Global Crypto Market

Dubai's new crypto regulator brings UAE firm BitOasis under its wing – Reuters




Representation of cryptocurrency Binance Coin, the native token of the cryptocurrency exchange, is seen in this illustration taken November 29, 2021. REUTERS/Dado Ruvic/Illustration
DUBAI, March 30 (Reuters) – BitOasis, a Middle East-focused crypto exchange based in the United Arab Emirates, has received provisional approval from Dubai's new crypto regulator, as the UAE pushes to become a centre for the virtual asset sector.
Dubai, one of the UAE's seven emirates and the region's trade hub, this month issued its first law governing digital assets and formed the Virtual Asset Regulatory Authority (VARA) to oversee the sector. read more
Dubai this month granted virtual asset licences to Binance, the world's largest cryptocurrency exchange, and FTX Europe, which will set up a regional headquarters in the city. Global exchanges Bybit and Crypto.com this week said they are also establishing operations there. read more
BitOasis, which was founded in Dubai in 2015 and serves English and Arabic speaking customers in the Gulf and Middle East, will continue operations in Dubai while it applies for a full VARA license, the company said.
Prior to coming under VARA, BitOasis had been registered with the central bank and was reporting on anti-money laundering issues to the bank's financial intelligence unit, the company said.
The UAE has been pushing to develop the virtual asset sector and regulation to attract new forms of business as regional economic competition heats up.
Internationally, regulators worry about how a meltdown in cryptoassets – markets which are highly volatile and still opaque – would feed into the wider financial sector and there is a global push to regulate the sector. read more
Our Standards: The Thomson Reuters Trust Principles.
Subscribe to our sustainability newsletter to make sense of the latest ESG trends affecting companies and governments.
Subscribe to our newsletter to get all the news you need to start your day.
Coinbase Global Inc will extend its hiring freeze for the foreseeable future and rescind a number of accepted offers in order to deal with current macroeconomic conditions, the company said in a blog post on Thursday.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2022 Reuters. All rights reserved

source


Leave a Comment

Your email address will not be published.