Huwpay Join the forces Aqanow To launch the first fully regulated UAE crypto payment gateway for businesses. It allows businesses in different sectors to safely accept crypto payments.
Pioneering Regulated Crypto Payment to UAE
The horn is a cross-border payment platform while Aqanow provides crypto infrastructure for financial services.
The Aqanow Me Fze operates under the regulation of the Virtual Asset Regulatory Authority (VARA) of Dubai, while the horn is administered by the Financial Services Regulatory Authority (FSRA) within the Abu Dhabi Global Market (ADGM).
This collaboration uses the same approved regulation of creatures to offer a following and stable crypto payment solution for UAE businesses, facilitating global transactions with improved security and efficiency.
The introduction of the regulated gateway of this crypto payment is up to date, which aligns with the UAE’s strategic view to position itself as a global hub for finisch change and digital properties. The country has witnessed a fantastic 42% year-year-to-year growth in cryptocurrency transactions, emphasizing rising demand for digital payment solutions. By incorporating Aqanow’s Advanced Digital Asset Infrastructure into the established payment network, users – both local and international – can transact cryptocurrencies within a familiar and safe payment environment.
Kevin Kilty, CEO and founder of Huh, said: “Stablecoins is a changing game, which combines the security of traditional currencies with the speed of digital properties. By incorporating Aqanow’s infrastructure into our regulated network, we empower businesses to trampa To encourage the economic diversity, fintech innovation, and position itself as a global hub for digital possessions.
Phil Sham, CEO of Aqanow, mentioned Taht Cryptocurrency is no longer just an investment tool; This is a practical, excellent way of performing high -value transactions. “
Implications for the Real Estate and SME sector
The real estate industry is likely to get great from this development. In 2024, UAE re -ownership revenues increased to $ 16.33 billion, reflecting the steady market growth. The ability to complete transactions with cryptocurrencies offer advantages such as accelerated time of regulating, decreased transaction fees, and increased financial access for international consumers.
Despite real estate, SMEs will also benefit from the crypto payment gateway by streaming cross-border payments, lowering transaction costs, and improving cash flow management. Reducing delays in regulating and minimizing money converting fees gives SMEs to expand their customer base.
Regulatory landscape in the UAE
The UAE has become active in establishing a comprehensive regulation framework for the crypto. In 2020, the Securities and Commodities Authority (SCA) issued a decision No. (23) Regarding the regulation of crypto assets, which manages their offering, release, list, and domestic trade. This regulation orders that creatures engaged in crypto asset activities obtain the necessary approval and licenses from SCA, ensuring compliance with anti-money laundering (AML) and contra-terrorism financing controls (CFT).
Further enhancement of the regulatory environment, the UAE cabinet introduced the Resolution of Cabinet No. (111) of 2022, providing a dedicated framework for virtual property and relevant service providers. This resolution designates SCA as the main regulator, while also involving local licensing authorities to promote a coordinated regulation approach throughout the UAE, including free zones. It forbids any person to engage in virtual activities without obtaining the necessary approved and licenses from either SCA or the with -the -local authorities in local licensing.
UAE’s emergence as a crypto hub
Strategic UAE initiatives have positioned it as a burgeoning hub for cryptocurrency and blockchain technology. Free zones such as the Dubai Multi Commodities Center (DMCC) and the Dubai International Financial Center (DIFC) have offered tax benefits, funding opportunities, and clear regulation frameworks, which attract investors to virtual assets worldwide.
In August 2024, Tether announced plans to introduce a stablecoin that was in the UAE Dirham, which supplies the growing demand for Gulf currencies and offers alternatives to the US dollar. This step emphasizes the UAE’s appeal as a destination for Crypto -related adventures and its promise to integrate digital assets into the financial ecosystem.
In addition, in September 2024, the Standard Charter launched the Digital Asset Services in the UAE, along with the Brevan Howard Digital as its inaugural client. The bank’s decision to launch this service in the UAE has been influenced by the country’s balanced approach to adopting digital assets and the stable framework of regulation.
While the UAE has taken significant steps in taking care of an environmentally friendly crypto, security remains a concern. Earlier this month, the FBI accused hackers associated with North Korea of Stealing $ 1.5 billion Worth of Ethereum from Dubai based on Crypto Exchange Bybit. This incident features the importance of strict security measures and regulatory management to protect investors and maintain the integrity of the financial system.
Also Read: Mantra Gots Vasp license from Dubai’s Virtual Asset Regulatory Authority
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