UAE and Saudi Arabia Deepen Ties With Russia Amid Global Shifts
The United Arab Emirates (UAE) and Saudi Arabia are bolstering strategic ties with Russia, with the UAE seeking a partnership and Saudi Arabia enhancing diplomatic collaboration for regional stability. UAE and Saudi Arabia Strengthen Strategic Ties with Russia During a meeting in Dubai, UAE President Sheikh Mohamed bin Zayed Al Nahyan emphasized his intent to […]
US lagging behind in global stablecoin adoption — Chainalysis
Growing demand for US dollar-backed stablecoins and regulatory uncertainty in the US are the key reasons for stablecoins thriving in other jurisdictions.This post was originally published on this site
Brazil Pushes BRICS to Shift From US Dollar, Advocating National Currencies in Global Trade
Brazil pushes for a shift away from the U.S. dollar within the BRICS alliance, advocating for more use of national currencies in trade among member countries. As the group expands, discussions on alternative payment platforms are gaining momentum ahead of the BRICS summit in Kazan. Brazil aims to advance this initiative during its 2025 chairmanship, […]
Regulation by enforcement leads to ‘exodus’ of talent — RAK DAO exec
RAK DAO chief commercial officer Luc Froehlich told Cointelegraph that regulations require clarity, and a regulation-by-enforcement approach drives talent away. This post was originally published on this site
AED Stablecoin Gets Green Light From UAE Central Bank
AED Stablecoin LLC has received approval from the Central Bank of the United Arab Emirates (UAE) to launch its stablecoin, AE Coin. This makes AED Stablecoin the first entity in the UAE to issue stablecoins, aligning with the government’s digital strategy. AE Coin is a fiat-backed stablecoin, meaning each coin is backed by the AED […]
UAE Introduces Retroactive VAT Exemptions for Crypto Transactions
The United Arab Emirates has introduced VAT amendments that impact crypto transactions, redefining tax obligations for companies in the digital asset space. Under the new rules, businesses dealing with cryptocurrencies and other digital assets must carefully evaluate their tax positions, especially as some provisions retroactively affect transactions since 2018. UAE’s VAT Amendments Introduce Retroactive Tax […]
Ripple secures in-principle approval to expand services in the UAE
Ripple announced the in-principle license from the Dubai Financial Services Authority (DFSA) on Tuesday, Oct. 1. DFSA’s approval could see Ripple unlock its end-to-end payment services in the UAE as well as boost overall Middle East presence. Ripple announced on October 1 that the blockchain company has hit another regulatory milestone in the United Arab […]
MENA’s Crypto Market Soars With Türkiye, UAE, Saudi Arabia, and Qatar Leading the Charge
According to a Chainalysis report, the Middle East & North Africa (MENA) region has emerged as a significant player in the global crypto market, ranking seventh globally with $338.7 billion in on-chain value received between July 2023 and June 2024. Türkiye leads the region, driven by high consumer engagement and stablecoin adoption amidst inflation, while […]
Middle East accounts for 7.5% of global crypto volume — Chainalysis
According to the World Bank, less than 50% of adults in the Middle East and North Africa region had access to adequate banking services.This post was originally published on this site
BRICS Eyes Petroyuan for Oil Trade Amid Dedollarization Push, Expert Says
BRICS nations are considering adopting the petroyuan for oil trade as part of their ongoing dedollarization efforts, according to economic expert Herbert Poenisch. He noted the BRICS group may discuss alternatives to the petrodollar at their Kazan summit. He highlighted Saudi Arabia’s potential shift towards the petroyuan and Russia’s plans to reduce dollar reliance. However, […]