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Crypto Exchange Bybit Obtains Provisional Approval From Dubaiâs Regulator VARA. #VARA
The exchange stressed this is "non-operational" approval but allows Bybit to move closer to obtaining a full VASP license. #VASP
Cryptocurrency exchange Bybit said it has taken a step toward strengthening its presence in Dubai by securing provisional approval from the Virtual Assets Regulatory Authority (VARA).
The exchange stressed this is ânon-operationalâ approval but allows Bybit to move closer to obtaining a full Virtual Asset Service Provider (VASP) license. This will allow the company to offer virtual asset exchange services to retail, institutional, and qualified investors in Dubai.
Why Dubai? #Dubia
Dubai has emerged as an important location for cryptocurrency and blockchain firms due to its policies, regulatory clarity, and strategic positioning.
Bybit, which established its global headquarters in Dubai in 2022, has been an active participant in the cityâs growing crypto ecosystem. #ecosystemgrowth
âDubaiâs strategic location, progressive policies, and innovation-driven environment offer unparalleled opportunities for businesses and investors in the cryptocurrency sector,â said Helen Liu, chief operating officer of Bybit.
âWith its robust regulatory framework and commitment to becoming a blockchain capital, Dubai is the ideal place to advance digital currencies and foster growth in this exciting industry,â adds Liu. #Lui
$SOL
At a recent panel discussion during Korea Blockchain Week (KBW2024) Binance CEO Richard Teng praised Dubai and its regulatory framework for digital assets.
$BNB
Commenting on the Middle East, Teng pointed to innovative regulatory approaches in countries like Abu Dhabi, Bahrain, and Dubai. He praised Dubaiâs establishment of VARA which is dedicated solely to overseeing the crypto industry.
The exchange stressed this is "non-operational" approval but allows Bybit to move closer to obtaining a full VASP license. #VASP
Cryptocurrency exchange Bybit said it has taken a step toward strengthening its presence in Dubai by securing provisional approval from the Virtual Assets Regulatory Authority (VARA).
The exchange stressed this is ânon-operationalâ approval but allows Bybit to move closer to obtaining a full Virtual Asset Service Provider (VASP) license. This will allow the company to offer virtual asset exchange services to retail, institutional, and qualified investors in Dubai.
Why Dubai? #Dubia
Dubai has emerged as an important location for cryptocurrency and blockchain firms due to its policies, regulatory clarity, and strategic positioning.
Bybit, which established its global headquarters in Dubai in 2022, has been an active participant in the cityâs growing crypto ecosystem. #ecosystemgrowth
âDubaiâs strategic location, progressive policies, and innovation-driven environment offer unparalleled opportunities for businesses and investors in the cryptocurrency sector,â said Helen Liu, chief operating officer of Bybit.
âWith its robust regulatory framework and commitment to becoming a blockchain capital, Dubai is the ideal place to advance digital currencies and foster growth in this exciting industry,â adds Liu. #Lui
$SOL
At a recent panel discussion during Korea Blockchain Week (KBW2024) Binance CEO Richard Teng praised Dubai and its regulatory framework for digital assets.
$BNB
Commenting on the Middle East, Teng pointed to innovative regulatory approaches in countries like Abu Dhabi, Bahrain, and Dubai. He praised Dubaiâs establishment of VARA which is dedicated solely to overseeing the crypto industry.
The #Cardano Summit 2023 wrapped up with a focus on the potential positive impact of blockchain technology in the future.
Day 2 of the summit featured discussions about the practical applications of blockchain, with participation from organizations like the World Trade Organisation and UNHCR. Charles Hoskinson, the CEO of IOG, concluded the event by looking ahead to Cardano's future development.
The day began with a conversation about how blockchain can benefit businesses. Vanessa Zuabi from #VARA highlighted the challenge of regulatory adaptation to constant innovation and the need for regulations to encompass a wide range of innovations.
Genevieve Leveille of AgriLedger emphasized the potential for blockchain to authenticate the digital identity of products and its impact on geopolitics and local dynamics.
Emmanuelle Ganne from the World Trade Organisation discussed the use of blockchain in ESG (Environmental, Social, and #Governance ), pointing out the increasing acceptance of blockchain-based solutions to support reporting obligations.
Carmen Hett of the UNHCR spoke about the humanitarian applications of blockchain, highlighting the empowerment it offers to refugees through financial inclusion and digital literacy.
The summit concluded with a forward-looking discussion between Charles Hoskinson and J.J. Siler, IOG's Chief of Staff, who discussed Cardano's future. Siler mentioned the advanced decentralization demonstrated by the implementation of CIPs and other standards by the community members. Hoskinson noted that 2024 will focus on strengthening the community as the implementation of CIP-1694 continues.
Day 2 of the summit featured discussions about the practical applications of blockchain, with participation from organizations like the World Trade Organisation and UNHCR. Charles Hoskinson, the CEO of IOG, concluded the event by looking ahead to Cardano's future development.
The day began with a conversation about how blockchain can benefit businesses. Vanessa Zuabi from #VARA highlighted the challenge of regulatory adaptation to constant innovation and the need for regulations to encompass a wide range of innovations.
Genevieve Leveille of AgriLedger emphasized the potential for blockchain to authenticate the digital identity of products and its impact on geopolitics and local dynamics.
Emmanuelle Ganne from the World Trade Organisation discussed the use of blockchain in ESG (Environmental, Social, and #Governance ), pointing out the increasing acceptance of blockchain-based solutions to support reporting obligations.
Carmen Hett of the UNHCR spoke about the humanitarian applications of blockchain, highlighting the empowerment it offers to refugees through financial inclusion and digital literacy.
The summit concluded with a forward-looking discussion between Charles Hoskinson and J.J. Siler, IOG's Chief of Staff, who discussed Cardano's future. Siler mentioned the advanced decentralization demonstrated by the implementation of CIPs and other standards by the community members. Hoskinson noted that 2024 will focus on strengthening the community as the implementation of CIP-1694 continues.
Dear crypto enthusiasts!!! đ
You can safely buy #ISLM coin as the issue with the #UAE regulatory authority #VARA has been resolved in the legal field, which allows residents of the country to purchase this crypto asset. And just think what kind of crazy capital will go into this project in this country đ
Do not miss your moment!!! âł
#CryptoTrends2024
$SYS $USTC $SUI
You can safely buy #ISLM coin as the issue with the #UAE regulatory authority #VARA has been resolved in the legal field, which allows residents of the country to purchase this crypto asset. And just think what kind of crazy capital will go into this project in this country đ
Do not miss your moment!!! âł
#CryptoTrends2024
$SYS $USTC $SUI
LIVEneodallas
--
The delay in addressing the VARA situation, as acknowledged by the teams behind HAQQ and Islamic Coin, stems not from evasion but from a commitment to comprehensively understand the intricacies surrounding it. The deliberate approach taken underscores a dedication to accuracy and fairness in communication, urging all entities in the WEB3 market to avoid hasty or baseless accusations.
Embracing Regulatory Evolution
Recognizing the dynamic nature of cryptocurrency and Web3, both projects emphasize their commitment to leading with innovation, integrity and adherence to regulatory standards. The teams boast a roster of experienced executives and advisors who diligently work to align operations with evolving guidelines. The evolving regulatory landscape is seen not as a hindrance but as a natural progression, allowing for scrutiny and refinement of standards in both new and mature projects.
Exploring Boundaries
During transitional periods, regulatory bodies often take an exploratory approach, engaging with existing projects to understand and define the boundaries of new guidelines. HAQQ and Islamic Coin acknowledge and respect this process, recognizing that any discrepancies that may arise are not indicative of an intent to sidestep regulations, but rather a reflection of the industry's growing pains.
Commitment to Transparency
Islamic Coin remains steadfast in its dedication to its mission and community. The commitment to addressing regulatory inquiries with transparency and determination reassures stakeholders that the projects are navigating these challenges with professionalism and care. The community is urged to remain confident in the robust foundation, clear intentions, and unwavering commitment of Islamic Coin.
Looking Ahead
In the coming weeks, HAQQ and Islamic Coin promise more decisive updates and news, demonstrating their ongoing commitment to keeping the community informed. The reassurance to the community, partners, and stakeholders is clear â Islamic Coin is here to stay and the future holds promise for those who believe in their vision.
$ETH $BTC $INJ
Embracing Regulatory Evolution
Recognizing the dynamic nature of cryptocurrency and Web3, both projects emphasize their commitment to leading with innovation, integrity and adherence to regulatory standards. The teams boast a roster of experienced executives and advisors who diligently work to align operations with evolving guidelines. The evolving regulatory landscape is seen not as a hindrance but as a natural progression, allowing for scrutiny and refinement of standards in both new and mature projects.
Exploring Boundaries
During transitional periods, regulatory bodies often take an exploratory approach, engaging with existing projects to understand and define the boundaries of new guidelines. HAQQ and Islamic Coin acknowledge and respect this process, recognizing that any discrepancies that may arise are not indicative of an intent to sidestep regulations, but rather a reflection of the industry's growing pains.
Commitment to Transparency
Islamic Coin remains steadfast in its dedication to its mission and community. The commitment to addressing regulatory inquiries with transparency and determination reassures stakeholders that the projects are navigating these challenges with professionalism and care. The community is urged to remain confident in the robust foundation, clear intentions, and unwavering commitment of Islamic Coin.
Looking Ahead
In the coming weeks, HAQQ and Islamic Coin promise more decisive updates and news, demonstrating their ongoing commitment to keeping the community informed. The reassurance to the community, partners, and stakeholders is clear â Islamic Coin is here to stay and the future holds promise for those who believe in their vision.
$ETH $BTC $INJ
**Binance Receives License to Operate in Dubai**
**Dubai, UAE** - July 31, 2023 - Binance, the world's largest cryptocurrency exchange, has received a license to operate in Dubai. The license was issued by the Dubai Virtual Asset Regulatory Authority (VARA), which is the emirate's new financial regulator for virtual assets.
The license allows Binance to offer a range of crypto services in Dubai, including spot trading, margin trading, and derivatives trading. Binance will also be able to set up an office in Dubai and hire local staff.
#Dubai #crypto2023 #VARA
$BNB
**Dubai, UAE** - July 31, 2023 - Binance, the world's largest cryptocurrency exchange, has received a license to operate in Dubai. The license was issued by the Dubai Virtual Asset Regulatory Authority (VARA), which is the emirate's new financial regulator for virtual assets.
The license allows Binance to offer a range of crypto services in Dubai, including spot trading, margin trading, and derivatives trading. Binance will also be able to set up an office in Dubai and hire local staff.
#Dubai #crypto2023 #VARA
$BNB
DAILY GAINERS
#SFM +44.6%
#VARA +37.3%
#LMWR +36.9%
$FIS +34.3%
#UNO +31.8%
$QRDO +31.6%
$RLY +30.8%
$RVN +30.2%
$WOZX +29.1%
$OLE +28.6%
#dailygainers
#SFM +44.6%
#VARA +37.3%
#LMWR +36.9%
$FIS +34.3%
#UNO +31.8%
$QRDO +31.6%
$RLY +30.8%
$RVN +30.2%
$WOZX +29.1%
$OLE +28.6%
#dailygainers
#VARA 's recent update on December 29, 2023, sheds light on the progress regarding the #Islamiccoin investigation initially referenced in their notice about Bored Gen DMCC (BG) on October 4, 2023. BG has committed to implementing a corporate governance plan, aiming to separate its technology arm from its regulated entity.
In line with transparency, Islamic coin, a key player in this scenario, has pledged to furnish regular progress reports to VARA until the full stabilization of the separation plan. To ensure compliance and transparency, BG is willingly subjecting itself to an approval process. This process is designed to obtain VARA's necessary approval concerning the listing of tokens issued or distributed by BG.
Crucially, VARA retains the discretion to evaluate the ongoing need for this approval process. The resolution of this case is considered satisfactory as of now. It reflects a collaborative effort between VARA and BG, emphasizing the commitment to corporate governance and regulatory compliance.
This update provides stakeholders and interested parties with a clear overview of the steps taken and the collaborative approach adopted to address the initial concerns. As the situation stands, VARA's continued discretion in overseeing the process ensures a vigilant and adaptable approach to any evolving needs in the future.
#ISLM #BTC #ETH
In line with transparency, Islamic coin, a key player in this scenario, has pledged to furnish regular progress reports to VARA until the full stabilization of the separation plan. To ensure compliance and transparency, BG is willingly subjecting itself to an approval process. This process is designed to obtain VARA's necessary approval concerning the listing of tokens issued or distributed by BG.
Crucially, VARA retains the discretion to evaluate the ongoing need for this approval process. The resolution of this case is considered satisfactory as of now. It reflects a collaborative effort between VARA and BG, emphasizing the commitment to corporate governance and regulatory compliance.
This update provides stakeholders and interested parties with a clear overview of the steps taken and the collaborative approach adopted to address the initial concerns. As the situation stands, VARA's continued discretion in overseeing the process ensures a vigilant and adaptable approach to any evolving needs in the future.
#ISLM #BTC #ETH
đŠđȘ The Dubai Virtual Asset Regulatory Authority (VARA) has mandated that cryptocurrency companies in Dubai submit license applications by November 17, as part of the new regulations governing Virtual Asset Service Providers (VASPs). đđŒ #Dubai #CryptocurrencyRegulation #VARA #CryptoLicense
Binance becomes the first crypto exchange to secure an Operational License from Dubaiâs Regulatory
đš đđ„đđđđđĄđ: #Binance becomes the first #crypto exchange to secure an Operational License from Dubaiâs Regulatory Authority #VARA .
This could be a GAME-CHANGER for the industry, as #Dubai is one of the richest cities in the world.
Hereâs everything you need to know đ§”:
đ đ§đ”đČ đđ»đ»đŒđđ»đ°đČđșđČđ»đ
âĄïž Binanceâs subsidiary FZE has become the first exchange to receive the Operational MVP in Dubai, the UAE.
âĄïž This means that Binance can now offer regulated services in Dubai, including exchange and broker-dealer services.
đ đđčđ¶đŽđ¶đŻđ¶đčđ¶đđ
âĄïž However, These services are limited to institutional and qualified retail investors, who meet the following conditions:
1. Are above the age of 21
2. Have UAE residence and
3. Have net assets > $136,000
đ đ„đČđŸđđ¶đżđČđșđČđ»đđ
âĄïž The license was granted after #Binance met a no. of requirements, including:
âĄïž Establishing a local entity in Dubai,
âĄïž Appointing a board of directors, and
âĄïž Implementing a robust compliance framework
đ đȘđ”đźđ đđ”đ¶đ đșđČđźđ»đ đłđŒđż đđŒđ?
âĄïž This shows that regulators are starting to take #crypto seriously and are willing to work with businesses to develop a framework that allows the industry to grow in a safe and regulated manner.
Crypto adoptions rising.... đ
đ đđŒđ»đđČđ đ
âĄïž Itâs important to note that #Binanceâs victory in Dubai is even more significant considering their recent setbacks.
âĄïž Theyâve faced legal battles in #Germany , Austria, Belgium, and even in the US.
#bitcoin $BTC $ETH $BNB
This could be a GAME-CHANGER for the industry, as #Dubai is one of the richest cities in the world.
Hereâs everything you need to know đ§”:
đ đ§đ”đČ đđ»đ»đŒđđ»đ°đČđșđČđ»đ
âĄïž Binanceâs subsidiary FZE has become the first exchange to receive the Operational MVP in Dubai, the UAE.
âĄïž This means that Binance can now offer regulated services in Dubai, including exchange and broker-dealer services.
đ đđčđ¶đŽđ¶đŻđ¶đčđ¶đđ
âĄïž However, These services are limited to institutional and qualified retail investors, who meet the following conditions:
1. Are above the age of 21
2. Have UAE residence and
3. Have net assets > $136,000
đ đ„đČđŸđđ¶đżđČđșđČđ»đđ
âĄïž The license was granted after #Binance met a no. of requirements, including:
âĄïž Establishing a local entity in Dubai,
âĄïž Appointing a board of directors, and
âĄïž Implementing a robust compliance framework
đ đȘđ”đźđ đđ”đ¶đ đșđČđźđ»đ đłđŒđż đđŒđ?
âĄïž This shows that regulators are starting to take #crypto seriously and are willing to work with businesses to develop a framework that allows the industry to grow in a safe and regulated manner.
Crypto adoptions rising.... đ
đ đđŒđ»đđČđ đ
âĄïž Itâs important to note that #Binanceâs victory in Dubai is even more significant considering their recent setbacks.
âĄïž Theyâve faced legal battles in #Germany , Austria, Belgium, and even in the US.
#bitcoin $BTC $ETH $BNB
#VARA 's official decision on the #IslamicCoin Project đ
Update: VARA Investor and Marketplace Alert - Bored Gen DMCC đš
16 NOV 2023
Following VARA's notice on 4 October 2023, concerning the enforcement action and ongoing investigation into the issuance, marketing, and distribution of Islamic Coin ( #ISLM ) by Bored Gen DMCC (BG) and its affiliates, investors and market participants are informed that the activities under VARA's investigation have concluded.
BG has actively addressed and facilitated matters identified in the investigation. VARA acknowledges BG's full cooperation during its review and the implementation of remedial measures, including enhanced public disclosures for market assurance. VARA views the investigated matters as primarily technical non-compliance.
BG must obtain VARA's approval before distributing ISLM in the Dubai market. Until approval is granted, domestic market promotion and access facilitation are not permitted. BG can continue non-VA business operations, maintaining regular engagement with VARA and full compliance with regulatory requirements.
Update - 29 December 2023:
Following the conclusion of VARA's investigation into Bored Gen DMCC ("BG") on 04.October.2023, BG will implement a corporate governance plan, separating its technology arm from the regulated entity. BG commits to providing VARA with regular progress reports until the plan is fully stabilized.
BG will undergo an approval process for tokens issued or distributed, seeking VARA's approval as deemed necessary. VARA will evaluate the ongoing need for this process at its discretion.
The case is considered satisfactorily resolved at this time. However, BG can only serve the Dubai market, including ISLM token distribution, after obtaining the necessary license or clearance from VARA.
Disclaimer:
This ALERT notifies the public of Bored Gen DMCCâs regulatory status and is not a substitute for individualsâ due diligence. Seek independent, professional advice for clarity. đ
#crypto2024 #BinanceWish
$ICP $ONT $ARB
Update: VARA Investor and Marketplace Alert - Bored Gen DMCC đš
16 NOV 2023
Following VARA's notice on 4 October 2023, concerning the enforcement action and ongoing investigation into the issuance, marketing, and distribution of Islamic Coin ( #ISLM ) by Bored Gen DMCC (BG) and its affiliates, investors and market participants are informed that the activities under VARA's investigation have concluded.
BG has actively addressed and facilitated matters identified in the investigation. VARA acknowledges BG's full cooperation during its review and the implementation of remedial measures, including enhanced public disclosures for market assurance. VARA views the investigated matters as primarily technical non-compliance.
BG must obtain VARA's approval before distributing ISLM in the Dubai market. Until approval is granted, domestic market promotion and access facilitation are not permitted. BG can continue non-VA business operations, maintaining regular engagement with VARA and full compliance with regulatory requirements.
Update - 29 December 2023:
Following the conclusion of VARA's investigation into Bored Gen DMCC ("BG") on 04.October.2023, BG will implement a corporate governance plan, separating its technology arm from the regulated entity. BG commits to providing VARA with regular progress reports until the plan is fully stabilized.
BG will undergo an approval process for tokens issued or distributed, seeking VARA's approval as deemed necessary. VARA will evaluate the ongoing need for this process at its discretion.
The case is considered satisfactorily resolved at this time. However, BG can only serve the Dubai market, including ISLM token distribution, after obtaining the necessary license or clearance from VARA.
Disclaimer:
This ALERT notifies the public of Bored Gen DMCCâs regulatory status and is not a substitute for individualsâ due diligence. Seek independent, professional advice for clarity. đ
#crypto2024 #BinanceWish
$ICP $ONT $ARB
