Dubai is actively seeking out cryptocurrency companies to set up shop, though the existing infrastructure in the Middle Eastern country doesn’t make things look feasible as yet. Uncertain regulations make it difficult to open even the most basic of bank accounts at the moment.
Dubai’s Virtual Assets Regulatory Authority (VARA), a specialised regulator for the crypto sector, has promised local businesses that a comprehensive regulatory framework will be made available by the end of this year, according to two sources who spoke to CoinDesk. The regulator, which came into being only seven months ago, had previously released certain recommendations on virtual asset marketing and advertising.
Wealth funds from the UAE are investing in cryptocurrencies, and many of these funds are already based in Dubai. Companies believe that VARA will be more accommodating compared to other nations where licencing could be a slow process. The city is already a hub for business tourism, after all. It is frequently commended for its low tax rate, proximity to talent hotspots like India, and simplicity of obtaining employee visas.
SoftConstruct Reveals Launch of NFT Stores
Softconstruct, a tech developer and service provider, has announced the inauguration of two actual non-fungible token (NFT ) art stores in Dubai, the UAE. According to a report in Zawya, the opening day is quickly approaching. Fastex, a Web 3.0 ecosystem powered by SoftConstruct, carried out the launch.
The co-founder of SoftConstruct, Vigen Badalyan, stated that visitors to the soon-to-open NFT stores will have a distinctive in-person NFT art experience. Shops in the Dubai Mall and Mall of the Emirates will sell limited-edition products and other goods made by artists.
Bank of Russia Presents NFT, Smart Contract Regulation
Russia’s chief financial regulator said in a new consultative report released on November 7, 2022 that the country now has sufficient regulatory environment to build a legitimate market for digital assets, while it might create more specific rules for taxing digital securities and utility tokens.
According to the paper, where digital assets exhibit similar features to traditional securities, they may be governed similarly. According to the paper, a new regulatory framework that differs from the one now in place for the securities market can be formed if the underlying technology makes it possible to manage consumer risks. The majority of the information in the document relates to digital assets issued in Russia in accordance with the 2020 law on digital assets.
