#dubai

At Binance Blockchain Week Dubai 2024, Changpeng Zhao (CZ), the former CEO of Binance, joined Altcoin Daily’s Austin Arnold for an introspective “fireside chat.” Reflecting on recent struggles, including his imprisonment, CZ revisited his past missteps, shared key takeaways, and spoke about his new forward-focused vision.

The legal firm MANIMAMA has released a report analyzing cryptocurrency tax systems worldwide, including the EU, Switzerland, the UAE, and more. Notably, the UAE, particularly Dubai, emerges as one of the most favorable locations for crypto trading and earnings, as it imposes no capital gains or income tax.

The group will be focusing on a key aspect FTX was criticized for: safeguarding customer funds.

Dubai is launching an aggressive campaign to attract tech giants in artificial intelligence and Web3, offering hefty subsidies that could cover as much as 90% of commercial licensing fees. The Dubai International Financial Centre (DIFC) has been assigned the duty of issuing these licenses, and its executives look forward to engaging foreign businesses and investors with optimism.

The Dubai Virtual Assets Regulatory Authority (VARA) has changed its virtual asset circulation rules. A significant change was the prohibition on so-called privacy coins such as ZCash and Monero. Organizations operating within the local jurisdiction are also prohibited from issuing and promoting this type of cryptocurrency. Well, you can't really blame a major cryptocurrency hub like Dubai for that. They provide transparency and demand it in return.

The case involved a plaintiff who claimed that he had not received his agreed-upon salary, termination compensation, and additional promised bonuses.

Cryptocurrency exchange FTX is making a court appeal to have FTX Dubai removed from bankruptcy proceedings, asserting that this division had not been in active operation before the official declaration of insolvency was lodged. The legal plea also indicates that the division possesses assets totalling about $4.5 million, spread across multiple accounts. Notably, a substantial portion of these funds is held as collateral for the Virtual Assets Regulatory Authority of Dubai.