Ein Reservenachweis würde die Bedenken im Zusammenhang mit der Transparenz von Coinbase ausräumen.
Ripple secures in-principle approval to expand services in the UAE
- Ripple announced the in-principle license from the Dubai Financial Services Authority (DFSA) on Tuesday, Oct. 1.
- DFSA’s approval could see Ripple unlock its end-to-end payment services in the UAE as well as boost overall Middle East presence.
Ripple announced on October 1 that the blockchain company has hit another regulatory milestone in the United Arab Emirates.
Specifically, the Dubai Financial Services Authority (DFSA) has granted Ripple an in-principle approval, allowing the company to expand its services and strengthen its presence in the UAE and broader Middle East.
The approval means Ripple can now offer its services across other locations in the country, expanding from the Dubai International Financial Centre (DIFC).
“This is a pivotal moment for Ripple’s operations in the Middle East. The DFSA is a globally renowned independent regulator with a rigorous regulatory process and we are delighted to have received their in-principal approval,” Reece Merrick, Ripple managing director, Middle East and Africa, said in a statement.
According to Merrick, more than 20% of Ripple’s global user base is in the UAE, and the expansion will help bring products and services to a growing number of people and businesses. Among key developments will be Ripple’s offering of its cross-border payment solutions, including the Ripple Payments Direct, or RPD service.
Ripple’s regulatory compliance
The milestone sets Ripple, the company behind the XRP cryptocurrency, on the path to becoming the first blockchain-based payments provider to secure a license from the DFSA.
UAE is the regional MENA and South Asia headquarter for Ripple, which the company established in Dubai in 2020.
But apart from regulatory compliance in the UAE, added to with this new in-principle license, Ripple has a broader traction in this quest. The company has secured over 55 licenses across various jurisdictions across the world, including the New York Department of Financial Services (NYDFS), the Monetary Authority of Singapore (MAS) and the Central Bank of Ireland (CBI).
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Gemini announces exit from the Canadian market
- Gemini exits Canadian market, citing strict regulations and compliance costs.
- Users must withdraw funds by Dec. 31 as all accounts will close by that date.
- Canada’s new crypto rules, set for 2026, further restrict decentralized markets.
Crypto exchange Gemini has become the latest platform to withdraw from the Canadian market, following in the footsteps of major players like Binance, OKX, dYdX, and Bybit.
Gemini’s departure highlights the challenges that crypto companies face in navigating Canada’s increasingly stringent regulatory landscape.
The exchange’s decision marks a significant shift, as Gemini had previously described Canada as a critical part of its international expansion strategy.
Why are crypto platforms exiting Canada?
Gemini’s move follows a broader trend of crypto platforms exiting Canada due to rising compliance costs and complex regulatory hurdles.
Canadian authorities have been tightening their grip on the crypto market since February 2023, when the Canadian Securities Administrators (CSA) required all crypto exchanges operating in the country to sign legally binding pre-registration agreements. These agreements came on top of existing restrictions, such as the prohibition of margin trading for Canadian users and limitations on offering stablecoins, which many exchanges found challenging to adhere to.
Though Gemini initially complied with the new regulations by submitting a pre-registration undertaking in April 2023, the evolving regulatory climate has proven too burdensome. The exchange’s exit echoes that of Binance and OKX, which similarly cited the high cost and complexity of complying with Canada’s increasingly restrictive rules.
Looking ahead, the regulatory environment for crypto in Canada is set to become even more stringent. In April 2024, the Canadian government introduced the Crypto-Asset Reporting Framework, which will come into effect in 2026.
This framework will require crypto service providers to report detailed transaction data annually, including sensitive client information such as residential addresses and taxpayer identification numbers.
Gemini Canadian users have 90 days to withdraw funds
Gemini issued a formal notice to its Canadian users on September 30, urging them to withdraw their assets by December 31, 2024.
The Winklevoss-founded exchange has provided customers with a 90-day window to move both their cryptocurrency holdings and fiat balances before all Canadian accounts are closed.
As Gemini bows out, Canadian users are left with fewer options to access decentralized markets, while global exchanges like Coinbase, Kraken, and Crypto.com continue to operate within the country’s borders.
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Bitcoin (BTC) fällt auf 63.000 US-Dollar: Trotz Fed-Signal für Zinssenkungen
Bitcoin überraschte Händler, als er die Woche im Minus eröffnete. Die Ankündigung der Federal Reserve über zukünftige Zinssenkungen konnte den Abwärtstrend ebenfalls nicht verhindern.