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A crypto platform has now teamed up with the Dubai Police to inform and educate people about frauds in the crypto field. It comes as the UAE takes a leading position in promoting blockchain technology, announcing plenty of efforts to make it easier for cryptocurrency traders to transact. The police agency is “extensively” training its officers in crypto and blockchain technology. The goal of the collaboration is to develop "effective investigation approaches to address the hazards associated with cryptocurrency trading. "The Crypto Platform is called BitOasis and they said that they have been working with key policymaking bodies in an effort to combat crypto fraud. The UAE government is reportedly taking active efforts to protect the interests of investors investing in asset classes of this sort online.
The Securities and Commodities Authority (SCA) of the UAE announced that it is getting closer to adopting regulations on virtual asset investments. A survey on the sector's money laundering and terrorist financing risks was also assessed by the SCA. As regional economic competition intensifies, the UAE has been advocating for the development of virtual asset regulation in order to attract new types...
Standard Chartered has announced its plans to offer digital asset custody services in the United Arab Emirates (UAE). This service has been launched to meet the growing demand for digital asset services from institutional clients and high-net-worth individuals in the region. The bank's new service will provide clients with a secure and efficient way to store and manage a range of cryptocurrencies...
Corporate tax is a tax on the profit of the business not on the sale value. The UAE Corporate tax regime will become effective for financial years starting on or after 1 June 2023. For example, if your financial year is January to December, you will come under tax purview from January 2024. What is the difference between VAT and CT? VAT is a consumption tax to be paid by the “Consumer”....
The Central bank of UAE to introduce the new guidance instructions to banks to protect credit and direct debit cards from fraud. The Circular to this effect to all banks and finance companies in the country are provided. The guidelines are to be assembled from 1st December. Banks have to ensure their approved risk management systems and information technology controls are sufficient to detect...
UAE amendments to cheque bounce law might make way for a competitive economy and a fairer justice delivery mechanism The UAE Cabinet Amended the Federal Law No. 18 of 1993 or the Commercial Transaction Law, including the provisions on cheque bounces. This would come into effect by the end of 2022 and includes modification of rules dealing with dishonoured cheques and the issuance of cheques without...
The liquidity issues between businesses and corporations have significantly worsened after the COVID-19 outbreak. The UAE has taken initiatives to enhance its Bankruptcy Code, Law 9 of 2016, to ensure that it can continue to address the most recent difficulties. The landmark decision in the Marka Holdings PJSC case prompted the proposed revisions to the bankruptcy legislation. The Dubai Court's ruling...