UAE Cracks Down on Unlicensed Crypto Firms

[myself]

https://coinmarketcap.com/alexandria/article/uae-cracks-down-on-unlicensed-crypto-firms
Are exchanges such as binance and kraken considered unlicensed in this context because they don’t have licenses to operate as exchanges in the UAE?

I mean does this impact retail investors depositing and withdrawing to/from such exchanges?

 

[TheCryptoAnt]

Binance does iirc

 

[myself]

Binance does iirc

Their license is limited to business customers not to retail I think.

 

[bonox]

Why is the UAE doing all to avoid to stay as a reputable place for offshore companies and their reputation. They destroy everything that the UAE was known to be.

 

[JackAlabama]

Why is the UAE doing all to avoid to stay as a reputable place for offshore companies and their reputation. They destroy everything that the UAE was known to be.

a very good question... is it all worth to just keeping access to the western banking system which they for sure would loose in the end wouldnt they bow down to the demands of the western oecd, fatf and such?

 

[myself]

Why is the UAE doing all to avoid to stay as a reputable place for offshore companies and their reputation. They destroy everything that the UAE was known to be.

I guess the answer is in the last paragraph in the article.

 

[JackAlabama]

I guess the answer is in the last paragraph in the article.

yes, as i mentioned, is this all worth it?
Just to keep access to western correspondence banking.

 

[Sols]

It's all about money. And there is more money to be made from being a respected participant in the international financial systems.

 

[JackAlabama]

It's all about money. And there is more money to be made from being a respected participant in the international financial systems.

which are these? the western one or the other side? If russias assets can just be frozen, why would one wanna hang in there?
After all one cannot comply itself out of stuff like that.

 

[Sols]

which are these? the western one or the other side? If russias assets can just be frozen, why would one wanna hang in there?
After all one cannot comply itself out of stuff like that.

I know some people get bricked up thinking about BRICS but for the time being at least, a country has more to gain from complying with western standards on financial service regulations. Access to USD and to a lesser extent EUR, GBP, CHF, CAD, and so on are still vital for international trade. RUB and CNY can be useful, too. The neat thing is that if you comply with western standards, you already also comply with most of the rest of the world. It's an easy win.

Maybe next year will be the year when the west finally crumbles, and UAE will embrace being a money laundering, tax evading free-for-all. I'm sure Russia, China, and India won't mind that their tax payers hide assets in UAE.

 

[thomasparra]

It's all about money. And there is more money to be made from being a respected participant in the international financial systems.

This. Plus they are trying very hard to attract hedge funds, asset managers and a complete investment banking ecosystem in Dubai/Abu Dhabi as well. Their goal is to become an international finance center like NYC, London and Hong Kong. There are hundreds of hedge funds currently applying for a licence to operate in UAE.

UAE don’t care about unregulated crypto boys scammers making quick stunts through Ponzi schemes or wannabe platforms. It’s incomparable.

 

[Sols]

Their goal is to become an international finance center like NYC, London and Hong Kong. They don’t care about unregulated crypto boys scammers making quick stunts. It’s incomparable.

A much better and more succinct way of putting it than my ramblings.

 

[stb]

Almost all tax havens have or will soon implement VASP regulations. Virtual assets that does not even touch fiat, are now expected to follow
AML/KYC/etc. Same goes for corporate taxations.

WTF is even point of island/desert tax havens if they are going to roll over so fast ?

 

[Martin Everson]

WTF is even point of island/desert tax havens if they are going to roll over so fast ?

I don't think they are gonna be a tax haven in the long term sadly. They are simply too weak a country to withstand OECD pressure.