The world’s largest cryptocurrency exchange, Binance, secured a virtual asset licence to operate in Dubai.
The company will operate within Dubai’s “test-adapt-scale” virtual asset market model and be “permitted to extend limited exchange products and services to pre-qualified investors and professional financial service providers”, it said in a statement late Wednesday.
Binance will operate as part of the Virtual Asset Regulatory Authority initial regulatory phase, which includes rigorous oversight and mandatory FATF [Financial Action Task Force] compliance controls.
“High standards of regulation and compliance are critical to the development and maturing of the global crypto and blockchain industry … our team has been working tirelessly to demonstrate how we meet and exceed the requirements of regulators such as the Dubai Vara,” said Changpeng Zhao, founder and chief executive of Binance.
It is the second licence for the crypto-asset provider in the GCC. Earlier this week, it won regulatory approval from the Central Bank of Bahrain to operate as a crypto-asset service provider in the kingdom.
The Middle East is one of the fastest-growing crypto markets in the world. It received $271.7 billion worth of cryptocurrency between July 2020 and June 2021, which represents 6.6 per cent of global activity, according to Chainalysis data.
Binance was founded in China in 2017. It has its headquarters in the Cayman Islands and Seychelles, and has faced increased scrutiny from regulators in the US, UK, Europe and China.
The company has taken steps to improve its relationship with the regulators and also sought to expand its presence in the Middle East as it seeks to cash in on the region’s interest in cryptocurrencies.
In December, it signed a preliminary agreement with Dubai World Trade Centre Authority to develop an industry hub for global virtual assets in the emirate.
“Onboarding Binance within the Vara is reflective of their commitment to the Dubai agenda to provide the global industry the certainty of governance, enabled by shared industry responsibility and legislative security for society,” said Helal Al Marri, director general of DWTC Authority.
The DWTC is setting up a specialist crypto zone, while becoming a regulator for virtual assets and cryptocurrencies.
This month, Dubai adopted the first law in the emirate that regulates virtual assets. Last week, the Dubai Financial Services Authority, the regulator of the emirate’s financial hub, published its regulatory framework overseeing crypto tokens, or cryptocurrencies, for public consultation.
Besides its exchange operations, Binance will start a blockchain technology hub in DWTC to “seed new talent and build a vibrant blockchain ecosystem”, it said.
The UAE government is taking concrete steps to establish a strong digital economy and make use of the advantages provided by digital transformation.
The digital economy contributes about 4.3 per cent to the UAE’s gross domestic product, which is equivalent to Dh100bn ($27.2bn), government figures show.
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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5
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Manchester United v Liverpool
Premier League, kick off 7.30pm (UAE)
MATCH INFO
Champions League quarter-final, first leg
Ajax v Juventus, Wednesday, 11pm (UAE)
Match on BeIN Sports
World%20Cup%202023%20ticket%20sales
%3Cp%3EAugust%2025%20%E2%80%93%20Non-India%20warm-up%20matches%20and%20all%20non-India%20event%20matches%0D%3Cbr%3EAugust%2030%20%E2%80%93%20India%20matches%20at%20Guwahati%20and%20Trivandrum%0D%3Cbr%3EAugust%2031%20%E2%80%93%20India%20matches%20at%20Chennai%2C%20Delhi%20and%20Pune%0D%3Cbr%3ESeptember%201%20%E2%80%93%20India%20matches%20at%20Dharamsala%2C%20Lucknow%20and%20Mumbai%0D%3Cbr%3ESeptember%202%20%E2%80%93%20India%20matches%20at%20Bengaluru%20and%20Kolkata%0D%3Cbr%3ESeptember%203%20%E2%80%93%20India%20matches%20at%20Ahmedabad%0D%3Cbr%3ESeptember%2015%20%E2%80%93%20Semi-finals%20and%20Final%3C%2Fp%3E%0A
Brief scoreline:
Crystal Palace 2
Milivojevic 76' (pen), Van Aanholt 88'
Huddersfield Town 0
COMPANY%20PROFILE
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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
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
MATCH INFO
Championship play-offs, second legs:
Aston Villa 0
Middlesbrough 0
(Aston Villa advance 1-0 on aggregate)
Fulham 2
Sessegnon (47'), Odoi (66')
Derby County 0
(Fulham advance 2-1 on aggregate)
Final
Saturday, May 26, Wembley. Kick off 8pm (UAE)
TOURNAMENT INFO
Women’s World Twenty20 Qualifier
Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November
UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi
U19 WORLD CUP, WEST INDIES
UAE group fixtures (all in St Kitts)
- Saturday 15 January: UAE beat Canada by 49 runs
- Thursday 20 January: v England
- Saturday 22 January: v Bangladesh
UAE squad:
Alishan Sharafu (captain), Shival Bawa, Jash Giyanani, Sailles
Jaishankar, Nilansh Keswani, Aayan Khan, Punya Mehra, Ali Naseer, Ronak Panoly,
Dhruv Parashar, Vinayak Raghavan, Soorya Sathish, Aryansh Sharma, Adithya
Shetty, Kai Smith
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EDate%20started%3A%3C%2Fstrong%3E%202020%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Khaldoon%20Bushnaq%20and%20Tariq%20Seksek%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%20Global%20Market%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20HealthTech%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%20100%3Cbr%3E%3Cstrong%3EFunding%20to%20date%3A%3C%2Fstrong%3E%20%2415%20million%3C%2Fp%3E%0A
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
The specs
Engine: 5.2-litre V10
Power: 640hp at 8,000rpm
Torque: 565Nm at 6,500rpm
Transmission: 7-speed dual-clutch auto
Price: From Dh1 million
On sale: Q3 or Q4 2022
MISSION: IMPOSSIBLE – FINAL RECKONING
Director: Christopher McQuarrie
Starring: Tom Cruise, Hayley Atwell, Simon Pegg
Rating: 4/5
UAE currency: the story behind the money in your pockets
Match info
Wolves 0
Arsenal 2 (Saka 43', Lacazette 85')
Man of the match: Shkodran Mustafi (Arsenal)
Results
6.30pm: The Madjani Stakes (PA) Group 3 Dh175,000 (Dirt) 1,900m
Winner: Aatebat Al Khalediah, Fernando Jara (jockey), Ali Rashid Al Raihe (trainer).
7.05pm: Maiden (TB) Dh165,000 (D) 1,400m
Winner: Down On Da Bayou, Royston Ffrench, Salem bin Ghadayer.
7.40pm: Maiden (TB) Dh165,000 (D) 1,600m
Winner: Dubai Avenue, Fernando Jara, Ali Rashid Al Raihe.
8.15pm: Handicap (TB) Dh190,000 (D) 1,200m
Winner: My Catch, Pat Dobbs, Doug Watson.
8.50pm: Dubai Creek Mile (TB) Listed Dh265,000 (D) 1,600m
Winner: Secret Ambition, Tadhg O’Shea, Satish Seemar.
9.25pm: Handicap (TB) Dh190,000 (D) 1,600m
Winner: Golden Goal, Pat Dobbs, Doug Watson.
