Cro Dax Middle East, the Dubai-based subsidiary of cryptocurrency exchange Crypto.com, has secured a licence to offer specified virtual asset service activities from the emirate’s Virtual Assets Regulatory Authority.
The virtual assets service provider licence is subject to the company satisfying certain conditions and localisation requirements defined by Vara and will be able to commence operations subject to an operational approval notice from the regulator, it said on Tuesday.
Following operational approval, the Vasp licence will allow Singapore-based Crypto.com to “offer regulated virtual asset service activities, including exchange services, broker-dealer services, management and investment services, and lending and borrowing services”, it added.
The services will be available to retail and institutional users through its app and exchange platform.
“Dubai continues to show it is a leading market when designing effective regulation for the crypto space while still supporting adoption and innovation,” said Kris Marszalek, chief executive of Crypto.com.
Dubai adopted a law to regulate virtual assets to provide investors a safe environment while embracing emerging technologies as interest in them grows.
Vara was established by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, in March 2022 under the Dubai Virtual Asset Regulation Law, the first law of its kind in the emirate.
The body aims to create an advanced legal framework to protect investors and provide international standards for virtual asset industry governance to enable responsible business growth.
In February, Vara issued regulations to offer certainty and greater clarity on the expected level of operator responsibility, and also mitigate market risks.
It has been a tumultuous 18 months for the global cryptocurrency sector after the collapse of a number of large platforms, including Celsius, Three Arrows Capital and Sam Bankman-Fried’s FTX.
The collapse of FTX, once valued at $32 billion, is the highest-profile cryptocurrency exchange failure to date.
On November 2, Bankman-Fried was found guilty of defrauding customers of his cryptocurrency exchange in one of the biggest financial frauds on record in the US.
Bitcoin was trading at about $36,471 on Tuesday morning.
Crypto.com is “working diligently” to become one of the first virtual asset exchanges to implement its Vasp licence following Vara’s issuance of its specialised regulations for virtual assets in February, the company said.
The company received its minimum viable product provisional licence in June 2022 and MVP preparatory licence in March this year.
An MVP is an early version of a service that can be released to determine market fit and gather feedback. It precedes full market product (FMP) status, according to Vara’s website.
Securing an operational licence is the third and final step in Vara’s MVP process, following the preparatory and provisional stages.
It grants virtual asset service providers permission to conduct activities in seven categories, according to Vara’s website.
In March 2022, Crypto.com said Dubai was its regional hub for the Middle East and Africa.
The Details
Kabir Singh
Produced by: Cinestaan Studios, T-Series
Directed by: Sandeep Reddy Vanga
Starring: Shahid Kapoor, Kiara Advani, Suresh Oberoi, Soham Majumdar, Arjun Pahwa
Rating: 2.5/5
THE SPECS
Engine: 1.6-litre turbo
Transmission: six-speed automatic
Power: 165hp
Torque: 240Nm
Price: From Dh89,000 (Enjoy), Dh99,900 (Innovation)
On sale: Now
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
COMPANY%20PROFILE
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The%20specs
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Common OCD symptoms and how they manifest
Checking: the obsession or thoughts focus on some harm coming from things not being as they should, which usually centre around the theme of safety. For example, the obsession is “the building will burn down”, therefore the compulsion is checking that the oven is switched off.
Contamination: the obsession is focused on the presence of germs, dirt or harmful bacteria and how this will impact the person and/or their loved ones. For example, the obsession is “the floor is dirty; me and my family will get sick and die”, the compulsion is repetitive cleaning.
Orderliness: the obsession is a fear of sitting with uncomfortable feelings, or to prevent harm coming to oneself or others. Objectively there appears to be no logical link between the obsession and compulsion. For example,” I won’t feel right if the jars aren’t lined up” or “harm will come to my family if I don’t line up all the jars”, so the compulsion is therefore lining up the jars.
Intrusive thoughts: the intrusive thought is usually highly distressing and repetitive. Common examples may include thoughts of perpetrating violence towards others, harming others, or questions over one’s character or deeds, usually in conflict with the person’s true values. An example would be: “I think I might hurt my family”, which in turn leads to the compulsion of avoiding social gatherings.
Hoarding: the intrusive thought is the overvaluing of objects or possessions, while the compulsion is stashing or hoarding these items and refusing to let them go. For example, “this newspaper may come in useful one day”, therefore, the compulsion is hoarding newspapers instead of discarding them the next day.
Source: Dr Robert Chandler, clinical psychologist at Lighthouse Arabia
Stamp duty timeline
December 2014: Former UK finance minister George Osbourne reforms stamp duty, replacing the slab system with a blended rate scheme, with the top rate increasing to 12 per cent from 10 per cent:
Up to £125,000 - 0%; £125,000 to £250,000 – 2%; £250,000 to £925,000 – 5%; £925,000 to £1.5m: 10%; Over £1.5m – 12%
April 2016: New 3% surcharge applied to any buy-to-let properties or additional homes purchased.
July 2020: Rishi Sunak unveils SDLT holiday, with no tax to pay on the first £500,000, with buyers saving up to £15,000.
March 2021: Mr Sunak decides the fate of SDLT holiday at his March 3 budget, with expectations he will extend the perk unti June.
April 2021: 2% SDLT surcharge added to property transactions made by overseas buyers.
Honeymoonish
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How to get there
Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
Dunki
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