China put forward international rules regarding Central Bank Digital Currencies (CBDC) ranging from currency usage to concerning issues like monitoring and information sharing. The financial system needs to be changed to eliminate the threat from cryptocurrencies like bitcoin and to facilitate all types of payments. One of the proposals made is regarding interoperability between CDBC...
Economic Substance Regulations was first launched in April 2019. Cabinet of Ministers made Amendments to the Regulations and reworked Guidance was launched in August 2020. The companies will have to maintain enough economic presence in UAE concerning the Relevant Activities undertaken. Related Services: General Corporate and Commercial Advisory, Intellectual Property Law, Shipping and Maritime Law The Relevant...
With the end of the Consultation period, the DFSA Board made several amendments after hearing from the Consultees. The DFSA force appointed the following Rulemaking Instruments: GENERAL MODULE (GEN) RULE-MAKING INSTRUMENT: Updated the General Module with a new Version. (Appendix 1 for amendments) CONDUCT OF BUSINESS MODULE (COB) RULE-MAKING INSTRUMENT: Updated the Conduct of...
UAE sanctioned a remote work visa which enables employees around the world to work in the country for one year and a 5-year multiple-entry tourist visa for all nationalities. Related Services: UAE Compliance Advisory The remote work visa was launched to attract experts from all over the world. The remote visa enables expats to reside...
Arabtec Holding, a renowned Dubai contractor, has acknowledged the submission of the bankruptcy petition to the Dubai Court. The subsidiaries included in the petition are (1) Arabtec Construction LLC (2) Austrian Arabian Readymix Concrete Co. LLC (3) Arabtec Precast LLC and (4) Emirates Falcon Electromechanical Co. Related Services: Banking Legal Services In the February hearing,...
The UAE Central Bank (CBUAE) launched two new regulations concerning Large Value and Retail payment. The regulation applies to payments done in UAE or for those settlements with Dirhams outside UAE. It’s announced that system operators and settlement institutions of Large Payments must comply with this regulation by February 2022. The Regulations were launched to...
The Ministry of Energy has launched the National Guide for Smart Construction during the Innovation Week Celebration. The guide contains key points that are beneficial for all parties to facilitate the construction process. The guide aims to bring forth basic driver of policies, variable elements, and targets that helps the development of the construction sector...
The estimate was revealed by a study conducted by Boston Consulting Group (BCG) and the Federation of Indian Chambers of Commerce & Industry (FICCI) to calculate the value-creation potential and identify imperatives for Indian FinTech growth. The FinTech sector valuation of about USD 150-160 billion by 2025 means an incremental value-creation potential of around USD...
India has begun the process of appealing against the Cairn Arbitration Award which needed India to return $1.4 billion to Cairn Energy Plc. India is ready to address any enforcement proceedings that are initiated and will defend its interests and sovereign rights. Cairn was awarded the international tax tribunal award over a retroactively applied capital...
Cyber Crimes in UAE UAE has stringent laws and regulations relating to social media usage and related cyber crimes. Specifically, the Federal Law No 5 for 2012 deals with activities that violates the privacy of individuals, disseminating hate speech and inciting violence, spreading fake information, and threatening the security of State. It covers messages or...
