City Dubai Financial News

OPNX, a digital asset exchange created by the founders of failed hedge fund Three Arrows Capital, has proposed a takeover of the struggling crypto lender Hodlnaut.

₹10 trillion capex announced in the budget. ₹2,000 crore:That’s the amount of late submission fee the Reserve Bank of India (RBI) has slapped on ONGC Videsh Ltd, Indian Oil Corp. Ltd, GAIL (India) Ltd, and Oil India Ltd for delayed reporting of their overseas investments, Mintreported.

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.__________

Bankrupt digital asset exchange FTX has filed a motion to exclude its Dubai entity from the ongoing bankruptcy proceedings in the United States. 

Some people leave banking to work for a hedge fund. Others… Leave to start their own hedge fund.

Bankrupt crypto exchange FTX filed a motion in court to remove its Dubai unit from the ongoing restructuring proceedings in the United States.

Lufthansa to reimburse the airfares totaling Rs 4.5 lakh and pay an additional compensation of Rs 25,000 to the child and mother for denying boarding in an Athens-bound flight. As per a ToI report, the child and mother were grounded at Kempegowda International Airport (KIA) in Bengaluru in 2021. The airline's ground staff reportedly denied boarding, claiming that transit through Germany was prohibited with an emergency travel document.

The US, which boasts the largest consumer base for crypto, is currently grappling with uncertainty due to the SEC's relentless crackdown on crypto operations. This has significantly impeded progress in terms of regulatory developments, the adoption environment, and the support from financial institutions in providing liquidity for virtual digital assets. In stark contrast, the EU, the UK, Hong Kong, Dubai and Singapore, have been steadily cultivating thriving ecosystems for crypto. Their proactive approach has even enticed crypto entrepreneurs in the USA to consider relocating their operations to these countries for smoother functioning. However, there is a glimmer of hope on the horizon in the form of the Fit Act, which aims to bring the US on par with other nations that have implemented forward-looking crypto regulations. The primary objective of this bill is to clearly define boundaries for oversight of the industry between the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) and remove any ambiguity which might cause differences in verdict or uncertainty for stakeholders. Amid the SEC's ongoing exercise of authority over the crypto industry, the Ripple verdict has ignited hope within the community. This first-of-its-kind positive judgment has raised expectations for additional scrutiny of lawsuits and the possibility of more favourable verdicts in the future. This bill, which marks the first-ever congressional vote on the matter, has boosted the ecosystem's hopes further.

Indian expats won big this week in the UAE, with the first one getting Dh20 million in prize money while the other won Dh1 million at the latest Mahzooz Draw in Dubai, reported Gulf News. Feeling absolutely thrilled and happy after winning the big prizes, both winners have also urged others to try their luck at the draw. The first winner is Sachin, who originally comes from the city of Mumbai and is currently working as a CAD technician for a private company.

Dubai Silicon Oasis (DSO) in partnership with Derq has implemented of 14 AI smart pedestrian crossing systems. This achievement follows extensive testing over a period of two years. Dubai Silicon Oasis, a technology park and a a member of the Dubai Integrated Economic Zones Authority, provides both integrated living and working community facilities.

Binance's Middle East and North Africa boss Alexander Chehade has said that a "progressive" crypto regime pushed the firm to pick Dubai for its expansion.

Sachin Bishnoi, who was allegedly involved in the murder of Punjabi singer Sidhu Moosewala, was extradited from Azerbaijan and brought back to India on Tuesday, officials of the Delhi Police said. He was produced in a Delhi court, which remanded him in police custody for 10 days. Officers from the Delhi Police's Special Cell had travelled to the Azerbaijan capital Baku to monitor the progress in the case.

Dubai's Virtual Asset Regulatory Authority (VARA) has granted an operating license to Laser Digital, the crypto division of the Japanese financial services giant Nomura.

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.__________

The oil-rich UAE, set to host COP28 from November to December in the business hub of Dubai, requires official permission for protests but effectively bans demonstrations it deems disruptive. At the upcoming UN climate talks «there will be space available for climate activists to assemble peacefully and make their voices heard», it said. The announcement was made in a joint statement with the United Nations Framework Convention on Climate Change (UNFCCC) released on Tuesday and published by the UAE's official WAM news agency.

tourism ministry data. However, this was 18% lower than the pre-pandemic average of over 25 million seen between 2017 and 2019. But the pace is growing: in the first four months of 2023, nearly 8.5 million have travelled abroad, already touching two-fifths of the full-year figure of 2022.

The crypto arm of Nomura has obtained an operating license from Dubai’s Virtual Asset Regulatory Authority (VARA) amid the Japanese financial holding’s attempts to leave its mark in the digital asset space.

Vedaant Madhavan, who has won many medals for India, is now taking the next step towards adulthood as he gets enrolled for driving lessons. But, this phase of adulting isn't the usual one. It involves driving a classy set of wheels — the Porsche.

Dubai Financial Services Authority (DFSA) has fined $3 million or 11,100,131 dirhams on the Mirabaud (Middle East) Limited or Mirabaud bank for failing to have adequate anti-money laundering (AML) systems and controls between June 2018 and October 2021. The Dubai financial regulator found that «weaknesses in Mirabaud’s AML systems and controls meant that it processed transactions, for a group of nine interconnected client accounts managed by the same Relationship Manager, which raised a number of red flags related to suspicions of money laundering.» The DFSA however did not find that any of these transactions were in fact money laundering but the regulator said the activities of the relevant customer accounts exhibited characteristics similar to those commonly seen in the layering phase of a money laundering operation.

Nomura said on Tuesday it had won an operating licence in Dubai, the latest in a number of mainstream financial institutions this year to enter the crypto sector. Laser Digital, which is headquartered in Switzerland with officers in Dubai and London, said in a statement it had received the licence from Dubai's Virtual Asset Regulatory Authority, allowing it to offer crypto-related broker-dealer, management and investment services.

Binance CEO Changpeng ‘CZ’ Zhao is looking to bring smaller algorithmic stablecoins to the market, in a bid to offer investors options other than the current global stablecoin giants.