Dubai capital of blockchain technology
The pandemic hastened the digitisation of the financial sector, and with that came a rising interest in cryptocurrencies. Other key benefits include the speed at which secure, anonymous transactions can be made. Instability and volatility in cryptocurrency trading are now being replaced by durability and reliability. As a global financial centre, it's no surprise Dubai's lawmakers have been carefully monitoring the rise of cryptocurrencies, and the forward-thinking city-state has now announced ambitious plans to become a leading crypto hub by If we agree virtual assets are here to stay, it's gratifying to know that Dubai and the UAE are creating a legal and regulatory framework to protect everyone and ensure transparency in what has traditionally been viewed as something of an unregulated, secretive sector.
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Content:
- Blockchain and Distributed Ledger Technology
- A Dubai-based blockchain technology company is launching a digital platform in Latin America
- Dubai-based crypto company believe the future of blockchain lies in cloud storage
- Quantstamp Wins First Place at Smart Dubai Global Blockchain Challenge
- Dubai- the world capital of blockchain development
- Will cryptocurrency expansion continue among emerging markets in 2022?
- DIFC Courts and Smart Dubai to launch world's first "Court of the Blockchain"
- We invest in blockchain
Blockchain and Distributed Ledger Technology
Click for PDF. Our consultation on Investment Tokens enabled us to understand what firms were looking for in a regulatory framework and introduce a regime that is relevant to the market. We look forward to receiving applications from interested firms and contributing to the ongoing growth of future-focused financial services in the DIFC.
Broadly speaking, these are:. This means that key cryptocurrencies such as Bitcoin and Ethereum, as well as stablecoins such as Tether, will remain unregulated under the Investment Tokens regime. Such financial services would include amongst other things dealing in, advising on, or arranging transactions relating to, Investment Tokens, or managing discretionary portfolios or collective investment funds investing in Investment Tokens.
As noted at i above, the changes brought about on October 25, necessarily involved the addition of new requirements to address specific issues related to Investment Tokens. In taking the approach to Investment Tokens outlined in this alert, the DFSA has aligned with the approach taken by certain key jurisdictions. It is similar to that taken by the U. Financial Conduct Authority, for example, which has issued guidance to the effect that tokens with specific characteristics that mean they provide rights and obligations akin to specified investments, like a share or a debt instrument the U.
This will likely prove helpful, given the evolving nature of the virtual assets world. However, the exclusion of key cryptocurrencies from the scope of this regime may limit the attractiveness of the regime, particularly to cryptocurrency exchanges seeking to offer spot trading. This is in contrast to the approach proposed by the Hong Kong Financial Services and the Treasury Bureau, which has proposed restricting access to cryptocurrency trading to professional investors only.
As noted above, the Investment Tokens regime does not cover many key virtual assets. However, we understand that the DFSA is drafting proposals for tokens not covered by the Investment Tokens regulatory framework. These proposals are expected to cover exchange tokens, utility tokens and certain asset-backed tokens stablecoins.
Attorney Advertising: The enclosed materials have been prepared for general informational purposes only and are not intended as legal advice.
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It is only used to improve how a website works. This sets out amongst other things : technology and governance requirements for firms operating facilities trading venues for Investment Tokens — for instance, they must: i ensure that any DLT application used by the facility operates on the basis of permissioned access, so that the operator is able to maintain adequate control of persons granted access; and ii have regard to industry best practices in developing their technology design and technology governance relating to DLT that is used by the facility; rules relating to operators of facilities for Investment Tokens which permit direct access — for example, the operator must ensure that its operating rules clearly articulate: i the duties owed by the operator to the direct access member; ii the duties owed by the direct access member to the operator; and iii appropriate investor redress mechanisms available.
This must contain, amongst other things: i the risks associated with, and the essential characteristics of, the Investment Token; ii whether the Investment Token is, or will be, admitted to trading and, if so, the details of its admission ; iii how the client may exercise any rights conferred by the Investment Tokens such as voting ; and iv any other information relevant to the particular Investment Token that would reasonably assist the client to understand the product and technology better and to make informed decisions in respect of it.
Comment In taking the approach to Investment Tokens outlined in this alert, the DFSA has aligned with the approach taken by certain key jurisdictions. This website uses cookies to provide analytics on user traffic. By continuing to browse our website, you consent to our use of cookies as set forth in our Cookie Policy. However you may visit Cookie Settings to customize your consent. Close Privacy Overview This website uses cookies to improve your experience while you navigate through the website.
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A Dubai-based blockchain technology company is launching a digital platform in Latin America
DUBAI: A Dubai government-owned licensing company has recently allowed virtual currency as a payment option for its services. He pointed out that the method of payment allowed more accessibility for entrepreneurs around the world to set up in the UAE. The last day of the conference, held at the Riyadh Front Expo Center, will feature another set of A-list speakers from the region and beyond. It picks up from the last two days that saw many tech deals and government announcements from officials such as the Saudi energy minister Prince Abdulaziz bin Salman. TASI, the main index, edged down by 0. Saudi time.
Dubai-based crypto company believe the future of blockchain lies in cloud storage
WBS Dubai provides an unparallel networking opportunity for entrepreneurs, investors, governments, developers, industry enthusiasts, and global media. This is the community platform for those decentralizing the world. The UAE, particularly Dubai, is recognised for its welcoming stance on crypto and blockchain technology. Dubai facilitates its governing bodies to promote and foster the adoption of blockchain. We look forward to bringing together our ecosystem of tech leaders in this new virtual format to learn, connect and collaborate together. Stay tuned for more details to come. Meet the world-renowned industry experts, who are handpicked based on their contribution to the field of distributed ledger technology. Listen to enlightening sessions from some of the greatest minds in the Blockchain and Crypto space as the answer some of today's most pressing questions in the current industry.
Quantstamp Wins First Place at Smart Dubai Global Blockchain Challenge
With the power to handle and track vast amounts of information transparently and securely, blockchain is transforming business, especially in the financial sector. Blockchain adoption and broader distributed ledger technology is rapidly growing, helping to create the business models of the future. In the Middle East, Africa and South Asia MEASA region, the financial sector has recognised the opportunity of blockchain and other forms of financial technology FinTech , taking huge strides towards technological transformation. From digital assets to open finance, the future of finance may well be built on a foundation of blockchain.
Dubai- the world capital of blockchain development
To trade cryptocurrencies for their own currencies. Zurich Capital Fund in partnership with AYAREZQ AYASOFT announces the launch of EXOR is the first Haigh end digital platform in Latin America and the Caribbean to trade cryptocurrency linked and connected to banks in Latam where he started with 5 million user It is integrated with digital banks and is the first in the world with multiple uses in the Latin American region in terms of its services such as providing a comprehensive digital platform, including providing banking services and. Areas of trade finance to expand in the areas of digital commerce In partnership with Solomon Capital. Which will be in partnership with linking 14 international, Arab, African and Asian banks with banks from Latin America and Brazil. The platform contributes to reducing fraud risks resulting from the current paper-based system in the field of trade finance, and reflects the commitment of the banking sector towards the process of comprehensive digital transformation.
Will cryptocurrency expansion continue among emerging markets in 2022?
Earlier this year, Dubai announced its intention to turn itself into the first blockchain-powered government in the world by These ambitions are part of the emirate's goal of becoming a global business hub, with next-generation technology playing a key role in delivering this vision. Guide to smart cities in the Arabian Gulf: Why this is a region to watch. With urbanization well above the global average, a young tech-savvy population and a raft of major infrastructure projects, the Gulf region is helping pioneer the smart city model. Read More. Although most blockchain initiatives are still in their early phases, Gartner's annual Hype Cycle for Emerging Technologies report, predicts that in the "long-term It's an optimism that has spread to multiple businesses, governments and entrepreneurs in Dubai.
DIFC Courts and Smart Dubai to launch world's first "Court of the Blockchain"
The strategy includes three pillars: government efficiency, with all documents such as visa applications and licence renewals becoming paperless, saving millions of tonnes of emissions and work hours; industry creation, enabling people to collaboratively form new businesses; and international leadership, opening the blockchain platform to global counterparts to improve safety, security and convenience for international travellers to Dubai. Content published by Professional Engineering does not necessarily represent the views of the Institution of Mechanical Engineers. Please enable JavaScript to view the comments powered by Disqus. View all.
We invest in blockchain
Thursday, September 16, Cryptocurrency Prices and Market Capitalizations. Dubai-based Emcredit and Britain's Object Tech Group have begun jointly developing emCash, a cryptocurrency that can be used for retail purchases in Dubai. In , following the UAE example, Venezuela brought to the world their national cryptocurrency called Petro.
DIFC and Smart Dubai hope that blockchain will transform the judicial system including by removing document duplications and streamline processes in the legal ecosystem. The organizations said that in the future, research would revolve around solutions to help managing disputes arising from both public and private blockchain networks, which operate with regulation and contractual conditions stipulated in the smart contracts. Currently, DLT-based smart contract transactions cannot be reversed. By harnessing blockchain technology, Dubai will be firmly positioned at the forefront of legal tech and judicial innovation, setting the standards for countries and judiciaries to follow. Blockchain has a key contribution to this general goal. Dubai Blockchain Strategy aims to move all government transactions on blockchain by
Cryptocurrencies and in particular Bitcoin have been making headlines worldwide, but there's still a lack of understanding about what they are. Dubai recently held the AIBC summit to bridge that knowledge gap. If we want one day to see the crypto community, the blockchain, be embraced by the masses.
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