#Crypto News In UAE

[cryptonewsmeuae]

Landmark Verdict: Faruk ÖÖzer and Siblings Sentenced to a Total of 11,196 Years in Prison:

Faruk ÖÖzer, the founder of the Thodex cryptocurrency exchange, and his siblings have been handed an astonishing combined prison sentence of 11,196 years, as reported by trusted sources. This historic verdict marks a significant moment in the ongoing investigation into Thodex's operations and the alleged financial misconduct surrounding the cryptocurrency platform.

[fainatait]

Discover the key differences between Web2 and Web3, exploring the shift from centralized control to decentralized networks. This in-depth analysis covers user control, data ownership, privacy, and how Web3 is reshaping the future of the internet. Learn more—read our recent blog!

Read more : https://bit.ly/3NeGSfO

[srkshaju]

Abu Dhabi: Emerging as a Global Cryptocurrency Hub

The United Arab Emirates' capital, Abu Dhabi, is rapidly establishing itself as a premier destination for cryptocurrency businesses, both regionally and internationally.

This surge in prominence stems from a confluence of factors, including a forward-thinking regulatory framework, a robust economic environment, and strategic positioning.

Regulatory Clarity Drives Growth

Central to Abu Dhabi's appeal is the Abu Dhabi Global Market (ADGM), an autonomous financial center operating under a well-defined legal framework modeled after English common law.

The Financial Services Regulatory Authority (FSRA) within ADGM has been a crucial driving force, pioneering comprehensive crypto asset regulations in the Middle East as early as 2018.

This framework encompasses the entire spectrum of crypto activities, from issuance and trading to custody and brokerage, addressing key risk areas like money laundering and market integrity.

Notably, the FSRA provides clarity on initial coin offerings (ICOs) and stablecoins, aligning itself with international best practices.

This clear and comprehensive approach has resonated with the crypto community, fostering an environment conducive to innovation and responsible growth.

Attracting Industry Leaders

The combination of a robust regulatory framework and a supportive business environment has attracted prominent crypto players to Abu Dhabi.

Kraken, a leading cryptocurrency exchange, established its regional headquarters in ADGM in 2022, becoming the first international virtual asset exchange group to be granted a comprehensive financial license in the UAE.

Similarly, Paxos, a renowned blockchain infrastructure platform, has received in-principle approvals from the FSRA, highlighting the growing acceptance of diverse crypto businesses within the emirate.

Beyond Regulation: A Compelling Business Ecosystem

Abu Dhabi's allure extends beyond its regulatory landscape.

The emirate boasts a diversified economy with significant strengths in sectors like energy, aerospace, tourism, and healthcare, contributing to a GDP of $508 billion and a per capital income of $87,729.

This economic stability positions Abu Dhabi as a secure and lucrative base for crypto businesses.

Furthermore, the emirate offers an array of incentives, including a tax-friendly regime, 100% foreign ownership with unrestricted capital movement, world-class infrastructure, and a strategic location for accessing markets across Asia, Africa, and Europe.

Coupled with a high quality of life and cosmopolitan culture, Abu Dhabi presents a compelling proposition for crypto companies seeking to expand their global footprint.

Challenges and the Road Ahead

While Abu Dhabi's progress is commendable, challenges remain. The inherent volatility of the crypto market poses potential risks for both businesses and investors.

Additionally, competition from other jurisdictions with varying regulatory approaches, such as Dubai, necessitates a vigilant and adaptable stance from both industry players and regulators.

Continued focus on transparency, regulatory agility, and fostering a collaborative environment will be crucial for building a resilient and sustainable crypto ecosystem within the emirate.

Conclusion: A Promising Trajectory with Measured Optimism

Abu Dhabi's emergence as a global cryptocurrency hub is a testament to its proactive approach to regulation, supportive economic environment, and strategic positioning.

Its commitment to innovation and its attraction for leading industry players are clear indicators of its ambitious aspirations.

However, navigating the inherent uncertainties of the crypto market and maintaining a competitive edge will require sustained efforts and a willingness to adapt.

Nonetheless, Abu Dhabi's trajectory is undeniably promising, positioning it to play a significant role in shaping the future of the global crypto landscape.

[velvetsainz]

okay i gotta say it: foisting alphatauri's renaming as a great tragedy of capitalism upon formula 1 racing & motorsport in general is...a bit much. especially in a sport that has been a very frequent and early adopter of sportswashing? baby, they happily race in places that have less-than-stellar current human rights records BECAUSE OF THE MONEY. it has nothing to do with attendance. you think bahrain and qatar are major ticket sellers and people were truly clamoring for races there? NO, OF COURSE NOT. it's b/c their governments poured hundreds of millions of dollars (if not more) of government money into f1 and the FIA in the name of sanitizing their nation's image in light of ongoing reports of abhorrent treatment of migrant workers and violent action against other groups inside and outside of their countries. (does really no one remember the 2022 saudia arabian gp? the fact the drivers HAD to race—despite close proximity of the track to a recent missile strike site—for fear that they wouldn't have been allowed to leave by the saudi government? no one? just me?) saudi arabia, bahrain, qatar, the uae, and azerbijan are important current examples, but this is by no means new for the sport; india, malaysia, apartheid south africa, china (which may be returning to the calendar this year—it remains to be seen if the race will actually happen), russia, peronist argentina, and turkey have all held races previously with similar intentions.

and if you want to talk about sponsors, let's actually go after the sponsors that are truly problematic. aston martin ARAMCO. mercedes-amg PETRONAS. camel, marlboro (and philip morris, in general, including their "mission winnow" shell project), orlen, shell, agip, uralkali, ftx (along with other crypto companies), among a plethora of historic sponsors.

listen: i'm not saying that the "visa cashapp racing bulls" (or "stake f1 team kick sauber", for that matter) is a great name for a team—or even a good one—but there are much bigger, much worse issues in the sport that need more attention and more concern than a shitty team name or two.

[astiacademy-dwc]

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We provide various courses like SAP, Digital Marketing, Blockchain technology, Six Sigma, PMP, Data Science, Artificial Reality, IOT, ACCA, Crypto Trading.

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[cryptogirl2024]

OKX Introduces Instant SGD Transactions in Collaboration with DBS

OKX has rolled out instant Singapore dollar (SGD) deposits and withdrawals for its Singapore-based users, partnering with DBS, the country’s largest bank. The new feature leverages Singapore’s PayNow and FAST payment networks, streamlining access to funds.

This development follows OKX's subsidiary securing a payments license from the Monetary Authority of Singapore in September, enabling it to offer digital payment tokens and cross-border money transfer services. Evy Theunis, DBS’s head of digital assets, highlighted the bank’s commitment to fostering a responsible digital asset ecosystem.

OKX’s Strategic Expansion

OKX’s push in Singapore coincides with its recent launch of a licensed cryptocurrency exchange in the UAE under Dubai's VARA framework. These moves align with Singapore's ambitions to solidify its position as a cryptocurrency hub in Asia.

Market Reaction and Token Performance

Despite these advancements, OKX’s native token, OKB, has dipped 2.5% in the last 24 hours, trading at $44.44. However, it has gained 9.3% over the past month, reflecting broader market bullishness.

OKX’s expansions in regulated markets showcase its commitment to compliance and growth in crypto-friendly regions.

[calibraint]

Top 10 NFT Development Companies

Top 10 NFT Development Companies

The emergence of blockchain technology has ignited a wave of innovation, reshaping industries across the globe. Among its most revolutionary outcomes are cryptocurrencies and non-fungible tokens (NFTs), which have opened exciting new possibilities for the digital art world and are seen as a key element in the future of the digital economy.

But what are NFTs exactly? Non-fungible tokens are unique digital assets based on blockchain technology, setting them apart from traditional currencies that can be exchanged one-for-one. Like physical art, NFTs allow for ownership to transfer from one person to another, enabling individuals to buy, sell, and trade digital art on prominent NFT marketplaces—sometimes for substantial profits. Artists are also benefiting, with figures such as Beeple making headlines after selling an NFT artwork for $29 million.

Here are some of the top companies driving NFT development across the globe:

1. Calibraint

Calibraint is a leading NFT development company based in the USA, offering a range of services such as NFT minting, smart contract development, marketplace creation, real estate tokenization, peer-to-peer exchanges, and crypto collectibles. Founded in 2015, Calibraint has earned a solid reputation for delivering innovative solutions globally. Their hourly rates range from $30 to $50, with a minimum project size of $10,000. The company also specializes in mobile and web development, blockchain solutions, and custom software development.

2. SemiDot Infotech

SemiDot Infotech, based in the USA, is a top NFT development firm that offers services like NFT minting, smart contract creation, IPO development, real estate tokenization, and white-label NFT marketplace development. Founded in 2011, the company serves clients in the USA, UAE, UK, and India, with an hourly rate of $25 to $30 and a minimum project size of $5,000. SemiDot Infotech also excels in mobile and web development and wearable app development.

3. LeewayHertz

LeewayHertz is an established NFT development agency in the USA, specializing in Web3 solutions such as blockchain, DeFi, gaming, and the metaverse. Founded in 2011, LeewayHertz has worked with major clients including P&G, McKinsey & Company, and ESPN. They charge an average hourly rate of $50 to $99, with a minimum project size of $10,000. The company has offices in San Francisco, New York, Chicago, and India.

4. Appinventiv

Appinventiv is a global leader in digital engineering with more than nine years of experience in blockchain and NFT development. Their team of over 1,600 certified tech experts ensures industry-leading security and a seamless user experience. Founded in 2015, Appinventiv's hourly rates range from $25 to $50, with a minimum project size of $25,000. Notable clients include KFC, Adidas, and IKEA.

5. PixelPlex

PixelPlex, with over a decade of experience, is recognized for its innovative work in blockchain and NFT development services. Having successfully completed over 450 projects, they offer blockchain solutions, business consulting, and big data consulting. Founded in 2007, PixelPlex charges $50 to $99 per hour, with a minimum project size of $25,000. Their client roster includes Microsoft, Oracle, and BMW.

6. Antier Solutions

Antier Solutions is a leading NFT development company, offering tailored services for startups and entrepreneurs. With expertise in cryptocurrency development, P2P exchanges, and metaverse solutions, Antier provides scalable blockchain and NFT services. Founded in 2005, the company has an hourly rate of $25 to $49, with a minimum project size of $10,000.

7. Cronj

Cronj is a prominent NFT development company in the USA, specializing in NFT marketplace creation, NFT smart contract development, and marketplace support. Established in 2012, Cronj offers competitive pricing, with an hourly rate of under $25 and a minimum project size of $1,000. Their clients include Unilever, Nokia, and Apollo Hospitals.

8. Tokenminds

Tokenminds.co is a standout NFT development firm in the USA, known for offering a comprehensive suite of services tailored to various industries. Founded in 2017, they offer blockchain and NFT solutions with an hourly rate ranging from $25 to $49 and a minimum project size of $20,000.

9. Artjoker

Artjoker is a well-regarded NFT token development company specializing in Web 3.0 solutions. With over a decade of experience, Artjoker has built a strong reputation in various niches. Founded in 2006, their hourly rates range from $50 to $99, with a minimum project size of $20,000.

10. Blockchain App Factory

Blockchain App Factory is a leading player in the NFT development space, specializing in Web 3.0, ICOs, STOs, and DApps. Founded in 2013, they offer extensive blockchain development services with an hourly rate of $25 to $49 and a minimum project size of $20,000.

[fxnewsnowmedia]

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[dahabminers]

Can Crypto Mining Be Sustainable? The Challenges and Opportunities

Crypto mining has become a critical component of blockchain networks, ensuring their security and verifying transactions. However, the energy-intensive nature of this process has raised questions about its sustainability, especially in regions where electricity is primarily sourced from fossil fuels. The crypto sector will need to strike a balance between environmental responsibility and profitability in 2024. This blog explores the challenges associated with making crypto mining sustainable and highlights the opportunities and innovations that can help achieve this goal.

The Challenges of Sustainable Crypto Mining

Crypto mining, especially Bitcoin mining, requires a tremendous amount of energy. The Proof of Work mechanism used in Bitcoin mining involves solving complex mathematical problems using specialised hardware, such as ASIC miners like Antminers. These machines consume large amounts of electricity and if this energy is sourced from non-renewable resources, it contributes to carbon emissions.

High Energy Consumption: Bitcoin mining consumes as much electricity as some small countries. This can result in higher carbon footprints and environmental issues if not managed properly.

Cooling Requirements: The heat generated by mining machines must be managed efficiently. Traditional cooling systems, like air conditioning, can be costly and further increase energy usage.

Regulatory Pressures: In many regions, governments are imposing stricter regulations on energy use and carbon emissions, which can make mining operations more challenging for companies not committed to sustainable practices.

Opportunities for Sustainable Crypto Mining

Despite these obstacles, the crypto mining company is evolving, with several opportunities emerging to make mining more sustainable. Companies and Bitcoin mining agencies UAE, particularly in Dubai, are pioneering solutions that balance efficiency and environmental impact,

Renewable Energy Sources: One of the most promising opportunities for sustainable mining is the adoption of renewable energy. In places like the UAE, where sunlight is abundant, companies are integrating solar power into their mining operations. This reduces dependency on fossil fuels and lowers the overall carbon footprint.

Liquid and Immersion Cooling Systems: Advanced cooling technologies, such as liquid cooling and immersion cooling, are becoming popular. These systems are more efficient than traditional air conditioning, reducing energy consumption significantly. Bitcoin mining machines in Dubai for example, are often installed in specialised containers equipped with immersion technology to optimize performance and minimise energy usage.

Modular and Scalable Solutions: Crypto mining companies are developing modular containers that allow miners to set up operations quickly and efficiently. These containers can be deployed close to renewable energy sources, such as solar farms, maximizing efficiency and reducing transportation costs associated with traditional mining setups.

Regulatory Support for Green Mining: Some governments, especially those in the UAE, are actively promoting green cryptocurrency mining schemes. Authorities encourage the industry to embrace sustainable practices by providing incentives to businesses that employ renewable energy and new cooling solutions.

How Crypto Mining Companies Lead the Way in Sustainability

Bitcoin mining agencies UAE and Dubai are taking significant steps toward sustainability. By investing in the latest Bitcoin mining machines and integrating them into liquid-cooled setups, they are improving efficiency while reducing energy consumption. Dahab Minner, for example, provides solutions that include immersion technology and consulting services for setting up mining rigs that prioritize energy efficiency.

These companies also profit from the favourable regulatory climate in the area, which provides incentives for environmentally friendly operations. Mining firms may maximise cost savings and minimise environmental effects by working with suppliers of energy and utilising renewable resources like solar energy.

Sustainable Crypto Mining’s Future

The future of crypto mining depends on how effectively the industry addresses sustainability challenges.As technology develops, we will see better cooling systems, more accessible renewable energy sources, and improved mining hardware. Crypto mining companies are likely to continue innovating, finding ways to balance profitability with sustainability.

The ongoing development of more energy-efficient machines and firmware that optimises mining performance will also play a significant role. Crypto mining companies investing in these technologies and sustainable energy solutions will set the standard for the industry, influencing global practices.

Conclusion

While crypto mining poses significant environmental challenges, the industry is evolving to adopt more sustainable practices. Bitcoin mining agencies UAE leading the way with innovations like renewable energy integration and advanced cooling solutions. By embracing these opportunities, the crypto mining industry can shift toward a more sustainable future, balancing profitability with environmental responsibility.

Thank you for taking the time to read this blog. I hope you found the insights helpful as you navigate the exciting world of cryptocurrency mining. For more detailed insights and expert advice, feel free to connect with me. Visit my website at Alex sunny SEO Services to explore more resources and discover how we can enhance your digital footprint together.

[36crypto]

UAE Introduces Regulatory Framework for DAOs, Expands Crypto Oversight

The United Arab Emirates (UAE) has significantly regulated decentralized autonomous organizations (DAOs) by launching a new legal framework. The Ras Al-Khaimah (RAK) emirate introduced the DAO Association Regime, offering DAOs a legal structure to operate within the RAK Digital Assets Oasis free zone. This move helps DAOs overcome a key challenge—the lack of legal recognition—allowing them to…

[cryptonewsmeuae]

Revving Up Crypto Adoption: A Deep Dive into UAE's MVP Licences and Their Influence on Cryptocurrency Traders:

Uncover the transformative potential of the UAE's MVP (Virtual Asset Service Provider) licenses and their significant implications for cryptocurrency traders and enthusiasts. In this comprehensive exploration, we delve into the innovative approach adopted by the UAE in regulating digital assets

[plurancetechnologies]

Top Countries To Launch Your Crypto Exchange Business

In addition to being more dynamic than ever in 2024, the cryptocurrency market is expected to grow in the days ahead. Crypto exchange development is booming due to the rapid evolution of blockchain technology. This offers investors and entrepreneurs a fantastic chance to get into the market by launching a cryptocurrency exchange. The need for crypto exchanges has been peaking as they offer multiple benefits, and hence the world keeps moving forward in beginning the crypto business. 

Is starting your crypto exchange business profitable?

Will 2025, be the Era of crypto business?

Are the expectations by crypto owners expected to be satisfied?

None to be worried. Here are the answers to every queries. Apart from this, where to start the crypto exchange business? This will be the popping question among the investors. Crypto enterprises seeking to innovate and make money in this fascinating new market have grown rapidly in recent years. Entrepreneurs wishing to enter the cryptocurrency exchange market are presented with more opportunities. The success of your cryptocurrency exchange depends on the country you choose to set up because market demand and technology infrastructure differ globally.

In this article, let’s know briefly about the top countries where to launch your crypto exchange business. 

Top Countries to launch your crypto exchange business: A Comprehensive view

United Kingdom

Being the central place for financial enhancements, the UK will be the foremost country that shows its interests towards crypto exchange businesses. Because of its proactive attitude to crypto laws and access to a diverse talent pool, London in particular presents excellent chances for bitcoin exchanges. 

UAE: “ Hub center for Cryptocurrency businesses”

Dubai in particular is emerging as a top location for cryptocurrency enterprises. With no capital gains or income taxes and robust government backing for blockchain projects, the United Arab Emirates provides a profitable setting for cryptocurrency exchange and hence business profitability is greatly increased.Blockchain and cryptocurrency efforts are actively supported which fosters a business-friendly atmosphere.

Malta

Malta has established itself as a world leader in the regulation of cryptocurrency.Its tax advantages will aid in making many business owners to step in the crypto exchange business. Also regarded as the pioneer in blockchain technology, it will be the right place to start the crypto exchange business.

Japan

A highly developed and regulated cryptocurrency market is found in Japan. Cryptocurrencies are legally recognized in Japan, where exchanges are subject to stringent restrictions. The nation is ideally situated to operate a cryptocurrency exchange due to its high usage rate and encouraging ecosystem.

Estonia

One of the most technologically advanced nations in Europe, Estonia, offers a favorable regulatory climate for Bitcoin startups. Digital technology and blockchain are strongly adopted. A steady environment for growth is provided by the nation's clear rules and regulations pertaining to cryptocurrency enterprises and initial coin offerings. Global entrepreneurs can start and operate their businesses with Estonia's innovative e-residency program.

South Korea

For businesses wishing to launch a cryptocurrency exchange, Seoul presents exciting prospects due to its tech-savvy populace and strong adoption rates of cryptocurrencies. There are a lot of traders and investors in South Korea's developing bitcoin sector.

Canada

Canada appeals to cryptocurrency exchanges due to its robust financial and technological infrastructure and forward-thinking regulatory framework. Profitability is increased by the nation's benefits and simple tax laws. Canada's strong financial and technological base facilitates the expansion of cryptocurrency exchanges.

Singapore

Singapore has adopted the stance that the blockchain and cryptocurrency sectors should be closely watched and regulated without impeding development and innovation. Singapore continues to draw cryptocurrency businesses because of its pro-business laws and encouraging regulatory environment. It is ideally situated to operate a cryptocurrency exchange because of its advantageous location and technological infrastructure. 

Switzerland

Switzerland is the hub for blockchain and cryptocurrency businesses as they lay low taxes on crypto revenues, hence the audience moving towards these businesses keeps on increasing. Switzerland continues to attract crypto entrepreneurs due to its strong banking system and history of financial privacy. Crypto enterprises have made smarter moves to print their steps in the country to earn a greater reputation and benefits.

“Planned to Launch your Crypto exchange?”

Come together in knowing the considerations before launching it successfully.

Look for the licensing requirements clearly.

“Taxing”: The Notable factor to be witnessed keenly before starting. 

Peep about the regulatory policies that are needed to deploy your cryptocurrency exchange.

Check whether political stability and the financial perspectives of the country.

Plurance: Best Cryptocurrency exchange development company in India

Looking at the above descriptions about the leading countries where your cryptocurrency exchange should be brought into existence, a clear picture would be obtained to gain new ideologies. Coming in queue, Plurance is the leading crypto exchange development company in India who have a strong reputation of building your cryptocurrency exchange script to launch the trading platform in a significant way. With years of experience in the field, we have skilled professionals to build the platform and leverage trading in a secured ecosystem.

Based on your business needs, we comply with all the regulatory frameworks and financial amenities within your Bitcoin exchange script that would bring in more traders to the platform and render you huge ROIs. 

[timesofinnovation]

As the digital landscape continues to evolve, the introduction of custodial risk insurance in the UAE signifies a monumental step for the country's businesses navigating the complexities of the cryptocurrency and Web3 environments. Recently, the Central Bank of the United Arab Emirates (CBUAE) approved this innovative insurance product, which is designed to protect digital asset platforms like Web3 exchanges, asset managers, and custodians against various risks, including hacking, fraud, and damage to storage systems. The custodial risk insurance is being offered through a collaboration between Hong Kong-based OneDegree and Dubai Insurance, under the brand name "OneInfinity." This initiative not only aims to safeguard customer funds but also seeks to enhance overall consumer confidence in a marketplace still grappling with the uncertainties inherent in digital financial transactions. Understanding the Need for Custodial Risk Insurance In a world where ransomware and cyber threats are becoming alarmingly common, businesses face unprecedented risks. A notable example includes the 2020 ransomware attack in Dubai that affected several parties, underscoring the vulnerability of organizations to digital threats. With increasing incidents of theft and fraud targeting crypto exchanges worldwide, the need for custodial risk insurance has never been more critical. According to Robin Scott, general manager of OneDegree in the Middle East, this new insurance product acts as a layer of protection akin to traditional banking’s deposit safety nets. "This insurance will grant peace of mind to crypto platforms, reassuring clients that their assets are secure," Scott emphasizes. "With regulators worldwide, including those in the UAE, pushing for mandatory insurance, this product aligns with the growing trend of prioritizing consumer protection." Benefits of the New Insurance Product The introduction of custodial risk insurance comes with numerous benefits for firms operating in the burgeoning digital asset landscape. For one, insurance coverage mitigates the financial implications of unforeseen incidents such as cyber-attacks or internal fraud, safeguarding not just the assets but also the reputation of the firms involved. Without such protection, companies risk losing client trust during crises, which could ultimately lead to significant financial losses. Additionally, the approval by the CBUAE marks the first time UAE-based companies can obtain custodial risk insurance locally, thus eliminating the complexities and costs associated with securing international insurance. With this geographical focus, businesses can obtain coverage tailored to their specific risks within the UAE's legal and economic environment. Market Outlook and Industry Reactions The insurance market for digital assets is expected to see significant growth. OneDegree and Dubai Insurance have already commenced issuing policies to UAE clients and predict substantial demand as firms increasingly seek licenses to operate in the region. The announcement has drawn attention from numerous sectors, indicating a robust interest in bolstering cybersecurity measures and promoting market stability. Digital asset firms, in particular, are beginning to realize that investing in custodial risk insurance is not just a formality; it is a strategic decision that enhances operational resilience. As a growing number of organizations seek to comply with regulatory standards, this insurance could fast become a prerequisite for doing business within the UAE's rapidly evolving digital ecosystem. Conclusion In conclusion, the introduction of custodial risk insurance represents a critical advancement for UAE firms engaged in the digital asset domain. This initiative offers essential protection against the unique risks associated with cryptocurrencies and other digital assets, fostering greater consumer trust and stability in the market. As regulatory environments continue to shape the landscape

of digital finance, products like OneInfinity will likely become integral to the success of businesses navigating this complex and dynamic sector.

[circuit-computer]

🌟 Exciting News from the UAE! 🌟 The Central Bank is stepping up efforts to combat money laundering by tracking crypto transfers. This initiative aims to enhance transparency and security in the digital finance landscape.

At Live Ex Shield, we prioritize your protection and safety in the crypto space! 🔒 Stay ahead in the crypto game with our solutions.🔍 For more details, click the link below.

[ladookhotnikov]

A Game Changer for the Middle East. Bybit Launches Crypto Accounts for Muslim Users, Tapping into a $2.3 Trillion Market

Islamic banking is a well-established practice in some countries. It refers, particularly, to the countries in the Middle East, such as the UAE, Turkey, Iran, Egypt, and Saudi Arabia. This system operates according to Islamic principles, and offers financial services that comply with Sharia law. Therefore, the Bybit cryptocurrency exchange has taken a bold step to align the crypto sector with these values.

The platform launched cryptocurrency accounts that meet Sharia-compliant standards for Muslim users. According to Bybit, this is the first offer of its kind in the crypto market. So, Bybit has become a pioneer in attracting a previously untapped segment. Users can access two trading bots and spot trading for 75 tokens. A transparent, ethical framework is offered to them that adheres to Islamic values. Key features of these accounts include fee transparency and the segregation of client funds. It ensures compliance with Islamic principles. 

I believe the timing of this launch couldn’t be better. The market prepares for an upcoming bull run, and attracts new customers. With this move, Bybit employs the potential to attract a wave of new users and promote the mass adoption of cryptocurrencies further in this way. 

Bybit is tapping into a rapidly expanding market. The global Islamic economy serves 1.9 billion Muslims, while the Islamic finance sector is currently valued at approximately $2.3 trillion. Experts assure that the market has enormous growth potential, mainly in regions like the Middle East, Africa, and South Asia.

[news-buzz]

UAE Exempts Crypto Transactions and Conversions From VAT

The UAE’s Federal Tax Authority (FTA) has carried out a brand new value-added tax (VAT) tax exemption coverage for crypto transactions and conversions beginning this November. Chainalysis information confirmed the UAE is the third-largest crypto financial system within the Center East & North Africa (MENA) area. Earlier than the tax exemption coverage, the UAE utilized a 5% VAT on cryptocurrency…