The UAE's regulatory approach to cryptocurrencies is setting a benchmark for other countries and offering a competitive advantage that is boosting investor confidence in the Middle East, an executive of blockchain company Ripple has said.
The clear regulatory environment of the Emirates has enabled it to foster an innovation-friendly business environment compared with many other countries, including the US, Reece Merrick, managing director of Ripple's Middle East and Africa operations, told The National in an interview on Wednesday.
“In contrast to other jurisdictions that are yet to begin the process of setting clear regulatory guidelines for the industry, the UAE's supportive regulatory environment creates a highly attractive environment for blockchain development,” he said.
The UAE leads the Middle East, which is witnessing a “significant” surge in the adoption of the technology, underpinned by progressive government frameworks supportive of innovative businesses, he added.
“The UAE's regulatory framework for digital assets is focused on overseeing and facilitating the growth of the sector rather than restricting it,” said Mr Merrick, who was speaking ahead of the launch of a partnership between Ripple and the Dubai International Financial Centre's Innovation Hub.
This growth is being driven by enhanced remittance flows and improved cross-border trade efficiency.
As such, adoption is becoming more popular among digital payments and FinTechs, he said.
The San Francisco-based blockchain company and the Innovation Hub are teaming up to further drive blockchain and cryptocurrency adoption among the latter's start-ups, and give them access to developers to help position the technology within their operations.
“The continued advancement of regulatory frameworks for crypto-enabled cross-border payments will provide the necessary confidence for banks and other regulated entities to fully adopt this technology,” Mr Merrick said, pointing to the regimes enabled by Abu Dhabi Global Market, the Dubai Financial Services Authority and the Virtual Assets Regulatory Authority.
Ripple's users in the Middle East represent a fifth of its global customer base, Mr Merrick said. Ripple builds its products on the XRP ledger and uses XRPL's native token to facilitate cross-border payments.
XRP is the seventh-biggest by market capitalisation, with a value of about $29 billion as of Wednesday, data from CoinMarketCap shows.
To date, Ripple's payments service has processed about 27 million transactions worth $50 billion, with payout capabilities in nearly 70 markets, Mr Merrick said.
“Ripple’s business traction and growth is primarily outside of the US in regions such as the UAE, where there is regulatory clarity,” he said.
The Emirates aims to establish itself as one of the next high-growth cryptocurrency capitals of the world, with institutional investors, hedge funds and financial businesses moving in and setting up operations, also bringing along talent.
Investors in the UAE realised capital gains worth $204 million from cryptocurrency investments in 2023, blockchain data company Chainalysis said in a March report.
“We continue to enhance our ecosystem, powered by a world-class regulatory jurisdiction, to drive the future of finance,” said Arif Amiri, chief executive of the DIFC Authority.
The regulations that have been enforced aim to offer certainty and greater clarity on the expected level of operator responsibility, and also mitigate market risks, especially after the cryptocurrency industry has struggled with a spate of challenges, most notably regulators attempting to establish some control over the industry.
The situation came to a head in 2022, one of the most tumultuous in cryptocurrency history, with the implosion of several large companies including Celsius Network, Three Arrows Capital and, most prominently, FTX.
FTX filed for bankruptcy amid allegations its owners had embezzled and misused customer funds, with founder Sam Bankman-Fried sentenced to 25 years in prison.
Ripple called on governments to co-operate in initiatives to learn and understand the potential benefits of cryptocurrencies, including more affordable payment options for residents, instead of engaging in legal battles, its president Monica Long told The National last year.
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
Abu Dhabi traffic facts
Drivers in Abu Dhabi spend 10 per cent longer in congested conditions than they would on a free-flowing road
The highest volume of traffic on the roads is found between 7am and 8am on a Sunday.
Travelling before 7am on a Sunday could save up to four hours per year on a 30-minute commute.
The day was the least congestion in Abu Dhabi in 2019 was Tuesday, August 13.
The highest levels of traffic were found on Sunday, November 10.
Drivers in Abu Dhabi lost 41 hours spent in traffic jams in rush hour during 2019
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
Other IPL batting records
Most sixes: 292 – Chris Gayle
Most fours: 491 – Gautam Gambhir
Highest individual score: 175 not out – Chris Gayle (for Royal Challengers Bangalore against Pune Warriors in 2013)
Highest strike-rate: 177.29 – Andre Russell
Highest strike-rate in an innings: 422.22 – Chris Morris (for Delhi Daredevils against Rising Pune Supergiant in 2017)
Highest average: 52.16 – Vijay Shankar
Most centuries: 6 – Chris Gayle
Most fifties: 36 – Gautam Gambhir
Fastest hundred (balls faced): 30 – Chris Gayle (for Royal Challengers Bangalore against Pune Warriors in 2013)
Fastest fifty (balls faced): 14 – Lokesh Rahul (for Kings XI Punjab against Delhi Daredevils in 2018)
Read more about the coronavirus
Five personal finance podcasts from The National
To help you get started, tune into these Pocketful of Dirham episodes
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Balance is essential to happiness, health and wealth
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What is a portfolio stress test?
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What are NFTs and why are auction houses interested?
·
How gamers are getting rich by earning cryptocurrencies
·
Should you buy or rent a home in the UAE?
HIJRA
Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy
Director: Shahad Ameen
Rating: 3/5
Manikarnika: The Queen of Jhansi
Director: Kangana Ranaut, Krish Jagarlamudi
Producer: Zee Studios, Kamal Jain
Cast: Kangana Ranaut, Ankita Lokhande, Danny Denzongpa, Atul Kulkarni
Rating: 2.5/5
UAE currency: the story behind the money in your pockets
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
Sanju
Produced: Vidhu Vinod Chopra, Rajkumar Hirani
Director: Rajkumar Hirani
Cast: Ranbir Kapoor, Vicky Kaushal, Paresh Rawal, Anushka Sharma, Manish’s Koirala, Dia Mirza, Sonam Kapoor, Jim Sarbh, Boman Irani
Rating: 3.5 stars
Sun jukebox
Rufus Thomas, Bear Cat (The Answer to Hound Dog) (1953)
This rip-off of Leiber/Stoller’s early rock stomper brought a lawsuit against Phillips and necessitated Presley’s premature sale to RCA.
Elvis Presley, Mystery Train (1955)
The B-side of Presley’s final single for Sun bops with a drummer-less groove.
Johnny Cash and the Tennessee Two, Folsom Prison Blues (1955)
Originally recorded for Sun, Cash’s signature tune was performed for inmates of the titular prison 13 years later.
Carl Perkins, Blue Suede Shoes (1956)
Within a month of Sun’s February release Elvis had his version out on RCA.
Roy Orbison, Ooby Dooby (1956)
An essential piece of irreverent juvenilia from Orbison.
Jerry Lee Lewis, Great Balls of Fire (1957)
Lee’s trademark anthem is one of the era’s best-remembered – and best-selling – songs.
How England have scored their set-piece goals in Russia
Three Penalties
v Panama, Group Stage (Harry Kane)
v Panama, Group Stage (Kane)
v Colombia, Last 16 (Kane)
Four Corners
v Tunisia, Group Stage (Kane, via John Stones header, from Ashley Young corner)
v Tunisia, Group Stage (Kane, via Harry Maguire header, from Kieran Trippier corner)
v Panama, Group Stage (Stones, header, from Trippier corner)
v Sweden, Quarter-Final (Maguire, header, from Young corner)
One Free-Kick
v Panama, Group Stage (Stones, via Jordan Henderson, Kane header, and Raheem Sterling, from Tripper free-kick)
Brief scores:
Manchester City 2
Gundogan 27', De Bruyne 85'
Crystal Palace 3
Schlupp 33', Townsend 35', Milivojevic 51' (pen)
Man of the Match: Andros Townsend (Crystal Palace)
The Travel Diaries of Albert Einstein The Far East, Palestine, and Spain, 1922 – 1923
Editor Ze’ev Rosenkranz
Princeton
Normcore explained
Something of a fashion anomaly, normcore is essentially a celebration of the unremarkable. The term was first popularised by an article in New York magazine in 2014 and has been dubbed “ugly”, “bland’ and "anti-style" by fashion writers. It’s hallmarks are comfort, a lack of pretentiousness and neutrality – it is a trend for those who would rather not stand out from the crowd. For the most part, the style is unisex, favouring loose silhouettes, thrift-shop threads, baseball caps and boyish trainers. It is important to note that normcore is not synonymous with cheapness or low quality; there are high-fashion brands, including Parisian label Vetements, that specialise in this style. Embraced by fashion-forward street-style stars around the globe, it’s uptake in the UAE has been relatively slow.
'How To Build A Boat'
Jonathan Gornall, Simon & Schuster
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