cryptocurrency and blockchain technology. As the world increasingly turns towards digital currencies, the region is positioning itself as a hub for innovation and adoption. This article provides a comprehensive look at the most recent developments and trends under the umbrella of "Crypto Updates Middle East."

Government Initiatives and Regulations

United Arab Emirates (UAE)

The UAE continues to lead the Middle East in cryptocurrency adoption and regulation. Dubai has launched various initiatives to become a global crypto hub, including the establishment of the Dubai Multi Commodities Centre (DMCC) Crypto Centre, which aims to support and regulate crypto businesses. Additionally, the UAE's Securities and Commodities Authority (SCA) has introduced comprehensive regulations to govern crypto activities, ensuring a secure and transparent environment for investors.

Saudi Arabia

Saudi Arabia is also making significant moves in the crypto space. The Saudi Arabian Monetary Authority (SAMA) has been exploring the potential of a central bank digital currency (CBDC) in collaboration with the UAE through the Aber project. This initiative aims to facilitate cross-border transactions and improve the efficiency of financial systems between the two nations.

Corporate Adoption and Innovations

Partnerships and Investments

Several major corporations in the Middle East are investing in blockchain and crypto technologies. For instance, Abu Dhabi-based Mubadala Investment Company has shown interest in blockchain startups, providing substantial funding to foster innovation in the sector. Moreover, Binance, one of the world's largest cryptocurrency exchanges, has expanded its operations in the Middle East, partnering with local entities to enhance the region's crypto infrastructure.

Financial Institutions

Middle Eastern banks are increasingly adopting blockchain technology to streamline their operations. For example, the National Bank of Kuwait (NBK) has launched a blockchain-based remittance service, enabling faster and more secure cross-border payments. This development is part of a broader trend where financial institutions in the region are leveraging blockchain to improve efficiency and customer experience.

Public Interest and Education

Crypto Awareness Campaigns

As part of the "Crypto Updates Middle East," there has been a noticeable increase in public interest and awareness regarding cryptocurrencies. Governments and private organizations are conducting educational campaigns to inform citizens about the benefits and risks associated with digital currencies. These initiatives aim to promote responsible usage and investment in cryptocurrencies.

Community and Events

The Middle East hosts several crypto-focused events and conferences, attracting experts and enthusiasts from around the world. Events like the Future Blockchain Summit in Dubai provide a platform for networking, knowledge sharing, and showcasing the latest advancements in the crypto industry. These gatherings play a crucial role in fostering a vibrant crypto community in the region.

Challenges and Future Outlook

Regulatory Challenges

Despite the positive "Crypto Updates Middle East," the region faces challenges, particularly concerning regulation. Ensuring that regulations keep pace with the rapidly evolving crypto landscape is crucial. Policymakers must balance innovation with the need to protect investors and maintain financial stability.

Future Prospects

The future of cryptocurrency in the Middle East looks promising. With ongoing government support, increasing corporate investment, and growing public interest, the region is well on its way to becoming a global leader in the crypto space. Continued efforts in education, regulation, and innovation will be key to sustaining this momentum.

In conclusion, the Middle East is witnessing rapid growth and development in the cryptocurrency sector. The "Crypto Updates Middle East" highlights the region's commitment to embracing digital currencies and blockchain technology, setting the stage for a dynamic and prosperous future.

[cryptocurrencyexchange]

Explore key cryptocurrency laws and regulations in the UAE. Stay informed to navigate the evolving crypto landscape effectively.

[finjuriscounsel]

Navigating the Digital Horizon: The Evolution of Crypto License Dubai and Crypto License UAE

In recent years, the United Arab Emirates (UAE), particularly Dubai, has emerged as a key player in the global blockchain and cryptocurrency landscape. The embracement of digital innovation has been met with a forward-thinking regulatory approach, culminating in the introduction of comprehensive crypto licensing frameworks. This article delves into the intricate world of crypto licenses in Dubai and the UAE, exploring the regulatory landscape, the impact on the crypto industry, and the implications for businesses and investors.

1. The Genesis of Crypto Regulation in Dubai:

The journey towards crypto regulation in Dubai has been marked by a deliberate and progressive approach. Recognizing the transformative potential of blockchain and digital assets, regulatory authorities have sought to create a framework that fosters innovation while ensuring consumer protection and financial integrity. The regulatory groundwork has been laid with the aim of positioning Dubai as a global hub for crypto-related activities.

2. Dubai's Regulatory Authority and the Crypto License Framework:

The emergence of Dubai’s Virtual Assets Regulatory Authority (VARA) along with the regulatory framework established by them has been a massive gamechanger for the industry. Leaving all the major “pro-technology” cities behind, Dubai has created its own mark in the world.

As its name suggests, Virtual Assets Regulatory Authority (VARA) aims to bring order in the virtual assets space and to offer a world-class regulatory framework in the emirate of Dubai to safeguard investors, maintain high levels of risk assurance, and encourage virtual asset innovation. No virtual assets service providers (VASPs) are permitted to carry out their operations in Dubai without obtaining license from VARA in accordance with the activities carried out by the VASPs.

Crypto license Dubai and crypto license UAE cover a spectrum of activities, including cryptocurrency exchanges, wallet services, and other blockchain-based businesses. Applicants for these licenses must undergo a rigorous vetting process, demonstrating financial stability, adherence to anti-money laundering (AML) and know your customer (KYC) regulations, and robust security measures.

3. Regulatory Compliance and the Varied Crypto Ecosystem:

One of the primary objectives of the crypto license framework is to ensure regulatory compliance across the diverse crypto ecosystem. From cryptocurrency exchanges facilitating the trading of digital assets to wallet services securing users' holdings, the licensing process aims to create a transparent and accountable environment. The compliance standards set by VARA are designed to address potential risks and vulnerabilities inherent in the crypto space.

4. Impact on Businesses and Investor Confidence:

The introduction of crypto license Dubai and crypto license UAE has had a profound impact on businesses operating in the digital asset space. Obtaining a crypto license not only grants legal legitimacy but also instils confidence in investors and users. The assurance of regulatory oversight contributes to a more secure and transparent environment, attracting both local and international investments in the burgeoning crypto market.

Businesses that have successfully acquired crypto licenses find themselves at the forefront of the industry, positioned to provide services with a seal of regulatory approval. This legitimacy fosters trust, an essential factor in an industry that has historically grappled with scepticism.

5. Dubai's Position in the Global Crypto Landscape:

Dubai's proactive stance on crypto regulation places the city at the intersection of traditional finance and emerging digital technologies. The regulatory clarity provided by VARA positions Dubai as a favourable destination for crypto businesses seeking a supportive regulatory environment. It also attracts blockchain innovators and enthusiasts, fostering an ecosystem where ideas can flourish.

Moreover, Dubai's regulatory framework aligns with international best practices, contributing to the city's integration into the global crypto landscape. This alignment facilitates cross-border collaborations, potentially positioning Dubai as a conduit for international investments and partnerships in the crypto space.

6. Future Prospects and Evolving Regulations:

As the crypto industry continues to evolve, so too will the regulatory frameworks governing it. Dubai's commitment to staying abreast of technological advancements and market dynamics positions it to adapt and refine its regulations accordingly. VARA is likely to play a key role in shaping the future of crypto regulation in the region, potentially introducing amendments and expansions to accommodate emerging trends.

The future prospects for crypto licenses in Dubai are intertwined with the broader global dialogue on digital assets. The city's agile regulatory approach positions it to attract further investments and contribute to the development of innovative solutions in blockchain and cryptocurrency technologies.

The introduction of crypto licenses in Dubai and the UAE reflects a strategic vision to leverage the potential of blockchain and digital assets while safeguarding the interests of investors and the integrity of the financial system. Dubai's journey from a bustling financial centre to a burgeoning crypto hub underscores the adaptability of regulatory frameworks in the face of technological innovation.

As businesses and investors continue to navigate the digital landscape, the crypto license framework in Dubai serves as a beacon of legitimacy and security. The dynamic synergy between regulatory authorities, businesses, and investors is poised to shape the future of crypto in Dubai and position the city as a leader in the global crypto revolution.