Forkast.News is now Forkast Labs

Articles filed under

Dubai

38 articles

April 2024

Binance converts US$1 bln fund; eyes India comeback after obtaining Dubai license

Cryptocurrency giant Binance converts $1B safety fund to USDC, signaling a strategic move to enhance transparency and re-enter the Indian market.

November 2023

From Silicon Valley to Sand Dunes: Why Indian crypto firms eye Dubai expansion

Indian crypto companies flock to Dubai, escaping high local taxes and finding solace in the emirate’s favorable regulatory environment.

Dubai calls on crypto firms to finalize applications by Nov. 17

Over 1,000 crypto firms will have to complete their applications by Nov. 17 to avoid regulatory consequences.

XRP approved by Dubai’s Financial Services Authority

The XRP token now stands to benefit from legal and regulatory clarity in the DIFC, according to the announcement.

October 2023

Mad Lads creator Backpack to launch licensed crypto exchange in Dubai

Backpack said it also secured operational licenses in other jurisdictions.

Dubai’s crypto boom, Australia’s rules & Binance’s battles

Web3 leaders gather in the Future Blockchain Summit in Dubai and we take a deep dive on the woes of crypto’s largest exchange, Binance.

Solana Foundation partners with DMCC Dubai

The SOL token rose over 5% in the 24-hour after the partnership was announced.

June 2023

OKX crypto exchange to be operational in Dubai within the year, says executive

Seychelles-registered cryptocurrency exchange OKX, which says it is the world’s second-largest crypto platform by trading volume, opened an office in Dubai on June 15 as part of its global expansion and aims to raise staff numbers to 30 to tap opportunities in the region.

How Dubai and Hong Kong are shifting crypto’s power dynamics: Opinion

As the US grapples with crypto regulation, Hong Kong and Dubai are emerging as leaders in the global digital economy, writes Ben Caselin of MaskEX.

Insights from Dubai’s cryptocurrency scene as city looks to be global digital assets hub

Ghassan Jumblat, fintech director at financial services company Integrated Communications Channel discusses the evolution of the cryptocurrency and blockchain industry in Dubai in the United Arab Emirates, as the city positions itself as a future hub for digital assets.

May 2023

Hong Kong? Singapore? Tokyo? Seoul? Dubai? The race is on for the Web3 hub of Asia | Part 2

While U.S. regulators continue debating over whether cryptocurrencies are securities or commodities, the digital assets industry is being pleasantly welcomed by several Asian cities. And the competition is really hotting up now.

Hong Kong? Singapore? Tokyo? Seoul? Dubai? The race is on for the Web3 hub of Asia | Part 1

As U.S. regulators file lawsuits against cryptocurrency platforms, prompting some digital asset companies to seek more favorable jurisdictions, a fleet of cities in Asia are putting out the welcome mat, seeking to attract the jobs and investment that Web3 technologies promise. Right now, Hong Kong seems to be grabbing the limelight, but it has competition.

Bitcoin network buckles under weight of BRC-20’s runaway success

Top blockchain and crypto news: Memecoin fever strains BTC network. Binance slams brakes on Bitcoin withdrawals. Chinese court allows crypto for repaying debt.

April 2023

United Arab Emirates opens licensing applications for cryptocurrency companies

UAE’s Securities and Commodities Authority said Monday it has started accepting applications for operating licenses from cryptocurrency businesses.

March 2023

Crypto exchange Fasset hopes to win Indonesia license next month

Dubai-based Fasset says Indonesia digital asset adoption is still in early stages, but the country’s young population is taking to crypto faster, encouraging exchanges to move in despite infrastructure constraints.

Singapore-based Crypto.com gets preparatory license to expand services in Dubai

Singapore-based cryptocurrency exchange Crypto.com will soon be able to extend its services in Dubai, after it received a Minimal Viable Product (MVP) Preparatory License from Dubai’s Virtual Assets Regulatory Authority (VARA). 

November 2022

Hex Trust bags virtual asset license from Dubai

Digital asset custodian Hex Trust received the MVP license from Dubai’s Virtual Assets Regulatory Authority on Nov. 24.

October 2022

Hong Kong crypto firm Q9 Capital gets Dubai provisional approval

Hong Kong-based crypto investment firm Q9 Capital has received a provisional virtual asset approval from Dubai’s Virtual Asset Regulatory Authority (VARA), the company said on Wednesday in a statement shared with Forkast.

First Digital Trust says HK, Singapore can join hands on crypto initiatives

In a Q&A with Forkast, First Digital Trust Chief Executive Officer Vincent Chok shared his views on Hong Kong getting back into crypto, regulations, and how the crypto pie in Asia is big enough for rivals Singapore and Hong Kong.

Crypto.com to invest US$145 mln in France as base for European operations

Crypto.com said on Wednesday that the exchange will invest €150 million (US$145.5 million) in France to set up a European headquarters in Paris and expand operations in the region. See related article: Crypto.com enters South Korea market with two local startup acquisitions Fast facts The Singapore-based exchange said it will focus on compliance, business development […]

UAE crypto market expected to grow 10-fold: report

The cryptocurrency market in the United Arab Emirates (UAE) is expected to grow 10 times, according to a new report from MENA blockchain ecosystem, Crypto Oasis, released Monday at a blockchain conference organized by the Dubai World Trade Centre.  See related article: New hire in Saudi Central Bank to work on crypto regulations: report Fast […]

Dubai’s blockchain future

Dubai’s announcement of an Islamic Coin could turn the city into the next crypto promised land.

September 2022

If the UK wants to become a crypto hub, it must do better

Britain’s internal divisions could thwart its crypt ambitions, writes Nick Saponaro of Divi Labs. Will it be eclipsed by crypto-friendly Dubai?

Animoca Brand’s Sandbox to launch metaverse in Dubai, other global cities

The Sandbox, a subsidiary of Animoca Brands Corp. Ltd., the Hong Kong-based game software and venture capital company, will be taking its Hong Kong metaverse strategy to a new market in Dubai, launching a “Dubaiverse,” the company said at the 62nd edition of the True Global Ventures Conference on Thursday.  Animoca Brand’s Dubai-themed metaverse will […]

New hire in Saudi Central Bank to work on crypto regulations: report

Saudi Arabia’s central bank has appointed Mohsen AlZahrani, a former managing director at consultancy firm Accenture, to head its virtual assets and central bank digital currency (CBDC) initiative, Bloomberg reported. See related article: Governments pushing for CBDCs smell blood in Terra Classic’s struggles Fast facts With the United Arab Emirates aiming to be a global […]

August 2022

Ex-PwC crypto head sets up digital asset fund in Dubai: report

Former PwC crypto arm leader Henri Arslanian said in a report the digital asset fund Nine Blocks Capital Management will receive $75 million from major supporters, including Hong Kong-based hedge fund Nine Masts Capital. See related article: Dubai scorches crypto winter with plans to support 40,000 ‘virtual jobs’ Fast facts See related article: India’s WazirX […]

July 2022

Komainu latest to get Dubai’s approval to operate

Digital assets company Komainu has received a provisional license from the Dubai Virtual Assets Regulatory Authority (VARA) to offer cryptocurrency products and services to institutional clients in Dubai, CoinDesk said in a report.  See related article: Dubai could be crypto’s promised land, Citi says Fast facts Komainu is the latest to receive approval from Dubai […]

Bitcoin back above US$23,000; Ethereum on a tear

Bitcoin and Ethereum see significant gains in spite of Fed rate hike. Meanwhile, Dubai Police announces NFT launch.

Dubai police launch 2nd edition of NFTs, see use case for digital assets

Dubai police are dropping a second round of non-fungible tokens (NFTs), as digital assets conform to their interests in innovation, security and communication. In a statement on their website, Dubai police claim to be the first government entity in the United Arab Emirates (UAE) to create its own digital assets and the first police organization […]

Bitcoin’s real role examined; 3AC’s complex ties revealed

A report says Bitcoin users are looking beyond investment. Meanwhile, court document reveals strong ties between 3AC and TPS Capital.

Dubai scorches crypto winter with plans to support 40,000 ‘virtual jobs’

Dubai aims to be one of the top 10 cities globally in the metaverse economy, creating 40,000 virtual jobs and adding US$4 billion to the city’s economy in five years.  See related article: Dubai could be crypto’s promised land, Citi says Fast facts The launch of the Dubai Metaverse Strategy on Monday was aimed at […]

April 2022

Three Arrows Capital to ditch Singapore for Dubai

Three Arrows Capital, a cryptocurrency trading and hedge fund manager, is moving its headquarters to Dubai from Singapore, becoming the latest among a growing number of firms looking to expand their presence in the Middle East. See related article: Dubai could be crypto’s promised land, Citi says Fast facts Su Zhu, cofounder of Three Arrows […]

Dubai could be crypto’s promised land, Citi says

Dubai and neighboring Abu Dhabi have been on a tear when it comes to crypto service providers moving the core of their operations there.

Australia to list crypto spot ETFs; WazirX founders leave India

Bitcoin and Ethereum ETFs are coming to Australia. Meanwhile, Dogecoin Day has fans hyped.

India’s WazirX cofounders move to Dubai

Cofounders of the Binance-backed Indian crypto exchange WazirX have reportedly moved to Dubai amid regulatory uncertainty and taxation, local media report. See related article: India’s crypto tax will incur losses for government, says WazirX CEO Fast facts Nischal Shetty and Siddharth Menon have reportedly moved to Dubai along with their families.  “Crypto has no boundaries,” […]

BSN developer’s NFT warning; LINE launches NFTs

State-backed developer delivers warning on the state of NFTs in China. Meanwhile, LINE launches a NFT marketplace.

Indonesia levies 0.1% VAT, income tax on crypto

Indonesia will tax income from crypto trading at 0.1% and impose an additional value added tax (VAT) of 0.1% on crypto transactions starting May. See related article: Indonesian regulators play catch-up as crypto investment soars Fast facts The tax rate is lower than the 11% tax that the Indonesian government levies on other goods and […]

March 2022

Is Dubai the new crypto promised land?

Top blockchain and cryptocurrency news: Dubai’s crypto caravan. Mt. Gox unlocked. Digital yuan in play again.