News

May 2021

Viewing posts from May , 2021

DMCC Crypto Centre to Revolutionize Digital Currency

The world’s largest Cryptocurrency, Bitcoin, hit another milestone last month as it reached a record high of sixty thousand dollars. The currency is becoming more and more of a major factor in the financial market each day and is garnering the attention of big banks and governments. And Dubai is set to lead the way with the Dubai Multi Commodity Centre (DMCC) Crypto Centre making it safer, easier, and more efficient to trade in Crypto Assets.

The Crypto Centre is a comprehensive ecosystem for businesses operating in the cryptographic and blockchain sectors. It will be the hub for the development and application of crypto and blockchain technologies. Offering a home to all types and sizes of crypto businesses, from the listing, offering, issuing, and trading of crypto assets by firms to companies developing blockchain-enabled trading platforms.

This is all part of the UAE government’s Blockchain Strategy 2021, wherein the government plans to digitize 50% of government transactions into a blockchain platform by 2021 using cryptographic and open-source technologies and therefore become the world’s epicentre for crypto investments.
DMCC announced the launch of the DMCC Crypto Centre on Monday (24/05). The Centre will offer co-working spaces to crypto entrepreneurs and SMEs and a range of incubator and accelerator programmes, all within the DMCC’s Jumeirah Lakes Towers district.

The Centre is located at the prestigious Almas Tower a cutting edge 68-storey, skyscraper. It will also house a leading crypto advisory practice led by CV Labs, who were behind Crypto Valley, the Switzerland government-backed crypto community, where crypto leaders Cardano and Ehtererum originated.

DMCC has collaboratively developed a solid, progressive and supportive regulatory environment for crypto firms operating in Dubai. Activities conducted within the Free Zone that include the exchange of crypto assets will be regulated by the UAE’s Securities and Commodities Authority (SCA). Crypto firms will also benefit from DMCC’s business regulatory framework, which increases the ease of doing business whilst upholding robust governance and transparency.

As with most new financial products, Cryptocurrency comes with risks, price volatility, hacking and security all need to be considered as the tech is being developed. It also raises a spur of questions such as ‘What will be the impact of Cryptocurrencies on the banking system?’
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer of the DMCC gave his assurance that this would not be overlooked, in an interview saying: “Confidence, Trust and Security, this will not be launched without covering all bases.”

The benefits of understanding the current crypto asset climate cannot be overstated. We are poised at a unique time in human history due to technological, cultural, and social development in the last century. With China introducing its own digital currency last month, the digital Yuan controlled by its central bank, which will issue the new electronic money. Bankers and other analysts have stated that Beijing aims to digitise all its money eventually.

For those wishing to either set up a company and/or trade in crypto assets in the UAE and legal advisory services, please contact us at ADG Legal:

Contact number: +971 4 4441 2031

E-mail: info@adglegal.com

Website: https://adglegal.com/contact-us/

EID AL FITR 2021: UAE COVID LAWS

With a Covid pandemic still looming and EID fast approaching, a time of celebration and gathering for many worldwide, and safety being a key concern for both Muslims and non-muslims worldwide, let us have a look at UAE Eid Al Fitr Covid Laws for this year. 

 

The battle with Covid 19 had been ongoing for over a year now with the declaration by the World Health Organization on the 30th of January 2020, of the outbreak of a Public Health Emergency of International Concern, and a pandemic on 11 March 2020.

 

Over a year later there have been three million casualties worldwide, with 1,610 in the UAE as of the 8th of May 2021. This caution is heightened by a recent outbreak in India which has led to between 300,000-400,000 new reported cases for the last two weeks.

 

The UAE has handled the pandemic very well and this is due to a prompt and efficient response by the authorities involved. These measures though valid, have led to some outcry with some 84,253 appeals to penalties imposed for Covid-19 safety violations in 2020, according to the UAE Public Prosecution. And 4,210 fines in Abu Dhabi in one week.

 

To avoid fines during this festive period we have outlined the measures posed by Government for this year’s EID celebration:

 

  • The National Emergency Crisis and Disaster Management Authority (NCEMA) announced on Tuesday, May 4th: UAE residents have been told to avoid family visits and gatherings during EID Al Fitr. Celebrations must be restricted to members of the same family living in the same house.
  • Greetings must be exchanged via electronic means of communication and not in person.
  • Neighbours and family members must not give each other gifts or share food.
  • The tradition of giving cash or gifts (Eidiya) must be avoided. If they must, cash must be transferred to bank accounts.

 

Considering all this we would just like to applaud the UAE’s efforts in handling the pandemic and due to the preventive measures it has taken since the outbreak of the pandemic, it has managed to deal with the pandemic effectively and efficiently while ensuring the continuity of business activities and community affairs.

 

The UAE is ranked 8th globally and maintained its 1’st ranking among the Arab countries on Bloomberg COVID-19 Resilience Ranking Index.

 

EID Mubarak, ADG wishes you all a very happy and peaceful EID.

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