City Dubai Financial News

Cryptocurrency exchange Crypto.com officially announced Thursday that it will offer customers more ways to pay for transactions by allowing Android users to use Google Pay to buy crypto assets on its exchange.

Global cryptocurrency wallet and exchange platform Crypto.com added Google Pay as a payment option for Android users to buy cryptocurrencies on July 21. Google Pay is estimated to have over 100 million users that could make use of the latest payment gateway to cryptocurrency markets.

Dubai's Museum of the Future will host the Dubai Metaverse Assembly in September.

Magic Circle law firm Allen & Overy has launched a new hub in Dubai for lawyers transferring from its Moscow office, which it is closing following the Russian invasion of Ukraine.

Digital asset exchange Crypto.com has received approval from Italian regulators to offer its services in the Mediterranean country — a move the company says aligns with its vision of “building lasting growth in the region.”

One of the leading crypto hubs in the Middle East, the emirate of Dubai, launches the Dubai Metaverse Strategy that aims to turn it into one of the world’s top 10 metaverse economies. The strategy promotes Dubai’s ambitions to support more than 40,000 virtual jobs by 2030. 

Disclaimer: The text below is a press release is not part of Cryptonews.com editorial content.

Many of you closely follow the gathering of the decision-makers at Davos during the annual World Economic Forum. Many of you have very strong opinions about these gatherings, which I share. Right now, however, I would like to discuss what inspired me the most during those five days of the summit. This was my first Davos event, and I could not help noticing how many women decision-makers were present, in stark contrast to similar crypto events happening in Dubai and Lisbon, for example. 

Popular cryptocurrency exchange OKX has for long had plans to expand its operations in the UAE. It has now been given provisional regulatory authorization by the Dubai Virtual Assets Regulatory Authority (VARA).

Su Zhu and Kyle Davies, the founders of Three Arrows Capital (3AC), the beleaguered crypto hedge fund, might have fled Singapore and their whereabouts are unknown, the firm’s lawyers said in its bankruptcy filing.

From the highs of feeling like a total genius to the lows of downward price movements, crypto investing has taken Dubai-based trader JC Enriquez on a roller coaster ride. 

Brad Garlinghouse, the chief executive officer of Ripple Labs, has claimed the United States Securities and Exchange Commission, or SEC, has inconsistently imposed regulations on crypto firms in the country. 

Major Singapore-based cryptocurrency exchange Crypto.com received in-principle approval from the Monetary Authority of Singapore (MAS) for its Major Payment Institution License. The license will let the platform provide a range of payment services in the country. 

Major cryptocurrency trading platform Huobi continues expanding its global presence by securing new licenses in New Zealand and the United Arab Emirates.

BitOasis, a Middle East-focused cryptocurrency exchange based in the United Arab Emirates, said on Sunday it laid off nine of its staff, the latest company in the sector to cut jobs in the face of a downturn and market turmoil.

Disclaimer: The text below is a press release that was not written by Cryptonews.com.

The United Arab Emirates has launched the world’s most expensive modern postage stamp to celebrate the 50th anniversary of the country’s foundation day.

The price of Nexo (NEXO) continued to fall on June 15, as Nexo denied rumors of exposure to Three Arrows Capital (3AC), a Dubai-based crypto fund facing insolvency risks.

If you’re in the crypto industry, it seems that Dubai is the place to be right now. Not only is the most populated city in the UAE and one of the world’s biggest tourist hotspots, but it has recently seen an influx of crypto firms looking to establish a regional (or global) base, including Binance, FTX, Crypto.com, and Bybit.

ODI) route to bet on cryptocurrencies abroad with the liberalised remittance facility (LRS) — the customary window for offshore investments by wealthy residents — shut for these exotic digital assets. These ultra-high net worth individuals are using a non-banking finance company — preferably an existing local entity — to sponsor an overseas investment company, a wholly-owned subsidiary, in a financial centre like Dubai. The funds used to capitalise this foreign arm is invested in securities and assets abroad, including cryptos sold on trading platforms outside India. «Unlike the LRS Scheme which restricts direct investment in the financial services sector overseas, the ODI scheme permits regulated financial services companies to invest in the financial services sector under approval route. Such investment is subject to prior approval from the relevant financial regulators in India and overseas. Once a duly approved overseas direct investment is made in a financial services company overseas, such entity should be able to undertake business in accordance with the laws applicable in the relevant overseas jurisdiction,» said Moin Ladha, partner at the law firm Khaitan & Co.

Two out of the top 10 largest cryptocurrency exchanges by volume will expand into new markets, with Crypto.com obtaining a provisional crypto license in Dubai and FTX launching in Japan.