Cryptocurrency trading volumes are up amid Covid-19, a boon to exchange platforms. Reuters
Cryptocurrency trading volumes are up amid Covid-19, a boon to exchange platforms. Reuters
Cryptocurrency trading volumes are up amid Covid-19, a boon to exchange platforms. Reuters
Cryptocurrency trading volumes are up amid Covid-19, a boon to exchange platforms. Reuters

ADGM green lights crypto asset exchange DEX amid high trading volumes


Kelsey Warner
  • English
  • Arabic

Digital asset exchange DEX received the green light from Abu Dhabi Global Market’s regulatory body as trading volume in cryptocurrencies booms amid the Covid-19 pandemic.

The brokerage will go live in the next three months with four of the most commonly traded cryptocurrencies - Bitcoin, Ethereum, Bitcoin Cash and Litecoin - available to purchase with local or international currency, Leon Smith, founder and chief executive, told The National.

Over the last decade, crypto assets have gone from niche, unregulated and under-the-radar electronic currency to a mainstream and increasingly regulated asset class. In turn, hundreds of trading platforms have proliferated. Last week, US FinTech giant PayPal unveiled plans to offer direct sales of crypto assets to its 305 million customers.

US-based Coinbase, one of the largest by trading volume, is not accessible in the UAE but other exchanges like Bittrex and China's Binance are. Over the last few year local UAE options have sprung from ADGM and Dubai International Financial Centre.

DEX joins homegrown trading platforms like BitOasis and Bitex UAE, both started in Dubai, as well as Matrix and Glomax, both licenced by ADGM.

Regulated exchange firms are “the future of digital asset trading on a global scale,” Mr Smith said.

In order for exchanges to differentiate in this increasingly crowded market, strict regulations are key in order to bolster investor confidence regarding the protection of their assets, Nameer Khan, chairman of the Mena FinTech Association, told The National.

"ADGM has done a good job in keeping regulations very strict, making those trading platforms that register there competitive in terms of compliance and security," he said, compared to other jurisdictions like Switzerland, Malta and Singapore which have also developed regulatory frameworks.

A spokesperson from the regulatory authority at ADGM told The National that licencing for digital currency exchanges requires firms to meet extensive anti-money laundering and counter financing terrorism regulations, while providing consumer protection, technology governance and extensive transaction recording.

ADGM "expects to approve a number of further licenses over the coming months and continues to receive strong interest from prospective applicants”.

With people staying home during the pandemic, both crypto and traditional capital markets are seeing a surge in trading volume as more attention is being paid to portfolios amid an uncertain economy. This is a boon to exchange platforms which make their money on transaction fees.

Trading in the digital asset spot market in the first quarter of 2020 doubled compared to the previous quarter. Analysts forecast further increases in activity over the last three months, according to research firm TokenInsight.

"Volatility has increased massively," Mr Smith said, acknowledging a common criticism of the digital currency market. But he added that equity markets are seeing similar fluctuations.

Unlike traditional markets, crypto trading never closes.

"The roads can be built safely but ultimately it's how cautious you are as a driver," Mr Khan said. "It's the responsibility of any investor to define what safety looks like to them, and to control their own speed."

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UAE currency: the story behind the money in your pockets

Electoral College Victory

Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate. 

 

Popular Vote Tally

The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.

While you're here
What are the influencer academy modules?
  1. Mastery of audio-visual content creation. 
  2. Cinematography, shots and movement.
  3. All aspects of post-production.
  4. Emerging technologies and VFX with AI and CGI.
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  6. Tourism industry knowledge.
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Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
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Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
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Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
House-hunting

Top 10 locations for inquiries from US house hunters, according to Rightmove

  1. Edinburgh, Scotland 
  2. Westminster, London 
  3. Camden, London 
  4. Glasgow, Scotland 
  5. Islington, London 
  6. Kensington and Chelsea, London 
  7. Highlands, Scotland 
  8. Argyll and Bute, Scotland 
  9. Fife, Scotland 
  10. Tower Hamlets, London 

 

Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
UAE currency: the story behind the money in your pockets
How to watch Ireland v Pakistan in UAE

When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.

THE SPECS

Jaguar F-Pace SVR

Engine: 5-litre supercharged V8​​​​​​​

Transmission: 8-speed automatic

Power: 542bhp​​​​​​​

Torque: 680Nm​​​​​​​

Price: Dh465,071

Dr Afridi's warning signs of digital addiction

Spending an excessive amount of time on the phone.

Neglecting personal, social, or academic responsibilities.

Losing interest in other activities or hobbies that were once enjoyed.

Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.

Experiencing sleep disturbances or changes in sleep patterns.

What are the guidelines?

Under 18 months: Avoid screen time altogether, except for video chatting with family.

Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.

Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.

Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.

Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.

Source: American Paediatric Association

Russia's Muslim Heartlands

Dominic Rubin, Oxford

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
Infiniti QX80 specs

Engine: twin-turbocharged 3.5-liter V6

Power: 450hp

Torque: 700Nm

Price: From Dh450,000, Autograph model from Dh510,000

Available: Now

COMPANY PROFILE

Name: Lamsa

Founder: Badr Ward

Launched: 2014

Employees: 60

Based: Abu Dhabi

Sector: EdTech

Funding to date: $15 million

UAE currency: the story behind the money in your pockets
Hamilton’s 2017

Australia - 2nd; China - 1st; Bahrain - 2nd; Russia - 4th; Spain - 1st; Monaco - 7th; Canada - 1st; Azerbaijan - 5th; Austria - 4th; Britain - 1st; Hungary - 4th; Belgium - 1st; Italy - 1st; Singapore - 1st; Malaysia - 2nd; Japan - 1st; United States - 1st; Mexico - 9th

ENGLAND SQUAD

Joe Root (captain), Dom Sibley, Rory Burns, Dan Lawrence, Ben Stokes, Ollie Pope, Ben Foakes (wicketkeeper), Moeen Ali, Olly Stone, Chris Woakes, Jack Leach, Stuart Broad

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Adele: The Stories Behind The Songs
Caroline Sullivan
Carlton Books

COMPANY PROFILE

Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed 

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UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

Some of Darwish's last words

"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008

His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.

'Gold'

Director:Anthony Hayes

Stars:Zaf Efron, Anthony Hayes

Rating:3/5

RESULT

Deportivo La Coruna 2 Barcelona 4
Deportivo:
Perez (39'), Colak (63')
Barcelona: Coutinho (6'), Messi (37', 81', 84')

Grand slam winners since July 2003

Who has won major titles since Wimbledon 2003 when Roger Federer won his first grand slam

Roger Federer 19 (8 Wimbledon, 5 Australian Open, 5 US Open, 1 French Open)

Rafael Nadal 16 (10 French Open, 3 US Open, 2 Wimbledon, 1 Australian Open)

Novak Djokovic 12 (6 Australian Open, 3 Wimbledon, 2 US Open, 1 French Open)

Andy Murray 3 (2 Wimbledon, 1 US Open)

Stan Wawrinka 3 (1 Australian Open, 1 French Open, 1 US Open)

Andy Roddick 1 (1 US Open) 

Gaston Gaudio 1 (1 French Open)

Marat Safin 1 (1 Australian Open)

Juan Martin del Potro 1 (1 US Open)

Marin Cilic 1 (1 US Open)

The specs

Engine: 2x201bhp AC Permanent-magnetic electric

Transmission: n/a

Power: 402bhp

Torque: 659Nm

Price estimate: Dh200,000

On sale: Q3 2022 

Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

What drives subscription retailing?

Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.

The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.

The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.

The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.

UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.

That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.

Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.

The major Hashd factions linked to Iran:

Badr Organisation: Seen as the most militarily capable faction in the Hashd. Iraqi Shiite exiles opposed to Saddam Hussein set up the group in Tehran in the early 1980s as the Badr Corps under the supervision of the Iran Revolutionary Guards Corps (IRGC). The militia exalts Iran’s Supreme Leader Ali Khamenei but intermittently cooperated with the US military.

Saraya Al Salam (Peace Brigade): Comprised of former members of the officially defunct Mahdi Army, a militia that was commanded by Iraqi cleric Moqtada Al Sadr and fought US and Iraqi government and other forces between 2004 and 2008. As part of a political overhaul aimed as casting Mr Al Sadr as a more nationalist and less sectarian figure, the cleric formed Saraya Al Salam in 2014. The group’s relations with Iran has been volatile.

Kataeb Hezbollah: The group, which is fighting on behalf of the Bashar Al Assad government in Syria, traces its origins to attacks on US forces in Iraq in 2004 and adopts a tough stance against Washington, calling the United States “the enemy of humanity”.

Asaeb Ahl Al Haq: An offshoot of the Mahdi Army active in Syria. Asaeb Ahl Al Haq’s leader Qais al Khazali was a student of Mr Al Moqtada’s late father Mohammed Sadeq Al Sadr, a prominent Shiite cleric who was killed during Saddam Hussein’s rule.

Harakat Hezbollah Al Nujaba: Formed in 2013 to fight alongside Mr Al Assad’s loyalists in Syria before joining the Hashd. The group is seen as among the most ideological and sectarian-driven Hashd militias in Syria and is the major recruiter of foreign fighters to Syria.

Saraya Al Khorasani:  The ICRG formed Saraya Al Khorasani in the mid-1990s and the group is seen as the most ideologically attached to Iran among Tehran’s satellites in Iraq.

(Source: The Wilson Centre, the International Centre for the Study of Radicalisation)

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