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The HKMA and DFSA will co-host a Climate Finance Conference in September 2024, fostering sustainable finance cooperation between Asia and the Middle East. (Read More)
The changes encompassed several areas, including the ability of both external and domestic funds to invest in crypto tokens.
<p> The Dubai Financial Services Authority (<a href="https://www.financemagnates.com/tag/dfsa/">DFSA</a>) announced its initial list of 'Recognised Crypto Tokens' on Tuesday, changing its current regulatory regime concerning the crypto industry. The list includes <a href="https://www.financemagnates.com/terms/b/bitcoin/" target="_blank" id="261088a9-0f41-4202-a73c-31f75ba6bd93_1" class="terms__main-term">Bitcoin</a> (BTC), Ethereum (ETH), and Litecoin (LTC).</p><p class="MsoNormal">The DFSA defines a <a href="https://www.financemagnates.com/cryptocurrency/" target="_blank">cryptocurrency</a> token as a token that is used as a medium of exchange or payment or provides a right in another asset that meets the requirements. However, the regulator does not consider non-fungible tokens, utility tokens, and central bank digital currencies (CBDCs) as potential crypto tokens.</p><p class="MsoNormal">As of November 1, only recognized crypto tokens can be transacted within or from the Dubai International Financial Center (<a href="https://www.financemagnates.com/tag/difc/">DIFC</a>). A similar scheme is used by the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM).</p><p class="MsoNormal">The DFSA began its foray into regulating the cryptocurrency sector by introducing investment tokens in September 2021. These differ from the currently recognized crypto assets and include security assets (i.e., shares, certificates, structured products) and derivative tokens (i.e., futures and options).</p><p class="MsoNormal">Dubai Wants To Become The New Crypto Hub</p><p class="MsoNormal">Dubai is taking more steps to become an international <a href="https://www.financemagnates.com/terms/h/hub/" target="_blank" id="70df8dbe-6564-4e03-8d97-dec68acfd2ce_2" class="terms__secondary-term">hub</a> to attract experts and cryptocurrency companies. Earlier this year, the Virtual Asset Law (VAL) was introduced, establishing the independent Dubai Virtual Assets Regulatory Authority (VARA) to further oversee local industry development.</p><p class="MsoNormal">A mix of low taxes and some of the lowest electricity costs in the world make <a href="https://www.financemagnates.com/cryptocurrency/why-crypto-miners-flock-to-dubai-despite-the-hot-weather/" target="_blank">Dubai a popular spot for cryptocurrency mining</a>. Miners are not even bothered by high temperatures, which in this part of the world can exceed 42°C in summer.</p><p class="MsoNormal">On the other hand, the high temperatures and ample sunshine make it possible to exploit the potential of renewable energy. It is in Dubai that the largest solar power plant is located. Moreover, the UAE believes that by 2024, 20% of its electric power will be from renewable sources.</p> This article was written by Damian Chmiel at www.financemagnates.com.
A new report details the Danish Government’s efforts to assist Danish companies (like ZTLment) to build crypto infrastructure, and in this case, on the Algorand blockchain. Covered: Danish Gov Releases “Groundbreaking” Memo on Crypto Use ZTLment Releases The Protocol, Set to Go Live in 2022 “Game-Changer for Programmable Money” in the EU Danish Gov Releases […]
The post Danish Company Works With Gov to Build Payment Solution on Algorand appeared first on CryptosRus.
The Dubai Financial Services Authority (DFSA) has cleared the launch and trading of Canadian-based Bitcoin fund on Nasdaq Dubai Stock Exchange as part of the effort to provide investors based in the Middle East access to the cryptocurrency investment services. (Read More)
Dubai continues to prove support for the crypto industry. Dubai regulator, DFSA, established a regulatory framework for investment tokens. This ...
The Australian government needs to quicken its pace in developing crypto regulation or risk falling behind developing markets, according to the chair of a new crypto think tank. Loretta Joseph, chair of the Australian Digital Financial Standards Advisory Council (ADFSAC) — the newly launched policy institute under the ADC Forum — warned Cointelegraph that the [...]
The post Australia’s crypto laws risk being outpaced by emerging markets: Think tank appeared first on Crypto Breaking News.
Ripple has acquired in-principle financial services license approval from Dubais DFSA, moving closer to offering cross-border crypto payment services in the UAE.
Denmark’s financial markets supervisor has demanded that Saxo Bank dump its cryptocurrency holdings. The Danish Financial Supervisory Authority (FSA) stated this in a statement released today (Wednesday), noting that the multi-asset broker’s trading in digital assets for its own accounts falls outside the investment bank’s “lawful area of activity.”
Danish Watchdog Frowns at Saxo Bank
As a bank that specializes in online trading and investment, Saxo Bank offers a wide range of financial products and services, including online trading in stocks, bonds, commodities, forex, contracts for difference, fiat currencies and cryptocurrencies.
According to the FSA, the Copenhagen-based investment bank hedges its crypto assets to match the market risk associated with its digital asset products. However, the regulator noted that trading in crypto is not part of the supported activities listed in Appendix 1 of the Danish Financial Business Act.
“Unregulated trading of crypto assets can create distrust in the financial system, and the Danish FSA finds that legitimising trading in crypto-assets would be unjustified,” the financial watchdog explained. “Thus, the activity cannot be accepted as an ancillary banking activity for reasons of financial stability, cf. section 24 of the Danish Financial Business Act.”
Furthermore, the regulator pointed out that because the European Union’s recently passed crypto regulation, Markets in Crypto-Assets (MiCA), will only come into enforcement in its entirety on December 30, 2024, crypto trading among financial institutions “remains unregulated for the time being.”
"We naturally take the decision of the Financial Supervisory Authority into account and will read it thoroughly to consider how we otherwise respond to it," Saxo Bank said in a statement shared with Finance Magnates, pointing out that its customers get exposure to cryptocurrencies without owning them.
"With regards to this, we have held a very limited portfolio of cryptocurrencies, solely to hedge a very marginal proportion of risk associated with the facilitation of crypto assets. The vast majority of this exposure is mitigated through exchange-traded and cleared products," the Danish investment bank elaborated. "Therefore, the FSA's decision will have a very limited impact on our business, and our client will not experience any significant changes.”
Saxo Bank’s FX Volume Drops 8% in June
Meanwhile, Saxo Bank on Wednesday released its monthly trading volumes for June 2023, reporting an 8% decline in its forex trading volumes. The volume came in at $119.5 billion, with the daily average falling by 5% to $5.4 billion.
However, compared to the same month last year, the drop in total forex volume in June 2023 is much more significant: the volume went down by 22% from $152.5 billion. Similarly, the daily average volume plummeted by 21% from $6.9 billion.
Since the start of 2022, Saxo Bank’s monthly forex trading volumes have been undulating, finally sinking to $102.8 billion in April, which is the lowest volume since December 2021. However, the volume later picked up, jumping by 27% to $130.5 billion in May, only to drop again last month.
Across all markets, Saxo Bank’s trading volumes weakened by 4% to $391.7 billion, with the monthly volumes from its trading activities in commodities and fixed income slumping by 21% and 13% to $32.1 billion and $6.6 billion, respectively. On the contrary, trading volume in equities strengthened by 2%, rising from $228.2 billion in May to $233.5 billion last month.
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This article was written by Solomon Oladipupo at www.financemagnates.com.World Crypto Global opens the door to digital freedom for everyone.
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